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The VC Rainmakers China Buyouts: Control Or Not Control? How Entrepreneur Ecosystems Are Changing China’S Venture Market Page 9 Page 23 Asia’s Private Equity News Source avcj.com June 03 2014 Volume 27 Number 20 EDITOR’S VIEWPOINT The PE spotlight turns back to China Page 3 NEWS 3i, Accel, Apax, Carlyle, Clearwater, Hony, HQ Capital, KKR, PEP, Piramal Capital, Providence, Sequoia, SIG Page 5 INDUSTRY Q&A Magic Stone Alternative Investments’ Jenny Zeng Page 15 ANALYSIS Renminbi managers grapple with an institutional challenge Page 20 GRAPHICAL ANALYSIS The VC rainmakers China buyouts: Control or not control? How entrepreneur ecosystems are changing China’s venture market Page 9 Page 23 FOCUS FOCUS Untapped market A scale conundrum Insurers consider offshore fund options Page 12 PE reconsiders China education exposure Page 17 PRE-CONFERENCE ISSUE AVCJ PRIVATE EQUITY AND VENTURE CAPITAL FORUM CHINA 2014 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) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 Red heat Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Associates Herbert Yum, Isas Chu, INVESTORS HAVE NOT BEEN CHASING AS $55 billion raised, new capital for China-focused Jason Chong, Kaho Mak hard as they used to on opportunities in Chinese vehicles has been slowly declining with last Circulation Manager private equity these past few years. It’s not hard year’s total dropping below the $20 billion mark. Sally Yip to understand why: the combination of slowing However, preliminary year-to-date data indicate Circulation Administrator Prudence Lau economic conditions, frequently unrealistic that the situation is stabilizing with close to $9.7 Subscription Sales Executive valuations, the temporary closure of the IPO billion raised by 34 funds – pushing the total Jade Chan amount of China-focused private equity capital market, a government in transition have made Manager, Delegate Sales opportunities elsewhere seem more attractive in to more than $205 billion. Pauline Chen the short term. The return of the IPO market is not the only Director, Business Development There are, however, plenty of reasons for reason to take another hard look at China. There Darryl Mag remaining bullish no China, not least because are a number of encouraging developments such Manager, Business Development several of the factors listed above have to some as domestic companies’ increasing propensity Anil Nathani, Samuel Lau extent abated. to use M&A, instead of R&D, as an instrument of Sales Coordinator Since the reopening of the domestic growth. These same companies are also gradually Debbie Koo IPO market last December, foreign investors opening up to investing in, collaborating with, have rushed into China, with overseas capital and selling to private equity firms. Conference Managers Jonathon Cohen, Sarah Doyle, accounting for 68% of the $440 million raised Developments are not restricted to the Conference Administrator in the first quarter of 2014. We’ve also observed private sector. The government is also playing a Amelie Poon a rise in the number of completed deals and role in making the private equity industry more Conference Coordinator Fiona Keung, Jovial Chung successful exits in the past six months as PE and attractive with the easing of regulations, broader VC firms regain their momentum. financial reforms and the launch of free trade Publishing Director The recent $1.7 billion listing of JD.com – “the zones. Allen Lee Amazon.com of China” – has resulted in great, There can be little doubt that the Chinese Managing Director though still mostly paper, profits for its backers. private industry is in the process of recapturing Jonathon Whiteley The company is still trading at a 30% premium not so much its former glories, as a more rational to its IPO price, which may be a prelude what and value-oriented equilibrium. happens when Alibaba Group goes public this Incisive Media summer. Will this public market euphoria boil Unit 1401 Devon House, Taikoo Place over to the private equity scene? That remains to 979 King’s Road, Quarry Bay, Hong Kong be seen but early signs look promising. Allen Lee T. (852) 3411-4900 Statistics from our research team reflect this Publishing Director F. (852) 3411-4999 E. [email protected] change. Since peaking in 2011 with a staggering Asian Venture Capital Journal URL. avcj.com Beijing Representative Office No.1-2-(2)-B-A554, 1st Building, Fundraising in China No.66 Nanshatan, Chaoyang District, Beijing, 60,000 350 People’s Republic of China T. (86) 10 5869 6203 50,000 300 F. (86) 10 5869 6205 E. [email protected] 40,000 250 200 30,000 150 Funds The Publisher reserves all rights herein. Reproduction in whole or US$ million 20,000 100 in part is permitted only with the written consent of AVCJ Group Limited. 10,000 50 ISSN 1817-1648 Copyright © 2014 0 0 2009 2010 2011 2012 2013 2014 YTD No. of funds Amount (US$m) Source: AVCJ Research Number 20 | Volume 27 | June 03 2014 | avcj.com 3 NEWS Carlyle acquires Japanese Chinese warehousing developer and operator ASIA PACIFIC e-Shang. APG and e-Shang - which was noodle snack maker founded in 2011 by two local entrepreneurs David Pierce appointed The Carlyle Group has acquired a controlling in conjunction with Warburg Pincus - will also stake in Oyatsu Company, the Japanese establish a joint venture to build modern logistics Asia head of HQ Capital manufacturer of Baby-Star ramen snacks. real estate assets across China. David Pierce, previously a partner at FLAG Financial details were not disclosed but sources Squadron Asia, has been appointed managing put the value of the deal at more than JPY20 China’s Alibaba to buy 10% director and head of Asia at Harald Quandt (HQ) billion yen ($194 million) for a 51% stake. Capital. The firm, a private investment group Set up in 1948, the company is based in stake in Singapore Post owned by the Harald Quandt family of Germany, Tsu in western Japan’s Mie prefecture and Alibaba Group has agreed to buy a 10.35% has approximately $12 billion in assets under has a workforce of around 370. Its flagship stake in Singapore Post (SingPost) for S$312.5 management. product, Baby-Star ramen snacks, has been sold million ($249 million), becoming the second- domestically since 1959. Made from the by- largest shareholder in the national postal service product of noodle manufacturing, the snack is provider. In addition to selling 30 million ordinary AUSTRALASIA also available in China, Hong Kong, South Korea shares, the listed company is issuing 190.096 million new shares to Alibaba Investment at PEP exits Australia’s Peters S$1.42 apiece. Ice Cream to UK’s R&R Mobile app analytics firm Pacific Equity Partners (PEP) has exited Australia’s Peters Ice Cream to PE-backed UK ice cream App Annie raises $17m company R&R. Local reports value the deal at Mobile app analytics platform App Annie has around A$450 million ($416 million). Peters’ most raised $17 million in new funding from existing popular brands include Drumstick, Connoisseur, investors IDG Capital Partners, Greycroft Partners Peters Original and Maxibon. PEP acquired Peters and Sequoia Capital.The company has now raised from Swiss food and beverage giant Nestlé for $39 million in total. around $304 million in 2012. Hony completes $569m sell PEP to list Australian paper and Vietnam. Oyatsu currently has three facilities in Mie and is currently planning to establish its down of CSPC Pharma maker Asaleo for $642m first overseas manufacturing base in Asia. The Hony Capital has made a partial exit from Chinese Pacific Equity Partners-owned paper maker company - which will continue to be headed by generic drugs maker CSPC Pharmaceutical Asaleo Care, formerly known as SCA Hygiene President Yoshiaki Matsuda - generated sales of Group, generating HK$4.41 billion ($569 million). Australasia, is looking to raise A$690 million ($642 JPY18.2 billion for the year ended July 2013. Hony-owned Joyful Horizon sold 600 million million) in what would be the biggest Australian This is the first deal from Carlyle Japan shares in CSPC to third parties and 105.88 million IPO this year. Asaleo, formerly is jointly owned Partners III, a vehicle launched in May last year shares to an entity owned by Dongchen Cai, by PEP and Swedish paper products company with a target of around $1 billion. Carlyle’s last the company’s chairman, at HK$6.25 apiece, Svenska Cellulosa Aktiebolaget (SCA) significant buyout in the country was in 2012, according to a regulatory filing. when it bought cleaning services provider GREATER CHINA Diversey for about JPY30 billion. SIG commits $20m to China discount site 51Fanli 3i exits auto parts firm to of investment led by Sequoia Capital. Chinese SIG China has committed $20 million in a Series microblogging website Sina Weibo also B round of funding to 51Fanli, a Shanghai-based Chinese buyer participated in the round. online discount aggregation site. The site has 3i has sold Hilite International, a German suppler previously obtained $10 million from Qiming of auto engine and transmission parts, to China’s Apax to invest $15m in Venture Partners and Steamboat Ventures in AVIC Electromechanical Systems for EUR473 2011, AVCJ Research’s records show. million ($643.8 million), generating a 2.1x return. Zhaopin alongside IPO Hilite makes products intended to improve car Zhaopin, a Chinese recruitment website which Charm Communications fuel efficiency and reduce emissions. 3i acquired has previously raised capital from several VC the company in 2011 for EUR190 million in an firms, will receive $15 million from Apax Partners accepts CMC buyout offer all-equity transaction.
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