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When the outlook of the global economy turns out to be gloomy, the concepts stock in China faces bigger difficulties in revising. However, this does not shake the confidence of foreign venture capital institutions in investing in China.
Journalists found from interviews with foreign venture capital companies that most of these foreign venture capital companies are still treasuring the opportunities to make investment in China. Due to obstacles in the channels of withdrawing investment from markets outside of China, these investors changed their investment strategies in China – slowing down investment into U.S. dollar-based funds and expanding the business of RMB-based funds.
In recent months, the concepts stock in China went through frequent drastic falls and the overall assessment value dropped. China’s concepts stock listed in the U.S. dropped by nearly 40% in the six past months. Influenced by this, the number of Chinese companies making IPOs in the U.S. almost dropped to zero. From the third quarter of 2011 till now only one Chinese company, Tudou.com made its IPO in the U.S.“Presently it is hard to judge when the China concepts stock will regain its vitality,” said Dew Bernstein, from Marcum Bernstein & Pinchuk Accountancy Office. U.S. investors still have worries about the credit level of Chinese enterprises because the Chinese companies that went public in the U.S. were reported to have had fake financial reports in recent years. Though the U.S. stock regulatory department has not explicitly raised the requirements for Chinese companies’ going public in the U.S.A, it did send out warnings, telling the auditors and auditing departments to be cautious over the companies from emerging markets, especially China.
The worries about China concepts stock do not mean that foreign venture capital investors will give up their investment into China. Presently foreign venture capital investment institutions are showing unprecedented passion towards RMB-based funds and many of them have begun to engage themselves in this field or to expand the size of their original funds.
Highland Capital from the U.S. is thinking of extending its arm to the RMB-based fund field on top of its traditional base of U.S.-dollar-based funds to survive the cold winter in the international financial market. Another U.S. fund company, CGV Capital, raised the second phase of RMB funds recently, increasing the volume of its RMBbased funds to 300 million yuan (USD 47.19 million) to 1 billion yuan (USD 157.3 million).
Zhuo Fumin, partner of CGV Capital, said that the global economic situation was not quite bright right now, but that venture capital is still bullish on the outlook of investing in China. That’s because there are a lot of investment opportunities derived from systematic reform, structural change and innovative upgrading. “Now every member of our team is quite enthusiastic and we never shut off our mobile phone lest we could miss a small piece of news,” Zhuo Fumin said.
Claire Kang, CEO of Ican Capital AsiaPacific region, also holds optimistic opinions towards venture capital investment in China. Ican Capital is now paying close attention to the investment opportunities in mining, clean energy, new materials, big consumer commodities, healthcare and so on.
Claire Kang said that Ican Capital had several investment projects in China and two more will have been established by the end of November. These two projects are located in mining and consumption. In addition, Ican Capital will intensify its investment in the field of clean energy due to the great outlook of this industry. “We make investments during the period of poor market condition; then we harvest when the market condition turns good.” This is the investment rule that venture capital follows. Tu Hongchuan, board chairman of CGV Capital China, said that the dim global economic outlook intensified the enterprises’ demand for financing. Presently, the bubbles in the estimated value of China’s investment market are gradually fading away, which along with lower investment is creating a good period for venture capital investment.
For the shrinking overseas markets, Tu Hongchuan said that China’s concepts stock will finally survive the “winter”. Though there are some enterprises whose malfunctions could contaminate China’s concepts stock, most of the others still follow market rules and focus on their operations and business. “The window for Chinese companies’ IPO in the U.S. will be reopened soon,” said Crocker Coulson, president of CCG Investor Relation Consulting Group. The continued depression of China’s concepts stock is attributed to the bad economic situation around the globe. “When the relative economic data can have positive performance for several straight weeks, the Chinese companies will be greeted by new opportunities for IPOs in the U.S.”
Coulson said that the U.S stock market, especially China’s concepts stock, has been in a weak state for quite a while, but quite a large number of Chinese companies never give up their plans of going public on the U.S. stock market. Presently, there are at least 50 Chinese companies planning to go public in the U.S. and a dozen of them have already submitted their applications to the U.S. Securities and Exchange Commission.
Journalists found from interviews with foreign venture capital companies that most of these foreign venture capital companies are still treasuring the opportunities to make investment in China. Due to obstacles in the channels of withdrawing investment from markets outside of China, these investors changed their investment strategies in China – slowing down investment into U.S. dollar-based funds and expanding the business of RMB-based funds.
In recent months, the concepts stock in China went through frequent drastic falls and the overall assessment value dropped. China’s concepts stock listed in the U.S. dropped by nearly 40% in the six past months. Influenced by this, the number of Chinese companies making IPOs in the U.S. almost dropped to zero. From the third quarter of 2011 till now only one Chinese company, Tudou.com made its IPO in the U.S.“Presently it is hard to judge when the China concepts stock will regain its vitality,” said Dew Bernstein, from Marcum Bernstein & Pinchuk Accountancy Office. U.S. investors still have worries about the credit level of Chinese enterprises because the Chinese companies that went public in the U.S. were reported to have had fake financial reports in recent years. Though the U.S. stock regulatory department has not explicitly raised the requirements for Chinese companies’ going public in the U.S.A, it did send out warnings, telling the auditors and auditing departments to be cautious over the companies from emerging markets, especially China.
The worries about China concepts stock do not mean that foreign venture capital investors will give up their investment into China. Presently foreign venture capital investment institutions are showing unprecedented passion towards RMB-based funds and many of them have begun to engage themselves in this field or to expand the size of their original funds.
Highland Capital from the U.S. is thinking of extending its arm to the RMB-based fund field on top of its traditional base of U.S.-dollar-based funds to survive the cold winter in the international financial market. Another U.S. fund company, CGV Capital, raised the second phase of RMB funds recently, increasing the volume of its RMBbased funds to 300 million yuan (USD 47.19 million) to 1 billion yuan (USD 157.3 million).
Zhuo Fumin, partner of CGV Capital, said that the global economic situation was not quite bright right now, but that venture capital is still bullish on the outlook of investing in China. That’s because there are a lot of investment opportunities derived from systematic reform, structural change and innovative upgrading. “Now every member of our team is quite enthusiastic and we never shut off our mobile phone lest we could miss a small piece of news,” Zhuo Fumin said.
Claire Kang, CEO of Ican Capital AsiaPacific region, also holds optimistic opinions towards venture capital investment in China. Ican Capital is now paying close attention to the investment opportunities in mining, clean energy, new materials, big consumer commodities, healthcare and so on.
Claire Kang said that Ican Capital had several investment projects in China and two more will have been established by the end of November. These two projects are located in mining and consumption. In addition, Ican Capital will intensify its investment in the field of clean energy due to the great outlook of this industry. “We make investments during the period of poor market condition; then we harvest when the market condition turns good.” This is the investment rule that venture capital follows. Tu Hongchuan, board chairman of CGV Capital China, said that the dim global economic outlook intensified the enterprises’ demand for financing. Presently, the bubbles in the estimated value of China’s investment market are gradually fading away, which along with lower investment is creating a good period for venture capital investment.
For the shrinking overseas markets, Tu Hongchuan said that China’s concepts stock will finally survive the “winter”. Though there are some enterprises whose malfunctions could contaminate China’s concepts stock, most of the others still follow market rules and focus on their operations and business. “The window for Chinese companies’ IPO in the U.S. will be reopened soon,” said Crocker Coulson, president of CCG Investor Relation Consulting Group. The continued depression of China’s concepts stock is attributed to the bad economic situation around the globe. “When the relative economic data can have positive performance for several straight weeks, the Chinese companies will be greeted by new opportunities for IPOs in the U.S.”
Coulson said that the U.S stock market, especially China’s concepts stock, has been in a weak state for quite a while, but quite a large number of Chinese companies never give up their plans of going public on the U.S. stock market. Presently, there are at least 50 Chinese companies planning to go public in the U.S. and a dozen of them have already submitted their applications to the U.S. Securities and Exchange Commission.