PE industry has self-cleaning function, and investment needs to be cautious
when an area is favored by everyone, it will attract the attention of many people and follow up in a swarm. The gem, which opened last year, is unlike wood and treated wood. In just over half a year, 90 enterprises have successfully raised funds in the capital market, and hundreds of executives of GEM companies have a book value of more than 100 million yuan
the launch of the gem has made enterprises wandering outside the capital market eager to try and realize their dreams of becoming bigger and stronger in the capital market. And to help them successfully achieve their long cherished wish, it is necessary to invest in significantly improving the air quality structure inside the trunk. After seeing that vc/pe companies that invested in GEM companies and successfully listed have achieved high returns, there has also been a wave of investment boom in the domestic market. When a number of PE armies rose, the attention of the society to them also reached a historical high. Some people say that the PE industry is in an awkward situation, while others say that domestic PE is also saturated. However, Huang Yu, President of Tejia venture capital company in front of the booth from Guangdong Alliance Group, said that the domestic PE industry has just started, let alone saturated
the domestic PE industry lags far behind foreign countries
from the perspective of foreign PE industry, the annual investment proportion of the United States accounts for 1% of GDP. In the domestic PE industry, according to 1% of the current domestic GDP of 33535.3 billion yuan in 2009, the total domestic investment should be 330billion yuan, which is normal. Huang Yu said that there are 9.7 million small and medium-sized enterprises in China. If 10% of the regulated enterprises can reach the listing level, there will be close to 10000 enterprises. These 10000 enterprises need to attract 330billion yuan of funds, which is much less. In the face of this investment boom in the domestic market, investors' investment strategies are also dazzling. "According to the above indicators, China's PE industry is in its infancy and far behind the foreign market. The current investment behavior is a necessary stage for the development of the industry. In addition, capital is liquid. When funds chase pre-IPO projects, everyone is fighting for prices. When there is a valuation premium in the market, facing a P/E ratio of 15 times or more, some capital will look for safer projects."
another set of data can also explain the current situation of China's PE industry. In 2009, more than 70% of financing in China was indirect financing, 20% came from direct financing, while only 3% of direct investment came from stocks. Huang Yu told: "when a large-scale enterprise with assets under management reaching 200billion yuan appears in China, it shows that the industry is only reaching a mature stage."
the market has a self-cleaning function
for the market, the domestic formal investment institutions are not easy to get projects at present, while some so-called guerrilla venture capital institutions are easy to get projects, which leads to the frequent occurrence of high price investment projects. In this regard, Huang Yu said that China is currently in a stage of economic transformation, so it is reasonable for enterprises with high valuations to appear in the market. With 10 years of investment experience, gaotejia will be more rational in investment selection, and will pay attention to the way of portfolio investment to ensure the ladder of the project. For those blind investors in the market, natep's funds have been running for 18 months, and the market will naturally educate them, because the market has the function of self-cleaning
in addition, according to statistics, the passing rate of gem is 83%. "Such a high investment rate is also risky for investors. Because the enterprises in it cannot all guarantee high growth. In the 83% pass rate, there may be enterprises like Suzhou Hengjiu mixed among them, but the market will eventually eliminate those enterprises through the self-cleaning function." Huang Yu said
in the face of the high break of listed companies, Huang Yu told that the high break of listed companies had no impact on the PE market. Because PE investment is different from investment in the secondary market. PE investment is mainly the investment strategy of value discovery, while the investment in the secondary market has both value investment and trend investment. As for the frequent occurrence of the breaking phenomenon, it may be due to the issuance mechanism or the problem of the breaking enterprise itself, which is difficult to explain. However, with the highlighting of this risk, some funds will exit the market, but more funds will enter the market. In addition, the state should introduce more policies to attract more social capital to participate in this industry. Even if there are some disharmonious factors in investment, it is also good for the overall development of the industry. Huang Yu also believes that at present, PE market pricing is high
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