本报北京7月24日讯（记者王继高）

News from Beijing on July 24,（Reporter WangJiGao）

　　诺亚（中国）财富管理中心（下称诺亚财富）今日发布的2012下半年策略报告称，中国私募股权市场正经历着巨大的去泡沫化，并购市场的价值正逐渐被投资者发掘。

Noah（China）Wealth management center（"Noah wealth）The second half of 2012 released today strategy report says，China private equity market is undergoing enormous to turning into a bubble-and，The value of the merger and acquisition (m&a) market gradually by investors find。

　　去泡沫化的过程必然伴随着阵痛。反映在数据上就是，基金募集、PE／VC融资、退出等方面均大幅下滑。由于此前的“全民PE”造成泡沫过于巨大，去泡沫化的过程将继续，但跌势将放缓，中国私募股权市场将逐步迈入底部区域。在此过程中，随着泡沫破灭，之前虚高的价格将不复存在，投资机会将逐步显现。

Go to the process of turning into a bubble-and follows the pain。Reflected in the data is，Fund raising、PE/VC financing、Exit the decline etc。Because of the previous“National PE”Cause huge bubble，Go to the process of turning into a bubble-and will continue，But declines will slow，China private equity market will gradually entering the bottom area。In the process，As the bubble burst，Before one high prices will disappear，Investment opportunities will gradually revealed。

　　此外，诺亚财富认为并购市场的价值正逐渐被人们所发掘。与美国和欧洲等成熟市场相比，中国并购市场尚处于非常初级的阶段。但从经济发展周期、产业结构调整、金融环境、金融工具创新等角度分析，中国并购市场的崛起有其必然性，随着并购市场的崛起，并购退出将成为企业除了IPO外的退出渠道，并购基金的壮大将进一步推动中国私募股权市场质的飞跃。

In addition，Noah wealth that the value of the merger and acquisition (m&a) market is increasingly being produced by。And the United States and Europe and other than mature markets，China's m&a market is still in the primary stage of very much。But from the economic development cycle、Industrial structure adjustment、Financial environment、Financial tools such as innovation Angle analysis，The rise of China's m&a market the inevitability，With the rise of the merger and acquisition (m&a) market，Mergers and acquisitions exit will become enterprise in addition to the exit channel of the IPO，The strengthening of m&a fund will further push China private equity market quality leap。