作者:傅成 2014-07-01 19:27:15
分类: 未分类

Going for broke: the PE world’s big risky bet on China’s internet and mobile industries - The World Cup has begun. Along with being the globe’s most watched event it is also certainly the most gambled upon. Thirty-two teams, sixty-four matches to determine the winner on July 13th&......

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作者:傅成 2014-05-23 17:10:54
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When I first came to China 33 years ago, 80% of China’s population was rural, mainly small-scale peasant farmers. Today, half the 1.3 billion population is off the farm, living in cities. Two obvious results: China is over twenty times richer per capita in dollar terms. And, from a country with a handful o......

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作者:傅成 2014-05-07 19:01:06
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There will be an awful lot of embarrassed financial professionals sulking around Hong Kong and Wall Street today. The reason: a crazy IPO deal financially-engineered by a group of 29 big name investment banks, led by Morgan Stanley, together with several large China and Asian-based PE firms including China’......

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作者:傅成 2014-05-07 18:59:22
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During the world’s biggest probate dispute a few years ago, a fascinated audience learned that Nina Wang, the late chairwoman of Hong Kong real estate developer Chinachem, paid $270 million to her feng shui adviser (and lover) to dig lucky holes. As many as 80 of them were dug around Wang’s properties to i......

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作者:傅成 2014-04-23 16:32:15
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Spot the difference between the headline and the factual content of the article? One is designed to capture your attention, if not ruin your day. The other conveys less alarmist, less hyperventilated facts. Something similar is at work in this article published by Reuters yesterday on China’s IP......

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作者:傅成 2014-04-11 13:07:08
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Welcome to the desolate future of mall retailing in China. - - This seven-story skylit shopping mall occupies a premier spot in a high-rent commercial district in booming Shenzhen’s main shopping street, with a huge underground parking lot and entrances that link it directly with a busy Met......

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作者:傅成 2014-04-11 13:02:03
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  Through pain comes wisdom.  US manufacturing giant 3M has a superb business in China that by sales, growth, product diversification, brand equity, market share and margins must place it among the very best, if not the best, US companies operating here. This overdue realization came cou......

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作者:傅成 2014-04-11 13:00:35
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Twenty years ago, India, not China, was the object of my absolute and total focus.  Back then, I was living in London and working as a European bureau chief for Forbes Magazine. In May 1994, a story I co-wrote called “Now We Are Our Own Masters” appeared on the cover of Forbes (click here to read the ......

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作者:傅成 2014-04-11 12:54:55
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China’s state-owned enterprise promise big returns for PE investors, as well as a big challenge. By: Clare Burrows- - In 2013, private equity investment in China dropped to just $4.5 billion – about 47 percent below the equivalent figure for 2012, according to data from Thomson Reuters. Since China’s dry po......

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作者:傅成 2014-03-26 15:43:13
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河南是中国首创的战略省份,但目前为止,河南还缺乏足够数量的有实力的上市企业,同时私募基金和风险投资基金在河南的投资力度仍然不够。河南的经济仍然处于快速发展阶段,我一直认为河南这个人口过亿并地处中原要害位置的大省,将在也应该再未来中国整个经济版图中扮演十分关键的角色,因此,在未来的二十年发展中,河南的民企和国企需要引入更多优秀的外部资......

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作者:傅成 2014-02-24 18:05:39
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In English we use the phrase ” bee in one’s bonnet” to explain someone with an obsession for a particular point of view. In Chinese, a similar idiom is 挥之不去, meaning you can’t wipe out the stain. Have a look at this article today by Reuters, about the IPO process in China. To me, the reporters started ......

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作者:傅成 2014-02-24 18:04:19
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It took my friend and client Laowu 20 years to build his business, but less than four months from the IPO in Hong Kong to reach dollar billionaire status. While I hardly doubted he’d someday make it, it certainly happened quicker than I would have hoped or guessed. You can read my account of this remarkable business......

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作者:傅成 2014-02-24 18:02:33
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It’s commonly held that the biggest threat to social stability, and therefore continued Chinese Communist Party rule, is a growing gap between rural and urban China. City folks grow prosperous while peasants struggle along in something akin to Neolithic poverty. It’s a comfortable shorthand for understanding to......

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作者:傅成 2014-02-24 17:59:50
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(Originally posted on January 28th, 2014) Last week, an SEC judge in the US delivered a spanking to the Big Four accounting firms, barring their Chinese affiliates for six months from doing audit work for US-quoted Chinese companies. “To the extent [the Big Four] found themselves between a rock and a hard pla......

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作者:傅成 2014-01-27 18:05:57
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The long dark eclipse is over. The sun is shining again on China’s capital markets and private equity industry. That’s good news in itself, but is also especially important to the overall Chinese economy. For the last two years, investment flows into private sector companies have dropped precipitously, as IPOs ......

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作者:傅成 2014-01-14 18:21:21
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PE in China is changing. But, from what and into what? Over the last week, I had an email discussion with a managing director in China of one of the world’s five largest private equity firms. He wrote to tell me about the fund’s recent change in China strategy, which then triggered an email dialogue on the s......

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作者:傅成 2014-01-14 18:19:35
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Friday, January 3, 2014 Private equity and venture capital firms will have to conduct their business differently in China in 2014, after regulators overhauled initial public offering rules. Chinese PE and VC companies used to evaluate the companies by the standards of the China Securities Regulatory Commission ......

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作者:傅成 2014-01-14 18:15:31
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在十八届三中全会后,中国确定了经济体制改革的市场化方向与重点。中国首创最新发布的研究报告表示,在新的一年里国企改革的力度将会加强,推动国有企业完善现代企业制度、提高企业效率;鼓励国有资本、非国有资本交叉持股、促进股权多元化发展;改革国有企业干部管理体制,建立职业经理人制度,将成为国企改革的重点内容。   国企改革问题之所以一再被提......

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作者:傅成 2014-01-14 18:14:48
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随着十八届三中全会的召开及随后一系列文件的出台,中国的改革道路走上了一个新的台阶。对国有企业而言,这其中有很多机遇,更存在着很多挑战。事实上,国企改制正在进入一个20年来最关键时期。 可以想象,推动改革释放出来的红利将是巨大的,不仅能推动中国经济的发展,国企自身更是从中受益。另一方面,我们也看到,诸如政企不分、经营效益不容乐观、公司治......

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作者:傅成 2013-12-24 15:44:43
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China’s state-owned enterprises (SOEs) are a lucky breed, or so conventional wisdom would have it. They have lower cost of capital and less competitive pressures of private sector competitors. China’s big banks (also state-owned) are always happy to lend, and if things do turn sour, China’s government will bai......

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名家简介
傅成简介:
  Peter Fuhrman(中文名傅成)是中国首创(www.chinafirstcapital.com) 的董事长。他作为高级主管,在私募股权投资、风险投资、科技行业和美国、中国及欧洲成功的中小企业有着30年的工作经验。英国剑桥大学经济学硕士。 Peter Fuhrman is chairman, founder and Chief Executive Officer of China First Capital, 中国首创,  (www.chinafirstcapital.com), a leading China-focused specialist investment bank and advisory firm for private capital markets and M&A transactions in China. CFC primarily serves China's high-growth private entrepreneur-led companies (民营中小企业 ) through private equity fundraisings and strategic M&A, domestic and cross-border. It also does select transactions in partnership with Chinese SOEs and "央企: . CFC's transaction volume over preceding 12 months exceeds $250mn. CFC's geographical reach is across all regions of China. It has significant domain expertise in most major industries in China's private sector.
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