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Engagement Issues AVCJ RESEARCH Strategic Investors, Private Equity Target China’S Media Value Chain Page 9 Data F Ile Page 23 Asia’s Private Equity News Source avcj.com March 01 2016 Volume 29 Number 08 EDITOR’S VIEWPOINT China-US acquisitions face regulatory scrutiny Page 3 NEWS Asia Climate Partners, BanyanTree, Brookfield, CIC, CPPIB, GIC, IvyCap, Monk’s Hill, Shunwei, TCL, Tsinghua Unigroup, Warburg Pincus Page 5 INDUSTRY Q&A Jonathan Li and Xin Wang of BHR Partners Page 19 FOCUS Investors suffer due to online fundraising scams Page 20 Engagement issues AVCJ RESEARCH Strategic investors, private equity target China’s media value chain Page 9 Data f ile Page 23 FOCUS ANALYSIS Returns on research Automation agenda Pharma presents choices for corporate VC Page 12 GPs eye cross-border industrial strategies Page 15 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM CHINA 2016 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 2158 9661 Associate Editor Regulatory risks Winnie Liu (852) 2158 9663 Staff Writer Holden Mann (852) 2158 9646 Justin Niessner (852) 2158 9678 Design Edith Leung, Mansfield Hor NO OFFICIAL REASON WAS GIVEN FOR “under the principles of openness and fairness,” Events George Sengulovski, the regulatory decision that led to Procon with Go Scale stressing its commercial and Jessie Chan, Jonathon Cohen, Mining & Tunnelling – which is controlled by market-oriented interests, but to no avail. Sarah Doyle, China National Machinery Industry Corporation The wasted process has cost Philips time Amelie Poon, Fiona Keung, – unwinding its acquisition of Canada-based and a bit of money; and the company will no Jovial Chung, Lincoln Mining in 2013. The unofficial explanation doubt be more wary when it puts the asset up Marketing was that one of Lincoln’s facilities was too close for auction once again. Such considerations were Agrina Sandri, Priscilla Chu, to Fallon Naval Air Station in Nevada, home to the likely uppermost in the minds of board members Yasna Mostofi US Navy’s TOPGUN flight school. at Fairchild Semiconductor International when This investment would receive the prize for they rejected a take-private bid from China Research most bizarre (alleged) grounds for rejection by Resources Microelectronics and Hua Capital in Helen Lee, Herbert Yum, the Committee on Foreign Investment in the February. The board said the risk of rejection Jason Chong, Kaho Mak, Tim Wong, United States (CFIUS), but TOPGUN is said to have by CFIUS was too great, regardless of the buyer thwarted two other Chinese M&A transactions. consortium’s offer to pay a $108 million break fee Sales While it seems odd that Procon didn’t if approval was not forthcoming. Anil Nathani, approach the regulators prior to the deal closing The following week, China’s Tsinghua Darryl Mag, Debbie Koo, and seek a compromise solution, the company Unigroup scrapped its plan to invest in US- Samuel Lau, might not have realized it needed to do so. based disk drive manufacturer Western Digital Pauline Chen Lincoln is Canadian by incorporation – so on the after CFIUS decided to launch a review of the Subscriptions surface it could appear beyond CFIUS’ purview – transaction. Jade Chan, Prudence Lau, but its principal mining operations are in the US When CFIUS said in its annual report that Sally Yip and any change in ultimate ownership must be there may be a coordinated strategy among Publishing Director signed off by the authorities. foreign governments or companies to acquire Allen Lee Procon’s misfortune underlines the US firms involved in the development of critical importance of good advice when dealing with technologies, it might have been referring to a regulator that reviews the national security semiconductors. Unigroup has made no secret of Hong Kong Headquarter implications of foreign investments in companies its desire to become a major player in the sector Suite 1602-6 with US operations, has the power of veto, yet and has launched several aggressive bids for Grand Millennium Plaza is under no obligation to explain its decisions assets around the world. It is unclear whether the 181 Queen’s Road Central Hong Kong publicly. With Chinese outbound M&A at record company really expects to be successful in some T. (852) 2158 9700 levels – and Sino-US political relations bedeviled of these situations or is just testing the water as F. (852) 2158 9701 by issues ranging from territorial sovereignty to part of a longer-term strategy. E. [email protected] URL. avcj.com state-sponsored electronic espionage – perhaps What this probably has done is heighten it has never been more important. the sensitivity around all Chinese outbound Beijing Representative Office According to its annual report to Congress deals targeting the US. The majority of these No.1-2-(2)-B-A554, 1st Building, Anything is possible No.66 Nanshatan, on activities from the 2014 calendar year, CFIUS transactions will get through, but prospective Chaoyang District, Beijing, reviewed 147 filings, up 50% year-on-year and investors would be advised to ensure they have People’s Republic of China not far off the all time high of 155 from 2008. covered all the bases – to the point of identifying T. (86) 10 5869 6203 China accounted for 24 of the filings, more than areas in which they might have to appease the F. (86) 10 5869 6205 if you work with the right partner E. [email protected] any other country, retaining a position it first regulator and mitigate security concerns. The last occupied in 2012. thing companies want is to see the crown jewel CFIUS has already made an impact on several of an outbound strategy torn from their grasp by The Publisher reserves all rights herein. Reproduction in whole or China transactions in 2016. In January, Go Scale a retrospective ruling. in part is permitted only with the written consent of AVCJ Group Limited. Capital – a private equity firm sponsored by ISSN 1817-1648 Copyright © 2016 GSR Ventures and Oak Investment Partners – terminated its deal to buy a majority stake in Philips’ LED components and automotive Tim Burroughs A Mergermarket Group company Unlocking liquidity for private equity investors lighting unit due to “unforeseen concerns” from Managing Editor the regulator. Both companies made their case Asian Venture Capital Journal www.collercapital.com London, New York, Hong Kong Number 08 | Volume 29 | March 01 2016 | avcj.com 3 EXTRAORDINARY Opportunities. EXTRAORDINARY Challenges. For more than a quarter century, our firm has advised world-class private equity firms in their most high-profile and significant investments in China. With global resources and local expertise, Paul, Weiss helps private equity firms capitalize on opportunities by creating long-term strategic partnerships with Chinese enterprises that add value beyond just capital. Our lawyers’ extensive knowledge of the foreign investment environment and M&A experience in both local and global markets helps Chinese investment managers expand their global footprint and take advantage of opportunities for growth. NEW YORK BEIJING HONG KONG LONDON TOKYO TORONTO WASHINGTON, DC WILMINGTON PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP www.paulweiss.com EXTRAORDINARY Opportunities. NEWS ASIA PACIFIC Ex-Khosla partner raises used to build additional distribution centers and $200m for tech fund upgrade the company’s information system. Asian pension funds to Andrew Chung, formerly a partner at US-based Salvage car auction Khosla Ventures, has launched his own VC firm EXTRAORDINARY boost alternatives exposure - 1955 Capital - and reached a first close of $200 platform raises $45m Pension funds in Asia Pacific expect to increase million on a cross-border technology fund. Beijing Fairlubo Vehicle Auction, a Chinese online their allocations to alternative assets over the The first close on the new fund is said to be salvage car auction platform, has raised a $45 Challenges. next three years in an effort to boost returns and above the initial target. The vehicle will invest in million round led by PE-backed used car trading cover liabilities. More than half of the Asia-based companies in the US and Europe that can address platform Uxin. Fairlubo collects damaged cars pension funds surveyed by State Street said they challenges faced from insurance companies and helps sell them to plan to increase private equity exposure. by developing dealers, rebuilders and exporters. countries relating Markus Ableitinger joins to energy, Cross-border shopping healthcare, food, For more than a quarter century, our firm placement agent Pyramid agriculture, platform gets $15m Markus Ableitinger, formerly Asia-based education and California-based Chinese cross-border shopping has advised world-class private equity firms managing director with Capital Dynamics, has sustainable platform 55Haitao has raised a $15 million Series in their most high-profile and significant joined Pyramid Private Equity Partners as an manufacturing. A round from JJ Capital, a VC arm of Chinese associate partner. He will continue to focus on Potential investees game developer JJ. 55Haitao generates 5,000- investments in China. With global resources Asia. At Capital Dynamics, Ableitinger handled will have some 10,000 orders every day; sales exceeded $150 and local expertise, Paul, Weiss helps investments into over 30 Asian GPs, overseeing degree of product million in 2015. commitments of more than $1.3 billion. traction and be private equity firms capitalize on opportunities 1-2 years away from product commercialization. Impact Therapeutics gets Chung believes companies with these by creating long-term strategic AUSTRALASIA characteristics are available at attractive $10m Series B round partnerships with Chinese enterprises that valuations in the US and unlikely to be well- Existing backer Lilly Asia Ventures has been Brookfield, Qube consider covered by local VC firms. He will help them joined by new investors, including China add value beyond just capital.
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