本帖最后由 蟲蟲不乖 于 2012-9-5 14:51 編輯
Private equity in China 中國的私募股權
Hony ahoy 啊，弘毅投資！
Hony Capital wants to help Chinese firms go global 弘毅投資公司要幫助中國公司走向全球
Sep 1st 2012 | WUHAN | from the print edition
JOHN ZHAO, the boss of China’s Hony Capital, doesn’t do understated. At the annual general meeting (AGM) of the private-equity firm, held this week in Wuhan, he arranged for a bedecked circular conference table so enormous that even a Chinese guest whispered that it was “worthy of the central committee”. The firm’s AGM last year is remembered for a huge outdoor projection on a building inShanghai’s Bund district, showing a gold-laden ship called “Hony” sailing homeward past foreign landmarks. 中國弘毅投資公司總經理，約翰；趙不做低調。本周，該公司在武漢舉行的的年度股東大會上，他為此準備了一張精心裝飾的圓形會議桌，該桌體型龐大，以至一為與會的中國客人竊竊私語道：有這樣的桌子相稱，足以開中央委員會了。去年，弘毅投資公司的年度股東大會因其矗立在上海外灘某一建筑物上的巨大戶外投影物而讓人印象深刻。一艘稱為的“弘毅”輪船，滿載黃金，越過國外的高樓大廈，向中國駛去。
Mr Zhao has reason to brag. In recent years billions have flooded into the more-than-5,000 private-equity firms that focus on China(see chart), but Hony has emerged as the top dog. It has raised more money since its founding in 2003 than any rival inChina, according to Preqin, a research firm. It counts as investors the Gates Foundation, Goldman Sachs,China’s giant National Social Security Fund and government pension funds from acrossNorth America. Its latest dollar and yuan-denominated funds have raised $2.4 billion and $1.6 billion respectively. 趙總向世人炫耀是理所應當。近年來，雖然數十億美元的資金已經涌入到了以中國為主的5000多家私募股權的公司，但弘毅公司仍脫穎而出。據一家研究公司Preqin表示，自2003年弘毅成立以來，該公司集資的金額一直超出中國同行業的競爭者。它將整個北美的蓋茨基金會，高盛集團，中國巨頭——國家社會保險基金視為投資者。最近，以美元和人民幣為其貨幣單位的資金分別籌集了24億美元和16億美元。
A big reason for this success is Hony’s political connections. Mr Zhao is a networking master. That giant table took up over half the ballroom because it allowed even semi-important officials to feel loved. But more important than all the small connections is a big one: Hony is an offshoot of Legend Holdings, a quasi-governmental investment firm, which also controls Lenovo, a computer maker. Many conservative investors, such as risk-averse funds of funds, are reassured by the fact that Liu Chuanzhi, Legend’s founder and the doyen ofChina’s entrepreneurs, remains actively involved in Hony. “You just don’t know who else to trust inChina,” confides a foreigner who has invested in Hony. 弘毅公司能夠成功集資的一個很大原因就是，該公司和政府有關系往來。趙總是計算機網絡設計專業的碩士。本周在武漢的年度大會上的那個巨大桌子占了大半個舞廳的空間，用這么大的桌子是因為這讓職位不高不低的政府官員感覺受到了重視。但跟所有這些小的關系戶比起來，更為重要的是一個更大的“關系”：弘毅公司聯想控股公司（該公司為半政府的投資公司，也掌控計算機制造商聯想公司）旗下的分支機構。許多像風險規避綜合基金這樣的的保守投資者，都對弘毅十分放心。因為作為聯想集團的創始人兼中國企業家的老前輩柳傳志，對于弘毅籌資依然積極地參與其中。一名在弘毅投資的外國人吐露心聲：“在中國投資你只是不知道除了柳傳志，還能相信誰。”
The firm cannot rely on reputation forever. Its early funds have performed well: one is on its way to returning over ten times invested capital. But newer (and far bigger) funds have yet to sparkle. Returns on a $1.4 billion Hony fund raised in 2008 are so far below 6%, estimates PitchBook, a research firm. An investor captures the emerging sentiment: “You took all my money, where are the returns?” 可是弘毅公司不能永遠只靠領導者的聲譽生存。其早期資金運轉很好，在不遠的將來將給投資人帶來原先投資額超過十倍的收益；但相對來說近期且數額更多的資金運轉情況卻不容樂觀。一家研究公司PitchBook估計，弘毅于2008年籌集的價值14億美元的資金，到目前為止其收益下降了6%。一名投資者死死抓住到這種晦澀的看法，質問道：“你們拿走了我所有的錢，現在收益哪兒去了？”
But even Hony’s rivals acknowledge its strengths. The Asian boss of a Western private-equity firm praises Hony’s sophisticated approach to managing its portfolio and its investors, as well as its almost un-Chinese transparency. “It looks the most like a Western institutional fund,” he says, adding that there have been too few investment cycles to judge performance—not just of Hony but of the entire sector. 盡管如此，不過甚至弘毅的對手都承認它自身的優勢。一家西方私募股權公司負責亞洲區業務的總裁對于弘毅，就其管理證券投資組合，投資者和非本土化業務透明度的富有經驗的方法贊不絕口。該總裁稱：“它看起來很像西方的機構基金。”并補充道，現在的有投資周期寥寥無幾，因而無法評價其業績——這不僅僅是弘毅，而是整個募股行業都是如此。
Mr Zhao is also prepared to be flexible in search of returns. The firm’s early tack was to reform inefficient state-owned enterprises (SOEs). Now it focuses on helping Chinese firms expand abroad. Soon Hony may become an “asset manager”, says Mr Zhao, although he does not offer details. (Hony is rumoured to be close to winning the asset-management business of Dexia, a deeply troubled European bank.) The unifying thread seems to be his unshakable faith that the “Chinese are inherently entrepreneurial”. 趙總也準備好為尋找收益而制定靈活的策略。弘毅公司早期的思路是改革國有企業。而如今，該公司改變重點，放在幫助中國公司擴大海外市場的目標上。趙總稱，不久弘毅可能會成為“資產經紀人”，雖然他并未透露任何詳細資料。（據說弘毅即將獲得對身陷困境的歐洲銀行Dexia的資產管理業務權了。）
His own life is evidence. Early in his career he turned down a job as a bureaucrat to work for a radio factory inNanjing. Overcoming resistance from old-timers, he persuaded his boss to let him try something new. Armed with a suitcase filled with thousands of yuan, he went off toShanghai’sJiaoTongUniversity, found an academic who had invented a promising medical device, bought the rights and got it built. A few years inAmericastrengthened his trust in risk-taking capitalism. 趙總自己的人生便是最好的證明。在他職業生涯早期階段，他拒絕了去南京一家收音機廠做領導的工作。解決了老一輩人的反對，他說服了老板讓他嘗試一些新的東西。他帶著一個裝了幾千塊錢的手提箱，只身前往上海交通大學，找到一位曾發明有市場前景的醫療器械的大學老師，用這些錢買下了它的專利，并創建工廠，擴大生產規模。美國的幾年經歷增強了他對風險資本主義的信任。
As entrepreneurial as they are, Mr Zhao observes, many small and mid-sized firms inChinalack much of what is common in the West, in particular good management, proper accounting and savvy marketing. By helping them acquire such skills, Mr Zhao says, two-thirds of the 70 or so firms in which Hony has invested so far have met or beaten expectations and nearly all have seen improving profits. Such claims are impossible to validate, but outside experts reckon that Hony has been unusually adept at improving a firm’s operations. 趙總注意到，和許多創業的企業一樣，中國許多小型中型公司缺少西方同類公司中普遍的東西，尤其是優秀的管理，合適的會計程序和應對自如的營銷方式。趙總稱，通過幫助它們學到這些技巧，目前為止，弘毅投資中的40多家類似的企業已經達到甚至超過了預期，幾乎所有公司的利潤在持續增加。雖然這些說法無法一一得到證實，但國外專家認為弘毅對于促進公司運轉已非常的駕輕就熟。
The logic behind Hony’s shift towards helping Chinese firms venture abroad is less obvious. In 2008 it advised Zoomlion, a struggling heavy-equipment SOE that it had previously helped restructure, on its acquisition of CIFA, an Italian firm. The deal was ill–timed, coming on the eve of the financial crisis. But it still made good strategic sense, according to a case study about the purchase by Josh Lerner ofHarvardBusinessSchool. 弘毅公司從之前的業務變為幫助中國在海外進行風險投資，其道理并不明顯。2008年弘毅建議中聯重科（一個苦苦掙扎的重工業設備國有企業，弘毅之前就幫助其進行企業調整）收購中國國際貨運代理協會（一家意大利公司）。可這項交易的時間卻不合時宜，緊接著趕上了金融危機。但根據哈弗商學院的Josh Lerner對該案例關于收購的研究，弘毅此次仍發揮了良好的的策略作用。
Zoomlion gained new distribution networks in Africa and theAmericas; with Hony’s help, CIFA was able to shift manufacturing toChina, where its parent now offers the Italian firm’s kit as a premium product. As a result, Zoomlion’s revenues have shot up more than tenfold since 2006, to $7.4 billion in 2011; its profits are up more than twentyfold, to $1.3 billion. 之后，中聯重科在非洲和美洲國家獲得了新的銷售網。CIFA也在其幫助下成功將制造業轉移到了中國，在那里其總部現在供給意大利公司的工具箱作為溢價產品。所以，中聯重科的營業收入相比2006年以來激增了10倍，2011年達到74億美元；其收益是之前的20幾倍，達到13億美元。
Sceptics think such success will be hard to repeat. Why, they ask, should a Chinese SOE wanting to enter, say, Germany need a Chinese private-equity firm’s help—rather than that of big Western firms which have better knowledge of the target market? That is not what matters most, Mr Zhao counters: Chinese firms have a very strong culture and little experience working with outsiders, which he thinks gives Hony a decisive edge. He points to Bain Capital’s failed attempt to help Huawei, a telecoms firm, enterAmericaas an example. 持懷疑態度的人則認為弘毅的成功難以復制。人們會問，為什么，一家中國國企想進駐國外市場，德國需要一家中國的私募股權公司的幫助，而不需要對目標市場有很好了解的西方大型公司呢？趙總則反駁這并非問題的關鍵所在，中國公司在與國外企業共事時擁有強烈的民族文化觀點卻沒有什么經驗，他認為這恰好給了弘毅一個決定性的優勢。他以貝恩公司未能幫助華為（一家電信公司）成功進駐美國為例表明自己的觀點。
“I’m going to be riding on the wave of Chinese firms going global,” Mr Zhao insists. But even if he is right, he cannot relax. Investors will not wait forever for the good ship Hony to bring them that promised golden bounty. 趙總堅稱：“借助中國公司走向全球，我將從中受益。”但是即使他的想法是正確的，他仍不能有絲毫懈怠。因為弘毅的投資商將迫不及待的想從“弘毅”這艘輪船上得到之前允諾的黃金收益。
Background
![]() 弘毅投資管理顧問有限公司弘毅投資管理顧問有限公司 弘毅投資是中國起步較早、參照國際PE公司慣例設立、業務聚焦在中國本土規范運作的專業投資公司，弘毅投資團隊對國際規范的基金組織管理模式有豐富經驗，對中國本土化的基金投資業務有深刻理解和成功實踐。弘毅投資管理顧問有限公司(以下簡稱弘毅投資)成立于2003年，是聯想控股有限公司 成員企業中專事股權投資及管理業務的公司。 弘毅投資管理著一支人民幣基金和四支美元基金共五支基金，總規模超過200億元人
PS:
本人翻譯的一篇economist，歡迎各位指正，希望與大家相互切磋相互提高。本人正在準備2013年mti，希望與大家在這四個月共同進步。時不我待，只爭朝夕。
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發表于 2012-9-5 14:35
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