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Foreign Investment in China: The Private Equity Perspective. X.D. Yang Managing Director. Carlyle Shanghai Office . Favorite Destination Fasting Growing & 2nd Largest Market in Asia. FDI into China. Private Equity Investment in China. Private Equity Investment Ranking.

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Foreign Investmentin China:

The Private Equity Perspective

X.D. Yang

Managing Director

Carlyle Shanghai Office

favorite destination fasting growing 2nd largest market in asia
Favorite Destination Fasting Growing & 2nd Largest Market in Asia

FDI into China

Private Equity Investment in China

Private Equity Investment Ranking

favorable trends for private equity investing
Favorable Trends for Private Equity Investing
  • Attractive macro-economic growth story
  • Structural changes - WTO
    • Privatization of SOEs
    • Private sector growth
    • Large technology based talent pool
  • More reasonable valuation
  • Exits become easier
trends soe privatization prompts change in ownership

SOEs to be kept – less than 200

SOEs to be privatized

Trends:SOE Privatization Prompts Change in Ownership

Total number of

State Owned Enterprises

(SOE) in China = 340,000

Gross industrial output value of

SOE to total

Percent

Source: China Statistics Year Book

trends growing engineer pool fosters vc talents

1600

90

Engineering Post Graduates (LHA)

80

1400

Engineering College Graduates (RHA)

70

1200

60

1000

50

800

40

(thousands)

600

30

(thousands)

400

20

200

10

0

0

1975

1978

1984

1981

1987

1990

1993

1996

1999

2002

Trends:Growing Engineer Pool Fosters VC Talents

Source: CEIC, Morgan Stanley Research

still challenges like no other markets
Still…Challenges Like No Other Markets
  • Limited exit channel
  • Lengthy deal execution process
  • Difficult to gain control
  • Volatile industry dynamics with irrational competitors in SOEs
  • Lack of management talent pool
  • Unpredictable regulatory and legal environment
carlyle s investments three roads to china
Carlyle’s InvestmentsThree Roads to China

Buyout

Venture

$35 mm

Leading online travel information and reservation services company in China.

World’s largest supplier of artificial Christmas trees.

$45 mm

Leading Lithium-ion polymer batteries maker in China.

A chain of nine department stores in China.

Leading ChineseMedia Company

Leading Chinese Media company with focuses on delivering advertisements through traditional and non-traditional media.

$400+ mm*

Leading Chinese Insurance Provider

Real Estate

Leading Chinese Construction Equipment Manufacturer

$300+ mm*

  • Investments range $10-50 mm
  • Commercial and Residential

* Transactions in progress