A few days ago, Shanghai Youning Microbiology Technology Co., Ltd. announced that it had signed the Partnership Agreement of Shanghai Leading Relay Private Equity Partnership (Limited Partnership) with a number of asset management companies, and planned to jointly establish Shanghai Leading Relay Private Equity Partnership (Limited Partnership) (tentative name, subject to the approval of the enterprise registration authority).
The Securities Daily reporter combed the announcements of listed companies and found that as of June165438+1October 13, nearly 50 listed companies had established or participated in private equity investment funds during the year. Among them, a number of companies participated in the establishment of private equity funds, including Jiuzhoutong, Jiangsu Raleigh, New Hope and Hengrui Pharma.
The reporter found that listed companies participate in the establishment of private equity funds for different purposes. Some companies aim to integrate related industry resources, cultivate and create new profit growth points, and enhance the overall profitability of the company; Some companies rely on the advantages of professional teams and the project resources of professional investment institutions to find projects with good development prospects; Some companies also support the transformation and upgrading of their traditional business as a bridge to expand new business.
In addition, some companies indicated that they should lay out the industrial chain in advance, make full use of the advantages of project resources, industrial ecology and investment and research capabilities of professional investment institutions in related fields, and further enhance the company's industrial integration capability and comprehensive competitiveness.
An Yongguang, an expert from the Credit Management Committee of the All-China M&A Association, said in an interview with the Securities Daily that the establishment of private equity funds is equivalent to more cards in the hands of listed companies and increased flexibility. Before listing, enterprises pay more attention to the internal development of the company. With the listing of enterprises, the relevant rules of the game have changed, and more factors should be considered, including various technical trends and so on. Through these private equity funds, listed companies can make more layouts in their business-related industrial chains, quickly understand the development trend of the industry, and form their own ecological circle.
At the same time, from the investment direction of most companies, high-tech industries such as life and health, computers, new consumption, medical care and artificial intelligence are the most popular.
Citic securities research report pointed out that the pace of setting up industrial investment funds in A shares is roughly similar to that of PE/VC investment; From the perspective of industry distribution, a number of industrial investment funds have been set up in the pharmaceutical, computer and machinery industries, and the establishment of industrial investment funds in the national defense, food and beverage, power equipment, new energy and basic chemical industries has been accelerated in the past five years. Combined with the equity investment behaviors of government-guided funds, CVC funds and star institutions, it can be observed that the important equity investment funds in the market are gradually converging to form a joint force, with advanced manufacturing as the mainstay. This will contribute to the sound development of China's advanced manufacturing industry and promote the upgrading of manufacturing industry from labor-intensive to technology-driven.
It should be noted that participating in the establishment of private equity funds has both opportunities and risks for listed companies. Jiang Han, a senior researcher at Pangu Think Tank, told the Securities Daily that listed companies themselves are not good at equity investment, and there are problems such as lack of professionals and limited capital scale. Affected by the investment industry cycle and other factors, the surplus funds of enterprises will also fluctuate to some extent. Therefore, listed companies should pay attention to risk isolation when participating in the establishment of private equity funds, focusing on whether private equity funds have an impact on the company's own business and risks, including the risk of whether the investment field is coordinated with the main business of listed companies and the risk of investment losses.