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 国内办学投资再问 |
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国内办学投资再问 -- 游客 - (1414 Byte) 2003-9-18 周四, 22:46 (1171 reads) |
ChineseVC
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游客
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
I work in vc in u.s but have experience in Chinese investments too. We studied several education-related chinese companies including private schools. Let me summarize what I learned and hopefully helpful to you.
Positives:
1) Education overall is a great business in China as we,chinese, are willing to invest extradinary amount of money in our children education.
2) High potential return(high barrier to entry too) if you can build your brand.
3) Social benefits
Negatives:
1) IT is difficult to establish good brand. Without good brand, it is very difficult to attract good students and teachers.
2) The market maybe too small. Schools are very localized. If your location is in a small county, how many potential students you can attract. How many students are required to be break-even?
3) Corporate governance: if you can not participate in the company's management, can you attend the board meetings? how are you going to structure your company? It is much easier to do a JV than just investing your money in a private chinese company. Are you willing to set up a U.S shell company?
4) Financials: It is very good you can get a loan from the local chinese bank which reduces financial cost but increase your risk too. IF the company does not have enough cash flow to support $6M RMB($360K annual interest) loan, you are risking your entire equity. With debt on your balance sheet, you will face tough time to negotiate a good term from VCs in future.
I am no expert in education field. So take my analysis with a grain of salt.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 国内办学投资再问 -- 胡思乱想 - (1414 Byte) 2003-9-18 周四, 22:46 (1171 reads) - Feedback -- ChineseVC - (3134 Byte) 2003-9-19 周五, 21:01 (431 reads)
- 再答 -- 狼协 - (2146 Byte) 2003-9-19 周五, 09:42 (374 reads)
- 再谢！ -- 胡思乱想 - (150 Byte) 2003-9-20 周六, 10:29 (252 reads)
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