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

US EUROPE AFRICA ASIA 中文
World / China-Africa

South Africa firm hits Chinese jackpot

By Meng Jing and Cai Xiao (China Daily Africa) Updated: 2014-07-18 09:43

Highland invested $17.5 million in Chinese Internet security company Qihoo 360 at the end of 2006, and its 15.94 percent stake had a total value of more than $630 million when it went public on the New York Stock Exchange in 2011. It has also invested in leading Chinese TMT companies such as Tuniu 6.CN, GameWave, NetentSec, Viva and UUSee.

He says many Chinese equity investment firms used to seek pre-IPO deals when the companies were very mature and profitable, but such opportunities have become rare.

He adds that while TMT giants are often strong, small companies can still provide good opportunities and may become new giants.

Thor cites Lycos, which used to be a popular search engine in the late 1990s. Yahoo overshadowed Lycos, and then Google rose up and became the giant, though Facebook, Twitter or something else might dethrone it someday.

"If a start-up team works hard and is willing to innovate and reverse the traditional business pattern, it may create a great company," says Thor, adding that his firm invests in companies that are one or two years old, because that's when they need money the most.

Many experts, however, do caution that the large number of cash-thirsty start-ups in China's rosy Internet market does not guarantee profits for foreign investors.

Some cite concerns that the Chinese government might try to tighten regulations to limit foreign investment in the TMT sector, which has increasingly grown into the most dynamic part of China's economy, or launch policies to give the growing number of local venture capital firms an edge in the sector.

A total of 189 new yuan-based funds emerged in China's venture capital market in 2013, raising a total of $6.38 billion in that year, while only 10 new foreign currency funds emerged in China in 2013, raising $541 million, according to a recent report from Zero2IPO Research, a leading research institution in China's private equity industry.

China's increasing wealth has provided a new flow of venture capital funds for investment in Chinese businesses, analysts say.

Foreign-based venture capitalists can also find it hard to fully understand the market, adds Flynn.

"It's very easy for Western investors to see the likes of VIPshop and JD, and read the hype about Alibaba, and get a rosy view about China's e-commerce market.

"However, investors have to understand the nature of consumers in China, the contrast between the tier-one cities and the tier-four cities, and understand that you can't just view Alibaba as the 'Chinese Amazon'.

"Once Western investors understand these points, they can understand China's e-commerce market."

However, Annabelle Long thinks many foreign venture capital firms, which have now set up offices in China and hired Chinese people to run them, have a better chance to land deals.

"The main difference between Chinese and Western venture capital firms is the money they raise, RMB or US dollars," she says. At the same time, she says there is "no direct competition" between Chinese and Western venture capital firms because different companies focus on different sectors of the market.

However, what she does see as the major threat for Western firms like hers is the increasing power of China's big three Internet companies - Baidu, Alibaba and Tencent.

Citi Research has forecast that the three will drive Internet-related deals in China to a record this year.

"As a Western VC, how to compete with leading Chinese Internet firms in making deals with start-ups is our biggest problem," Long says, adding that her firms invest $100 million every year.

She says writing a $5 billion check would be a big decision for any Global 100 Index company, but it is not a difficult choice for rising Internet giants such as Alibaba, which just spent cash and shares worth more than $3 billion to buy UCWeb, a Chinese mobile browser company.

Heading to its highly anticipated IPO in the US, Alibaba has stepped up its buying spree by investing in various companies from media and shopping malls to online video platforms and football clubs.

Alibaba alone has spent more than $5 billion this year in buying controlling stakes of smaller firms or making strategic investments in promising startups.

Late last month, Naspers posted a surprise 2 percent drop in full-year earnings after ratcheting up expansion spending, sending its shares lower - but analysts still said its stake in Tencent is worth nearly as much as Naspers' entire market value.

Alibaba and Tencent have announced 61 acquisitions and investments with a value of $24.5 billion since 2012, according to data compiled by Bloomberg.

Music to the ears, no doubt, of those early-stage foreign investors.

Contact the writers at mengjing@chinadaily.com.cn.

South Africa firm hits Chinese jackpot

(China Daily Africa Weekly 07/18/2014 page6)

Previous Page 1 2 3 Next Page

Trudeau visits Sina Weibo
May gets little gasp as EU extends deadline for sufficient progress in Brexit talks
Ethiopian FM urges strengthened Ethiopia-China ties
Yemen's ex-president Saleh, relatives killed by Houthis
Most Popular
Hot Topics

...
主站蜘蛛池模板: 一区二区三区中文 | 中文字幕在线视频观看 | 老司机久久影院 | 女人张开腿让男人桶免费网站 | 日韩高清欧美 | 欧美精品专区55页 | 综合久久91| 日韩影院久久 | 亚洲国产精 | 久草视频免费在线看 | 欧美成人在线网站 | 日本一区二区三区高清在线观看 | 欧美成人精品一区二区 | 欧美一级毛片图 | 欧美2区 | 亚洲国产午夜精品理论片的软件 | 欧美另类孕交 | 欧美在线成人午夜影视 | 欧美国产91 | 全部免费的毛片视频观看 | 女人张开腿让男人捅爽 | 国产不卡在线视频 | 久久综合九九亚洲一区 | 韩国毛片 | 欧美日韩一区二区三区在线视频 | 美女视频黄a视频免费全程 美女视频黄a视频免费全过程 | 黄在线观看网站 | 久久厕所视频 | 欧美专区一区二区三区 | 天堂一区二区三区在线观看 | 欧美综合一区 | 国产精品久久在线观看 | 亚洲一区二区三区精品国产 | 97视频网站 | 久久精品免费i 国产 | 日韩一区二区三区在线视频 | 欧美一区二区精品系列在线观看 | 毛片免费观看的视频在线 | 亚洲人成在线观看 | 欧美成人精品高清在线观看 | 日本黄区|