China Tells

ChiNext is China’s Nasdaq with an aim to let high tech companies have access to capitals. So far 30+ companies have been successfully listed on ChiNext, and the domestic VCs and PEs value ChiNext as an important exit for their seed investment. With the growth of a capital market for high tech companies, Funds denominated in RMB also prosper with some advantages that USD Funds can not beat (See Article from Beijing Review). Some of these players are young and inexperienced, but their potential to grow can not be underestimated. Due to the imbalance between supply and demand, the 30+ stocks listed on ChiNext trade at 100+ PE, which is way over a fair value of around 30-50 PE perceived by institutional investors. On the other hand, such a market offers extremely high return to the VCs and PEs who have bet right on the lucky idols.

随着创业板在中国的兴起，一批人民币基金经理也逐渐成长起来。他们没有美元基金那么长的历史和经验，但是强龙难压地头蛇，土鳖也有本土的优势。创业板被视作很多风投和私墓基金的安全网，他们投的那些项目，一旦可以到创业板上市，那就基本大功告成了。