Wednesday, September 29, 2010

China's first "venture capital method" introduced by domestic investment and policy support to w


IT start-ups lack most is what?

Funds.

11 months, known as China's first "Venture Capital Law," "Interim Measures on Management Venture Capital" (hereinafter referred to as "measures") formally introduced, which has been caught in between the Chinese IT venture capital is a landmark event.

"Financial Times" recently interviewed several venture capital firms and start-up companies, they generally felt that the "measures" put on the Mainland IT industry is of great significance, as the year Taiwan Province of China venture capital industry directly contributed to the rise of Taiwan's IT industry take-off and the Hsinchu Science and Technology industries.

Mitzvah

This is the first half of this year, many venture capitalists did not think things.

When the first half of the Administration of Foreign Exchange issued a pair of venture capital to restrict foreign access to the "11th Man" and other policy, venture capitalists have become very cautious once.

However, the situation was surprisingly better.

"Many IT venture enterprises in the first half of the financing is difficult, several companies received almost no investment", IT World Network CEO Qin Gang said, in sharp contrast with the first half, second half of IT companies can be heard almost every week to take to investment.

Why is there such unexpected situations?

November 1, Administration of Foreign Exchange issued several amendments of the regulations, venture capitalists generally agreed that "foreign exchange policy of the Authority directly affects investment, the situation improved in the second half."

November 15, "Venture Capital Law," published, from the policy level is expanded and standardized environment for the survival of China's venture investment.

Domestic venture capital mainly from foreign investment, the model is fully a "two out" - funds from overseas, venture capital firms out of the system is dependent on the overseas market.

Once the risk of exchange controls to strengthen investment, venture capital will be like a fishbone stuck in the throat.

Has a direct impact on venture capital business of the IT enterprise. According to a venture capital consultancy and Qing dynasties estimates, SAFE's "No. 11" was unveiled, the domestic IT venture company financing is very much affected, once a standstill.

Compared to "two out" of the overseas venture capital, lack of local venture capital companies and stock market strength of the exit, has been in a slow growth phase, IT start-up companies access to investment opportunities for local wind is very small.

"Procedures" marks the advent of the first Chinese venture capital companies have the policy level support, it has been described as China's venture capital industry, "adult ceremony", it could greatly increase the start-ups have access to investment opportunities.

Breakthrough point

In the past, domestic venture capitalists main problem is the lack of exit mechanism to restrict the proportion of investment, venture capital company's dividend yield from enterprises to small and slow investment in their liquidity.

The new "approach" from the policy level to solve a part of the problem.

For example, the provisions of state and local governments can set up Venture Capital Fund, to provide financing through equity participation and guarantees, etc. to support the establishment of venture investment and development company.

RSS technology providers feedsky.com professional, a vice president of the view that, like them, are prepared to finance start-up companies, the introduction of this policy, the greatest good may be it clear to the venture capital business tax support .

In fact, in some venture capital industry in developed countries and regions have developed policies to support venture capital tax. "Procedures" is also clearly defined "national use tax policy to support venture capital business development, and guide them to increase small and medium enterprises, especially small and medium high-tech business investment," The specific measures shall be formulated separately, and strive to introduce as soon as possible.

Exit mechanisms are also some positive changes, such as "actively promote the construction of multi-level capital market system, improve corporate venture capital investment exit mechanism", the withdrawal mechanism may include the future of GEM and property rights trading market, foreign investors can have a positive meaning.

Hope that the tax incentives

The risk of major domestic investment adviser and General Manager, CHEN Li-Ching said the government hoped the "measures" to establish an effective mechanism to encourage more capital flow to the market, on the territory of the capital is positive.

But he also said, "" approach "is not perfect." Example of the manager's incentives, "means" do not support the limited partner and limited partner system is a foreign venture investors, one of the main incentives.

Tax policy is another very important aspect, if the light has a policy, the lack of actual tax support, "means" the actual meaning is compromised.

CHEN Li-that certainly would put state and local tax benefits actually, it can encourage risk capital into IT and other high technology fields.

Taiwan Province is an example: of the last century 80's the rise of venture capital in Taiwan, and the corresponding tax incentives to venture capital firms in Taiwan Province was a rapid development, just 20 years, Taiwan's IT industry in the world lead a lot of attention, at present, Taiwan has nearly 300 venture capital companies.

Currently, Taiwan has entered a mature venture capital competition period, the profitability has declined, IT industry, the trend of moving to mainland China is also evident, Acer, investment recovery and other venture capital firms also have operations in the Mainland.

If the introduction of tax incentives for real good, no doubt there will be more of Hong Kong and Taiwan and overseas venture capital into the Mainland.

2006 was the beginning of the golden age of venture capital in China, the reporter interviewed several more well-known venture capitalists.

"This is good news." DFJ vice president of SUN Wenhai told the "Financial Times," China "means" come out of great significance to China venture capital in 2006 will be the number of venture investment in China to expand their year.

Hina Xi Wang, Managing Director with a "good" word to describe the risk of investment in 2005 is a good year.

Source of innovation policy in conjunction Chen Keyi also think that in 2006 there will be more investors into China, the competition will be more intense.

A few months ago are still responsible for venture investment Cisco's Zhou Yinghua are told reporters that there are many venture capital are preparing to enter China, he himself is a U.S. venture capitalists will be introduced to China.

And Qing dynasties estimates, there are 700 million U.S. dollars last year overseas venture capital into China, the first half of 2005, this figure reached 1.6 billion U.S. dollars, the year at least more than 2 billion U.S. dollars, in 2006 this number could be further refreshed.

Link

Shenzhen, the number of venture capital institutions and venture capital ranks first in the country. As of the end of 2004, 193 venture capital firms in Shenzhen accounted for 1 / 3, total 13 billion yuan venture capital accounts for 2 / 5. On this basis, venture capital firms across the country about 579, the National Venture Capital a total of about 32.5 billion yuan.






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Tuesday, September 14, 2010

Hong Kong PCCW Privatization Commission will vote by sealed-depth inquiry



In a noisy and confused after the shareholder meeting, "Little Superman" in Hong Kong PCCW's Richard Li privatization program finally agreed. However, the sudden intervention of Hong Kong Securities and Futures Commission, take away the voting record and further inquiries, so awful twists and turns of the transaction on the regeneration of the variables.

4 February evening, the industry concerned about PCCW shareholders meeting. This is the privatization of PCCW, one of the most difficult pass, because only small shareholders nod to complete the deal. Richard Li and China Unicom offered to buy a share of 4.5 HK PCCW, the transaction amounted to 17.0 billion Hong Kong dollars. Richard Li and China Unicom are the two major shareholders of PCCW. Last year in November, the two have not yet announced the joint acquisition of 35.5 million shares held by PCCW shares (approximately 52.42% of the shares). December 30, for fear of being rejected, the two partners in the acquisition of 4.2 yuan per share last-minute bid for the Hong Kong dollar to 4.5 Hong Kong dollars.

This is the privatization of PCCW, Richard Li to make the third hard. However, due to dissatisfaction with the privatization offer, some small shareholders expressed strong opposition, even once the exposure "vote rigging" event. Have reported that it was free to hundreds of insurance brokers in exchange for shares of PCCW presented them to vote. 3 PCCW for this month issued an urgent notice to clarify, that no improper transfer of shares.

According to Hong Kong media reports, this general meeting of shareholders on-site noise and confusion. A small shareholders more than an hour, he rushed to the venue in advance and carried out in series, jointly signed a petition opposing privatization. Also proposed to defer the minority shareholders to vote for "vote rigging" the incident pending the outcome of the investigation. However, these encounters are the result of failure to stop voting, more than 75% of the company's shareholders in favor of privatization.

However, the dramatic is a result of alleged improper transfer of shares, the SFC in Hong Kong closed down after the general meeting of shareholders to vote the voting paper. Yesterday, the Beijing Morning News reporters Zhi Dian and Xiang Gang Commission, the relevant person in charge confirmed that an in-depth inquiry on the matter. PCCW spokesman told reporters that the news did not know of any improper conduct stock transfer. If there are no accidents, the company will be held Feb. 24 to the High Court hearing, which is the last one PCCW privatization process was.







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