129784668088960000_63Stone investment policy dilemmas facing area were accused of kidnapping CITIC Securities in transition
CITIC industry investment in funds and stone behind, with CITIC Securities. 35% stake in CITIC Fund occupied by CITIC Securities
tera power leveling, Golden investment is direct investment company CITIC Securities. In June 2011, Wu Yibing airborne stone, President of CITIC fund investment, Golden investment or out of "sponsored direct vote" rut, move closer to CITIC Fund model. CITICIndustry standardized operation of the Fund if the original CITIC Fund to find you, would you consider working with it? When journalist threw three problems mentioned above-listed company in the near future, be answered, without exception, are "". The Red gene, CITIC Fund projects without being shut out. His fund shareholders and 38 people (LP) almost everyone already distinguished: big unitCITIC group behind East of CITIC Securities and China life insurance, the largest investor is the national social security fund. In another two months, the PE red background will go through its fourth year. Since serving as CITIC Fund's Chairman and CEO, Liu lefei is a real workaholic, working six days a week and a half, are often the last to leave the Office. Prior to that, he served asGeneral Manager of China Galaxy securities and life Investment Management Department. Under the leadership of Liu lefei, CITIC Fund has grown into the most famous of new private equity Fund (PE). President Wu Yibing and most things on the shelf of the table is the award-winning Crystal. At present, the CITIC Fund manages four funds, set up by the end of 2008 the scale of 9 billion yuanCITIC Fund issue, May 2010 set up size: US $ 990 million CITIC Fund phase II of 2011 set up a scale of 10 billion yuan of CITIC Fund phase III, and the CITIC mezzanine fund size is RMB 5 billion. As of October 15, CITIC fund investment by enterprises,Is close to 30. Both of Xifeng liquor and long kuaiji mountain the famous brand in China, also jianghe curtain wait such top leading enterprise in the global industrial chain. Tailored for the enterprise reporting regulation when peers are also trying to seek opportunities to meet with CEOs when CITIC Fund with strong backgrounds first to obtain the trust of enterprises. However,Wellconnected is just a stepping stone to enter the enterprise the door. To further impress enterprises, often depends on a magic weapon--speed report. The speed report, proposals, including management strategies, financial proposals such as the proposal. In the company's view, these are free and valuable report. This is CITIC resources Fund in addition to shareholders and financial advantages that can helpIt made a greater premium space weapon. Each adjustment report published, are a set of standardized practices from CITIC Fund: the first step, discovered through research projects and preliminary contacts with enterprises. The second step, once the investment intention, preliminary due diligence and Investment Committee for the first time, discuss and decide whether you want to make a more thorough investigation. The third stepFor detailed business due diligence. The fourth step, the legal and financial due diligence, last on the basis of the first three steps, full of confidence to the enterprise to produce adjustment report. As Liu lefei said, the PE phase, we can see good enterprise, but also often short of money. CITIC Fund investments, not just money, while providing enterpriseDevelopment strategy, branding, marketing, supply chain, capital operation and other value-added services. Only report doing fine regulation, enterprises will believe you understand the industry, and to provide a real value-added service. Liu lefei for example, in a restaurant chain in project and CITIC Fund restaurant location on its operational efficiency, and customer traffic of the future effect will be on the basis of factors such asAnd so he mentioned in the management proposal to the enterprise "standardization of location", and recommend sites placed on the Board level. Signed investment contracts after becoming shareholders, CITIC Fund will enter operational phase. Investment management team for three months to develop with the company a "management plan after the vote", planning for last three years, things to do, and toThe set assessment standards. It is understood that CITIC industry investment fund each project will have the "hundred days". It focused on project and non-project is divided into key projects. On key projects, each quarter, CITIC industrial team to participate in the Board of Directors of the Fund, and management team to communicate every month. Kuaiji mountain value added service benefit from CITIC Fund. CITIC FundShares, will be cut to more than more than 200 products consists of more than 800 more of kuaiji mountain, avoid too long on the marketing front, and so on. At present, the CITIC Fund has established more than 20 business management processes and templates, involving all aspects of the business. Wu Yibing said CITIC Fund and criteria for selecting companies and most investors is no different, just one more:Has much to offer value added services space. On the configuration of the investment industry, CITIC hedge fund risk, both a longer investment period of equipment manufacturing industry, there are also financial and consumer hedging. Concern is that in 2012, "national PE" boom in large amounts of RMB funds will gradually come to exit stage and the IPO is still relatively limited resources, PEMust explore a more diverse ways. And CITIC Fund was set up last year in a stock investment sector, leaving the Chinese Zhuang Tao star Fund Manager of the Fund and take, trying to step in asset management in the secondary market. It is understood that the Zhuang Tao private operation, trust model, similar to the Sun's first product, raise has been ended in early 2012. In accordance with the Zhuang TaoIdea of the team or in 2012 as CITIC Fund PE secondary market from the service of the project. After the formation of a certain size, may attempt to provide services to other PE exits, and becoming part of hedging and other means. CITIC Fund will run through one or two markets, formed PE secondary market withdrawal of investment, industrial chain. But with investment banker pointed out that, in theThis innovation of the industry Fund defined in laws and regulations, as well as moral norms, there is a risk. In addition, on January 31, 2012, 31 heavy industry in China and CITIC Fund jointly-funded 360 million euro, acquisition Germany producer of concrete pump putzmeister full ownership, focusing on Pre-IPO PE provides examples. "Almost in a-shares and foreign stocksTrend remains weak case, PE should consider participating in private placement, participate in overseas mergers and acquisitions of enterprises diversify investment type. "A PE told financial weekly newspaper reporters. CITIC Securities 2011 annual report shows rise in net profit last year of 2,147%, as of December 31, 2011, CITIC Fund registered capital of RMB 1.8 billion, with total assets of 41,53882100 Yuan and net assets of $ 3,407,582,600, $ 1,613,906,700 operating income, total profit, $ 1,315,096,300, $ 1,000,584,100 in net profit, employs 145 people. Compared to last year, net profit rose 2,147%, staff expanded the 60 people. First renminbi funds Mianyang CITIC Fund FundEnd of the investment period at the end of 2011, and small gains, while simultaneously with the establishment of industry funds the majority of silent, or even raise has not yet been completed. As of April 28, 2011, Mianyang Fund LP 38 home subscription amount of capital in the amount of 9.363 billion dollars, to the account the amount of capital totaling 7.321 billion yuan. In 2010, Mianyang, total assets of the FundTo $ 6.373 billion, net assets for $, net profit of 174 million dollars. Money week exclusive statistics, since the 2009 IPO cycle to the end of the first quarter of 2012, more than a total of more than 400 listed companies in the small and gem, 3 are Mianyang fund investment companies, namely: Cheng Yun shares (300090.SZ), BeinUnited States (002570.SZ), river wall (601886.SH). Gem company Beijing Games Mianyang, stake is the Fund's first single PRE-IPO. Mianyang Fund contribution $ 39 million of its 10 million shares in June 2009, 10.46% was ranked the third largest shareholder's stake. Book float full of the $ 177 million, return on investment455%. As of March 29, Mianyang, number of shares of the Fund has not changed, book floating profit of 184 million dollars, book return 471%. Small companies Bay for the United States to its second single. Prospectus disclosure, November 2009 Mianyang Fund to $ 16.67/unit price of J.V.Rinternational Limited CompanyShellfish because of us and 3 million units of shares held on December 12, 2009, shells from the US capital reserve increase its registered capital, every 10 converted 13.5, Mianyang number Fund ownership spread to 7.05 million shares. In addition, the Mianyang Fund to $ 21.28 million funded bei Mei Group held 10% shares, indirect holding Bay for us-16.47 million shares. As at 329th the Bay for the United States to $ 23.72/stocks, book floating profit of 156 million dollars, book return 1448%. Board jianghe curtain wall projects of the company is the third single of Mianyang fund IPO. Among them, Mianyang Fund by means of a capital increase and share, holding a 40 million shares, was ranked fourth largest shareholder of the company per cent share of the 8.89%. Integrated computing, Capital increase of the Fund and the equity of Mianyang average holding cost is about $ 6 per unit. As of March 30, the river wall closed at $ 13.69 per unit, Mianyang book float full of the $ 300 million Fund. Jinshi or "CITIC Fund" mode in the SFC halt "sponsored direct vote" cases, industry funding has gradually become a major brokerage under investment and business development.CITIC Securities stone investment direct investment company CITIC Fund President Wu Yibing airborne, ushered in the transition period, KBS investments or move closer to CITIC Fund model. "Abduction" CITIC Securities on the growth enterprise market, regulatory policy is not clear before the market opened, Golden investment works closely with the parent company, CITIC Securities in hand. Golden sponsor of CITIC Securities investment to investment projects,Investment in CITIC Securities with the help of stone and sponsor institutions and large shareholders have a dual identity. According to the weekly financial statistics, since the 2009 IPO cycle to the end of the first quarter of 2012, more than total more than 400 small and listed on the second board companies, Golden investment stake in the company successfully listed 8, sponsor per capita as CITIC Securities, time away from the company's time to market and investment in a yearOr so, not more than two years. From investment counselling to sponsor, Yiqi he Cheng, shorten the time period for companies from financing to market, reducing the investor's investment of time and earn money faster. October 30, 2009, China Tai Yue (300002.SZ) successfully landed the gem, sponsor organizations that CITIC Securities. June 26, 2009, goldInvestment to China taiyue 27.72 million Yuan investment, holding 2.0982 million shares, only 4 months from the listing. On its first day, mainland taiyue to $ 102.9/share price close, Golden investment book floating profit of 190 million Yuan on the first day, 7.09 times return on investment times. At present, the stone number of shares increased to 6.2947 million shares of the investment
tera power leveling, on March 29.79/share's closing price to calculate, floating profit $ 84.26 million, 4.04 times return on investment times. Equally in robots have KBS on October 30, 2009-listed investment figure. May 2008 KBS investment in, as of March 29, the book floating profit of 240 million dollars, 10.27 times return on investment times. Stone investment subscription haohua energy (60
tera gold,1101.SH) is another classic case, CITIC Securities Underwriting in the months before, its investment stake of issued shares before 6.98%, is the second-largest shareholder, press 7% policy supervision of the red line. CITIC Securities ' 2011 annual report shows, KBS investment net profits of $ 820 million in the year, an increase of 100%. In 2011, Golden investment new investment project 29Single, part or all of 4 single exit project. High profit returns, capital increase direct investment company CITIC Securities. 2007 KBS registered capital for investment is only $ 831 million, 2008 capital increase and $ 669 million, 2009 increased capital 1.5 billion yuan on July 6, 2010, capital increase and $ 2.2 billion, Golden investment registered capital increased to $ 5.2 billion. However, asFor subsidiaries, no matter how it scenery, cannot cover up facts of the parent company supplies. Direct investment and have to rely on recommendations and suggestions of the Investment Bank, whose voice had been weakened. Especially in July 2011 the Commission formally transferred brokerage direct investment pilot general supervision, and halt "sponsored direct vote" model, brokers direct investment and market competition in the face, stone more need for transformation. The securities of publicDirect investment business regulation Division III of the guidelines (I) explicitly provides that direct investment child company of securities companies, direct investment funds and Fund of funds, industry management institution that intends to invest in listed companies. Wu Yibing airborne KBS securities halted "sponsored direct vote" a month before, Wu Yibing served as President of CITIC Fund posts as well as to "Executive Director" statusStanding stone investment news abroad. In fact, "Executive Director" was a low-key, Golden investment, or Wu Yibing will take over. Wu Yibing joined, meaning stone investment will refer to CITIC fund development mode, redefinition of brokerage role of direct investment. Wu Yibing entered the company, started preparations for the $ 15 billion of direct investment fund. Learn from CITIC Fund successVerification, in the company of stone under the investment framework, established new partnerships fund management company, open company, the introduction of investor, investor (LP) and Manager (GP) the close bundling of interests. If the preparation is complete, it will become the largest currency funds.
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