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Section One Opportunities for Private Equity Investor2

Chapter1 Areas for Investment2

1.1 Market in General2

1.2 IT and Biotech7

1.2.1 Internet and E-commerce7

1.2.2 IC9

1.2.3 Software10

1.2.4 Electronics11

1.2.5 Interactive TV12

1.2.6 Telecommunication12

1.2.7 Wireless Telecommunication14

1.2.8 Biotech15

1.2.9 Pharmaceutical16

1.2.10 Traditional Chinese Medicine18

1.2.11 Medical Instrument19

1.3 Service Industries19

1.3.1 Healthcare19

1.3.2 Retail21

1.3.3 Transportation and Physical Distribution23

1.3.4 Other Service Industries25

1.4 Manufacturing Industries28

1.4.1 Chemical28

1.4.2 Material31

1.4.3 New Energy33

1.4.4 Environmental Industry35

1.4.5 Other Manufacturing Industries37

Chapter2 Identifying Opportunities41

2.1 Investment Criteria41

2.1.1 China as a Developing Country42

2.1.2 New Open Market44

2.1.3 Cost and Economic Scale44

2.2 Market and Project Evaluation46

2.2.1 Market Evaluation46

2.2.2 Project Evaluation48

2.3 Technology,Market and Location50

2.3.1 Market Orientation vs.Technology Orientation50

2.3.2 Differences of Ventures in Three Major Cities52

2.4.1 The Most Dynamic Economy Sector55

2.4 Focusing on Private Sector55

2.4.2 Corporate Governance of Private Companies58

2.4.3 Financing the Growth60

2.4.4 Future Development62

2.4.5 Enterprises Started by Returned Overseas Chinese Scholars64

Chapter3 M A in China67

3.1 The market and trends67

3.1.1 Foreign capital s M A activities in China68

3.1.2 The trends of M A market in China68

3.2 Opportunities obstacles for international investors70

3.2.1 Enter China by M A70

3.2.2 Opportunities for typical foreign investors70

3.2.3 Obstacles for international investors72

3.2.4 Ways to acquite a public listed Chinese company73

3.3 Process of acquiring a Chinese company73

3.4 Risk concern79

3.4.1 Accounting concerns79

3.4.2 Legal concerns80

3.4.3 Other concerns83

3.5 Key M A success factors84

3.5.1 M A parties84

3.5.2 Strategy85

3.5.3 Public relation management85

3.5.4 Risk control86

3.5.5 Culture management86

Section summary87

Section Two Venture Capital Industry in China90

Chapter4 Introduction to Venture Capital Industry90

4.1 History90

4.1.1 Primary stage90

4.1.2 Growth stage92

4.1.3 Three generations in the growth stage93

4.2 Government s role97

4.2.1 Purposes of promoting venture capital97

4.2.2 Government s involvements99

4.3 Advantageous conditions101

4.4 Problems with venture capital growth104

4.5.1 Capital size108

4.5 Basic features of venture capital investment108

4.5.2 Preferred sectors109

4.5.3 Preferred stages112

4.5.4 Distribution by region113

4.6 Other features of venture capital investment114

4.6.1 Project sources114

4.6.2 Criteria of decision making115

4.6.3 A few exit deals and performances116

4.7 Cases116

4.7.1 Beijing City Government s role in the growth of venture capital117

4.7.2 Shenzhen City Government s infrastructures120

5.1.1 Framework of foreign investment laws124

5.1 Legal environment on foreign direct investment124

Chapter5 Legal and Social Cultural Environments124

5.1.2 Basic forms of foreign direct investment125

5.1.3 Management procedures for foreign investment enterprises126

5.2 Capital Raising127

5.2.1 Forbidden Private Capital Raising127

5.2.2 Call for Limited Partnership128

5.2.3 No Legal Formation of Pensions and Insurances129

5.3 Capital Structure131

5.3.1 Absence of Convertible Preferred Shares131

5.3.2 Stock Options132

5.4 Intellectual Property Rights133

5.4.1 Infrastructure133

5.4.2 Enforcements134

5.5 Tax System136

5.5.1 Overview of the Tax System136

5.4.3 Intangible Property136

5.5.2 Taxes Applicable to Foreign Investors137

5.5.3 Tax Incentives139

5.6 Foreign-Invested Venture Capital Enterprise141

5.6.1 Qualifications141

5.6.2 Procedures of the Establishment142

5.6.3 Business Scope142

5.6.4 Capital Contributions and Alteration143

5.6.5 Venture Capital Management Enterprise144

5.6.6 General Comments on the Regulations144

5.7.1 Relevant State s Laws and Regulations145

5.7 Governmental Authorities for Foreign Investors145

5.7.2 Roles of Local Regulations146

5.7.3 Relevant Governmental Authorities147

5.8 Trend towards Improving the Legal Framework148

5.8.1 Obstaclcs of Current Legal Framework148

5.8.2 Legal Changes for the Growth of Venture Capital150

5.8.3 Progress of the Drafted Law and Regulations151

5.8.4 Promotion Law on SMEs154

5.9 Chinese Cultural Values on Business155

5.9.1 Evolution of Cultural Values155

5.9.2 Dealing with the Chinese in Business156

5.9.3 Chinese Negotiation Features157

5.10 Attitudes of Foreign Invested Enterprises on China s Business Environment159

Chapter6 Venture Capital Originations and Venture Capitalists162

6.1 Domestic Venture Capital162

6.1.1 Sources162

6.1.2 Non-Bank Financial Institutions164

6.1.3 Listed Companies165

6.1.4 Private Capital166

6.2 Venture Capital Organizations Funded by Governments169

6.2.1 Features169

6.2.2 Tend to Change172

6.3 Domestic Venture Capital Organizations174

6.3.1 Incentive and Restrictive Mechanisms174

6.3.2 Additional Capitalraising178

6.3.3 Typical Operation179

6.3.4 Risk Control180

6.4 Foreign Venture Capital181

6.4.1 Investment Structures181

6.4.2 Sources183

6.4.3 Active Firms184

6.5 Intermediaries186

6.5.1 Consulting Firms187

6.5.2 Venture Capital Associations189

6.5.3 Guaranty Companies190

6.5.4 Incubators191

6.5.5 Other Intermediates194

6.6.1 Roles195

6.6 Domestic Venture Capitalists195

6.6.2 Current Qualifications198

6.6.3 Sources200

6.7 Sino-Foreign Venture Capital Cooperation203

6.7.1 Necessity203

6.7.2 Cooperation Modes205

6.8 Cases208

6.8.1 Legend Capital208

6.8.2 Shenzhen Venture Capital Co.,Ltd211

Chapter7 Survey and Quantitative Analysis215

7.1 Hypothesis215

7.1.1 Comment on Current Situation of VC Industry in China215

7.1.2 Proposal for Development Strategy219

7.2 Questionnaire224

7.3 Figures and Data Analysis226

7.3.1 Comment 1 to 12226

7.3.2 Proposal 1 to 16232

7.4 Discussion and Implication241

Section Summary243

Appendix Resources Integration Perspective of Venture Capital/Private Equity over Public Equity Market245

A.1 Introduction245

A.2 Literature Review:Information Asymmetry and Agency Cost in Venture Capital Model247

A.2.1 Raising Fund247

A.2.2 Identifying Investment248

A.2.3 Deal Structure249

A.2.4 Monitoring250

A.2.5 Exit Investment251

A.3 Research Objectives252

A.4 Information as Organizational Resource253

A.4.1 Decision Making254

A.4.2 Information Productivity254

A.4.3 Comparative Consultation256

A.5 Human Capital as Committed Resource259

A.5.1 Entrepreneur s Objective Human Capital259

A.5.2 Entrepreneur s Subjective Human Capital260

A.5.3 VCs Human Capital and Partner Selection261

A.5.4 Incentive Mechanism for Human Capital Productivity262

A.6.1 The Substitutability and Interdependence between Financial Capital and Human Resources264

A.6 The Resources Integration Perspective264

A.6.2 The Substitutability and Interdependence between Human Capital and Information265

A.7 The Productivity of Public Equity Market266

A.7.1 Market Efficiency vs.Economic Efficiency266

A.7.2 Beyond Information Asymmetry267

A.7.3 Behavioral Finance268

A.7.4 Stock Fund Manager s Short-Termism269

A.8 Discussion and Implication270

A.8.1 Resources Integration Advantage of VC over Public Equity270

A.8.2 Implication to Capital Market Restructuring272

References274

About Authors277