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Technology, media and telecommunications, healthcare, energy and resources, as well as the retail and consumer sectors will be the favorite industries for private-equity investment, Felix Gao reports

Data from research and consulting institute, China Venture Group, shows that, among the 763 companies that submitted IPO applications when the IPO market reopened in January this year, at least 317 of them have a private-equity or venture-capital background.

In the first half of 2014, a total of 99 mainland enterprises were listed in the domestic and global capital markets with fund-raised totaling $17.57 billion. Up to 60 of the enterprises are linked to private equity or venture capital business, and their total funds raised reached $10.50 billion, according to figures from private equity research institution, Zero2IPO's Research Center.

Although private-equity enterprises can also sell companies to one another to exit their investments, such a method is not as common as IPOs on the mainland because Chinese private equity companies often take minority stakes in companies, and they can hardly make their own decision on how and when to exit a company.

The China Securities Regulatory Commission suspended approving IPOs in late 2012, but reopened it shortly in January this year. The commission approved 10 IPO applications in June, 12 in July and 11 in August.

A global trend

Ernst & Young indicated in a note that the number of global IPOs in the first half of 2014 had risen by 60 percent compared to a year ago, and the number of private equity or venture capital-backed new IPOs had soared by 92 percent compared with a year earlier. It estimated that with the reopening of the mainland's IPO market, private-equity and venture-capital companies would follow the global trend and their exit by IPO would continue.

Roy Lo, managing partner of Shinewing (HK) CPA Ltd, is bullish about the future of the private-equity market. "We estimate that the IPO market will be very hot in the next two quarters of this year. As A-share IPOs have to queue up for a very long time, many mainland companies, especially private companies, will try to get themselves listed in the Hong Kong stock market. So, new IPOs will attract more private-equity companies. I think the private-equity market will see one or two big increases in the future."

Lo believed that many big enterprises will be able to secure their own private-equity funds and invest in new industries.

Kenneth Pang, a partner with KPMG China, thought that the resumption of A-share IPOs was good news for the private-equity market as IPOs offer the best exit channel. He said the outlook for the mainland's private-equity market is promising, and the technology, media and telecommunications, healthcare, energy and resources, as well as the retail and consumer sectors will be the favorite industries for private-equity investment.

The mainland's new mixed ownership pilot project allows non-public capital to invest in State-owned enterprises. Pang said the reform of State-owned enterprises offers abundant opportunities for private-equity investment. While the coming Shanghai-Hong Kong Stock Connect may stimulate the growth of A shares and the Hong Kong stock market, Pang said private equity holds promise for the future.

As many mainland private entrepreneurs will reach retirement age in the next few years, Pang said private equity will also see good investment opportunities in private enterprises. "In the past, there was limited scope for private equities acquiring majority stakes in companies, but increased buy-out cases or acquiring majority stakes can be expected in the next three to five years as entrepreneurs work out their succession plans," he said.

According to the Asset Management Association of China, the mainland has 3,970 registered private-equity fund managers and 5,696 private equity fund to date, with total funding standing at $349 billion.

Contact the writer at felix@chinadailyhk.com

(HK Edition 09/23/2014 page6)