Abax Global Capital Ltd. plans to start a private equity fund in China that invests in companies making environmentally friendly products, according to Bloomberg.
Best Damn Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move.
Abax, a Hong Kong-based hedge fund manager backed by Morgan Stanley, aims to raise about 500 million yuan ($73 million) from Chinese investors by its first close in two months, according to Donald Yang, Abax’s Hong Kong-based president, in an interview on Aug. 21.
Abax, which manages about $560 million, also opened its Tudor Investment Corp.-backed Asia macro fund, which seeks to profit from regional economic trends, to outside investors for the first time.
Abax is hiring at least three people for the Chinese private equity fund.
2012年5月12日星期六
2012年5月10日星期四
Harbin Electric to Be Taken Private by CEO Yang, Abax Global Capital For $24/share Cash
Chinese electric motors maker Harbin Electric, Inc. (HRBN: News ) agreed Monday to be taken private by its Chairman and CEO Tianfu Yang, and Abax Global Capital for $24.00 per share in cash. The acquiring conglomerate had reaffirmed their offer to take the company private on June 10. The deal has the approval of the company's board, which has recommended that its shareholders vote to approve the Merger Agreement.
The company expects the merger deal to currently close in the fourth quarter of this year. Following the completion of the merger, Harbin shares will no longer be listed on any public market. However, no assurance can be given that the merger will be completed as it is subject to approval by the company's shareholders.
"I want to thank the Special Committee for its extremely thorough work in reviewing our offer to take the Company private in order to ensure that the interests of all shareholders of the Company are fully protected," Yang said in a statement.
Yang and Abax have offered to acquire all of the outstanding shares of common stock of Harbin Electric not currently owned by them and their respective affiliates. They together own about 40.6 percent of Harbin Electric's outstanding shares.
Harbin, China-based Harbin Electric had earlier formed as special committee of independent directors to consider and evaluate this proposal from Yang and Abax. The Special Committee negotiated the terms of the deal with the assistance of its financial and legal advisers, Morgan Stanley & Co. Incorporated and Lazard Freres & Co. LLC, and Gibson Dunn & Crutcher LLC.
"I have full confidence that, with the help of its highly respected financial and legal advisors, the Special Committee has thoroughly reviewed and evaluated potential alternatives and has established the credibility of our offer, including the availability of debt financing from China Development Bank Corporation Hong Kong Branch and Abax," Yang added.
The merger will be funded by debt financing from China Development Bank Corp. Hong Kong Branch and affiliates of Abax, which has also issued an equity commitment letter committing certain funds and/or entities it manages or advises to provide additional equity financing. The merger will be executed by Tech Full Electric Co. Ltd., the acquisition vehicle formed for the deal.
Abax Global Capital may buy Fushi Copperweld
Chinese bimetallic wire products maker Fushi Copperweld, Inc. is facilitating the due diligence investigation of the company by Fu and Abax to enable them to submit a firm offer.
Beijing -based Fushi Copperweld was providing an update regarding the “Going Private” proposal it received from its chairman and Co-CEO Li Fu and private equity firm Abax Global Capital (Hong Kong) Ltd. in early November 2010.
Earlier, the Fushi’s Board formed a special committee of independent directors to consider the proposal.
The committee negotiated and executed confidentiality and standstill agreements with both Fu and Abax.
Currently, the committee is also considering other strategic alternatives, including other proposals and even continuing to remain an independent public company.
However, Fushi added that there can be no assurance that any deal will be struck with Fu and Abax or even others.
BofA Merrill Lynch is serving as independent financial adviser to the special committee and Gibson, Dunn & Crutcher LLP is serving as independent legal counsel.
Fu and Abax together have offered to take the company private for $11.50 per share in cash by offering to acquire all of the outstanding shares of Fushi not currently owned by Fu and his affiliates, who currently own about 29.2 percent of Fushi’s common stock.
The offer price currently represents a 94% premium to the company’s closing stock price of $5.93 on Wednesday, but represented only a 26% premium to its closing price of $9.10 on November 2, 2010, the day prior to when the “going private” proposal was made.
Harbin Electric Agrees upon Proposal by CEO and Abax Global Capital
Harbin Electric, Inc., an electric motor producer in China 4’ 11 at the price of US$24 per share.
According to the announcement, the acquirers, aside from Yang Tianfu, were teamed up with parts of staff from Harbin Electric and Abax Global Capital, with 40.6% share holding in Harbin Electric at present. Yang Tianfu will buy all of tradable shares of the company in cooperation with Abax Global Capital and the trading volume involved is expected to reach US$750M , if calculated at the price of US$24 per share and the total number of tradable shares by the end of May 9.
Fushi Copperweld Gets Buyout Offer from CEO, Abax Global Capital
(Reporting by Divya Sharma in Bangalore; Editing by Unnikrishnan Nair)
Fushi Copperweld has received a buyout offer from its chief executive, along with private equity shop Abax Global Capital, Reuters reported. The offer values the Chinese wiremaker at $433.8 million. Abax Global, along with chief executive Li Fu, offered $11.50 per share for the company – a 26% premium over the company’s closing price Tuesday. CEO Li Fu already owns 29.9% of the company, Reuters said.
(Reuters) – Chinese wire maker Fushi Copperweld Inc said its chief executive, along with private equity fund Abax Global Capital, offered to take the company private in a deal that values the company at $433.8 million.
The offer of $11.50 per share is at a 26 percent premium to the stock’s closing price on Tuesday on Nasdaq. Shares of the company were up about 25 percent in pre-market trade on Wednesday.
CEO Li Fu, who already owns 29.2 percent of the company’s shares, and Abax will finance the acquisition with a combination of debt and equity, and the equity portion of the financing would be provided by Fu, the company said.
Beijing-based Fushi, which has $117.87 million in cash and equivalents and $5.94 million in long-term debt, makes wires used in a variety of telecommunication, utility, transportation and other electrical applications.
Last month, Chinese motor maker Harbin Electric Inc received an offer from its CEO and Baring Private Equity Asia Group Ltd to take the company privte.
Harbin CEO and Abax Global Capital back $750 million buyout offer, shares rise
Chinese electric motor maker Harbin Electric Inc (HRBN.O) said its chief executive and Abax Global Capital had reaffirmed their offer to take the company private for $750 million, after a research firm raised doubts about the deal going through.
Shares of the company rose 10 percent to a high of $17 on Friday on Nasdaq, but were still much below the offer price of $24 a share, indicating investor skepticism.
CEO Tianfu Yang made the offer in last October but is yet to make a formal bid.
Davis Polk Advises Abax Global Capital in Connection With a Going-Private Transaction Involving Harbin Electric
Davis Polk is advising Abax Global Capital in connection with a going-private transaction which will result in Nasdaq-listed Harbin Electric, Inc. being taken private by Tech Full Electric Company Limited, an acquisition vehicle that will be owned by the chairman and CEO of Harbin Electric, Mr. Tianfu Yang, certain other members of Harbin Electric's management and Abax Global Capital. In connection with the transaction, each of Harbin Electric's shares of common stock will be converted into the right to receive $24 in cash without interest, except for shares held by Abax Global Capital, Mr. Yang and certain other members of management. The transaction is being financed with a $400 million senior loan facility from China Development Bank, a $25 million term loan from Abax Global Capital, $25 million of warrants and a $38.8 million equity commitment from Abax Global Capital. The transaction is expected to close in the fourth quarter of 2011 and is subject to customary closing conditions, including approval by Harbin Electric's shareholders.
Harbin Electric, headquartered in Harbin, China, is a leading developer and manufacturer of a wide array of electric motors with a focus on innovative, customized and value-added products. Harbin Electric's major product lines include industrial rotary motors, linear motors and specialty micro-motors.
Abax Global Capital is an alternative investment manager with a focus on Greater China and currently manages total assets of approximately $900 million.
The Davis Polk corporate team includes partner Mark J. Lehmkuhler. Partner John D. Paton is providing tax advice. Members of the team are based in the Hong Kong and London offices.
Wave of China delistings in US (by Abax Global Capital)
The value of Chinese companies delisting from US exchanges in 2011 exceeded the amount that Chinese companies raised via US initial public offerings in a stark sign of how fraud allegations and slowing growth have made many foreign investors bearish on Chinese groups.
Chinese companies with a combined equity value of $3.5bn were taken private in 2011 by management, strategic buyers and private equity groups, according to data compiled by Roth Capital Partners, a US advisory firm. A further $4.3bn of potential deals remain in progress. In 2010, almost no such deals were completed, according to Roth.
In contrast, US IPOs of Chinese companies raised only $2.2bn, about half the 2010 total, according to Dealogic and Thomson Reuters. No Chinese companies made it to market in the fourth quarter. According to Dealogic, all IPOs on US exchanges raised $41.9bn in 2011, down from $44.5bn in 2010.
Share prices of US-listed Chinese companies tumbled last year amid concerns that China’s growth could slow and allegations of accounting fraud at some Chinese companies listed overseas. Sino-Forest, for example, was suspended by Canadian regulators after being accused by short seller Muddy Waters of accounting fraud, which it denied. The USX China Index, which tracks US-listed companies that derive most of their revenue from China, fell 27 per cent in 2011.
For some management teams and private equity groups, the falls created opportunities to buy out companies with an eye to eventually relisting them, potentially in Hong Kong or the mainland where Chinese groups typically command higher valuations than in theUS
“The chairman or founders of these companies saw their listed vehicles falling 70-80 per cent in value [in theUS
One of the most high-profile deals was the $750m buy-out of Harbin Electric, an electric motor maker, by its chief executive, backed by Abax Global Capital, a Hong Kong-based fund. The company had been accused of fraud by a short seller, which it denied. Its Nasdaq-listed stock fell below $6 before shareholders accepted the offer of $24 a share.
The buy-outs come on top of a handful of delistings by Chinese companies forced off US exchanges for regulatory violations, such as failing to file financial reports.
The pace of dealmaking could slow. Sharp fourth-quarter falls on Chinese exchanges showed that relisting in Asia at a higher valuation may not be a given, said Mark Tobin, Roth’s codirector of research.
Chinese companies with a combined equity value of $3.5bn were taken private in 2011 by management, strategic buyers and private equity groups, according to data compiled by Roth Capital Partners, a US advisory firm. A further $4.3bn of potential deals remain in progress. In 2010, almost no such deals were completed, according to Roth.
In contrast, US IPOs of Chinese companies raised only $2.2bn, about half the 2010 total, according to Dealogic and Thomson Reuters. No Chinese companies made it to market in the fourth quarter. According to Dealogic, all IPOs on US exchanges raised $41.9bn in 2011, down from $44.5bn in 2010.
Share prices of US-listed Chinese companies tumbled last year amid concerns that China’s growth could slow and allegations of accounting fraud at some Chinese companies listed overseas. Sino-Forest, for example, was suspended by Canadian regulators after being accused by short seller Muddy Waters of accounting fraud, which it denied. The USX China Index, which tracks US-listed companies that derive most of their revenue from China, fell 27 per cent in 2011.
For some management teams and private equity groups, the falls created opportunities to buy out companies with an eye to eventually relisting them, potentially in Hong Kong or the mainland where Chinese groups typically command higher valuations than in the
“The chairman or founders of these companies saw their listed vehicles falling 70-80 per cent in value [in the
One of the most high-profile deals was the $
The buy-outs come on top of a handful of delistings by Chinese companies forced off US exchanges for regulatory violations, such as failing to file financial reports.
The pace of dealmaking could slow. Sharp fourth-quarter falls on Chinese exchanges showed that relisting in Asia at a higher valuation may not be a given, said Mark Tobin, Roth’s codirector of research.
Abax Global Capital, chairman lower MBO offer for Fushi Copperweld
Author: Tim Burroughs
Asian Venture Capital Journal | 23 Nov 2011 | 13:19
Abax Global Capital and the chairman of Fushi Copperweld have lowered their buyout offer for the Chinese company. They are proposing to pay $9.25 per share, down from $11.50 announced in November of last year, which values the deal at about $353.4 million.
Fushi Copperweld CEO and Abax Global Capital offer $434 million to take company private
Nov 3, 2010 9:57 AM from Seeking Alpha
Copper-clad bimetallic conductor products manufacturer Fushi Copperweld (NASDAQ:FSIN) looks set to go private after the company’s CEO and Chairman and Abax Global Capital announced an offer to acquire the company for US$11.50 per share in cash. Shares in the company closed yesterday at US$9.10 per share. The offer values Fushi Copperweld at approximately US$434 million.
Mr. Li Fu, CEO and Chairman, Abax Global Capital and their affiliates already control 29.2% of the company’s stock, and plan to create a new acquisition vehicle that will fund the acquisition of Fushi Copperweld through a combination of debt and equity capital.
The Nasdaq listed, China
Yesterday the company posted a 40% rise in its third quarter profits, helped by strong copper prices and a rise in sales volumes from its US facility.
For the third quarter, net income was $12.9 million, or $0.34 per diluted share, compared with profits of $9.2 million, or $0.31 per diluted share, in the prior year quarter. These results include expenses of $176,000, as well as net interest income of $154,274.
Adjusted for one-time items, net income was 13 million in the period, or $0.34 per diluted share, up from $7.6 million, or $0.26 per diluted share, in the third quarter of 2009.
Revenues increased 39.5% to $66.5 million, reflecting organic growth on account of copper prices, as well as a 32% increase in sales volumes from the company's US facility, which offset a slight decline in sales volumes within China.
By quarter-end, the company's cash position stood at $117.9 million. Long-term debt totaled $5.9 million, compared to $32.7 million at December 31, 2009.
The company expects adjusted fully diluted earnings per share to be between $0.29 and $0.31 for the fourth quarter, and between $1.25 and $1.29 for the full-year.
Abax Global Capital Launched a Mainland Chinese Fund
Abax Global Capital launched a private equity fund in mainland China, Bloomberg News reported.
The Hong Kong hedge fund manager is backed by Morgan Stanley and plans to start the fund in order to invest in companies making environmentally friendly products.
The fund raised about $73 million from Chinese investors, Donald Yang, Abax’s Hong Kong-based president, told Bloomberg News. The fund is sponsored by a large Chinese financial institution.
Abax Global Capital plans to launch a Real-Estate Fund
Abax Global Capital, a manager of $900 million of hedge and private equity funds, plans to start a fund for investments in Chinese real-estate projects in partnership with former Beijing-based Merrill Lynch & Co. real-estate fund investment professionals led by Greg Peng, Yang said. It will raise yuan capital from Chinese investors and will target returns of 25 percent to 35 percent from the investments, Yang said.
Chinese investors have committed about 1 billion yuan ($159million) to the fund, which is going through business registration and may hold its first close by the second quarter, Yang said.
fixed-income, structured loans and private equity types of investments, Yang said.
Low valuation of small Chinese companies listed in the US -（by Abax global capital）
Valuations of smaller Chinese manufacturing companies traded in the U.S. plummeted after the global financial crisis. The market value of U.S.-listed Chinese companies has tumbled since November 2010 amid allegations of financial fraud by short sellers such as Muddy Waters Research.
The USX China Index, which tracks the performance of U.S.-listed companies that derive most of their revenue from China, has declined 18 percent in the last 12 months. Shares of Sino-Forest Corp., facing allegations from Muddy Waters it had exaggerated its timber assets and operated a Ponzi scheme, have lost 94 percent since the end of2010 in U.S. over-the-countertrading.
U.S. regulatory investigations since 2010 into accounting practices of Chinese companies that gained listing on American exchanges through reverse mergers also damped share prices.
Going Private
In some of the fund's investments in the privatization of U.S.-listed Chinese companies, such as Harbin Electric, Abax global capital turned its public equity holdings into private equity investments, said Yang.
Abax global capital has held talks with Chinese private investors about the dedicated fund to invest in U.S.-listed Chinese companies being taken private, said Yang. Investors in the fund, which will be available to international investors and Chinese citizens with offshore accounts, will commit their money for at least five years, he added.
The planned fund will surpass a $50 million managed account set up last year for a small group of investors, which makes similar investments together with the Abax global capital special situations fund, said Yang.
Abax global capital 's other investments in U.S.-listed Chinese companies being taken private include Fushi Copperweld Inc.
Taking Private
Seventeen deals to take U.S.-Chinese companies private have been announced since 2009, and seven have been completed so far, according to data compiled by Bloomberg.
The shortage of bank financing amid the European debt crisis has made it difficult to arrange such deals, because the investors will have to negotiate a lower price to achieve the same expected returns without leverage, said Yang.
Private equity investors trying to strike deals without leverage may also find it hard to negotiate with chief executive
officers, who are typically majority stakeholders, Yang said. The size of the investments required to complete a privatization would probably dilute the CEO's holdings and result in the outside buyers taking majority stakes in the companies.
The USX China Index, which tracks the performance of U.S.-listed companies that derive most of their revenue from China, has declined 18 percent in the last 12 months. Shares of Sino-Forest Corp., facing allegations from Muddy Waters it had exaggerated its timber assets and operated a Ponzi scheme, have lost 94 percent since the end of
U.S. regulatory investigations since 2010 into accounting practices of Chinese companies that gained listing on American exchanges through reverse mergers also damped share prices.
Going Private
In some of the fund's investments in the privatization of U.S.-listed Chinese companies, such as Harbin Electric, Abax global capital turned its public equity holdings into private equity investments, said Yang.
Abax global capital has held talks with Chinese private investors about the dedicated fund to invest in U.S.-listed Chinese companies being taken private, said Yang. Investors in the fund, which will be available to international investors and Chinese citizens with offshore accounts, will commit their money for at least five years, he added.
The planned fund will surpass a $50 million managed account set up last year for a small group of investors, which makes similar investments together with the Abax global capital special situations fund, said Yang.
Abax global capital 's other investments in U.S.-listed Chinese companies being taken private include Fushi Copperweld Inc.
Taking Private
Seventeen deals to take U.S.-Chinese companies private have been announced since 2009, and seven have been completed so far, according to data compiled by Bloomberg.
The shortage of bank financing amid the European debt crisis has made it difficult to arrange such deals, because the investors will have to negotiate a lower price to achieve the same expected returns without leverage, said Yang.
Private equity investors trying to strike deals without leverage may also find it hard to negotiate with chief executive
officers, who are typically majority stakeholders, Yang said. The size of the investments required to complete a privatization would probably dilute the CEO's holdings and result in the outside buyers taking majority stakes in the companies.
Abax Global Capital obtained 28% Gain in 2011 and plans to continue to pursue privatization and buyout deals
Abax Global Capital, a manager of $900 million of hedge and private equity funds, plans to start a fund this year to invest in U.S.-listed Chinese companies that will be taken private. Abax Global Capital special situations fund return 28 percent last year while the HFRI Fund-Weighted Composite Index declined 5 percent last year.
.
Abax Global Capital is seeking $300 million initially for the fund, which it may start in the first half, Donald Yang, its Hong Kong-based managing partner, said in an interview yesterday.
.
Abax Global Capital is seeking $300 million initially for the fund, which it may start in the first half, Donald Yang, its Hong Kong-based managing partner, said in an interview yesterday.
Managers like Abax global capital are planning funds with multi-year restrictions on redemptions to enable longer-term investments. Swings in frequently traded assets and the high correlation between different markets led to hedge funds' second-worst annual performance last year since at least 1990, according to data tracked by Chicago-based Hedge Fund Research Inc.
"It's very hard for a pure public strategy in this market," said Yang. "From a risk-reward point of view, it's going to be a very challenging market for equities, probably more downside than upside. Credits are the same story."
TheAbax Global Capital special situations fund bets on companies in Asia, especially in China, whose debt and equity prices move as a result of mergers, hostile takeovers, asset sales and large share buybacks.
2012年5月6日星期日
摩根斯坦利投资亚洲对冲基金Abax global capital
http://www.sina.com.cn 2007年03月19日 03:55 中国证券网-上海证券报
摩根斯坦利表示将购买Abax Global Capital Ltd的一部分股份。Abax global capital是一家投资于亚洲的新兴对冲基金，由Citadel 投资公司的前管理人士设立。摩根斯坦利表示，它的投资管理团队将在Abax global capital基金中，占据显著的所有者监控职位。
Abax global capital的创始人包括Chris Hsu ，Citadel对冲基金的前常务董事。他将负责对中国大陆、台湾与香港等地的投资。
Abax global capital将专注于所谓“特殊情境”投资，设定公司的债务与股本将随着兼并，恶意收购，资产拆分或buyout而产生变化。根据Eurekahedge数据，投资亚洲的对冲基金去年产生了16.1%的资产回报率，北美市场的回报率是11.5%，欧洲是11.35%。（阿焰）
摩根斯坦利表示将购买Abax Global Capital Ltd的一部分股份。Abax global capital是一家投资于亚洲的新兴对冲基金，由Citadel 投资公司的前管理人士设立。摩根斯坦利表示，它的投资管理团队将在Abax global capital基金中，占据显著的所有者监控职位。
Abax global capital的创始人包括
Abax global capital将专注于所谓“特殊情境”投资，设定公司的债务与股本将随着兼并，恶意收购，资产拆分或buyout而产生变化。根据Eurekahedge数据，投资亚洲的对冲基金去年产生了16.1%的资产回报率，北美市场的回报率是11.5%，欧洲是11.35%。（阿焰）
Morgan Stanley Investment Management Reaches Agreement to Acquire Stake in Abax Global Capital Limited
2007-03-12
Newly Formed Firm Will Invest in Asian Special Situations with Focus on GreaterChina
HONG KONG, March 12, 2007 Morgan Stanley (NYSE: MS) announced today that its Investment Management division (MSIM) has reached an agreement to take a significant minority ownership position in Abax Global Capital Limited (Abax global capital), a new hedge fund advisor being formed to invest in special situations in Asia. The transaction adds Abax global capital to the stable of best-inclass independent investment managers with whom MSIM collaborates, including Avenue Capital, Lansdowne Partners and Traxis Partners.
Abax global capital, to be headquartered in Hong Kong, will invest in private and public-sector issuers in Asia, with a primary focus on Greater China, including mainlandChina , Taiwan and Hong Kong . The firm is being founded by Chris Hsu , a former managing director at Citadel Group, with responsibility for that firm multi-billion dollar Special Situations Asia Group; Donald Yang , formerly managing director and head of Hong Kong and Greater China debt capital markets at Merrill Lynch; and Frank Qian , formerly a trader and risk manager in Asia, Europe and the U.S. at Citadel Group.
Hans Schuettler, Chief Executive Officer, Morgan Stanley Asia, said, the Asian capital markets provide exciting opportunities for growth that we are well positioned to realize given our Firm deep roots and strong platform in the region. As part of the strategy to grow our asset management business in Asia, with a specific focus onChina
Stu Bohart, Head of Alternative Investments at MSIM, said, the continue to expand the breadth and depth of our investment offerings to accommodate clients desire for innovation and high performance across a broad range of traditional and alternative asset categories. Abax global capital team, led byChris Hsu , Donald Yang and Frank Qian , is highly regarded and has an outstanding track record in Asian capital markets. With its unique, integrated investment platform and its extraordinary level of talent, Abax global capital will be another significant enhancement to our alternative product offering.
Chris Hsu , Chief Executive Officer and Managing Partner of Abax global capital said, they are very pleased to be entering a strategic partnership with Morgan Stanley Investment Management. The firm support will be highly beneficial as we work together to identify the most promising investment opportunities presented by the rapid growth of Asian capital markets. We believe that combining forces in this way will provide a platform for meaningful collaboration between the companies.
In recent months, MSIM has expanded its alternative investment capability through a series of new products, partnerships and investments. In addition to launching 24 new alternative investment products in fiscal 2006, the Firm acquired FrontPoint Partners, a multi-strategy hedge fund business that focuses on providing alpha producing solutions to institutional clients.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 400 investment professionals around the world and $478 billion in assets under management or supervision as of November 30, 2006. These entities offer investment management services to a diverse client base, which includes governments, institutions, corporations and individuals.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's 2 employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Newly Formed Firm Will Invest in Asian Special Situations with Focus on Greater
HONG KONG, March 12, 2007 Morgan Stanley (NYSE: MS) announced today that its Investment Management division (MSIM) has reached an agreement to take a significant minority ownership position in Abax Global Capital Limited (Abax global capital), a new hedge fund advisor being formed to invest in special situations in Asia. The transaction adds Abax global capital to the stable of best-inclass independent investment managers with whom MSIM collaborates, including Avenue Capital, Lansdowne Partners and Traxis Partners.
Abax global capital, to be headquartered in Hong Kong, will invest in private and public-sector issuers in Asia, with a primary focus on Greater China, including mainland
Hans Schuettler, Chief Executive Officer, Morgan Stanley Asia, said, the Asian capital markets provide exciting opportunities for growth that we are well positioned to realize given our Firm deep roots and strong platform in the region. As part of the strategy to grow our asset management business in Asia, with a specific focus on
Stu Bohart, Head of Alternative Investments at MSIM, said, the continue to expand the breadth and depth of our investment offerings to accommodate clients desire for innovation and high performance across a broad range of traditional and alternative asset categories. Abax global capital team, led by
In recent months, MSIM has expanded its alternative investment capability through a series of new products, partnerships and investments. In addition to launching 24 new alternative investment products in fiscal 2006, the Firm acquired FrontPoint Partners, a multi-strategy hedge fund business that focuses on providing alpha producing solutions to institutional clients.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 400 investment professionals around the world and $478 billion in assets under management or supervision as of November 30, 2006. These entities offer investment management services to a diverse client base, which includes governments, institutions, corporations and individuals.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's 2 employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 30 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
杨向东：“私募债”拓荒者
2009-08-20
对于急需资金的中小企业主来说，很新、很前沿的“私募债”要比令他们又爱又恨的PE可爱可亲许多
文 | 本刊记者 潘虹秀
与杨向东的见面是在北京金融街威斯汀大酒店的大堂里。这是个很多金融人士出没的酒店。那是2008年愚人节的前一天，阳光很好。“杨向东”这三个字，只要百度一下，就可以发现有个比较活跃的“杨向东”，有着高盛和凯雷的履历。眼前的杨向东呵呵笑道，那个“杨向东”不是他，自己没那么厉害。凯雷的“杨向东”，做的是私募股权和并购交易，曾在业界掀起轩然大波的收购徐工案，就是他操盘的。作为本文主角的杨向东，曾是美林亚太区债券市场的主管，相比那个轰轰烈烈的杨向东，有些默默无闻，但亦有过人之处。与很多张扬出精明以及优越感的VC/PE群体相比，杨的个性很温和。杨自称他的工作就是帮助中小企业打开融资渠道。从去年7月成立迄今的9个月内，由他担任总裁的盘实基金已向国内20个中小企业投了钱。这些笔钱数额也不小，从两千万美元到四五千万美元不等。与人们已熟知的VC/PE不同，杨投的钱，获得的不是股权，而是债权，或者债权加股权。对于习惯了到处寻找VC/PE股权投资的中小企业主来说，这显然是一个极富魅力的融资新方式。
很新，很前沿
盘实基金（Abax Global Capital）自认为是新型对冲基金，专注于结构性交易和私下交易。投资的形式主要是“私募债权+股权”。从PE的角度，这正是夹层基金（债权+股权的一种投资形式）的范畴，不过PE主要是投资于未上市公司，而盘实基金目前投资的对象多为公众公司。无论是对冲基金还是夹层基金，都是金融的一种创新。不过，这些来自西方的名词在中国依然很新鲜。
邓天洲是杨“私募债”投资的受益者之一。邓是中能集团有限公司（以下简称中能）的董事长。他告诉《中国企业家》，2007年7月，他意外地接到了自称叫杨向东的人的电话，说想跟他见见面，谈谈投资的事情。彼时，邓从没听说这个人。不过当时中能的确很缺资金，也在考虑融资的事情。于是答应见面了。总共见了3次面，合作很快就敲定了。这年9月份，盘实基金的3000万美元就到账了。中能的主要业务是天然气加气站的经营和天然气机械设备的生产、销售。在盘实投资前，中能在几大城市共有十个天然气加气站；投资后，中能的天然气加气站在建网点目前已增加到40个。
让邓迅速决定接受投资的原因，除了认为杨比外国基金更了解国情外，主因乃是这笔钱的性质。这笔3000万美元的资金由1600万美元的纯债和1400万美元的可转债组成。“当时主动找我们的基金有三四家，包括美国老牌的对冲基金。”邓说道。相比之下，盘实基金只是一个刚成立的基金，默默无闻。不过那些基金投资的目的是要获得中能的股票，这种股权融资让邓有些后怕。在接触盘实之前，中能已做过几次股权融资。2006年6月，在一家名为巴隆的北美基金的帮助下，中能通过借壳上了美国OTCBB（场外柜台交易）板。上市的第二天，巴隆购买了中能370万美元的股票。次年的2月和4月，巴隆又分两次，每次各投资600万美元购买了中能的股票。中能股票价格很低，上市时只有65美分，在这种低价股权融资中，中能的股权稀释了55%。盘实基金进来之前，巴隆手中的股票已转给多家基金，还有更多基金对中能很感兴趣。不过邓和管理团队已不想再稀释公司的股权了。见到杨向东后，邓提出了1600万美元的纯债+1400万美元的可转债的融资方案。杨很快就接受了邓的方案。双方经过谈判后，纯债的利息是12%，可转债的利息是3%。邓对这个结果非常满意。他解释道，人民币对美元在不断升值，12%的美元利息并不算高。可转债的概念是一种期权，即盘实的1400万美元可以在约定时间段内以约定的价格转换为中能的股票，这种转换价格要比现行的股价更高。目前中能已申请转板纳斯达克，邓对中能股价的提升充满着期待。美国一家名为Clean Energy的公司，业务与中能类似，已在纳斯达克IPO，去年5月的市值是6亿美元，市盈率600多倍。邓说道：“他们的盈利只有我们的十分之一，但我们的市盈率却不超过20倍。”
杨向东同样也期待着中能转板后创造类似Clean Energy的神话。这也正是盘实这笔可转债投资的动机之一。在威斯汀酒店的大堂里，他用圆珠笔在威斯汀酒店提供的信封上画了个曲线图，解释着“债权＋股权”这种投资的妙处。杨在信封上比划说：“熊市时，股价下跌，别人亏，我们不亏，因为有利息收益；牛市时，股价上扬，我们还可分享上涨的收益。”而对于融资方来说，选择这种组合要比完全的股权融资更有优势。一来现有股东股权稀释比较少，且不会立刻被摊薄；二来，融资成本更低。
被忽略的市场需求
杨向东1966年出生在哈尔滨，19岁那年被保送到南开大学国际经济系，26岁留学美国缅因大学，获得经济学硕士学位，在念了沃顿商学院的MBA后，曾在美国纽约从事债券市场工作。不过，杨的这种投资策略并不是来自他的经济学的理论修养，也不来自美国资本市场的投资模式拷贝，而是来自于对中国市场需求的发现。
这一切还得从沿海绿色家园有限公司（以下简称沿海）这个投资案例说起。该案例奠定了盘实基金如今“私募债权+股权”投资结构的雏形。2005年底、2006年初，时在美林做债券交易的杨向东得知沿海急需融资，前去了解情况。沿海是家在香港上市的内地房地产公司，当时的市值只有2亿多美元（现在是近33亿港币），利润为两三千万美元，这种现金流只能支撑几千万美元的债务融资。当杨向自己的老板汇报情况时，该老板认为几千万美元的债券太少了。按惯例，债券发行一般都得在两三亿美元以上，承销的投行则从中收取约1.5%的佣金。如果债券金额太少，投行一般都不做。杨介绍道，债券公募发行，投行需要做很多工作，诸如请债券评级公司评级，请律师写长达200页的发债说明书，安排路演等等，整个过程走下来，至少需要三四个人花三四个月时间来完成。此外，债券发行少于2亿美元，市场流动性比较差，也基本没有投资者愿意购买。不过杨没有放弃这个项目。他在思索如何为年利润两三千万美元的公司做融资。
后来，杨提出了私募债券的方案。按该方案，债券无需评级，无需律师出具发债说明书，投行则从中收取4%-5%的佣金，整个项目做下来只需投入一到两个人，历时一至两个月就可完成。该方案解除了投行的盈利之忧，不过却存在信誉风险，万一项目出了问题，沿海到期不能向投资者还本付息，那么美林在业界的信誉就会受影响。最终，对该项目进行了严格的评估后，美林内部通过了该方案。不过在为沿海寻找投资者时，杨四处碰壁。很多做投资债券的基金都表示无评级的债券不买。当时许中一刚从美国来到香港，其所在的Citadel基金是美国十大对冲基金之一。抱着试试看的心态，杨找到了许，许很痛快地认购了一部分，美林一投资部门也购买了一些。不过许透露道，这种纯固定收益对Citadel这个大型对冲基金来说意义不大，他更想借此与沿海建立联系，做一些可转债。最终，杨为沿海做了几次融资，共计有2000万美元的纯债和4000万美元的可转债。从此，杨又陆续做了很多类似的项目。2006年8月30日，杨为哈尔滨泰富做了5000万美元的债务融资。此后，杨又帮铜线生产商傅氏国际做了6000万美元的可转债融资。在这类项目的融资中，杨几乎每次都找Citadel合作。这一方面是因为做私募债券的投资基金并不好找，另一方面也是因为许中一的个性，“做事很有主动性，很能讲，很有亲和力。”作为交易的中间人，杨平衡了两方的需求，企业的债务融资需求和投资方的可转债投资需求。《华尔街日报》曾将Citadel介入可转债领域称之是对冲基金在中国投资的新门道：“不要在证券交易所买股票”。
对那些快进快出做短线的股票投资的对冲基金来说，做可转债投资是投资股票渠道的一种创新。不过在杨向东看来，这更是债权市场的一种演变，从大国企向民营的中小企业拓展。2000年，杨加入美林，在其香港办公室工作，直到去年2月辞职。在这7年中，杨深度介入了中国的海外债券发行市场，并目睹和参与了其中的市场变革。
中国能在海外发债的基本只有两类，一类是财政部、国家进出口银行、国家开发银行、铁道部这些跟国家紧密联系的机构或者国家支持的项目，诸如早年的葛洲坝工程。还有一类就是红筹（泛指海外注册）的大国企，比如中海油、中移动等。这些债券的评级往往很高，一般有AAA。这些高信用等级的债券也被称为投资级的债券，很多投资人都愿意买。但中国一年的海外债券发行总量大约只是美国三四天的发行量。这样稀缺的债券发行，通常还有好多家国际大投行共同承销，有时一个单子下来，一家投行只能分到0.2%的佣金。“这根本不是融资的概念。”杨点评道。
2004年，市场发生了转折。是年9月，一家名为百江燃气（现为港华燃气）的香港上市公司，发行了2亿美元的7年期债。当时百江燃气的评级为BB，属于非投资级债券（按标普评级BBB-以下的为非投资级），也被称为垃圾债券或高收益债券。这标志了国际大投行在中国不再只是盯着大国企，开拓了高收益债券市场。这次债券由美林牵头承销。此后，德意志银行、摩根士丹利、高盛等投行纷纷跟进，中国的高收益债券市场一下红火起来。
杨向东在这个市场走得更远，从公募的高收益债券走向更小企业的私募债券。这也是受妻子的启发。杨妻早年也在美林工作过，后来加盟了深圳一家名叫“科通”的民营企业，担任首席财务官。这家公司早年通过借壳上了美国的OTCBB板，杨的妻子来到这家公司后，两三年内，公司升级到纳斯达克主板，股票也从当初的3美元攀升到17美元左右，最高时达到21美元。这家做电讯设备模块设计和制造的公司后来还成了微软的合作伙伴。一些大基金也购买了该公司的股票。
杨发现那些被国际大投行们冷落的中小企业，尤其是在OTCBB上市的企业，有不少是行业的佼佼者，管理能力也不错，市场增长空间也很大。这类企业对资本的需求量也很大。由于OTCBB股价的低廉（通常是数美元乃至几十美分），这类企业股权再融资的代价很高，而债务融资很难实现，国内银行不可能给其贷款，想在国内市场公开发债，也往往不够资格。杨向东无疑是为这类企业打开了融资的一个窗口。前文所述的哈尔滨泰富也曾是一家OTCBB企业（现转板纳斯达克），其董事长杨天夫在电话中向记者说道：“当美林找到我们时，他们是头一次做我们这么小的公司，我周围的朋友都不相信美林这种大投行会看上我们这种企业。”
从中间商到投资人
盘实基金的创立起源于一次聚会。2006年5月的一天，杨向东夫妇、许中一三个人在哈尔滨一起吃饭聊天。三人都觉得这个市场（针对中小企业的债权+股权投资）很新，很前沿。杨妻问道：“你们俩为什么不自己搞一个基金？”当时许年仅25岁，是Citadel最年轻的董事总经理。几经酝酿，这年11月，许离开了Citadel，专心谋划基金成立的事。2007年2月，杨离开了美林，与许一起创业。同时，许的前同事、原Citadel的高级风险经理钱峰（Frank Qian ） 也加入进来。
“在食物链条中，越是上游回报越高，投行只是中间商，收取固定的费用，基金的回报要高很多。”杨说。在沿海的案例中，美林从中获得4%的回报，已算很高。Citadel在投资沿海两三个月后，转手就取得了64%的回报。
2007年7月，盘实基金正式成立。至今为止，已募集了5亿美元，还陆续有新的基金进入。摩根士丹利为盘实基金的大股东，占有小股东权益。目前四人管理团队中，除了上述三人外，新加坡人杨明章担任首席投资官。许是CEO，杨是总裁。
对杨来说，新的工作也有新的挑战。过去做公募的债券发行，对象往往是大公司，企业的信誉评级有专业的评级公司去做。而现在，他需要面对更多的中小企业，没有评级机构来把关，需要像PE一样有眼光，判断市场，判断企业的增长空间，判断企业的管理团队等等。有意思的是，1993年，时年27岁的杨在波士顿一家风险投资基金工作过一年，曾来哈尔滨考察过很多项目。中能董事长邓天洲认为杨“眼光敏锐、效率高、（投资）方式灵活”。
目前盘实已投资的行业有天然气、城市燃气、经济型连锁酒店、房地产、制造业、造纸业、水处理等。不过与VC/PE不同的是，盘实会同时投资同一行业的多家同类公司。比如在投资完中能国际后，盘实又紧接着投资了同属于天然气加油和汽车气化改造市场的西安西蓝天然气股份有限公司。杨自称比较喜欢该行业，认为其带有公用事业性质，又属于环保类的石油替代品。而盘实目前所聚焦的公司是红筹公司，包括上市公司和拟上市公司。他解释道，这类公司的债务融资无需发改委审批。盘实的投资形式基本上都是“无担保长期债+可转债”，以私募为主。对企业投资后，盘实一般都会要求其选择大的会计师事务所、大的律师事务所等，对OTCBB公司则要限期转板纳斯达克。同时，盘实也会在资本、公司运营等方面尽力帮助企业。对于这个年轻的团队来说，从事这样一个“前沿”的工作，也存在风险。
在多次接受电话采访后，杨向东期望着越来越多的人加入到“债权+股权”的投资中来，只专注于“债权+股权”的基金还不多。
对于急需资金的中小企业主来说，很新、很前沿的“私募债”要比令他们又爱又恨的PE可爱可亲许多
文 | 本刊记者 潘虹秀
与杨向东的见面是在北京金融街威斯汀大酒店的大堂里。这是个很多金融人士出没的酒店。那是2008年愚人节的前一天，阳光很好。“杨向东”这三个字，只要百度一下，就可以发现有个比较活跃的“杨向东”，有着高盛和凯雷的履历。眼前的杨向东呵呵笑道，那个“杨向东”不是他，自己没那么厉害。凯雷的“杨向东”，做的是私募股权和并购交易，曾在业界掀起轩然大波的收购徐工案，就是他操盘的。作为本文主角的杨向东，曾是美林亚太区债券市场的主管，相比那个轰轰烈烈的杨向东，有些默默无闻，但亦有过人之处。与很多张扬出精明以及优越感的VC/PE群体相比，杨的个性很温和。杨自称他的工作就是帮助中小企业打开融资渠道。从去年7月成立迄今的9个月内，由他担任总裁的盘实基金已向国内20个中小企业投了钱。这些笔钱数额也不小，从两千万美元到四五千万美元不等。与人们已熟知的VC/PE不同，杨投的钱，获得的不是股权，而是债权，或者债权加股权。对于习惯了到处寻找VC/PE股权投资的中小企业主来说，这显然是一个极富魅力的融资新方式。
很新，很前沿
盘实基金（Abax Global Capital）自认为是新型对冲基金，专注于结构性交易和私下交易。投资的形式主要是“私募债权+股权”。从PE的角度，这正是夹层基金（债权+股权的一种投资形式）的范畴，不过PE主要是投资于未上市公司，而盘实基金目前投资的对象多为公众公司。无论是对冲基金还是夹层基金，都是金融的一种创新。不过，这些来自西方的名词在中国依然很新鲜。
邓天洲是杨“私募债”投资的受益者之一。邓是中能集团有限公司（以下简称中能）的董事长。他告诉《中国企业家》，2007年7月，他意外地接到了自称叫杨向东的人的电话，说想跟他见见面，谈谈投资的事情。彼时，邓从没听说这个人。不过当时中能的确很缺资金，也在考虑融资的事情。于是答应见面了。总共见了3次面，合作很快就敲定了。这年9月份，盘实基金的3000万美元就到账了。中能的主要业务是天然气加气站的经营和天然气机械设备的生产、销售。在盘实投资前，中能在几大城市共有十个天然气加气站；投资后，中能的天然气加气站在建网点目前已增加到40个。
让邓迅速决定接受投资的原因，除了认为杨比外国基金更了解国情外，主因乃是这笔钱的性质。这笔3000万美元的资金由1600万美元的纯债和1400万美元的可转债组成。“当时主动找我们的基金有三四家，包括美国老牌的对冲基金。”邓说道。相比之下，盘实基金只是一个刚成立的基金，默默无闻。不过那些基金投资的目的是要获得中能的股票，这种股权融资让邓有些后怕。在接触盘实之前，中能已做过几次股权融资。2006年6月，在一家名为巴隆的北美基金的帮助下，中能通过借壳上了美国OTCBB（场外柜台交易）板。上市的第二天，巴隆购买了中能370万美元的股票。次年的2月和4月，巴隆又分两次，每次各投资600万美元购买了中能的股票。中能股票价格很低，上市时只有65美分，在这种低价股权融资中，中能的股权稀释了55%。盘实基金进来之前，巴隆手中的股票已转给多家基金，还有更多基金对中能很感兴趣。不过邓和管理团队已不想再稀释公司的股权了。见到杨向东后，邓提出了1600万美元的纯债+1400万美元的可转债的融资方案。杨很快就接受了邓的方案。双方经过谈判后，纯债的利息是12%，可转债的利息是3%。邓对这个结果非常满意。他解释道，人民币对美元在不断升值，12%的美元利息并不算高。可转债的概念是一种期权，即盘实的1400万美元可以在约定时间段内以约定的价格转换为中能的股票，这种转换价格要比现行的股价更高。目前中能已申请转板纳斯达克，邓对中能股价的提升充满着期待。美国一家名为Clean Energy的公司，业务与中能类似，已在纳斯达克IPO，去年5月的市值是6亿美元，市盈率600多倍。邓说道：“他们的盈利只有我们的十分之一，但我们的市盈率却不超过20倍。”
杨向东同样也期待着中能转板后创造类似Clean Energy的神话。这也正是盘实这笔可转债投资的动机之一。在威斯汀酒店的大堂里，他用圆珠笔在威斯汀酒店提供的信封上画了个曲线图，解释着“债权＋股权”这种投资的妙处。杨在信封上比划说：“熊市时，股价下跌，别人亏，我们不亏，因为有利息收益；牛市时，股价上扬，我们还可分享上涨的收益。”而对于融资方来说，选择这种组合要比完全的股权融资更有优势。一来现有股东股权稀释比较少，且不会立刻被摊薄；二来，融资成本更低。
被忽略的市场需求
杨向东1966年出生在哈尔滨，19岁那年被保送到南开大学国际经济系，26岁留学美国缅因大学，获得经济学硕士学位，在念了沃顿商学院的MBA后，曾在美国纽约从事债券市场工作。不过，杨的这种投资策略并不是来自他的经济学的理论修养，也不来自美国资本市场的投资模式拷贝，而是来自于对中国市场需求的发现。
这一切还得从沿海绿色家园有限公司（以下简称沿海）这个投资案例说起。该案例奠定了盘实基金如今“私募债权+股权”投资结构的雏形。2005年底、2006年初，时在美林做债券交易的杨向东得知沿海急需融资，前去了解情况。沿海是家在香港上市的内地房地产公司，当时的市值只有2亿多美元（现在是近33亿港币），利润为两三千万美元，这种现金流只能支撑几千万美元的债务融资。当杨向自己的老板汇报情况时，该老板认为几千万美元的债券太少了。按惯例，债券发行一般都得在两三亿美元以上，承销的投行则从中收取约1.5%的佣金。如果债券金额太少，投行一般都不做。杨介绍道，债券公募发行，投行需要做很多工作，诸如请债券评级公司评级，请律师写长达200页的发债说明书，安排路演等等，整个过程走下来，至少需要三四个人花三四个月时间来完成。此外，债券发行少于2亿美元，市场流动性比较差，也基本没有投资者愿意购买。不过杨没有放弃这个项目。他在思索如何为年利润两三千万美元的公司做融资。
后来，杨提出了私募债券的方案。按该方案，债券无需评级，无需律师出具发债说明书，投行则从中收取4%-5%的佣金，整个项目做下来只需投入一到两个人，历时一至两个月就可完成。该方案解除了投行的盈利之忧，不过却存在信誉风险，万一项目出了问题，沿海到期不能向投资者还本付息，那么美林在业界的信誉就会受影响。最终，对该项目进行了严格的评估后，美林内部通过了该方案。不过在为沿海寻找投资者时，杨四处碰壁。很多做投资债券的基金都表示无评级的债券不买。当时许中一刚从美国来到香港，其所在的Citadel基金是美国十大对冲基金之一。抱着试试看的心态，杨找到了许，许很痛快地认购了一部分，美林一投资部门也购买了一些。不过许透露道，这种纯固定收益对Citadel这个大型对冲基金来说意义不大，他更想借此与沿海建立联系，做一些可转债。最终，杨为沿海做了几次融资，共计有2000万美元的纯债和4000万美元的可转债。从此，杨又陆续做了很多类似的项目。2006年8月30日，杨为哈尔滨泰富做了5000万美元的债务融资。此后，杨又帮铜线生产商傅氏国际做了6000万美元的可转债融资。在这类项目的融资中，杨几乎每次都找Citadel合作。这一方面是因为做私募债券的投资基金并不好找，另一方面也是因为许中一的个性，“做事很有主动性，很能讲，很有亲和力。”作为交易的中间人，杨平衡了两方的需求，企业的债务融资需求和投资方的可转债投资需求。《华尔街日报》曾将Citadel介入可转债领域称之是对冲基金在中国投资的新门道：“不要在证券交易所买股票”。
对那些快进快出做短线的股票投资的对冲基金来说，做可转债投资是投资股票渠道的一种创新。不过在杨向东看来，这更是债权市场的一种演变，从大国企向民营的中小企业拓展。2000年，杨加入美林，在其香港办公室工作，直到去年2月辞职。在这7年中，杨深度介入了中国的海外债券发行市场，并目睹和参与了其中的市场变革。
中国能在海外发债的基本只有两类，一类是财政部、国家进出口银行、国家开发银行、铁道部这些跟国家紧密联系的机构或者国家支持的项目，诸如早年的葛洲坝工程。还有一类就是红筹（泛指海外注册）的大国企，比如中海油、中移动等。这些债券的评级往往很高，一般有AAA。这些高信用等级的债券也被称为投资级的债券，很多投资人都愿意买。但中国一年的海外债券发行总量大约只是美国三四天的发行量。这样稀缺的债券发行，通常还有好多家国际大投行共同承销，有时一个单子下来，一家投行只能分到0.2%的佣金。“这根本不是融资的概念。”杨点评道。
2004年，市场发生了转折。是年9月，一家名为百江燃气（现为港华燃气）的香港上市公司，发行了2亿美元的7年期债。当时百江燃气的评级为BB，属于非投资级债券（按标普评级BBB-以下的为非投资级），也被称为垃圾债券或高收益债券。这标志了国际大投行在中国不再只是盯着大国企，开拓了高收益债券市场。这次债券由美林牵头承销。此后，德意志银行、摩根士丹利、高盛等投行纷纷跟进，中国的高收益债券市场一下红火起来。
杨向东在这个市场走得更远，从公募的高收益债券走向更小企业的私募债券。这也是受妻子的启发。杨妻早年也在美林工作过，后来加盟了深圳一家名叫“科通”的民营企业，担任首席财务官。这家公司早年通过借壳上了美国的OTCBB板，杨的妻子来到这家公司后，两三年内，公司升级到纳斯达克主板，股票也从当初的3美元攀升到17美元左右，最高时达到21美元。这家做电讯设备模块设计和制造的公司后来还成了微软的合作伙伴。一些大基金也购买了该公司的股票。
杨发现那些被国际大投行们冷落的中小企业，尤其是在OTCBB上市的企业，有不少是行业的佼佼者，管理能力也不错，市场增长空间也很大。这类企业对资本的需求量也很大。由于OTCBB股价的低廉（通常是数美元乃至几十美分），这类企业股权再融资的代价很高，而债务融资很难实现，国内银行不可能给其贷款，想在国内市场公开发债，也往往不够资格。杨向东无疑是为这类企业打开了融资的一个窗口。前文所述的哈尔滨泰富也曾是一家OTCBB企业（现转板纳斯达克），其董事长杨天夫在电话中向记者说道：“当美林找到我们时，他们是头一次做我们这么小的公司，我周围的朋友都不相信美林这种大投行会看上我们这种企业。”
从中间商到投资人
盘实基金的创立起源于一次聚会。2006年5月的一天，杨向东夫妇、许中一三个人在哈尔滨一起吃饭聊天。三人都觉得这个市场（针对中小企业的债权+股权投资）很新，很前沿。杨妻问道：“你们俩为什么不自己搞一个基金？”当时许年仅25岁，是Citadel最年轻的董事总经理。几经酝酿，这年11月，许离开了Citadel，专心谋划基金成立的事。2007年2月，杨离开了美林，与许一起创业。同时，许的前同事、原Citadel的高级风险经理钱峰（
“在食物链条中，越是上游回报越高，投行只是中间商，收取固定的费用，基金的回报要高很多。”杨说。在沿海的案例中，美林从中获得4%的回报，已算很高。Citadel在投资沿海两三个月后，转手就取得了64%的回报。
2007年7月，盘实基金正式成立。至今为止，已募集了5亿美元，还陆续有新的基金进入。摩根士丹利为盘实基金的大股东，占有小股东权益。目前四人管理团队中，除了上述三人外，新加坡人杨明章担任首席投资官。许是CEO，杨是总裁。
对杨来说，新的工作也有新的挑战。过去做公募的债券发行，对象往往是大公司，企业的信誉评级有专业的评级公司去做。而现在，他需要面对更多的中小企业，没有评级机构来把关，需要像PE一样有眼光，判断市场，判断企业的增长空间，判断企业的管理团队等等。有意思的是，1993年，时年27岁的杨在波士顿一家风险投资基金工作过一年，曾来哈尔滨考察过很多项目。中能董事长邓天洲认为杨“眼光敏锐、效率高、（投资）方式灵活”。
目前盘实已投资的行业有天然气、城市燃气、经济型连锁酒店、房地产、制造业、造纸业、水处理等。不过与VC/PE不同的是，盘实会同时投资同一行业的多家同类公司。比如在投资完中能国际后，盘实又紧接着投资了同属于天然气加油和汽车气化改造市场的西安西蓝天然气股份有限公司。杨自称比较喜欢该行业，认为其带有公用事业性质，又属于环保类的石油替代品。而盘实目前所聚焦的公司是红筹公司，包括上市公司和拟上市公司。他解释道，这类公司的债务融资无需发改委审批。盘实的投资形式基本上都是“无担保长期债+可转债”，以私募为主。对企业投资后，盘实一般都会要求其选择大的会计师事务所、大的律师事务所等，对OTCBB公司则要限期转板纳斯达克。同时，盘实也会在资本、公司运营等方面尽力帮助企业。对于这个年轻的团队来说，从事这样一个“前沿”的工作，也存在风险。
在多次接受电话采访后，杨向东期望着越来越多的人加入到“债权+股权”的投资中来，只专注于“债权+股权”的基金还不多。
盘实基金(Abax Global Capital)：现在投资债券比投资股票机会更好
“危机”既是“危”，更是“机”。自2008年以来，这场起始于美国的国际金融危机给金融市场造成了巨大的冲击。而在盘实基金（Abax Global Capital）总裁杨向东看来，在反思这场危机的同时，更要积极寻找危机所带来的投资机会。
在这场危机中盘实基金虽然也遭受了损失，但以结构性债券产品投资为主的投资策略却使他们幸存了下来。而今年以来他们又将眼光瞄向了高收益的债券市场， 抓住了这场危机中的机会。盘实基金于2007年在香港成立，有“中国人办的第一家对冲基金”之称，也是摩根士丹利所投资的为数不多的几家基金管理公司之 一。
日前，CBN记者采访了该基金创始人兼总裁杨向东。
亚洲债市动荡更大
CBN：能否简单介绍一下公司的主要投资模式？
杨向东：盘实基金成立伊始的2007年7月，正值上一轮“牛市”的顶峰。基金的投资策略是结合了债权、股权及期权的结构性私募投资，在追求高回报的同 时，强调风险控制及在市场低潮时对投资价值的保值。这种在国际对冲基金被称为“特殊情况”（Special Situation）的投资在当时市场环境下极具吸引力，也是摩根士丹利决定成为基金的初始投资人并在管理公司中占有少数股份的主要原因。今年年初，我们 确信经历了金融危机洗礼的亚洲债券市场极具投资价值，并募集了新的基金，迄今回报率已经达到了近30%。
CBN：国内对海外的债券市场并不太了解，近几年亚洲债券市场的情况是怎样的？
杨向东：亚洲债券市场，其实是指除日本之外的亚洲其他国家发行体发行的外币债券，其交易场所主要是场外市场，是全球性的。 以前亚洲债券市场，韩国、印尼、菲律宾发行的最多。1997年亚洲金融(2.98,0.00,0.00%)危机后，这些国家受打击比较大，发债都减少了。中国以往以财政部、国开行、进出口行等具有国家主权或准主权的发行体发行外币债券较多，大型国企如中海油(12.28,-0.14,-1.13%)、中国移动(77,0.00,0.00%)也在其列。而从2004年以来，中国民企开始利用海外债券市场融资，使亚洲债券市场有了全新的面貌。由于这些民企所获评级都在投资级（BBB-）以下，即所谓的“垃圾债券”，所以收益率大都比较高，也即所谓的“高收益债券”市场。
2005年、2006年，中国民营企业发的高收益债券，大概占了亚洲市场的一半，包括大的房地产商，例如合生创展、绿城、碧桂园(2.6,0.02,0.78%)等都很活跃。当时新发行的公募债券收益率大概只有8%~12%，对于可以把资金转移到国内作为资本金购置土地的房地产商来说，是非常便宜的。
CBN：这场金融危机，海外债券市场尤其是亚洲债券市场受到了怎样的冲击？
杨向东：在危机中，债券市场与股市一样也备受冲击。相比于美国的债券市场，亚洲债券市场在危机中的动荡更大。在去年9月份雷曼倒闭的时候，亚洲投资级 别债券的Spread（利差）最高时曾达到600个基点，这是以前从没有过的；高收益债的利差最高曾达到1400个基点，这只在1997年亚洲金融危机时 看到过。而在2007年高收益债的利差平均大概在200~300个基点，这是比较正常的水平。
当金融危机来的时候，银行和基金都急于抛售高收益债券，这个时候大家都在卖，没有人买，因此收益率很快就起来了。到去年年底和今年年初，个别债券的价 格甚至跌到了面值的10%以下，收益率已经到了不良资产的水平，有的年收益率高达70%~80%，甚至100%多。这说明了一个问题，就是亚洲债券市场的 水很浅，纯粹做债券的基金非常少，尤其是做高收益债券的基金就更少，所以一遇冲击市场很快就垮了。
现在投资债券比股票机会更好
CBN：你们如何看待债券投资与股票投资这两种投资方式？
杨向东：投资债券和投资股票，分析的着重点是不一样的，股票得看公司的盈利能力，而债券主要看现金流。如果公司的现金流很好，即使盈利不理想，债还是 还得上的。因此，相对来说，债券的安全性更高。正常的市场债券的回报率应该比股票的低，但现在的时期很特别。金融危机对股票和债券市场的冲击都很大，但是 从风险和收益的回报来说，债券其实跌得比股票更多，所以说现在投债券比投股票是个更好的机会。
我们做的分析是看公司的基本面，看信用状况怎么样，判断公司的违约率是多少。从标普50年不同评级的平均违约率来看，BB的违约率每年约为3%~5 %，所以在年初的市场条件下通过做一个3~5年的组合，测算出即使有5%的违约率，最后的年平均收益率也会有30%左右。而股票市场长期持有的年平均回报 率只有15%左右。如果这个回报率比股票高很多，我想这肯定是个不错的机会。这是年初的时候我们看到的亚洲地区最有吸引力的投资机会。
这个债券市场的流动性没有股市那么好，所以投资的时候需要有些策略。另外，不能只看收益率不看风险，需要做信用分析。另外我们的操作上也采取了一些避险措施，比如购买CDS，进行风险管理。现在融资成本很低，通过杠杆放大的效果带来的回报也是很可观的。
国内债市缺少避险产品
CBN：目前国内的企业债市场也处于发展的起步阶段，而大的商业银行对投资于企业债尤其是民营企业债都持相对谨慎的态度，你怎么看这个问题呢？
杨向东：国内债券市场这两年也有了较大的发展。但总体来看，国内债券市场的品种少，品种趋同，而且缺少避险的产品。债券的风险，首先是违约风险，国外 可以通过购买CDS（信用违约掉期）等办法来避险，对上市公司还可以通过卖空股票的方法来对冲风险。第二是利率风险，可以通过利率掉期来做，还有利差的波 动（信用评级风险）也可以用CDS来控制。而这些产品国内都还很缺乏。
每个时期每种产品都应该有个投资组合，应该根据收益、风险比例来组合，固定收益产品通常在国外机构投资者的投资组合里占相当的比重。国内近两年我觉得是在逐步增加这种配置，主要是这两年的企业债发行量增加了，相信这种趋势会持续下去。
CBN：这次金融危机对于信用评级公司诟病也很多，现在国际市场上对于信用评级公司一般怎么来评价？
杨向东：这次金融危机中市场及监管机构对于评级公司的“抱怨”主要是评级公司对于次贷衍生产品的评级过于乐观，对投资人有误导。而从我们的观察来看， 市场往往比评级机构反应迅速，等到评级调整出来对于市场的影响已经很小。所以做投资不能只看评级，还要自己掌握第一手资料，要有自己的观点。不过，对于信 用文化的建立来说，评级机构还是不可缺少的，信用评级对于投资人的参照价值还是非常必要的。
Abax Global Capital 拟在华设立私募投资基金 专注环保公司
2009-08-27
来源：ChinaVenture 时间：2009-8-27 14:56:00
据海外媒体报道，摩根士丹利支持下的香港对冲基金管理公司Abax Global Capital计划在中国推出私募股权投资基金，将重点投资致力于制造清洁环保产品的公司。
Abax Global Capital香港总裁Donald Yang 在8月21日 的采访中表示，Abax Global Capital希望此基金首轮募资5亿元人民币（约7300万美元）将向中国投资者募集，于两个月内完成。该基金将引入一家大型中资金融机构资金，目前尚 未公布此机构的名称。公司将至少雇佣了3名中国管理者筹备此次基金，Abax global capital的特殊情况团队也将为基金管理提供帮助。
Abax Global Capital成立于2007年，主营重大事件相关的特殊情况投资，比如：合并、收购、资产售出和大量股份回购。Abax global capital的3亿美元基金主要用来投资可转债，票据和股票凭证。
Abax Global Capital香港总裁
Abax Global Capital成立于2007年，主营重大事件相关的特殊情况投资，比如：合并、收购、资产售出和大量股份回购。Abax global capital的3亿美元基金主要用来投资可转债，票据和股票凭证。
Abax Global Capital Follows CLSA With Chinese Private Equity Fund
2009-08-24
By Bei Hu
Aug. 24 (Bloomberg) -- Abax Global Capital Ltd., a Hong Kong-based hedge fund manager backed by Morgan Stanley, plans to start a private equity fund in
The yuan-denominated fund aims to raise about 500 million yuan ($73 million) from Chinese investors by its first close in two months,
International managers such as Blackstone Group LP and CLSA Asia-Pacific Markets are also planning to tap Chinese demand for local-currency private equity funds. Abax global capital is joining peers such as Income Partners Asset Management (HK) Ltd. that are diversifying their product range and investor base after the worst year for hedge funds in 2008.
“Money is tight, so people will raise assets where they can,” said Paul Smith, Hong Kong-based managing director at Triple A Partners Ltd., which provides startup capital to hedge funds and helps market them. “Everyone is having to learn new tricks to stay afloat.”
Abax Global Capital, set up in 2007, initially focused on so-called special situations investments in companies involved in events such as mergers, acquisitions, asset sales and large share buybacks.
“Last year, most participants in the industry felt significant pain during the market turmoil,” said Yang. “From a business point of view, having a single strategy is risky. What we’re trying to do is to build a platform with multiple strategies.”
Convertible Bonds
Abax global capital’s $300 million special situations fund, which invests mainly in convertible bonds, notes and equity warrants, booked double-digital returns this year as credit markets rebounded and the quality of the company credits it holds strengthened, Yang said without giving specific numbers.
The fund was down “significantly” last year after the credit market slump forced it to mark down the value of its holdings, said Yang, declining to give a more specific performance number. The illiquidity of the fund’s private investments made it difficult to value and sell the assets at attractive prices when the market collapsed, he added.
Income Partners, which oversaw debt and macro assets, started its first equity hedge funds in July.
Raising Money
Abax Global Capital in January raised about $50 million from a small group of wealthy Chinese individuals for funds that focus on publicly issued, frequently traded high-yield and convertible bonds, Yang said. The funds have returned at least 30 percent since inception, profiting from the doubling of some companies’ bond prices since mid-March, he added.
“We were lucky enough to raise capital at the beginning of the year and chose attractive positions that benefited from the up trend of the credit market,” Yang said. “Otherwise, if you are holding positions that you bought a year or two ago, you may not have experienced as much of the overall benefit in the recovery.”
Neo-China Land Group (Holdings) Ltd.’s convertible bonds maturing in June 2011 traded as low as 22 cents on the dollar in February after missing a coupon payment on $400 million of high- yield bonds in January. The convertible bonds have recovered to 62.5 cents, according to data compiled by Bloomberg.
Hopson Development Holdings Ltd.’s convertible bonds maturing next year rose from 32.3 cents in November to 96.8 cents on the dollar, according to Bloomberg data.
New Hires
Abax Global Capital, which manages about $560 million, also opened its Tudor Investment Corp.-backed Asia macro fund, which seeks to profit from regional economic trends, to outside investors for the first time.
Abax global capital is hiring at least three people for the Chinese private equity fund, said Yang, who helped found Abax global capital and was a former head of Hong Kong and Greater China debt capital markets at Merrill Lynch & Co. Abax Global Capital’s special situations team will assist the fund’s management, Yang said.
2010 Asia Hedge Fund 25- Abax Global Capital
2010-08-10
Abax Global Capital is listed again in influential Institutional Investor's "Asia Hedge Fund 25" climbing to No. 22 from No. 23 of 2009 list. Visit Institutional Investor's or click the icon at top right corner to download the pdf file.
Abax Global Capital Seeks Chinese Companies Abandoning U.S. Listings
2011-05-18 00:59:03.581 GMT
By Bei Hu
May 18 (Bloomberg) -- Abax Global Capital, a Morgan Stanley-backed manager of $900 million of hedge and private equity funds, is seeking to profit from Chinese companies abandoningU.S. listings for higher valuations in Hong Kong .
Abax global capital has invested in companies including Harbin Electric Inc. and Fushi Copperweld Inc., which are seeking delisting from theU.S. in leveraged management buyouts and may go public in Hong Kong later, Donald Yang , Abax global capital’s Hong Kong-based managing partner, said in an interview yesterday.
Valuations of smaller Chinese manufacturing companies listed in theU.S.
U.S.
"Their traditional investor base is gone," he said. "But you can pick out quite a few companies in the space where the business fundamentals are very solid."
One hundred and twenty-nine Chinese companies listed in theU.S. trade at an average eight times their estimated 2012 earnings, against 11 times for 276 peers traded in Hong Kong because of a lack of research coverage, high concentration of shares among their major shareholders, and limited trading volume, according to data compiled by Citigroup Inc.
More than 3,200 hedge funds have been liquidated between 2008 and last year, 36 percent more than new starts, according to Chicago-based Hedge Fund Research Inc.
Reverse Mergers
The U.S. Securities and Exchange Commission last year started a probe amid concerns that some Chinese companies listed in theU.S.
Abax global capital is making the investments through Abax global capital Opportunities Fund and separate accounts for clients which together oversee $350 million using the same strategy. The fund bets on companies in Asia, especially mainlandChina
Attractive Returns
"I think this is going to be the focus for the next couple of years at least," Yang, 45, said. "It’s a good investment thesis."
These companies provide more attractive returns than the traditional Chinese targets of private equity funds because they are larger in scale, have more established business operations and better internal controls. They are also valued cheaper and investors could recoup their money sooner, Yang said.
Abax global capital is focusing on companies that it has provided financing to before and is therefore familiar with, Yang said.
It expects to recoup such investments in less than two years, including the typical six-month ban on sales of pre-IPO investments after trading starts, he said. It can also sell the investments to private equity companies.
Abax global capital Opportunities Fund returned just more than 2 percent this year, and 20 percent in 2010, Yang said. It exited about 80 percent of pre-2008 investments with about 12 percent annual returns, either when the loans matured or when the companies paid it back before maturity after obtaining alternative sources of funding at lower rates, he said.
Fund Restructure
Abax global capital earlier this year restructured its special situations fund by creating two share classes, one with a two-year ban on withdrawals in exchange for fee discounts, and one that allows quarterly redemption that charges higher fees.
Investors were subject to a one-year outright ban on withdrawals and penalties for redemptions in the next two years when the fund was set up in 2007, said Yang.
The more frequent redemptions are to help attractU.S.
Chinese individuals and institutions now account for the majority of its assets, Yang said.
Abax global capital started a 500 million yuan ($77 million) private equity fund denominated in the Chinese currency early last year, with China Development Bank Corp. as its anchor investor.
It is also setting up a venture with the Chinese bank to manage another private equity fund that is expected to receive as much as 4 billion yuan of commitments from mostly institutional investors, Yang said. The venture, which has received government approval and is going through the registration process, may become operational in the next two months.
By Bei Hu
May 18 (Bloomberg) -- Abax Global Capital, a Morgan Stanley-backed manager of $900 million of hedge and private equity funds, is seeking to profit from Chinese companies abandoning
Abax global capital has invested in companies including Harbin Electric Inc. and Fushi Copperweld Inc., which are seeking delisting from the
Valuations of smaller Chinese manufacturing companies listed in the
"Their traditional investor base is gone," he said. "But you can pick out quite a few companies in the space where the business fundamentals are very solid."
One hundred and twenty-nine Chinese companies listed in the
More than 3,200 hedge funds have been liquidated between 2008 and last year, 36 percent more than new starts, according to Chicago-based Hedge Fund Research Inc.
Reverse Mergers
The U.S. Securities and Exchange Commission last year started a probe amid concerns that some Chinese companies listed in the
Abax global capital is making the investments through Abax global capital Opportunities Fund and separate accounts for clients which together oversee $350 million using the same strategy. The fund bets on companies in Asia, especially mainland
Attractive Returns
"I think this is going to be the focus for the next couple of years at least," Yang, 45, said. "It’s a good investment thesis."
These companies provide more attractive returns than the traditional Chinese targets of private equity funds because they are larger in scale, have more established business operations and better internal controls. They are also valued cheaper and investors could recoup their money sooner, Yang said.
Abax global capital is focusing on companies that it has provided financing to before and is therefore familiar with, Yang said.
It expects to recoup such investments in less than two years, including the typical six-month ban on sales of pre-IPO investments after trading starts, he said. It can also sell the investments to private equity companies.
Abax global capital Opportunities Fund returned just more than 2 percent this year, and 20 percent in 2010, Yang said. It exited about 80 percent of pre-2008 investments with about 12 percent annual returns, either when the loans matured or when the companies paid it back before maturity after obtaining alternative sources of funding at lower rates, he said.
Fund Restructure
Abax global capital earlier this year restructured its special situations fund by creating two share classes, one with a two-year ban on withdrawals in exchange for fee discounts, and one that allows quarterly redemption that charges higher fees.
Investors were subject to a one-year outright ban on withdrawals and penalties for redemptions in the next two years when the fund was set up in 2007, said Yang.
The more frequent redemptions are to help attract
Chinese individuals and institutions now account for the majority of its assets, Yang said.
Abax global capital started a 500 million yuan ($77 million) private equity fund denominated in the Chinese currency early last year, with China Development Bank Corp. as its anchor investor.
It is also setting up a venture with the Chinese bank to manage another private equity fund that is expected to receive as much as 4 billion yuan of commitments from mostly institutional investors, Yang said. The venture, which has received government approval and is going through the registration process, may become operational in the next two months.
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