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私募股权基金亚洲脱身不易

2014-04-25    来源:FT    【      美国外教 在线口语培训

Asia IPOs: private equity block

Nice try, private equity. Two events in Asia show that getting into deals remains easier than getting out of them. They also prove Li Ka-shing’s smarts, yet again.
想得美啊,私募股权。亚洲发生的这两件事表明,进入交易仍比退出容易。它们也再一次证明了李嘉诚的明智。

In Hong Kong, WH Group decided on Wednesday to halve the size of its initial public offering rather than cut its price range. This will keep its private equity backers – including Goldman Sachs’ investment unit – from exiting as planned. In Tokyo, Seibu Holdings, the conglomerate that owns Japan’s biggest hotel chain (among other businesses) jumped 11 per cent on its debut. But that came only after management’s decision to slash the offering price by as much as 30 per cent. The cut prompted Cerberus, the largest shareholder, to hold on to its shares, cutting the size of the IPO by over half. Cerberus has been an investor since 2006. Its decision to sit tight is another sign that in Asia, private equity is struggling to match its own expectations with the market’s.
在香港,万洲国际(WH Group)周三决定将其首次公开发行(IPO)的规模减半,而不降低其定价区间。这意味着为其提供支持的私募投资者(包括高盛(Goldman Sachs)的投资部)不能按计划退出。而在东京,西武控股(Seibu Holdings)这家拥有日本最大酒店连锁(以及其他业务)的集团企业,股票一上市就涨了11%。但那只是因为管理层决定将发行价大幅削减了30%。这一降价令其最大股东博龙资本(Cerberus)决定保留其股份,IPO规模因此削减大半。博龙自2006年开始投资西武。其保留股份的决定是又一个迹象,这表明在亚洲,私募股权基金正为让自己的期望与市场预期匹配而纠结。

Last month, Mr Li came in for some criticism (not least from fee-starved bankers) for selling 25 per cent of AS Watson, his pharmacies and supermarket business, to Temasek. The deal valued Watsons at $23bn. A public float was expected to price it at least $25bn. As others face resistance in the market, doing the deal in one go with a long-term investor looks astute. The transaction also raised the value of the overall Hutchison Whampoa group, in which AS Watson sits. Since deal talk surfaced last summer, analysts’ focus on the unit helped lift Hutch’s shares 25 per cent. The Hang Seng, meanwhile, is up 5 per cent.
上月,李嘉诚因向淡马锡(Temasek)出售了旗下医药和超市业务——屈臣氏(AS Watson) 25%的股权而遭到批评(尤其是那些渴望赚取费用的银行家们)。该笔交易对屈臣氏估值230亿美元。而公开发售则有望令市值达到至少250亿美元。当其他企业在市场上面临阻力之时,与长期投资者一气呵成完成交易看来是精明之举。这笔交易也提升了和记黄埔集团(Hutchison Whampoa group)的总体估值,其中包括了屈臣氏。自去年夏天有关交易谈判浮现以来,分析师对这块业务的关注已将和记股价推高了25%。其间恒生(Hang Seng)大盘上涨5%。

WH Group is the most telling example, since the impetus for Shuanghui to buy Smithfield Foods came from Shuanghui’s private equity backers. They had hoped that a world-beating pig producer would excite a sceptical market mood and let them exit. Nice try, but no sausage.
万洲国际是最能说明问题的例子,因为推动双汇(Shuanghui)购买史密斯菲尔德食品(Smithfield Foods)的动力来自私募股权投资者。他们曾寄望一家全球无敌的猪肉生厂商推动原本顾虑重重的市场情绪振奋起来,让他们得以撤资退出。想得挺美,只不过缺少真材实料。(FT)



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