PE Industry Will Accelerate The Shuffle.

　　 Industry shuffle or speed up

In April 1st, SFC Issued the "guiding opinions on further deepening the reform of IPO system (Draft)" (hereinafter referred to as "opinion"). The "opinions" mainly focus on strengthening information disclosure, adjusting the scope of inquiry and placing ratio, strengthening supervision over the issue pricing, increasing the number of tradable shares of new listed companies, restraining speculation and increasing penalties for misconduct, and so on, and continue to deepen the issue of new shares. Structural reform 。 The launch of this initiative triggered a heated debate in the PE community.

Zhang Binbin, managing director of Shanghai Oriental venture capital investment management company, said that the introduction of the opinion has far-reaching impact on the PE industry, or will speed up the process of shuffling the PE industry. Once the opinions are implemented, the PE industry will be rewritten. At present, the investment in some primary markets is very expensive. With the current IPO price earnings ratio of about 30 times, it is still profitable, but if it falls below 20 times, some of the "naked swimming" practitioners will be eliminated.

This view was also recognized by Wang Weihan, partner of Shanghai thick thick Cci Capital Ltd. He said that the relevant measures of the "opinions" will have a systemic impact on the entire capital market after the real implementation, and it is expected to gradually guide the "three high" downgrades of the primary market. In the long run, it will guide the LP to become more rational when participating in PE, and the general partner (GP) investment project is more specialized. The focus of LP in the future will also be shifted from the scale of funds and the amount of investment to the GP related professional skills related indicators such as ROI.

　　 Stock issuance will effectively lock in revenue

Although the new scheme will narrow the return on the primary market to a certain extent, in the view of the industry, the publication of the opinion is, to a certain extent, "closing a door and opening a window at the same time".

"Opinions" put forward: "in the initial public offering." New shares At the same time, some old stocks will be transferred to investors under the net to increase the number of tradable shares of new listed companies. Shareholders who have held shares for 3 years can transfer part of their old shares to investors under the net. "

A direct investment manager of a listed brokerage firm said that if the stock issue was issued to determine the proceeds at the issue price, PE institutions would be expected to lock in profits in advance and not be affected by the two level market volatility after the listing of shares. In addition, the setting of the lock period will also help the orderly exit of PE institutions without causing sharp fluctuations in the two tier market.

An investment manager of Shenzhen Venture Capital also said that restarting the stock issue, changing the way to lock the old stock as the way to lock the capital, on the one hand, can make the PE organization lock in profits ahead of time. On the other hand, when the two grade market falls, the new stock price can lower the issue price, and can repurchase the stock of the company in the two market, and so on, it can also enhance its flexibility in the operation of the shares held.

Exit channels need innovation

Under the new rule system, China PE Where does the world go?

Senior venture capitalists pointed out that in the future, China's PE will return to rationality in the consideration of exit channels. From the point of international practice, well-known investment institutions such as Blackstone and Carlyle are mainly engaged in mergers and acquisitions. IPO is just one of its many ways of operation, not all of its exit channels. In the coming period, mergers and acquisitions based on industrial integration should be valued.

Wang Weihan said the company is optimistic about the two acquisition. With the advance of PE investment node, the single exit channel and the decline of the valuation center of the listed companies, the two acquisition, which is the selection of projects that are worth acquiring and willing to be bought from the PE investment projects, will become an important concern for the company in the future.