VC biomedical industry for 10 years well
Turn of the year, is a good point Retrospect and Prospect, in particular, the 2010 is the 21st century marks the beginning of the second year for 10 years, but also caused many home economists and venture capitalists judged controversial. Interviews from a journalist investigating the contents of the possession of view, the majority remain optimistic about China's future. Specific to the industry, PE / VC Are more concerned by policies to encourage technology, medicine, new energy and consumer industries.
New 10-year struggle between cold and warm
At the recent "2010 International LP-GP Cooperation Pudong Summit "on the Fred Hu, Goldman Sachs Group, Chairman of Greater China believes that the future years, the Chinese economy will continue to maintain relatively fast growth, but there will be more problems and challenges. He believes, above all," reform dividend "in the decline. because the most recent period, the relative major structural reforms 30 years ago for various reasons there is no effective forward progress, which means that in the next decade, China's economy will be deep-rooted structural problems show up, drag on the pace of China's economic development. Second, the "demographic dividend" will gradually weaken. China's population is slowly aging, this effect may also occur on the Chinese economy. Third, after 30 years of high-speed growth, labor-intensive, extensive, low-end manufacturing will be increasingly unsustainable development model.
And Fred, the "hardship" compared to Frank Gong, Managing Director of JP Morgan Chase is obviously optimistic. He said the driving force of economic growth, if the demographic dividend and the dividends of reform weakened, then the next engine of economic growth can only come from technological innovation and its own brand. "Brand is critical in the consumer field. If you master the distribution channels to control the brand, you're the boss in this industry. If the brand to the progressive world, even if no longer emphasizes the reliance on China Export To stimulate the economy, China's exports will continue to maintain strong growth. "But he pointed out that this matter needs to depend on PE / VC money invested in related industries, the lead they grow, help them build the brand at home and abroad, to establish channels to enhance technological innovation and efficiency." This is the next five years, Decades of economic growth axis, and the investment community to provide us with a very good investment opportunities. "
Investment institutions to be mature For China PE, VC are concerned, the current situation so that they can not help but be more quick success, as a special case of China's capital market, the listing of high price-earnings ratio makes the investment institutions at a fledgling company 10 times price-earnings ratio valuation, just to be invested enterprises listing in the future in order to obtain the return of several times the price-earnings ratio, if the enterprise in the short term because of various reasons not listed, then I'm sorry, the money back to me. This agreement is very popular on the bet. For example, Zhangjiang Hi-Tech, a wholly owned subsidiary of Shanghai Hao to increase investment into venture capital 48 million yuan, the acquisition step Shandong Pharmaceutical Co., Ltd. 0.4% of the shares. Shandong step valuation 11.25 billion yuan, while Shandong step of operating profit in 2008 was 700 million yuan, that ho into a venture capital investment in Shandong step valuation equal to 16 times earnings, but the two sides also agreed If you are not listed within a certain period, then the step will buy back the Shandong stake.
"Although we now have hundreds of domestic professional venture capital management team, but not enough high-quality professional bodies." China Venture Capital Research Institute of Bangladesh, said the president, workers that truly provide value added services for the enterprise capabilities, pragmatic not more than 50 investment institutions. Considerable portion is in the "Fudge" is to make quick money.
2010 market environment is full of suspense, perhaps the time is a challenge to institutional investors. In this uncertain situation on the inside, the investment institutions need keen judgments and decisions. "China's investors include GP or should be relatively calm. Because China is now the market is indeed a very hot market, such as our price-earnings ratio in the last hundred times is not surprising that a few times. I think sustainability is problematic, So, should still be careful. to do the first investment to be careful, be careful, so it may be long. "East Fortune Capital Management Ltd., Chairman Chen Wei cautions.
I am an expert from China Quality Dress, usually analyzes all kind of industries situation, such as spining rims , tractor wheel rim.
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