第1页:PE末日险途 The first page: PE the risk way 第2页:现场“复盘” Page 2: the"checking" 第3页:“祸不单行” Page 3:"It never rains but it pours" 第4页:对赌：救命稻草？ Page 4: spread-betting:Life-saving straw? 第5页:究竟有多少“对赌”真可以履行？ Page 5: how many"spread-betting"Are to fulfill? 第6页:其他退出途径 Page 6: other way out

　　PE末日险途 PE the risk way

　　882家企业，在证监会门前望眼欲穿。

882 enterprises,In front of the CSRC in the dream.

　　1月8日，证监会财务突击检查一声令下，半月内吓退9家公司，无一家企业提交首发上市申请。

On January 8,,CSRC financial shock check gave the order,In the half scare and companies,Without a business start application submitted listed.

　　而9家终止审查，仅仅是一个开始。

And nine termination review,Is only a start.

　　深圳一家投资公司老总称：“一家券商跟我反映他们超过10%的项目打算撤回，另外一家券商在会项目撤回比例高达30%。”

Shenzhen an investment company manager said:"A dealer and I reflect their more than 10% of the project plan to withdraw,Another brokers in the project will withdraw rates as high as 30%."

　　更有悲观者预测，882家企业中，或有400余家将被核查风暴“逼退”。

More the pessimist prediction,882 enterprises,Or have more than 400 will be check storm"Force back".

　　是撤还是可以继续排队？所有PE人都要在第一时间做到心中有数。他们背后，是无数LP忧虑的眼神。

Withdrawal is still can continue to queue?All people all want to PE in the first time to accomplish know fairly well.Behind them,It is countless LP worried eyes.

　　得知“核查风暴”后，时代伯乐蒋国云立刻花了三四天时间将已投25家企业摸了个遍，得知没问题，才安下心来。

that"Check storm"after,Age JiangGuoYun bole immediately spent 3 or 4-day time will have for 25 companies to touch a times,That no problem,Just settled down to.

　　基石投资合伙人陈延立则已经做好参加一个农业项目董事会的准备，希望针对财务审核拿出一个更细的方案。

Cornerstone investment partner ChenYanLi is ready to participate in an agricultural project to the board of directors,Hope for financial audit took out a more detailed plan.

　　上海久奕投资董事长裘雄则忙于跟业绩未达标的董事长商讨如何履行对赌协议。

Shanghai long investment promotes the chairman of the board QiuXiong is busy with performance bolo chairman of the board to discuss how to perform spread-betting agreement.

　　蒋国云、陈延立、裘雄并不是少数人的代表。

JiangGuoYun/ChenYanLi/QiuXiong is not representative of the minority.

　　九鼎50项目多少能hold住？

The nine tripods fifty project can hold live?

　　经历一轮急速扩张的九鼎，成为在会排队企业最多的一家PE，多达50家，跟随其后的，是深创投、达晨创投等机构。

Experience a rapid expansion which carries weight,Become the most enterprise will line up a PE,As many as fifty home,Followed by,Is deep venture/In the morning of vc institution, etc.

　　据不完全统计，在上述50家排队企业中，投资较早的是领亚电子科技。2008年5月31日，九鼎向该公司投资注资4000万元，至今已潜伏超过4年。目前该公司处于“落实反馈意见阶段”。

According to incomplete statistics,In the above fifty home in line in the enterprise,Investment earlier is brought and electronic technology.On May 31, 2008,Keeping to the company investment capital is 40 million yuan,Now has latent than four years.At present the company in"Implement feedback stage".

　　上述50家企业中，至少有7家于2010年投资，其中投资力度最大的是普德药业，九鼎共向其注资1.13亿元。5月17日，山西普德就已预披露招股说明书，但迟迟未能上会。

The above fifty of companies,At least seven home in 2010 investment,The investment the largest is the PuDe pharmaceutical,Keeping to the capital injection were 113 million yuan.On May 17,,Shanxi PuDe has preliminary prospectus disclosure,But will be delayed.

　　截至目前，九鼎已投项目100家。如此庞大的基数，也增加了九鼎的踩雷率。“为九鼎捏一把汗。”深圳一位PE人士王先生（化名）表示。

So far,The nine tripods already cast project 100.Such a large base,Also increased the rate of keeping on ray."For the nine tripods be in a sweat."Shenzhen a PE people Mr. Wang(alias)said.

　　王先生透露，2012年，王先生去浙江嘉兴化工园区考查一个利用多余蒸汽、电力制氯碱的项目。该项目要求出资人出资不低于1亿元，王先生认为此类基础项目要价过高，没有参与，而里面已有九鼎的身影。

Mr. Wang said,In 2012,,Mr. Wang to zhejiang jiaxing chemical industrial park check a use of redundant steam/Power system alkali project.This program requires the contributor investment not less than 100 million yuan,Mr. Wang think such infrastructure project price is too high,Not involved in,And it has the figure of the nine tripods.

　　九鼎方面，并未向理财周报记者透露有存在“撤回”风险的项目数量。但理财周报记者得知河南裕华光伏已难挽败局。

In keeping,The boy did not speak to reporters said financial weekly there"withdraw"The risk of project quantity.But financial weekly reporter learned that henan yuhua pv has difficult in the beginning.

　　两位知情人士一致告诉理财周报记者：“裕华光伏2012年业绩估计亏损。”

Two people familiar with the financial weekly consistent told reporters:"Yuhua pv 2012 earnings estimate losses."

　　2011年11月25日，欲登陆创业板的裕华光伏就已通过发审会，但至今仍未拿到发行批文。“虽然目前裕华光伏依然在会里死扛，但被"拿下"也是迟早之事。”上述知情人士说。

November 25, 2011,On the gem to yuhua pv is already through the hair will be careful,But still do not get approval issued."Although at present still in yuhua pv will carry the death,But be"scored"And the sooner or later."The source said.

　　2010年10月23日，九鼎系旗下立德九鼎出资1500万元，认缴裕华光伏注册资本107万元，持股2.59%。入股价格为14元/股，PE为9.79倍，价钱并不算低。

On October 23, 2010,The nine tripods is keeping its khalid invested 15 million RMB,Paid in yuhua photovoltaic registered capital of 1.07 million yuan,2.59% shareholding.Buy-in price is 14 yuan/share,PE is 9.79 times,The price is not low.

　　彼时，裕华光伏2010年上半年的盈利还很乐观，实现营业收入1.4亿元。

At the,Yuhua pv in the first half of 2010 profit is still very optimistic,To realize the business income is 140 million yuan.

　　然而，2012年光伏市场风云突变。已有业内人士判断，光伏行业上市公司2012业绩相比2012年三季报进一步恶化，超日太阳(002506,股吧)已预亏9亿元。

however,2012 pv market a sudden change in the situation.For the personage inside course of study to judge,Photovoltaic industry listed companies 2012 performance compared with 2012 three quarterly report further deterioration,Super day the sun(002506,guba)Already preliminary loss 900 million yuan.

　　九鼎这笔1500万元的投资岌岌可危。

Keeping the 15 million yuan investment at risk.

　　不仅是九鼎，与立德九鼎同期投入裕华光伏的还有新开发创投、北京秉原创投、国信弘盛三家PE机构。

Is not only keeping,During the same period and keeping in yuhua photovoltaic and new development venture/Beijing hold the original venture/Held hong shing three PE mechanism.

　　对此，一位九鼎投资合伙人表示：“还没有定论说裕华光伏一定上不了市。2012年，光伏企业遇到了行业低点，但整个未来需求我们有信心，一些大的龙头企业还是会慢慢恢复起来。”

this,A which carries weight investment partner said:"Has not yet been determined said yuhua photovoltaic must not the city.In 2012,,Photovoltaic enterprise meet the industry low,But the future needs we have confidence,Some of the leading enterprises will slowly recovering up."

　　绑架在这家企业上的，还有数家PE机构的利益：九鼎、新开发创投、北京秉原创投、国信弘盛。

In the enterprise of kidnapping,There are several PE in the interests of the institution:Which carries weight/The new development of venture/Beijing hold the original venture/Held hong cheng.

　　

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