《The Star》 2007年2月12日
作者：白伟历（Vinit Bhatia）, 唐麦（Michael Thorneman）

全球的私募股权如今都将目光聚焦在中国市场。自2000年起，中国私募股权的年复合增长率为74%。2006年，大中华区（包括中国内地、香港和台湾）的私募股权高达100亿美元，成为亚太地区第二大私募股权市场，仅次于澳大利亚。大中华区的私募股权项目目前已占亚洲总量的18%。但是，对300多家在中国已设立公司的私募股权公司来说，做出正确的投资决策正变得越来越复杂。一方面，公开交易的股权价格攀升，推高了潜在目标公司的价值。另一方面，监管者也加强了对私募股权投资者的监管。

IN the world of private equity, all eyes are on China. At about US$10bil, Greater China – including the Chinese mainland, Hong Kong and Taiwan – was the second largest market for private equity in Asia in 2006, with a compounded annual growth rate of 74% since 2000.
Only Australia received more private equity. Greater China now represents 18% of all private equity activity in Asia.

But for the more than 300 private equity firms that have set up shop in China, placing the right investment bet is becoming increasingly complex. For one thing, elevated prices for publicly traded equities have driven up the value of potential target companies. Another complicating factor: Regulators have tightened the reins on private equity investors.

With so much money chasing a limited number of high-quality companies, smart private equity firms are differentiating themselves by honing four skills.

First, they are choosing wisely. Private equity players have always started with a clear thesis of how value is created. In China today, three investment hypotheses are particularly promising. The first involves helping companies do a better job of penetrating export markets. That was a major impetus for Texas Pacific Group, General Atlantic and Newbridge Capital to invest US$350mil in Lenovo for its purchase of IBM's PC division.

Second, they are exercising quiet influence.

Even when they lack controlling interest, fund managers like Morgan Stanley, Actis China Investment Co and CDH China Fund put their know-how and range of contacts to use with quiet authority.

The group invested US$25mil in China Mengniu Dairy Co in 2002 and another US$35mil a year later for 28% control, working behind the scenes to help the company expand, innovate, focus on quality and, critically, become a Western-style marketing phenomenon.

Ultimately, the investors helped underwrite the dairy's successful initial public offering on the Hong Kong Stock Exchange in 2004.

After two years, the private equity investors earned an estimated four times their original investment, while Mengniu continues to thrive.

China's largest milk producer by sales volume, the public company's net profits rose 43% in 2005.

Third, they are over-investing in due diligence.

Due diligence is a difficult task anywhere, but in China, it's more daunting and more important. Unofficial payments and other hidden costs are part of doing business in China, and they aren't reflected in a profit-and-loss statement.

Fourth, they are staying nimble. US-based private equity firms usually think in terms of a three-to-five-year holding period for the companies in their portfolios.

Vinit Bhatia is a partner with Bain & Co's Hong Kong office and Michael Thorneman is a partner in Bain & Co's Shanghai office. Both co-lead Bain's Greater China Private Equity Practice.