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北京赛车网址平台:Private Equity Funds 7 Ways to Exit

时间:2018/6/6 21:00:29  作者:  来源:  浏览:0  评论:0
内容摘要: 1, initial public offering (IPO) investor favorite exit strategyIPO, initial public offerings, it is often said of the market, means that t...

1, initial public offering (IPO)

investor favorite exit strategy

IPO, initial public offerings, it is often said of the market, means that the future business development of mature, listed on the stock market by the private equity investment With respect to the value-added and withdrawal of funds, corporate listing is mainly divided into domestic listing and overseas listing. Domestic listing mainly refers to listing on the Shenzhen Stock Exchange or the Shanghai Stock Exchange. Overseas listings include the Hong Kong Stock Exchange, the New York Stock Exchange and the Nasdaq etc. .

The main advantage of the IPO exit method is:

1. It can enable investors to obtain higher returns.

2. It is an ideal way to realize the maximization of the interests of the investors, the company management, and the company itself.

3. It is beneficial to improve the visibility of PE.

IPO as the best way to withdraw, with PE and target companies to achieve a win-win result, but in terms of reality, IPO exit also has some limitations:

1, the market is high.

2, IPO takes a long time, high opportunity cost.

3, IPO exit faces many risks.

2, M \u0026 A exit of the most important exit strategy

future mergers and acquisitions is a private equity investment fund when the time comes, the transfer of ownership of the target company to a third party, in order to ensure the smooth withdrawal of invested funds. As an important way of private equity capital from the final, in fact, private equity funds and that the value of the target company's management has reached the intended purpose of the enterprise, the enterprise as a product launch, it will be sold to another company or other PE . The future will be an important exit channel. This is mainly due to the fact that the issuance of new stocks will continue to be cautious. M\u0026A can quickly exit if it seeks to quickly cash out. At the same time, as the industry matures, mergers and acquisitions are also the most effective way to integrate industry resources.

M \u0026 A exit advantages are the following:

1, M \u0026 A exits more efficient and flexible.

2, as long as the M \u0026 A exit after the deal is completed, you can quit all at once, and to exit the transaction price return more clear.

3, M flowability exit pressure may alleviate PE.

Disadvantages of withdrawal through M\u0026A are:

1. The number of potential buyers is limited.

2. Market information is asymmetric and corporate value may be underestimated.

3. The property rights or control rights of the company may be transferred, and the management may feel resistance.

3, three new board quit

most popular exit strategy

new board full name of "national SME share transfer system" is an important part of our multi-level capital market, following the Shanghai Stock Exchange, Shenzhen Stock Exchange After the third national securities trading site. As of the end of 2017, the total number of companies listed on the New Third Board was 11,630. In 2017, the turnover of the New Third Board amounted to RMB 2271.80 billion, an increase of 18.7% from RMB 191.229 billion in 2016. At present, there are two types of transfer methods for the New Third Board: market-making transfer and agreement transfer. Agreement transfer refers to that under the auspices of the share transfer system, the buyers and sellers negotiate and negotiate to achieve equity transactions; and the market transfer is to add another intermediator between the buyers and sellers as "market makers."

Compared with other exit methods, the new three boards mainly have the following advantages:

1. The degree of marketization of the new three board market is relatively high and development is very fast.

2. The mechanism of the new third board market is more flexible than the main board market.

3. Relative to the main board, the new three boards have loose listing conditions, short listing times and low listing costs.

4. Strong support of national policies.

Because of the high threshold of investors, the positioning error of market-makers, the lack of market makers, and unclear policy expectations, the liquidity and exit prices of the New Third Board market are not satisfactory.

4, backdoor listing

alternative IPO exit

so-called backdoor listing refers to a number of non-listed companies through the acquisition of some of the poor performance of listed companies financing capacity weakened, stripped the acquired company's assets, inject their assets in order to achieve indirectly on the market The means of operation.

As for the companies that are waiting in line for the IPO, the average time spent on the backdoor is greatly reduced. If all the qualifications are qualified, a complete approval process can be taken within six months, and the cost of the backdoor is also reduced by the huge lawyer fees. There is no need to disclose the company's various indicators.

However, backdoors are also prone to negative issues such as: breeding of insider trading, high price shell resources disrupting the valuation basis, and weakening the existing delisting system.

In September 2016, the China Securities Regulatory Commission announced the “Administrative Measures for Amending Major Asset Reorganizations of Listed Companies” to regulate the conduct of backdoor listing. In September of the following year, it also announced the disclosure of companies that publicly issue securities. Content and Format Standard No. 26 - Major Assets Restructuring of Listed Companies (Revised in 2017), which strictly regulates asset reorganization disclosure. The increasingly perfection of national regulatory policies and the increasing soaring prices of shell resources have also made it increasingly difficult to backdoor listings.

5, equity transfer

quick exit strategy

equity transfer refers to a way of investment institutions legally own equity compensation transferred to another person, cash withdrawal. Common examples are private agreement transfer, public listing transfer at regional equity trading centers (ie four boards).

equity transfer, the Commission encouraged, attitude to such acquisitions and the exemption of its mandatory offer obligation, although through an agreement to acquire the non-tradable shares of the public can not only achieve the purpose of acquisition, you can also get the price of rent resulting ; but in the equity transfer, complex internal decision-making processes, cumbersome legal procedures have become a factor in the success of shares of influence. And the transfer price is far lower than the secondary market exit price.

6, repurchase

stable earnings exit strategy

repurchase is divided into a management buyout (MBO) and shareholder buy-back refers to the business or owner from direct investment institutions to buy back shares.

Overall, the drop-out rate is very low return business Repurchase but stable, even some of the repurchase is to repay shareholder loans manner.

The repurchase and withdrawal can maintain the independence of the company and avoid the great shock caused by the withdrawal of venture capital to the company's operations. Entrepreneurs can gain ownership and control of the already grown companies, and they can also trade. Less complex and lower cost. However, for investment institutions, the rate of return of venture capital through management buy-back is much lower than that of IPO, and at the same time, it requires management to find a good financing leverage and provide financial support for repurchase. This method is generally applicable to those companies that have become increasingly stable but have no hope of listing. According to the investment agreement signed between the two parties, the venture capital company transfers the company shares held by the invested company's management.

7 liquidation

investors most want to see exit strategy

project has been recognized on the failure of venture capital should be returned as soon as possible liquidation of the way as much as possible in order to recover the residual capital, its mode of operation into liquidation losses and loss write-off Two kinds.

Clearing is a stop-loss measure before a company fails. Not all companies that fail to invest will go bankrupt. It is costly to apply for bankruptcy and liquidate, and it will take a long, complicated legal process if it fails. The investment project has no other debt, or a small amount of other debt, but the creditor will not pursue it. Then, some venture capitalists and companies will not apply for bankruptcy, but will use other methods to operate and decide by negotiation or other means. The company's residual value distribution.

Bankruptcy liquidation is a last resort, and the advantage is that it can still recover part of the investment. The shortcomings are obvious, which means that the project's investment losses, the return rate of funds is negative.


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