Rizikov kapitl v n

Rizikov kapitl v nBc. Kristna DoskoilovBc. Tom JirmanPavel Kac

Kvten 2009

ObsahHistorick vvoj

Trendy (trh, zdroje VC, umstn, vstupy)

Prvn rmec

Praktick pkladyVvoj VC v nPrvn zmnky v 80. letech 20. stolet1991-1993Potek VC investic v nDominance zahraninch VC fondInvestice do SOE z dvodu snen transaknch nklad a zskn politickch vhod udlench SOEMal zjem o investice do soukromch firem velk vliv institucionlnho prostedZjem o low-tech prmysl1994-1997Zlepen postaven soukromch firem dky trn orientovanm reformm zven zjmu investor VC

3Vvoj VC v n1998 - 2000pedloen plnu na podporu VC industry (Cheng Siwei otec VC v n)Podpora high-tech prmyslu ze strany sttu rst VC investic do tohoto odvtvprvn velk spchy (Internetov spolenosti Sina a Sohu)2001-2002tlum rozvoje VC (prasknut internetov bubliny, SARS)Rok 2006Vydn "Provisions for Foreign Investors to Merge and Acquire Domestic Enterprises Zlepen institucionlnho prosted pro zahranin VC investoryRok 2007na druhm nejvtm adrestem VC

4Poet investic a jejich objem

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008Since its establishment in 2003, the CVCRI has made significant contributions to theimprovement of Chinas PE/VC policy environment, the facilitation of PE/VC industrialcooperation and communication at home and abroad, and the training of local venture capitalistsand entrepreneurs. The CVCRI has won high acclaim and recognition from state leaders,ministry and commission officials, and domestic and overseas venture investors andentrepreneurs. The CVCRI is unsurpassed as a professional service platform for Chinas

Our survey covered the most active domestic and foreign venture capital institutions inmainland China. Valid statistics were taken from 402 institutions, including 261 from China and141 from overseas. Thanks for their supporting. On the basis of these data, the CVCRI finishedthis survey report and we believe that these data, to a large extent, are very effective in mirroringthe situation of Chinas venture capital investments in 2008.

The total amount of venture capital reached to US$4.97 billion of 506 projects in 2008.Compared with the figure in 2007, the volume and number both declined

5Objem nov vzniklch fond VC

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008In 2008, the venture capital newly raised by 191 institutions amounted to US$14.90 billion,more than 1.14 times the amount in 2007. The average amount of newly raised funds perinstitution totaled US$77.99 million, 65% of that in 2007(see Charts 9 and 10). Other 99 fundswere established in 2008, no news was revealed that the capital raising has completed. It ispredicted that the total volume of them was up to US$19.34 billion, which was not included inthe gross venture capital volume.

6Domc versus zahranin investiceZdroj: CVCRI - China Venture Capital Annual Survey Report in 2008Zahranin investiceDomc investiceIn 2008, the amount of venture capital (VC) directed by overseas institutions was US$3.27billion, 65.82% of the total investment volume, whereas the total venture capital directed bydomestic institutions amounted to US$1.70 billion with a percentage of 34.18%

7Intenzita investic

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008According to the CVCRIs research, investment intensity(investment amount/number ofprojects) in 2008 rose to US$9.82 million per project, a 9.04% increase that of over 2007

8Oblasti umstn investic VC9Domc zdroje VC

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008The analysis of the distribution of domestic venture capital sources indicates that thepercentage of capital from individuals, increased from 10.46% in 2007 to 19.28% in 2008.Similarly, the percentage of capital from the government rose to 25.24% in 2008 from 24.13% in2007, and the percentage of capital from the financial institutions increased from 7.88% in 2007to 10.65% in 2008. The percentage of capital from the enterprises declined greatly

10Zahranin zdroje VC

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008The analysis of the distribution of overseas venture capital sources indicates that main sourcesof overseas venture capital were overseas institutional investors, LP funds, and individuals, with97.28% of the total. Compared with 2007, the percentage of capital from overseas institutionalinvestors declined slightly to 61.57%, whereas the percentage of capital from LP funds andindividuals increased to 20.25% and 15.46%

11Regionln rozloen investic VC

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008As shown in Chart 18, 82.96% of the venture capital raised by the end of 2008 was invested inBeijing, Shanghai, and Shenzhen. Beijing maintained its top position in the total volume ofventure capital, although its percentage decreased from 40.2% in 2007 to 39.60% in 2008.Shenzhen ranked second, with 26.17% of the total. However, compared with 2007, Shanghaidecreased by 12.7 percentage points in 2008.

12Formy vstupu VC

Zdroj: CVCRI - China Venture Capital Annual Survey Report in 2008According to the investigation, 18 (23.28%) exit deals via IPO, 58 deals75.32%via tradesales, and only one deal (1.30%) via liquidation. Compared with 2007, the number of IPO has agreat decline, whereas the number of trade sales increased by 22 percentage points than the53.85% in 2007Of the 58 projects exited via trade sales, the large number was the shareholder repurchaseaccounted for 41.38%, the second that was transferred to other investment institutions accountedfor 22.41%, the third amounted 13.79% stemmed from the managing board buyout

13Top 10 VC fond v roce 2008Shenzhen Capital Group Co., LtdIDGVC PartnersSequoia Capital ChinaSAIF PartnersLegend CapitalCDH VentureOrchid Asia Group Management, Ltd.Shenzhen Fortune Venture Capital Co.Ltd.KPCB China FundDT Capital Partners

Zdroj: http://events.zero2ipo.com.cn/2008vcranking

Hodnocen VC fond je zvisl na nkolika kritrich, kter tvo: mnostv investovanho kapitlu v n, rst kapitlu, investice a to jejich poet a objem investovanch stek, objem vstup a nvratnost investice.14Prvn formy pro zahranin subjekty obecn Wholly Foreign-Owned Enterprises (WFOE)Nejpopulrnj nezvislost na nskm partneroviNen povolena pro vechna odvtvNevhoda - jako ciz firma obtnji zskv guanxi

Reprezentan kancelNen prvnickou osobou

Pozn: Konkrtn zkonn podmnky prvnch forem se velmi li v zvislosti na odvtv i zem.Prvn formy pro zahranin subjekty obecnSino-Foreign Joint VentureV nkterch odvtvch stanovena maximln ve podlu zahraninho partnera (nap. 49 %)

Equity Joint Venture (EJV)VK od nskho i zahraninho partnera, podl na VK uruje podl na zisku a rizikuPouiteln v odvtvch, kde jsou zakzny WFOE

Cooperative Joint Venture (CJV)VK nskho i zahraninho partnera, ale podl na zisku, odpovdnost apod. ureny smluvn

http://www.okcompany.net/Establishing%20a%20Legal%20Entity%20in%20China.asp http://www.cfi-institute.org/VP%20-%20Venture%20Capital%20Investment%20in%20China%20-%20Peng.html 16Prvn formy pouvan venture investoryForeign-invested Venture Capital Enterprises (FIVCE)

Offshore holdingForeign-invested Venture Capital Enterprises (FIVCE)FIVCE bu je nebo nen prvnick osobaPrvnick osobaWFOE, EJV nebo CJV

Nen prvnick osobaPouze forma CJVPartnerem mus bt nsk prvnick osoba

FIVCE

Zdroj: CHINAjournal 03/2006: A legal perspective on Chinas Venture Capital Rushhttp://www.lexsina.ch/uploads/media/Chinajournal_mar.2006_Venture_Capital.pdf http://www.chinalawinsight.com/tags/fivce/ 19Offshore Holdingnsk firma zalo SPV v offshore centru a vymn si s SPV akcieSPV = Special Purpose VehicleZahranin subjekt investuje tak do SPVSPV zalo v n nap. WOFE a podnikExit vdy IPO na zahraninm trhu, nap. NASDAQ

Offshore Holding

Zdroj: CHINAjournal 03/2006: A legal perspective on Chinas Venture Capital RushOffshore HoldingVhody:Vyhnut se omezenm a regulacm na nskm kapitlovm trhu zejmna v oblastechpreferennch akciIPO na nskch burzchNron podmnky zalistovnDlouh ekac dobaNutn povolen nskch ad

Politick a prvn rizikaPolitika Nepedvdatelnost a netransparentnost (nap. exportn a importn opaten ped OH2008; nkter pravidla jsou jen neoficiln apod.)Vysok mra rozhodovacch pravomoc provinnch a mstskch adVy rychlost rozhodovnAle tak vy mra korupcePrvopatn vymahatelnost prvaPreference domcch subjekt v soudnch sporechFaktick nulov ochrana prv prmyslovho a duevnho vlastnictv

23IPOsnsk firmy maj nazenm vldy omezen vstup na ciz burzyDomc burzy a hlavn indexyShanghaiSSE Composite (Shangahi Composite)Hong KongHang Seng IndexShenzhenSHSE3000Vtina zalistovanch firem jsou SOEOd z 2008 jsou IPOs pozastavenyPklad podmnek pro IPOanghajPovolen State Council Securities Management Department Celkov hodnota akci min. 50 mil. RMBFirma min. 3 roky podnik, min. 3 roky po sob je v ziskuStanoveny min. limity potu zamstnanc

Aktuln trendynor 09 meziron pokles VC/PE investic o 63%

Experimentln oteven trhu v Shenzhenu podobnho NASDAQ (erven 09)

Pedpokldan obnoven IPOs (II.Q 09)

Zmny daovho systmu na podporu VCsten ji dve, ale jen ve vybranch provincich

http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/04-08-2009/0005002835&EDATE= 26Aktuln trendyOekvan top odvtv pro pt 1-2 roky(Przkum China Venture Capital Association mezi investory)Ochrana P a alternativn zdroje energie (79,5%)

Spotebn zbo a sluby (74,4%)

Zdravotnictv (69,2%)

Charakteristick rysy nsk investice VCVC zahrnuje pm investice v high-tech spolenostech a start-ups (startovn financovn):Vysok rizikoVysok nvratnostVC poskytuje sluby s pidanou hodnotou pro investovan spolenosti:realizace modern koncepce zen podnikuintegrace informanch zdroj pro trh a strategick plnovnfinancovn a refinancovnfinann poradenstvstanoven strategickch investornavrhovn IPO plnCharakteristick rysy nsk investice VCzvan informan asymetriemezi manaery a potencionlnmi investory (monopol informanch zdroj + falzifikace daj)mezi manaery a spolenostmi srizikovm kapitlem (i po uzaven dohody o spoluprci)exkluzivitaodmtav postoj kzahraninm investormi vppad nedostatku kapitlu a pi spoluprci sVC spolenostmi se knim stav skepticky a nedvivvysok nklady na investicidky vlastnickm strukturm ovldanm pry nebo rodinami snaha o nsledovnGuanxitiscilet tradice; osobn vztahyzaloena na tradinch hodnotch:LoajalitaZodpovdnostZvazky vi spolenostipevauje pedstava, e pokud vm nkdo udl laskavost, vy mu j asem vrttedobr guanxi s nskou vldou = doporuen k zisku licence nebo doporuen nkomu z komunity VCVyuil Li Ka-shing: 1 z nejspnjch podnikatel; hong kongsk miliardSvoje prvn zisky investoval do dobrho guanxi s nskou vldou a zskal velmi cennou licenci k vybudovn velk a rozvjejc se realitn zstavby Guanxidraz na guanxi nezbytn zejmna pro zahranin investorychytli se mnoz nt manaei, kte studovali na zahraninch univerzitch a rozhodli se zaloit rzn MBA programy pro CEO firem i samostatn investory, kte se rozhodli investovat prv do nytchto program se astn firmy jako Johnson & Johnson i Jack Ma (zakladatel internetovho portlu Alibaba.com, jeho IPO mu vyneslo 1 miliardu USD)velk rozdl od US kultury rizikovho kapitlu:m tendenci soustedit se mn na vztah a blzkostvce pro pedpov ROI a strategie odchoduUS systm kapitalismu je neosobn - asto nazvn OPM (Others people money)naopak hodnocen rizika je dle nskch VCs zaloen na blzkosti mstnm pomrm a na tom, jak dobr je vztah spolenosti s vldnmi politiky

Firmy s ast ve spolenostech VCNeusoftpedn softwarov firma, kter investovala piblin 70% zkladnho kapitlu firmy Liaoning East Information Industry, tj. rizikovho kapitlu vhodnot 100 mil. CNYfirma Liaoning se zamuje na oblasti IT, zejmna software a digitln technologick projektyWanxiang Groupvrobce automobilovch stinvestoval 200 mil. CNY z 300 mil. CNY zkladnho kapitlu Wanxiang Venture Capital, Ltd, kter finann podporuje biotechnologick a farmaceutick prostedky, IT, ochranu ivotnho prosted, nov materily a jin technologick projektyAncai High-Tech Co.vrobce klovch komponent pro televizoryinvestovala 200 mil. CNY, co pedstavuje 97% zkladnho kapitlu novho VC podniku, kter se zamuje na investice rizikovho kapitluChina Youth Travel Servicerznorod firma v cestovnm prmysluhlavnm akcionem Beijing Venture Capital Corp., do kter investovala 125 mil. CNY.Beijing International Trust and Investment Corporationdiverzifikovan investin spolenostrovn vznamnm investorem v Beijing Venture Capital Corp. (125 mil. CNY), stejn jako v Taida Venture Capital Corp.Capital Iron and Steel1 z nejvtch nskch vrobc ocelimajoritnm akcionem Beijing High-Tech Venture Capital Corp. a Tsinghua Venture Capital Co.

tm zkladnho kapitlu spolenosti Shenzhen Venture Capital (nejvt nsk VC fond) ve vi 1,6 mld. CNY byla investovna ve uvedenmi firmami

Pklady nskch projekt financovanch VCAlibaba.com Corporationnejpopulrnj globln e-commerce portl (B2B, pedevm mal a stedn podniky)investice rizikovho kapitlu: vsouasnosti 20 domcch a zahraninch VC spolenostzaloil vr.1999 Ma Yun (Jack Ma); pi svm uveden na burzu Hong Kong Stock Exchange(IPO) dne 5.11.2007 mla hodnotu 1,5 miliardy USD 2. nejvt IPO internetov spolenosti hned po Googlevr. 2007 se Alibaba Group skldala ztchto 5 spolenost:Alibaba.comTaobao.com: online webov aukce pro spotebitele (C2C)Alipay: online platebn portl zprostedkovvajc platby pedevm s nouAlisoft: poskytovatel webovch slueb malm a stednm nskm podnikmAlimama: online inzercevroce 2008: 23 milin uivatel ztoho 65 % z ny

Pklady nskch projekt financovanch VCSINA Corporation (Sina.com)ocenno: nsk mdium roku 2003 a Nejnavtvovanj webov portl ny za rok 2003 (100 mil. registrovanch uivatel)pi svm uveden na burzu NASDAQ byla ocenna na 163 mil. USD Capinfo Company LimitedPrkopnkem projektu Build-Own-Operate vn vyuito pro rozvoj, sprvu a drbu hlavnch informan orientovanch projekt vPekingu (jako veejn informan platformy, vldn e-portly apod.)Sino-UnitedProjekt financovn rizikovm kapitlem ve zdravotnictv

Zdroje:http://www.okcompany.net/http://www.cfi-institute.org/http://news.prnewswire.com/http://www.cvca.com.hk/CHINAjournal 03/2006: A legal perspective on Chinas Venture Capital Rush: http://www.lexsina.ch/http://www.chinalawinsight.com/http://www.zero2ipo.com.cn/en/research/2009224133246.shtmlCVCRI - China Venture Capital Annual Survey Report in 2008Feng ZengVenture Capital in Chinahttp://www.oycf.org/http://www.businessweek.com/http://www.insme.org/Dkujeme za pozornostrdi Vm odpovme na Vae dotazy