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Foreign firms tap huge MBO market
By Tian Xiuzhen (China Daily)
Updated: 2004-12-04 08:55

Foreign investment institutions have a considerable interest in Chinese management buyouts (MBO), but it may take some time before all the hurdles are removed and results become clear.

The information was released at the three-day 2004 Asia Venture Forum being held here in Shanghai with participants from around the globe.

"We believe buyouts will be the next wave not only in US or Europe but also in Asia, including China," said Percy King, managing director and investment adviser to CVC Asia Pacific funded by Europe-based CVC Capital Partners and the Citygroup.

Supported by the consecutively rapidly growing economy, there is a huge MBO market in China, said Lu Ming, a partner at JP Morgan Partners Asia, a leading financial sponsor in Asia managing the US$1.1 billion Asia Opportunities Fund focused on buyouts in Asia.

Lu said that the government's management of the economy has become increasingly rational and mature and will also contribute to the development of this sector.

"Though the government has the desire to sell State-owned stakes, current regulations are not so transparent," King said.

The maturity of enterprises, the price of stakes and labour relationship are also delicate issues.

He also pointed out banks have not yet effectively participated in pushing the movement.

"We are committed to the market here but have not yet closed any transactions. Time will tell our success," said Luo Yi, director & Shanghai chief representative of the Carlyle Group which is one of the world's largest private equity firms with more than US$18.4 billion under management.

MBO, originally meant to better operate corporations by combining ownership and management, is a concept borrowed from the West.

The practice was stopped last year by the central government as it resulted in a huge losses of State-owned assets because usually the managerial staff, the seller as well as buyer, cut prices too much.

Li Rongrong, head of the State-owned Assets Supervision and Administration Commission, recently said that there are many problems to be tackled.

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