海外风险投资公司谈VC 最近，华登国际和汉鼎亚太的两位高层应美商会之邀，来上海就过去这10年的风投业在中国的发展发表演讲。本文是对他们的观点的介绍。 全球着眼，风险投资在各种投资渠道中所占比例很低。各种证券、债券的投资占大约65－75％，15－25％的投资在房产，风险投资可算作剩下的‘其他次要渠道’的一部分。从风险投资中赚钱需要很高的技巧，因为 1. 风险投资投入的是非常昂贵的资本 2. 开创新企业的失败率很高 3. 所谓‘高买低入’是常理，但是在经济景气的时候，风投公司所买资产价格偏高，而当经济走低，风投公司又往往无钱可投。 在中国，最早的风投公司都是外资。除了国际数据集团是较早的开拓者以外，其他几家比如华登国际和汉鼎亚太都是在1993年进入中国市场。 在大量涌入中国的外商直接投资中，风险投资只占很低的比例，但这依然让外资在中国风投业所占比重达到了80％。这个趋势在2003年有了转变，当年中资比重达到了70％。 华登国际仍然是一个早期投资公司，所投项目有的甚至还没有成型的产品。但是总体来说，外资公司倾向进行后期投资，而中资偏重做天使投资。 谈及过去10年投资行业的趋势变化，汉鼎亚太代表指出1993年到1996年，传统行业比如纺织和航空曾有大量资金投入；1997年到2000年，生物和互联网是热门，而现在风投看重的则包括集成电路，通讯光缆等等。在这个领域大陆很多的技术和经验来自台湾。（比如中芯国际） 汉鼎亚太的投资领域还包括品牌消费品，一个很成功的例子就是星巴克咖啡（星巴克在中国的运作和在其他地方差别是很大的。）他们认为，国有企业的改制也带来了新的机会。 谈到回报，业内很多人都认为在目前阶段对传统行业的改造获利要超过投资于替代性的新技术。过去十年汉鼎和华登分别获利二点五亿和二亿美金，这可以说是相当低的。 有很多因素在制约中国风投行业的发展，这其中就包括双重税收，人民币不可以自由流通，还有退出机制。 在中国，国内上市，海外上市，股权转让，破产和管理层收购分别占退出金额的3％，4％，78％，5％和10％。股权转让作为主要的退出渠道，实施起来是比较困难的。 有关监管部门对本行业的改革也没有很明确的目标。所谓风险投资法本无先例，而等了很久的深圳二板也没有明确回答大家关心的法人股流通问题。不过这对于外资风投可以算作是有利因素，他们‘乐于看到未来几年能够维持现有局面’。 ========================================================== Venture Capital in China, views from two foreign Companies Recently in Shanghai two senior executives from Walden International and H&Q gave a talk on developments of VC during the past twenty years. This article is a summary of their opinions. Venture capital accounts for a very small portion of total global investment. About 65-75 per cent of global money is invested in bonds/stocks, about 15-25 per cent in real estate, and the rest, considered ‘the alternative stream’, is invested through VCs. Generally speaking making money from venture capital requires very sophisticated skills because of several factors: 1) it is very expensive capital; 2) the rate of failure for start up businesses is high 3) VCs are often forced to buy high, because they only have money to spend when the economy is doing well and everything is expensive; when economy is in a downturn they are left with little money to manage. Venture capital activities in China were started by foreign companies such as IDG, Walden International and H&Q Private Equity. With the exception of early crusader IDG the other ones entered China from around 1993. Overall foreign investment accounts for about 80 per cent of venture capital in China, although this investment only represents very small portion of the huge inflow of Chinese FDI. However last year may represent a reverse in trend- Chinese VC accounted for 70% in year 2003. Walden is still an early stage investor, so they will even look at companies without products. However, in general, Chinese VCs are more like business angels while foreign VCs work more in later stage financing. According to H&Q, from 1993 to 1996, the emphasis of VC was on conventional industries like textiles, airlines etc. From 1997 to 2000, biotech and dotcoms were top buzzwords. In the new century, both companies are looking at IC, communications, fiber optics. In these areas a lot of expertise comes from Taiwan, e.g. SMIC. H&Q also invested successfully in branded consumer products such as Starbucks. (The operation of Starbucks in China is very different than in other parts of the world. They also believe that the transfer of SOE ownership presents new opportunities. In terms of return, the conventional wisdom in China is that, at this stage, restructuring the old economy is better than investing in disruptive technologies. Altogether H&Q and Walden made 250mn and 200mn USD profit in China over the past ten years, which is quite low. There are a couple of issues that are limiting the development of VC industry in China, such as: double taxation, a non-convertible currency and inevitably, exit. PRC IPO, Overseas IPO, Trade Sale, liquidation, and MBO represents 3%, 4%, 78%, 5% and 10% of exit respectively. The majority is through trade sales, a very difficult channel. Regulators are giving confusing messages in terms of sector reform. On the one hand they provide a special venture capital law which is unheard of in other countries; on the other hand, the long awaited second board in Shenzhen does not answer the question that many people want answered: when can legal person share be traded? But this factor actually plays to the advantage of foreign VCs and ‘we are happy to see the situation remains as it is now in the near future’.