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Powered by People UOB’S Wee Yap Yeo on SE Asia Mezzanine Strategy Asian Regulators, Vcs Grapple with the Crowdfunding Phenomenon? Page 7 Page 15 Asia’s Private Equity News Source avcj.com September 16 2014 Volume 27 Number 34 EDITOR’S VIEWPOINT The uncertain world of China short-selling Page 3 NEWS Ardian, Baidu, Baring, Fosun, Gobi, KKR, Macquarie, MSPEA, Redbright, Partners Group, Permira, PEP Page 4 FUNDS Leapfrog raises $400m financial services fund Page 12 DEAL OF THE WEEK Standard Chartered taps chemical tanker demand Page 13 INDUSTRY Q&A Powered by people UOB’s Wee Yap Yeo on SE Asia mezzanine strategy Asian regulators, VCs grapple with the crowdfunding phenomenon? Page 7 Page 15 FOCUS DEAL OF THE WEEK Shop till they drop? Service with a smile Alibaba, Rocket and online retail overseas Page 10 Mekong makes 9x on Vietnam dining deal Page 13 Private Equity & Venture Forum Taiwan 2014 20 November • Westin Taipei GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com Join the leading private equity Simultaneous translation is available conference in Taiwan! 活動全程提供 中英文同傳。 reasons to attend 5 : Gain insights from the world’s leading private equity firms and local market leaders Network and collaborate with like-minded industry professionals Understand latest policy developments and the impact on your business Explore the hot sectors with senior industry practitioners Examine the implications of the latest and future industry trends BY TYPE OF COMPANY BY TITLE BY COUNTRY China Managing Director / 3% Partner / CFO, GPs 22% Hong Kong LPs 12% Principal / VP / Japan Associate, 1% 50% Director / GM / Taiwan Chief Rep., 80% 19% Limited General Chairman / CEO / President, Singapore Partners, Partners, 9% 4% 14% 27% Registration enquiries: Pauline Chen T: +852 3411 4936 E: [email protected] Enquiry Sponsorship enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] Speaking enquiries: Joy Qian T: +852 3411 4866 E: [email protected] Co-Sponsors 聯合贊助單位 Supporting Organisation 支持機構 avcjtaiwan.com Private Equity & Venture Forum EDITOR’S VIEWPOINT Taiwan 2014 [email protected] 20 November • Westin Taipei Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Short shrift? Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow “THE CHAIRMAN JUST THREATENED TO such as poor third-party advice, confusing Senior Research Manager GLOBAL PERSPECTIVE, LOCAL OPPORTUNITY avcjtaiwan.com Helen Lee have me killed.” Delivered in a panicked voice, the record-keeping processes that may mean there Research Associates statement brought proceedings to a standstill. As is a very good reason why numbers don’t add Herbert Yum, Isas Chu, it happened, the meeting had been convened to up, the fact that many Chinese companies Jason Chong, Kaho Mak share the news of my imminent departure with underestimate the rigors of the US disclosure- Join the leading private equity Simultaneous Circulation Manager translation is staff. But my bombshell merely spluttered in the based system, and founders’ tendency to take the Sally Yip available face of this far more shocking announcement pragmatic, if the not the most copper-bottomed Circulation Administrator Prudence Lau conference in Taiwan! 活動全程提供 – one that originated in the “China fraud stocks” route to corporate success and it isn’t always 中英文同傳。 Subscription Sales Executive scandal of 2010-2011 when it seemed that every possible to reach a definitive conclusion. Jade Chan What made me uncomfortable – and this US-listed mid-cap Chinese company was on the Manager, Delegate Sales run from short sellers. was actually a factor in my decision to leave the reasons to attend Pauline Chen 5 There is a place for short-sellers in every company – was doubts over quality control. : Director, Business Development market and research firm Muddy Waters deserves First, I was unsure whether the newly-formed Darryl Mag some credit for revealing the exaggerated research unit had the ability to conduct the level Gain insights from the world’s leading private equity firms and local market leaders Manager, Business Development earnings of several companies. Many of these of research required and then deliver it in the Anil Nathani, Samuel Lau Network and collaborate with like-minded industry professionals firms went public in the US through reverse language to which institutional investors are Sales Coordinator mergers so they were subject to less scrutiny. accustomed. Second, I was unsure whether the Debbie Koo Understand latest policy developments and the impact on your business There was an information asymmetry and Muddy end users really cared about the first concern. Waters filled the gap. A number of PE-backed Mud sticks, or at least it does for long enough to Conference Managers Explore the hot sectors with senior industry practitioners Jonathon Cohen, Sarah Doyle, companies were among those found wanting. execute a trade. Conference Administrator Examine the implications of the latest and future industry trends Suddenly a host of researchers were parsing To be fair, the market is a great leveler. A Amelie Poon filings in search of the next big fraud, with hedge research firm or short seller that repeatedly cries Conference Coordinator Fiona Keung, Jovial Chung funds all too willing to pay to see reports weeks wolf will ultimately be ignored and no longer before they were released into the market. able to move stock prices in the desired direction. Publishing Director My employer wanted a slice of the action and Companies have also been known to rebound Allen Lee BY TYPE OF COMPANY BY TITLE BY COUNTRY China formed a dedicated research unit. The death quickly and strongly from such setbacks, just as Managing Director Managing Director / 3% threat represented the first occasion on which others have rightfully collapsed. Jonathon Whiteley Partner / CFO, GPs 22% Hong Kong members of this unit got their fingers burnt. What makes the recent Tianhe Chemicals LPs 12% Principal / VP / Japan The researcher in question had completed his case interesting (and relevant to AVCJ because it Associate, 1% analysis of the company and come up with a list is a Morgan Stanley Private Equity Asia portfolio 50% of questions. He decided to ask the company company) is the party making the allegations Incisive Media Director / GM / Taiwan Unit 1401 Devon House, Taikoo Place Chief Rep., 80% chairman for answers. of fraud eschews accountability. Indeed, 979 King’s Road, Quarry Bay, 19% Hong Kong The chairman’s response indicates the kind Anonymous Analytics, a faction of activist and T. (852) 3411-4900 Limited General Chairman / CEO / of pressure these executives were under. In hacker network Anonymous, positions itself as F. (852) 3411-4999 President, Singapore E. [email protected] Partners, Partners, 9% 4% many cases, the reverse mergers that led to the faceless – and not profit-driven – scourge of URL. avcj.com their companies going public were uneventful dishonest corporations. 14% 27% Beijing Representative Office processes led by intermediaries. Small-scale Is this organization everything it says it is, and No.1-2-(2)-B-A554, 1st Building, No.66 Nanshatan, auditors waved them through even though (as it if so, does this make the accusations any more Chaoyang District, Beijing, Registration enquiries: Pauline Chen T: +852 3411 4936 E: [email protected] turned out) they had neither the bandwidth nor credible? With Tianhe denying the allegations People’s Republic of China T. (86) 10 5869 6203 Enquiry Sponsorship enquiries: Darryl Mag T: +852 3411 4919 E: [email protected] the aptitude to dig deep. Now these executives and Anonymous Analytics standing by them, it is F. (86) 10 5869 6205 E. [email protected] Speaking enquiries: Joy Qian T: +852 3411 4866 E: [email protected] were being asked tough questions for perhaps up to the market to decide. But past experience the first time. suggests this is a murky pond: the identities, There are two schools of thought. Either the motivations and abilities of those conducting the chairman was a fraudster who had found himself research are difficult to fathom. The Publisher reserves all rights herein. Reproduction in whole or Co-Sponsors in part is permitted only with the written consent of 聯合贊助單位 cornered and was willing to say anything to AVCJ Group Limited. find a way out; or he was honest man who had ISSN 1817-1648 Copyright © 2014 built a company from nothing and now feared potential ruin at the hands of short-sellers willing to publish anything to make a quick buck. Tim Burroughs Supporting Organisation In reality, people sit at different points on a Managing Editor 支持機構 sliding scale. Throw in extenuating circumstances Asian Venture Capital Journal avcjtaiwan.com Number 34 | Volume 27 | September 16 2014 | avcj.com 3 NEWS Fosun, Ardian bring in trading on September 2 in response accusations AUSTRALASIA of fraud tabled by Anonymous Analytics, a Jiuding for Club Med offer faction of international activist and hacker Partners Group acquires Fosun International and Ardian Private Equity network Anonymous. $648m MLC portfolio have reactivated their interest in French-based vacation resorts operator Club Méditerranée Nomura forms PE joint MLC, the private wealth unit of National Australia (Club Med), forming a new consortium that Bank(NAB), has sold a A$750 million ($648 includes Chinese GP Jiuding Capital and Hong venture in Shenzhen million) portfolio of private equity investments to Kong Utour International Travel Service. The Japan’s Nomura Asset Management has set up Partners Group. The deal comes at a time when consortium is willing to pay EUR22 per share a joint venture with Shenzhen Hua Xia Ren He MLC is looking to cut back its PE allocations and for Club Med, valuing the company at EUR839 Capital Management to conduct private equity Partners Group is looking to expand its presence million ($1.08 billion), according to a regulatory fund business in China. Nomura AM won a in Australia.
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