www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Private equity firms hit snags with IPOs

Updated: 2016-02-19 09:16

By Luo Weiteng in Hong Kong(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Following the sustained equity market volatility and global economic turmoil, it's likely that initial public offerings (IPOs) will remain largely out of bounds for private equity (PE) firms in the near future, leaving secondary buyouts an increasingly preferred exit rout for PE sellers, says assurance, tax and advisory firm Grant Thornton.

Traditionally, an IPO exit stands as one of the favorable options for PE firms. Funds raised through Hong Kong share sales had seen a 56-percent jump from HK$166 billion in 2013 to HK$259 billion last year.

Last year, Hong Kong reclaimed its ranking as world's largest market for IPOs for the first time since 2011, leaving New York and Shanghai a distant second and third. As the SAR retained the top spot for IPOs in 2015, PricewaterhouseCoopers believes that funds raised in Hong Kong could continue rising to HK$300 billion.

Although total funds raised in Hong Kong's IPO market have been going up steadily in the past few years, the number of IPOs, however, saw a significant drop from 104 in 2013 to 87 last year, according to Grant Thornton.

Such a decline was very much due to the mainland's economic slowdown, plummeting oil prices, uncertainties in the US Federal Reserve's timetable for interest-rate hikes and the euro zone's weak overall performance, said Barry Tong, Hong Kong-based advisory partner of Grant Thornton.

As global economies began on a subdued note this year, an IPO exit, subject to comparatively higher risks, much longer duration not less than 6 months and higher costs, will see secondary buyouts gradually becoming an alternative exit strategy for PE firms which are under pressure to return capital back to their investors, said Tong.

"Some underperforming PE firms have become even more cautious about investment, and prefer to acquire equity interests in companies from secondary markets because other sizable PE funds have already conducted due diligence of such companies, enabling them to minimize risks," he said.

With the support of the central government, Tong believes that investment in startups will become a driving force for the development of Hong Kong- and mainland-based PE firms.

Cases in point include the mainland's CSC Venture Capital, which poured $400 million into AngelList - a US crowdfunding website for early-stage startups - in October last year, and mainland private equity firm AFC (Hong Kong) Investments, which was reported last year to be planning to allocate up to $20 million for investment in startups and agricultural firms in Malaysia.

The Hang Seng China Enterprises Index surged 3 percent to close at 8,166.47 on Thursday.

sophia@chinadailyhk.com

Private equity firms hit snags with IPOs

(HK Edition 02/19/2016 page9)

主站蜘蛛池模板: 亚洲男人的天堂久久香蕉 | 久久久久久久性潮 | 亚洲精品国产精品国自产 | 97国产影院 | 欧美视频在线网站 | 亚洲三级在线免费观看 | 欧美一区二区三区视频 | 亚洲国产精久久久久久久春色 | 国自产精品手机在线视频香蕉 | 日韩毛片免费视频一级特黄 | 在线网站黄色 | 一本色道久久88 | 在线看片日韩 | 欧美视频一区二区三区四区 | 日韩欧美国产精品第一页不卡 | 国产日产亚洲系列首页 | 日本免费三级网站 | 久久精品免费观看国产软件 | 成人免费观看视频久爱网 | 亚洲欧美成人 | 国产偷怕自拍 | 国产欧美一区二区三区观看 | 国产成人亚洲综合一区 | 久久黄色一级视频 | 一级欧美 | 久久久久免费观看 | 国产日韩欧美在线观看不卡 | 免费一级肉体全黄毛片 | 一级做a爱 一区 | 国产日本一区二区三区 | 久久国产精品成人免费 | 黄色三级视频网站 | 欧美一区二区三区在线观看免费 | 国产一级毛片亚洲久留木玲 | 日韩欧美在线观看 | 欧洲免费无线码二区5 | 在线成人精品国产区免费 | 日本一区二区三区高清福利视频 | 国产免费麻豆 | 欧美久久久久久久一区二区三区 | 91精品啪在线观看国产91九色 |