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 VC系列: 创投基金涌入中国 |
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青青
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Monday, October 11, 2004
Venture funds seen pouring into China
HUI YUK-MIN
As much as US$15 billion in venture capital could pour into the mainland in the next five years as investors seek higher returns compared with other markets, according to an industry veteran.
Over the past 12 months alone, venture capitalists had invested about US$400 million in the mainland, said Patrick McGovern, chairman and founder of Boston-based International Data Group (IDG), an information technology publisher.
Mr McGovern has visited the mainland 90 times since 1978. His IDG Technology Venture Capital Fund, which entered the mainland market in 1992, was among the first such funds in the country.
According to the Ministry of Science and Technology, as of May there were about 300 venture-capital institutions in the mainland, with about US$6 billion in assets.
Contrary to popular perception, investment risks were lower on the mainland than elsewhere, Mr McGovern said.
"You expect 30 to 40 per cent of the companies that you invest in the United States to fail after a few years, and maybe 20 per cent will be very successful," he said. "In China, we found very few of the companies that we invested in actually failed and went out of business."
Mainland companies were more determined to survive tough times, making them less risky for the investors who backed them. "Chinese people seem more emotionally attached to their businesses," he said.
Of the 140 companies IDG has backed, only two or three are no longer operating.
In the US or Europe, start-ups typically require two or three rounds of financing before listing, but mainland companies have a large market to support them.
"In China, they do one round and then they turn cash-flow positive," Mr McGovern said.
For venture capitalists, the returns were about double similar investments in Europe and the US.
Since 1992, IDG has exited 31 mainland companies, generating a return of 55 per cent annually. This compares with returns of 20 to 35 per cent annually in European and American ventures.
Some of IDG's more successful investments include portal Sohu. com, travel website Ctrip.com and instant messaging company Tencent Holdings.
One of its biggest bets - China Finance Online, a mainland version of Bloomberg - is scheduled to list on the Nasdaq Stock Market on Friday. IDG invested US$1 million for 45 per cent of China Finance Online. Its share is expected to be worth as much as $180 million after flotation.
IDG has earmarked US$1.7 billion for venture-capital investment around the world, with the mainland alone taking $1 billion. The remainder will be divided among Europe, the US, Vietnam and India.
It now has US$180 million in mainland investments.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 VC系列: 创投基金涌入中国 -- 青青 - (2788 Byte) 2004-10-29 周五, 20:16 (2397 reads)
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