China Equity Investment Report, 2009-2010

Equity investment includes private equity (PE) investment and venture capital (VC) investment. In 2009, there were 542 equity investments occurred in China, including 114 PE investments and 428 VC investments; the equity investment valued US$22.4 billion, average PE investment was US$164 million, and average VC investment was US$8.8 million. The remarkable 19:1 gap between average PE and VC investments mainly resulted from the fact that PE investments are often made in the enterprises that are making profits and need larger amounts of money for mergers and reorganization, while VC investments mostly are financial investments made in the enterprises that are developing or expanding their business and require smaller amounts of money.In 2009, in terms of the number of equity investments made in China, the manufacturing industry got the largest share (19%), followed by the IT, Internet, energy, and healthcare industries; in terms of the amount of equity investments, the financial industry got US$18.36 billion, followed by the chain operation, energy, manufacturing, food and beverage industries.

From 2009 to 2010, among the equity investment companies in China, PE investment companies are mainly foreign-funded companies, while VC investment companies are generally Chinese-funded companies. The reason for foreign-funded companies holding a leading position in the PE sector is: PE investments often involve larger amounts of money, and compared with domestic companies, foreign companies have more solid financial strength. Famous PE investment companies include The Carlyle Group, The Goldman Sachs Group, Inc., and CDH Investments. The reason for Chinese-funded companies holding a leading position in the VC sector is: domestic equity funds were encouraged by the launch of GEM, while foreign companies were relatively cautious in venture capital activities due to the financial crisis. Active VC investment companies in 2009 included Shenzhen Capital Group, Legend Capital and Shenzhen Fortune Venture Capital Company Limited.

Shenzhen Fortune Venture Capital (Fortune VC) was established on April 19, 2000. Now, it manages seven funds, and is entrusted to manage the fund of nearly RMB3 billion. By June 3, 2010, Fortune VC had invested in over 70 SMEs , 11 of which went public successfully, including COSHIP Electronics, Talkweb Information System, Joint-Wit Medical & Pharmaceutical, Fujian Sunner Development, EVE Energy, Aier Eye Hospital Group, ChinaNetCenter, BlueFocus Communication , Sumavision Technologies, H&T Intelligent Control, and Kingold Jewelry (NASDAQ-listed). The eleven enterprises plus the Xi'an Dagang Road Machinery that was approved the listing by China Securities Regulatory Commission on May 28, 2010, are expected to deliver at least a 15× ROI on average.

Report Highlights

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1. Equity Investment Overview
1.1 Definition
1.2 Classification
1.2.1 Private Equity
1.2.2 Venture Capital
1.2.3 Difference between Private Equity and Venture Capital
1.3 Equity Investment in China
1.3.1 Private Equity
1.3.2 Venture Capital

2. Equity Investment Policies in China
2.1 National Policies
2.2 Regional Policies

3. Equity Investment in China, 2009
3.1 Scale
3.1.1 Private Equity
3.1.2 Venture Capital
3.2 Industries
3.2.1 Comparison of PE and VC by Number of Investments
3.2.2 Comparison of VC and PE by Amount of Investments
3.3 Stages
3.4 Regions
3.4.1 PE
3.4.2 VC
3.5 Chinese and Foreign Investors
3.5.1 PE
3.5.2 VC

4. Equity Investment in China, 2010
4.1 Scale
4.2 Industries
4.3 Stages
4.4 Regions
4.5 Chinese and Foreign Investors

5. Equity Investment in Key Chinese Industries
5.1 Healthcare Industry
5.1.1PE
5.1.2 VC
5.2 IT Industry
5.2.1 PE
5.2.2 VC
5.3 Energy Industry
5.3.1 PE
5.3.2 VC
5.4 Internet Industry
5.4.1 PE
5.4.2 VC
5.5 Media & Entertainment Industry
5.5.1 PE
5.5.2 VC

6. Key Private Equity Investment Companies
6.1 Carlyle
6.1.1 Investments
6.1.2 Carlyle Asia Partners III
6.2 Goldman Sachs
6.2.1 Profile
6.2.2 Investments and Exits
6.2.3 Preference for China after the Financial Crisis
6.3 CDH
6.3.1 Profile
6.3.2 Investments
6.4 Warburg Pincus
6.4.1 Profile
6.4.2 Investments and Exits
6.5 New Horizon Capital
6.5.1 Profile
6.5.2 Investments
6.6 Baring Private Equity Asia
6.6.1 Profile
6.6.2 Investments and Exits
6.7 CCB International
6.7.1 Profile
6.7.2 Investments
6.7.3 New Funds
6.8 TPG
6.9 Prax Capital
6.9.1 Profile
6.9.2 Investments
6.10 Beijing Hony Future Investment Advisor Limited
6.11 Hopu Investments Management Company Limited
6.12 Bain Capital
6.13 CITIC Capital Holdings Limited
6.14 Trustbridge Partners
6.15 Temasek Holdings

7. Key Venture Capital Investment Companies
7.1 Shenzhen Capital Group
7.1.1 Profile
7.1.2 Investments and Exits
7.2 Legend Capital
7.2.1 Profile
7.2.2 Investments
7.3 Shenzhen Fortune Venture Capital Company Limited
7.3.1 Profile
7.3.2 Investments
7.4 Kunwu Jiuding Capital Company Limited
7.4.1 Profile
7.4.2 Investments
7.5 Orchid Asia Group Management Limited
7.5.1 Profile
7.5.2 Investments
7.6 SAIF Partners
7.6.1 Profile
7.6.2 Investments
7.6.3 Mass PRIM Investment in SAIF Partners IV LP
7.7 China Science and Merchants Capital Management Company Limited
7.7.1 Profile
7.7.2 Investments
7.7.3 RMB20 Billion of Liaoning Coastal Economic Zone Development Fund
7.8 IDG Capital Partners
7.8.1 Profile
7.8.2 Investments
7.9 Intel Capital
7.10 Sequoia Capital China
7.11 Green Pine Capital Partners
7.12 Tiantu Capital
7.13 Cowin Capital
7.14 iD TechVentures
7.15 SB China Venture Capital
7.16 DFJ

8. Development Trends of Equity Investment in China
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Policies and Regulations for Equity Investment, 1991-2007
Private Equity Fund Raising in Asia (including Mainland China), 2006-2008
Venture Capital Raising, 2002-2008
Comparison of VC and PE by Number/Amount of Investments in China, 2009
Quarterly PE Investment Scale in China, 2008-2009
Quarterly PE Investment by Average Amount of Single Investment in China, 2008-2009
Quarterly VC Investment Scale in China, 2002-2009
Quarterly VC Investment by Average Amount of Single Investment in China,2002-2009
Number of PE and VC Investments by Industry
Share of PE and VC Investments by Industry in China, 2009
Amount of PE and VC Investment by Industry
Share of PE and VC Investment by Industry
VC and PE Investment Scale by Development Stage of Enterprises in China, 2009
Investment Scale in China Equity Investment Market by Region, 2009
Regional PE Investment Scale in China, 2009
Regional VC Investment Scale in China, 2009
Number of Equity Investments of Chinese Investors and Foreign Investors in China, 2009
Amount of Equity Investments of Chinese Investors and Foreign Investors in China, 2009
Number of PE Investments of Chinese Investors and Foreign Investors in China, 2009
Amount of PE Investment of Chinese Investors and Foreign Investors in China, 2009
Number of PE Investments of Chinese Investors and Foreign Investors in China by Quarter, 2008-2009
Amount of PE Investments of Chinese Investors and Foreign Investors in China by Quarter, 2008-2009
Number of VC Investments of Chinese Investors and Foreign Investors in China, 2009
Amount of VC Investments of Chinese Investors and Foreign Investors in China, 2009
Equity Investment Scale in China, Q1 2010
Number of Equity Investments by Industry, Q1 2010
Amount of Equity Investments by Industry, Q1 2010
Equity Investment by Stage, Q1 2010
Equity Investment by Region, Q1 2010
Chinese and Foreign Investments in China Equity Investment Market, Q1 2010
PE Investment in China Healthcare Industry, 2009-2010
VC Investment in China Healthcare Industry, 2009-2010
Investment in China Healthcare Industry by Development Stage of Enterprises in China, 2009
PE Investment in IT Industry, 2009-2010
VC Investment in IT Industry, 2009-2010
PE Investment in Energy Industry, 2009-2010
VC Investment in Energy Industry, 2009-2010
PE Investment in Internet Industry, 2009-2010
VC Investment in Internet Industry, 2009-2010
PE Investment in Media & Entertainment Industry, 2009-2010
VC Investment in Media & Entertainment Industry, 2009-2010
Investments of Carlyle in China, 2008-2009
Investments of Goldman Sachs in China, 2008-2010
Goldman Sachs-backed Chinese Enterprises Listed in China, 2007-2010
Goldman Sachs-backed Chinese Enterprises Listed Overseas, 2007-2010
Investments of CDH, 2008-2010
Investments of Warburg Pincus in China, 2007-2010
Exits of Warburg Pincus, 2009
Investments of New Horizon Capital, 2007-2010
Investments of Baring Private Equity Asia in China, 2007-2010
Exits of Baring Private Equity Asia, 2008-2010
Some Investments of CCB International, 2007-2010
Investments of TPG in China, 2007-2009
Investments of Prax Capital, 2006-2010
Investments of Hony Capital, 2007-2010
Investments of Hopu Investment Management in China, 2008-2010
Investments of Bain Capital in China, 2006-2009
Management Funds of CITIC Capital
Investments of CITIC Capital, 2008-2009
Recent Investments of Trustbridge Partners
Investments of Temasek in China, 2007-2010
Exits of Temasek
Management Funds of Shenzhen Capital Group
Some Investments of Shenzhen Capital Group, 2009-2010
Exits of Shenzhen Capital Group
Management Funds of Legend Capital
Investments of Legend Capital, 2008-2010
Management Funds of Shenzhen Fortune Venture Capital
Investments of Shenzhen Fortune Venture Capital, 2008-2010
Investments of Kunwu Jiuding Capital, 2008-2010
Management Funds of Orchid Asia
Investments of Orchid Asia, 2007-2010
Investments of SAIF Partners, 2007-2009
Investments of China Science and Merchants Capital Management, 2003-2009
Management Funds of IDG Capital
Investments of IDG Capital, 2008-2010
Investments of Intel Capital, 2008-2009
Some Management Funds of Sequoia Capital China
Investments of Sequoia Capital China, 2009-2010
Investments of Green Pine Capital, 2009
Investments of Tiantu Capital, 2008-2010
Investment Projects of Cowin Capital by Industry
Investments of iD TechVentures, 2008-2009
Management Funds of SB China Venture Capital
Investments of SB China Venture Capital, 2008-2010
Investments of DFJ in China, 2007-2009
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