本报记者 柳灯

Our reporter liu lamp

　　A股萎靡，募资下滑，PE（私募股权投资）在拓宽投资渠道上再次发力。

Share A weak，Whip round down，PE（Private equity investment）In broadening investment channels send force again。

　　投中集团日前发布的研究报告称，港股IPO的基石投资者活跃度不断提高，PE机构亦成为基石投资者的新生力量。今年PE在港股IPO基石投资者中的出资占比已达25.4%，创下历年新高。业内人士认为，这种现象与整个PE行业竞争日益激烈，PE努力寻求多元化的投资和退出渠道密切相关，并且这一比例还有上升趋势。

The group has made a research report published says，The foundation of IPO stock investors active degree enhances unceasingly，PE institutions has become a cornerstone investors of new power。This year in Hong Kong stocks cornerstone investors PE IPO of the capital contribution than are up 25.4%，Set a record high over the。The personage inside course of study thinks，This phenomenon and the whole PE industry increasingly fierce competition，PE to seek for the diversity of the investment and exit channel closely related，And this ratio and a rising trend。

　　PE变身基石投资者加速 Cornerstone investors accelerating PE change

　　在香港股票市场上，基石投资者是指公司上市时在公开募集前作为战略投资者申购公司股票，并接受6－12个月锁定期的机构投资者。

The Hong Kong stock market，Cornerstone investors in listed companies is to point to when the public to raise as strategic investors before purchase shares in the company，And accept of 6 to 12 months lock regular institutional investors。

　　近年来，基石投资者在港股IPO中的活跃度不断提高。投中集团统计显示，2010－2011年间，具有基石投资者的IPO数量占所有港交所IPO数量的35%左右。同时，基石投资者认购金额占比也逐年上升，2010年、2011年的比例分别为22%、33%。

In recent years，Cornerstone investors in Hong Kong stocks in active degree IPO improve continuously。Hit group statistics show，2010-2011，Cornerstone investors with the number of IPO all Hong Kong exchange IPO about 35% of the number。At the same time，Cornerstone investors accounted for subscription amount than has increased year by year，2010 years、2011 years of 22%、33%。

　　一直以来，港股IPO中的基石投资者都以大型企业集团、知名富豪或其所属企业为主，但近几年逐渐发生了变化，新类型的基石投资者正在涌现。特别是PE正成为基石投资者的新生力量，包括外资PE、具有产业背景的PE、银行系PE以及主权财富基金等。

Has been，The cornerstone investors IPO stock with large enterprise groups、Rich or famous affiliated enterprise primarily，But in recent years gradually changes，The new type of cornerstone investors are emerging。Especially PE is becoming new forces of cornerstone investors，Including foreign PE、With the background of the PE industry、Bank of PE and sovereign wealth funds, etc。

　　探索投资渠道多元化 Explore diversified investment channels

　　“中国人最近十年财富在剧增，却在国内找不到很好的投资渠道，通过PE进入港股是一种出路。”武汉科技大学金融证券研究所所长董登新告诉中国经济时报记者，当前国内的出境投资主要是QDII和私募基金。一方面，私募基金在规模上成长比较快，出境投资甚至比QDII更勇敢。另一方面，相对国内A股市场而言，港股市场比较成熟，投机性要淡很多，从价值投资的角度来讲，可能比A股市场更适合PE这些大资金。

“The Chinese in recent 10 years greatly increase the wealth，But in China can't find a good investment channels，Through the PE into Hong Kong stocks is a way out。”Wuhan university of science and technology, director of financial securities DongDengXin told China's economic times，The current domestic exit investment primarily QDII and private equity funds。On the one hand，Private equity fund grow in size faster，Even more than the QDII exit investment brave。On the other hand，Inconsistent is a big fear, the paradox is often，Stock market more mature，Speculative to light many，From the value investment's point of view，Is more than likely A share market for PE these big money more。

　　“目前港股IPO很低，做基石投资者相当于前期投资公司，相当于在做PE，而且见效又快。”英大证券研究所所长李大霄告诉记者。

“Current IPO stock is very low，Cornerstone investors do the equivalent of investment company，To do PE，And effective and fast。”The big securities research institute LiDaXiao told reporters。

　　投中集团分析师李玲认为，这种现象与整个PE行业竞争日益激烈，PE机构努力寻求多元化的投资和退出渠道密切相关。在当前动荡的市场环境中，大量基石投资者的助阵在保证发行顺利完成的同时也在一定程度上反应出背后市况的疲态。PE机构的介入，有望改变基石投资者以往纯财务投资者的身份，使其向战略投资者转型，通过帮助企业提升价值而获取回报。

Hit group analysts who think，This phenomenon and the whole PE industry increasingly fierce competition，PE agencies to seek for the diversification of investment and exit channel closely related。In the current turmoil in the market environment，A large cornerstone investors in the guarantee that the issuing explorer's finish at the same time also in some degree of market started to reflect back。PE institutions intervention，Is expected to change the cornerstone investors ever financial investors pure identity，Make the transition to strategic investors，Through the help enterprise promoting value and get in return。

　占比或继续上升 Than or of continues to rise

　　清科集团的研究报告显示，今年上半年PE／VC境内IPO退出账面回报倍数下滑，67家PE／VC支持的上市企业为其背后的176只PE／VC投资基金仅带来5.27倍的平均账面投资回报，较去年同期剔除华锐风电(601558,股吧)极值后8.15倍的账面回报下浮35.3%。其中，境内上市的企业为VC／PE带来的平均账面投资回报为5.55倍。

The secco group study shows，In the first half of this year PE/VC IPO book returns from within the territory of the multiple to slide，67 home PE/VC support for the listed company behind only the 176 PE/VC investment fund only bring the average 5.27 times book return on investment，Compared to the same period last year eliminate sinovel wind power(601558,Shares it)After the extreme value of 8.15 times book return 35.3% the past。Among them，The domestic listed enterprise for VC/PE bring an average of 5.55 times book investment returns。

　　对于积极拓宽投资和退出渠道的PE来说，基石投资者的比例是否会上升呢？

To actively expanding invest and exit channel for PE，Cornerstone investors if the proportion of rise？

　　李玲表示，“在港股IPO中，PE的比例将有上升趋势，但大型企业集团在基石投资者中的主导地位在未来相当长的一段时间内还不会改变。”

Who said，“In Hong Kong stocks in IPO，The PE ratio will have a rising trend，But large enterprise group in the cornerstone investors in the leading position in the future a long time also will not change。”

　　李大霄也表示，PE基石投资者未来占比还有上升空间。现在IPO就很低了，在二级市场就能找到和一级市场一样PE水平的公司，这时候进二级市场的PE自然就很多。

LiDaXiao also said，PE cornerstone investors accounted for future than has more room to rise。IPO now is very low，In the secondary market can find and level 1 market the level of PE，By this time into the secondary market naturally a lot of PE。

　　董登新则表示，PE进入港股是一种出路，希望能在港股找到价值投资的平台，但看不出有什么趋势或特点。

DongDengXin said it，PE into Hong Kong stocks is a way out，Hope to find the value investment in Hong Kong stocks of the platform，But do not see what trends or characteristics。