{"id":44123,"date":"2017-09-01T10:08:53","date_gmt":"2017-09-01T08:08:53","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/ipo-in-china-gold-plated-exit-for-private-equity\/"},"modified":"2017-09-01T10:08:53","modified_gmt":"2017-09-01T08:08:53","slug":"ipo-in-china-gold-plated-exit-for-private-equity","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/ipo-in-china-gold-plated-exit-for-private-equity\/","title":{"rendered":"IPO in China \u2014 Gold-plated Exit for Private Equity"},"content":{"rendered":"

Florian T. Hirsch\u00admann \u2014 <\/strong> Part\u00adner and Attor\u00adney-at-Law DLA Piper UK LLP, Munich<\/p>\n

Silvio McMi\u00adken<\/strong> \u2014 Asso\u00adciate and Lawyer at DLA Piper UK LLP, Munich<\/p>\n","protected":false},"excerpt":{"rendered":"

Exit stra\u00adte\u00adgies for compa\u00adnies owned by private equity inves\u00adtors are mani\u00adfold. The alter\u00adna\u00adtive \u2018going public abroad\u2019 is often left out of conside\u00adra\u00adtion. Against the back\u00adground of the company valua\u00adtions achie\u00adved in the context of IPOs on Asian stock exch\u00adan\u00adges, a reas\u00adsess\u00adment seems appro\u00adpriate. This article, which deals prima\u00adrily with the Stock Exch\u00adange of Hong Kong (\u201cSEHK\u201d), is inten\u00added to stimu\u00adlate a rethink.<\/strong><\/p>\n

On the day a private equity inves\u00adtor acqui\u00adres an invest\u00adment, it is clear that the dura\u00adtion of the invest\u00adment in the company is limi\u00adted. The day after the closing, in addi\u00adtion to the ongo\u00ading opera\u00adtio\u00adnal work in the port\u00adfo\u00adlio company, the prepa\u00adra\u00adtion of the exit begins on the basis of an exit stra\u00adtegy, which was usually alre\u00adady deve\u00adlo\u00adped during the nego\u00adtia\u00adti\u00adons on the acqui\u00adsi\u00adtion of the company. This shows that the success of an invest\u00adment is not prima\u00adrily deter\u00admi\u00adned by opera\u00adting profits of the acqui\u00adred company, but also by the posi\u00adtive exit from the invest\u00adment, the sale of the company. When the company is sold, its success essen\u00adti\u00adally depends on the exis\u00adting market and thus on the valua\u00adtion of the company.<\/p>\n

Exit stra\u00adtegy<\/strong><\/p>\n

In addi\u00adtion to the perfect prepa\u00adra\u00adtion of the company for the exit, the right timing is of decisive importance. The profits to be reali\u00adzed depend on the stra\u00adtegy that the private equity inves\u00adtor has deve\u00adlo\u00adped for the exit. Part of this stra\u00adtegy is the ques\u00adtion of which way the exit should take place: Trade Sale, i.e. the sale of the port\u00adfo\u00adlio company to an insti\u00adtu\u00adtio\u00adnal or stra\u00adte\u00adgic inves\u00adtor, or Initial Public Offe\u00adring (IPO), the listing of the company on the stock exchange.<\/p>\n","protected":false},"featured_media":18963,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2477,2478,2550],"product_tag":[1890,1906,1914,1921,1926,1931,1935,1938],"class_list":{"0":"post-44123","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-florian-t-hirschmann-en","8":"product_cat-silvio-mcmiken-en","9":"product_cat-fyb-2015","10":"product_tag-hirschmann-en","11":"product_tag-florian-t-en","12":"product_tag-mcmiken-en","13":"product_tag-silvio-en","14":"product_tag-exit-strategies","15":"product_tag-business-valuation","16":"product_tag-sehk-en","17":"product_tag-hong-kong-stock-exchange","18":"pa_sprache-english-3","19":"pa_sprache-german","21":"first","22":"outofstock","23":"taxable","24":"shipping-taxable","25":"purchasable","26":"product-type-variable"},"yoast_head":"\nIPO in China - Gold-plated Exit for Private Equity - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/ipo-in-china-gold-plated-exit-for-private-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IPO in China - Gold-plated Exit for Private Equity - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"Exit strategies for companies owned by private equity investors are manifold. 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