Question 2: What are the key factors to consider when introducing strategic investors? First, strategic investors must have good qualifications, relatively abundant capital, core technology, advanced management, good industrial base and strong investment and financing capabilities. Secondly, strategic investors should not only bring a lot of money, but also bring advanced technology and management, promote the adjustment and upgrading of product structure and industrial structure, devote themselves to long-term investment cooperation and seek long-term returns. Third, the introduction of strategic investors should be combined with the actual situation in various places, and provinces, cities and counties are different. Don't just think that the international top 500 and the domestic top 500 are strategic investors. Those who have capital, technology and market, can enhance the competitiveness and innovation ability of enterprises and form industrial clusters are all strategic investors.
Question 3: Why did SIIC introduce a strategic investor, Nokia, to go public?
Question 4: Why can the introduction of strategic investors or private placement help enterprises to go public and improve their valuation? Private equity investment is an equity investment in non-listed companies. Private equity investment in a broad sense includes development financing and mezzanine financing. Infrastructure, MBO/LBO, reorganization and PEIP, etc. Chinese translation includes private equity investment, private capital investment, industrial investment fund, private equity financing and direct equity investment. These translations all reflect the following characteristics of private equity investment to a certain extent: ● Equity investment in unlisted companies is regarded as long-term investment because of poor liquidity, so investors will demand higher returns than those in the open market ● There is no listed transaction, so there is no ready-made market for the transferor and buyer of unlisted companies to directly reach a transaction. Investors with money to invest and enterprises that need to invest must rely on personal relationships, industry associations or intermediaries to find each other. There are many sources of funds, such as wealthy individuals, venture funds, leveraged buyout funds, strategic investors, pension funds, insurance companies, etc. ● There are three main ways of return on investment: public offering, sale or merger, and enterprise capital reorganization. For attracting enterprises, private equity financing not only has the advantages of long investment cycle and increased capital, but also if the investors are large-scale well-known enterprises or well-known financial institutions, their fame and resources will also help enterprises to raise their listed stock prices and improve the performance of the secondary market in the future. Secondly, compared with the volatile and unpredictable open market, the equity investment capital market is a more stable source of financing. Third, in the process of introducing private equity investment, competitors can be kept secret, because information disclosure is limited to investors, not as public as listing, which is very important. Enterprises can choose financial investors or strategic investors to cooperate, but enterprises should understand the characteristics, advantages and disadvantages of financial investors and strategic investors, as well as their different requirements for investment targets, and choose suitable investors according to their own conditions. Strategic investors-enterprises in the same industry or related industries that attract foreign investment. If the attracting enterprises want to get the support of investors in corporate management or technology while reducing financial risks, they usually choose strategic investors. This will help to improve the company's credit reliability and position in the industry, and at the same time, it can obtain the complementarity of technology, products, upstream and downstream business or other aspects, thus improving the company's profitability and profitability. Moreover, when enterprises need further funds in the future, strategic investors have the ability to provide further funds. The investment period of strategic investors is usually longer than that of financial investors, because any equity investment made by strategic investors must conform to their overall development strategy, out of comprehensive consideration of production, cost, market and other aspects, rather than just focusing on short-term financial returns. For example, many multinational companies have made industrial investments in China in recent years because they have taken a fancy to China's market, research resources and cheap labor costs. Therefore, strategic investors will have greater control over the company, have more requirements for the proportion of the board of directors, and will participate more in management, which may increase the difficulty of running-in between management and corporate culture. One risk that foreign-invested enterprises need to pay attention to is that strategic investors may become potential competitors. If a multinational company shares several enterprises in China, it may be contrary to the long-term development strategy or goal of the foreign-funded enterprise to arrange its own products and markets or set up a wholly-owned enterprise for the overall consideration of the headquarters. In addition, strategic investors can also set up the "preemptive right" when the company is sold in the investment terms (that is, investors have the right to buy the shares to be transferred by the original shareholders under the same conditions) and other terms to protect their investment interests. Therefore, foreign-funded enterprises need to understand the real intentions of investors and use negotiation skills to strive for favorable conditions for long-term development. Financial investor C refers to private equity investment funds. Funds are not necessarily industry experts. Some investment funds have industry tendencies and have rich industry experience and resources. Financial investors and strategic investors have different requirements for the invested enterprise in the following three aspects: ● Control over the company ● Importance of return on investment (relative to other long-term strategies such as market share) ● Requirements for withdrawal (duration and method) Apart from participating in major strategic decisions of the enterprise at the board level, most financial investors only contribute capital ... >>
Question 5: The difference between strategic investors and cornerstone investors cannot be seen from the existing rhetoric. I feel that I have changed a noun and then insisted that it is different.
Question 6: What is strategic investment? 1. Introduction: Strategic investment refers to the capital expenditure that has a long-term impact on the future of the enterprise. It has the characteristics of large scale, long cycle, long-term goal based on enterprise development and phased investment, which affects the future and destiny of an enterprise. That is, investments that have a significant impact on the overall situation of the enterprise.
Enterprise strategic investment generally refers to major investment activities that directly affect the competitive position, business success or failure and the realization of medium and long-term strategic objectives of enterprises. Typical strategic investment projects of enterprises include: developing new products, introducing new production technologies or production lines, entering new fields, mergers and acquisitions, asset restructuring, expanding production and marketing capabilities, and so on. This kind of investment usually has a large demand for funds, long return period and high investment risk. Therefore, the venture capital characteristics of enterprise strategic investment are often very obvious. Enterprise strategic investment is actually the product of market competition. The purpose of strategic investment by enterprises is to establish obvious competitive advantages and win the competition in domestic and foreign markets. The competitive position of enterprises in the market has been strengthened, and the realization and appreciation of enterprise value have been reliably guaranteed.
Second, trap avoidance.
Enterprise investment can be roughly divided into two categories. One is strategic investment, which mainly refers to the investment in the future of enterprises, such as mergers and acquisitions and diversified development in the industry. The other is financial investment, such as Youngor and Liu Luanxiong's China Real Estate, which wander in financial markets such as securities, and their annual income even exceeds their main business. After the financial turmoil, enterprises have fully realized the risks of financial investment and shrunk appropriately. Companies with cash are eyeing up in times of crisis, waiting for opportunities for strategic investment. It is right to bargain-hunting, but don't ignore the trap because the price is cheap.
1, intra-industry integration
Many companies want to increase scale and production capacity and reduce costs through industry acquisition, so as to gain the right to speak in purchasing and pricing. The trap is indigestion, which may be due to the corporate culture, the shady situation of the acquired party and the management ability of the acquired party.
Example 1: American Airlines has successively acquired Pacific Southwest Airlines and its main competitor Piedmont Airlines. In more than a year, the size of the company has tripled, making the original information system and human resources system overwhelmed. As a result, the service quality has declined and the profit rate has dropped significantly.
Example 2: The merger of AOL and time warner Inc., and the integration of new media and traditional media have brought countless wonderful expectations, but in fact, they failed miserably. The merger of $65.438+00.62 billion caused the company's market value to shrink by as much as $75 billion, and the founder had to apologize.
There are countless such examples in China, such as TCL's acquisition of Alcatel and Thomson, and BenQ's acquisition of Siemens mobile phones, all of which are regrettable failures. As for Lenovo's acquisition of IBM computers, it is not very optimistic.
Avoid the trap of intra-industry integration;
(1), get a deeper understanding of the acquired enterprises, and pay more attention to financial investigation due diligence, especially whether there are black holes such as guarantees.
(2) Corporate culture, especially cultural differences in cross-border acquisitions, must have sufficient talent reserves and the ability to manage and integrate before considering taking action.
2. Diversified development
Diversification is more difficult than intra-industry integration. General success will take GE as an example, while China has Fosun. The trap is mainly to grasp the industry cycle, because diversification involves industries unfamiliar to the company, such as 20 10. Many listed companies are looking for mines, which have nothing to do with their main business. After the sharp drop in metal prices at the end of the year, they all face substantial impairment.
Avoid the trap of diversified development;
(1), Research on Industry Cycle and Selection of Acquired Enterprises: After long-term research, stick to steady investment and conduct continuous research on the overall environment, industries and enterprises.
GE is one of the best strategies, which is a bit difficult; Fosun is one of the few industries whose GDP growth rate is faster than that of China, and among these industries, it has tracked the enterprises that have become or have the potential to become the top ten. This can be learned.
(2) Grasp the best entry opportunity and strive for lower-cost intervention opportunities. For example, it took Fosun nearly four years from paying attention to the investment in Hainan iron mine to signing a letter of intent for cooperation. For another example, in order to take a stake in small and medium-sized city commercial banks, Fosun has conducted long-term follow-up research, and selected 2-3 small and medium-sized city commercial banks ranked in the forefront of the country for follow-up research.
(3) For enterprises that want to invest, pay attention to several assessment indicators such as the profitability of the enterprise, the competitiveness of the team and the competitiveness of resources.
3, the choice of investment institutions
Enterprises with better quality and ambition will definitely have many opportunities to contact investment institutions such as VC and PE. The trap is gambling agreements, such as Mengniu and Changsheng Real Estate:
Trap avoidance: a better understanding of investment institutions
( 1)、......& gt& gt
Question 7: The characteristics of strategic investors (1) are closely related to the issuer's business and have the strength to promote the issuer's business development. (2) Long-term stable shareholding. Strategic investors generally hold shares for more than 5-7 years and pursue long-term investment interests, which is the primary feature different from ordinary corporate investors. (3) Large shareholding. Strategic investors generally require holding a certain proportion of shares that can affect the company's operation and management to ensure sufficient influence on the company. (4) Pursuing long-term strategic interests. Strategic investors focus on the strategic interests of the industry when investing in enterprises, and usually hope to realize their strategic position in the industry through strategic investment. (5) Have the motivation and ability to participate in corporate governance. Strategic investors generally want to participate in the operation and management of the company and improve the corporate governance structure through their rich and advanced management experience.
Question 8: What is the main function of listed companies to introduce strategic investors? Thank you ... ABCD.
Question 9: Why do companies need to introduce strategic investors before listing? Generally, listed companies are not familiar with the operation of listing. Introducing strategic investors is a multiple demand.
1, the change of ownership structure can play the role of reasonable packaging and advertising.
2. General institutional investors invest in equity all the year round and are familiar with the process of listing. Have a very extensive network of relationships.
3. Investment risk and income sharing. Generally speaking, venture capital will not take great risks, and it is a selective investment that pursues high returns.
4. Maximize the listing income of both investors.
Question 10: Why should commercial banks introduce strategic investors before listing? This is actually very simple. If the company is short of money, it is natural. If there is no shortage of money, it is a shortage of people or a lack of consultation in management.