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Year saw more PE funds, but also decline in amount raised
http://www.ecns.cn/business/2013/01-08/44351.shtml
Jan 8th 2013, 07:59
2013-01-08 16:59 Caixin Web Editor: yaolan
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Fund-raising by private equity funds in China dropped significantly last year, despite a jump in the number of funds established, an investment consultancy says.
Research by Zero2IPO Group found a record 369 PE funds were launched in 2012, compared with 235 in 2011. But the amount raised by the 359 that disclosed the information was a combined US$ 25.3 billion, down 35 percent from the previous year.
Most of the PE funds created last year, or 354 out of the total, were yuan-denominated, the report said. But they each raised an average of only US$ 51 million, less than one-ninth of the amount posted by funds denominated in the U.S. dollar.
The overall decline in fund-raising resulted partly because PE investors had a hard time recovering their capital from existing projects to make new investments, the report said. Initial public offerings, which remain the main exit channel for most PE funds, were down last year as many stocks on domestic exchanges tumbled to their worst levels in almost four years.
Of the 177 reported exits, 124 were conducted through IPOs and another 30 through equity transfers. The Shenzhen ChiNext Board, China's version of the Nasdaq in the United States, led with 48 listings.
Some PE-invested companies went public on overseas stock exchanges. Sixteen listed in Hong Kong, one in the United States and three in France.
The report also showed that revealed investments from PE firms totaled US$ 19.8 billion last year. Most poured into Internet businesses, followed by real estate development, energy and financial services.
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