The mystery of the Chinese consumer
Lily Li wears a lanyard with a little plastic card around her neck, even at weekends. It is a badge of honour: it shows that she has a white-collar job. (She is a secretary at Access Asia, a retail-research company in Shanghai.) She uses Apple earphones for the cheap Chinese mobile phone in her pocket, […]
Lunar Monthly Update
We remain confident that China is attractive for private equity investors. Long-term growth prospects remain robust, driven by ongoing urbanization, rising consumption, and the emergence of inland China. Capital markets continue to develop, broadening exit opportunities for private equity investors. Financing channels for private enterprises remain scarce, making private equity an attractive source of liquidity […]
Lunar Monthly Update
IPOs have been the dominant exit form in China since 2007, creating an “IPO-or-Bust” mentality among the Chinese private equity community that is characterized by an overwhelming focus on public markets. A corollary has been the “Pay-up-for-PIPES” trend. From 2005-2010, PIPE or Mezzanine/Pre-IPO transactions have accounted for over half of private equity deals in China, […]
