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公司制VS有限合伙制:中国VC/PE演绎组织形式之争

English Name:
Shenzhen Capital Group Co., Ltd. (SCG)
Chinese Name :深圳市创新投资集团有限公司 (深圳创新投)      
Organization Type:Domestic (Corporation)
Established Time:2002-10-15

Zero2IPO Database has officially staged a series of specific reports focused on "Chinese VC/PE Investors" in October 2009.As of mid 2009, SCG had invested into 227 companies, the most of any firm in China, with 39 IPO’s from its portfolio, the most of any firm in China.
Media Reports

·Five New Projects Added to SCG Investment List in Nov.
·SCG-invested KeenHighTechnologies Debuts on Taiwan's "ChiNext"
·SCG Tanggu Innovation Investment Fund Launched
·Job36.com Secures Joint VC Investment
·SCG Makes Additionally Investment in Five Companies in September
·Tong-Li Receives US$36.6M Funding Led by SCG
·CHVCF Founded with Registered Capital of RMB136M
·Zhongrui Wenzhou Fund to Be Established

Shenzhen Capital Group (SCG) demonstrates leadership in the China venture capital industry because it has a nationwide network of 20 local offices, the industry award ranking as the No. 1 venture capital firm in China, the largest investment team in China (80 professionals), an investment pace of 50 – 60 deals per year, and the most listed companies (41) of any VC in China....[Details]

   FUNDS
Managing Funds
Fund Style SN Fund Name Vintage Year

Government Guide Fund

1 Suzhou Fund
2007
2 Zibo Fund
2007
3 Zhengzhou Fund
2007
4 Chongqing Fund
2007
5 Xiangtan Fund
2007
6 Nantong Fund
2007
7 Pingxiang Fund
2007
8 Tianjin Fund
2008
9 Xiangfan Fund
2008
10 Xi'an Fund
2008
11 Chengdu Fund
2008
12 Changzhou Wujin Fund
2008
13 Zhejiang Changxing Fund
2008
14 Shenzhen Futian Fund
2008
15 Shenzhen Longgang Fund
2008
16 Chengdu Science&Technology Fund
2008
17 Weifang Fund
2008

China Foreign Cooperation Fund

1 Sino-Singapore Funds
2002
2 Shenzhen Sino-Singapore Venture Investment & Management Co.,Ltd
2001
3 Sino-Isreal Funds
2008
4 Sino-Japan CVI Fund
2001

Management Fund

1 Kangwo Fund
2007
2 Xiangrong
2007
3 Huaheng Innovation Fund
2007
Managing Funds
Fund Style SN Fund Name Vintage Year

Strategy Cooperation Fund

1 Xinjinshan Fund
2006
2 Rongfenghang Fund
2006
3 Yongsheng Fund
2006
4 Derong Fund
2006
5 Tianfu Fund
2006
6 Xinhe Fund
2006
7 Shanghai Innovation Fund
2002
8 Hefei Innovation Fund
2002
9 Wuhan Xinqiao Fund
2003
10 Weihai Innovation Fund
2003
11 Jiangdao Fund
2007
12 Dingxin Fund
2007
13 Wentai Fund
2007
14 Chenyang Fund
2007
15 Chunyu Fund
2007
16 Yinhua Fund
2007
17 Yamin Fund
2008
18 Linghui Fund
2008
19 Shenzhen Ruidehai Innovation Investment Partnership Enterprise
2008
20 Baishang Fund
2008

Trust-type Investment Fund

1 Szitic·No. 1 Innovation Equity Investment
2007
Source: Zero2ipo Database 2009.9   www.zero2ipodb.com
  >> BY INDUSTRY
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  >> BY STAGE
Chairman Haitao JIN
Chairman of the Board, Chairman of the Investment Committee
Wanshou LI
President, Vice Chairman of the Investment Committee
Gongcheng Wu
Chairman of the Board of Supervisors
Xiaoxiong Yao
Vice President, Human Resources
Qing FAN
Risk Control Committee
Dongsheng SUN
Vice President, Secretary of the Board
Anping SHI
Vice President, Secretary-General of the Investment Committee
Lian ZHONG
Vice President
Rongzhi LIU
Chief Financial Officer
   TYPICAL CASES

In Mar 2007, SCGC injected assets of RMB 6.72M into Hailu Heavy Industry. On Jun 25, 2008, Hailu was listed on Shenzhen SME (Stock code: 002255). It has maintained growth since its listing. In the first half of 2009, the company realized an operating income of RMB 465M Yuan, an increase of 35% year-on-year, a net profit of RMB 44.5M.The company are a specialized manufacture of equipment of environmental protection and of nuclear power. Exhaust-heat boiler and nuclear power equipment are main products, which are widely used in steel making, petrol industry, petrochemical industry, nonferrous metal industry, power, papermaking industry, dye printing, glass industry, acid making, alkali industry, etc. The company is one of the key bases for boiler design and production. Products rank the first in domestic exhaust-heat boiler market for all the time. Meanwhile, The company's products are exported to Japan, Sudan, Vietnam, Algeria, Indonesia, America, Canada, Iran, etc.

In Dec. 2002, SCGC injected some assets into Weichai Power,holding 10% shares of it. On Mar 11, 2004, Weichai Power was listed on HKMB (Stock code: 2338).In Apr 2007, it back to Shenzhen Stock Exchange by added TORCH Automobile Group, the stock code is 000338.
Weichai Power is a modern enterprise as well as a leading enterprise in China specializing in the research and development, manufacture and sale of diesel engines. It is the first company in the field of diesel engines who is listed in Hong Kong. The products are widely applicable to different markets, including heavy-duty vehicles, coaches, construction machines, vessels and power generator.

In Dec. 2002, SCGC injected some assets into Weichai Power, holding 10% shares of it. On Mar 11, 2004, Weichai Power was listed on HKMB (Stock code: 2338).In Apr 2007, it back to Shenzhen Stock Exchange by added TORCH Automobile Group, the stock code is 000338.
Weichai Power is a modern enterprise as well as a leading enterprise in China specializing in the research and development, manufacture and sale of diesel engines. It is the first company in the field of diesel engines who is listed in Hong Kong. The products are widely applicable to different markets, including heavy-duty vehicles, coaches, construction machines, vessels and power generator.

In Apr 2003, SCGC injected assets of US$0.15M into Invengo. On Aug.21, 2007, SCGC obtained a return rate of 2400% after Invengo was listed on Shenzhen Stock Exchange. Since its listing, Invengo has demonstrated strong crisis-resisting capability, and issued additional shares several times due to its leading position within the railway system. According to its financial report for the first half of 2009, the company has pocketed a total income of RMB89.60M, up 80.5% year-on-year, and a net profit of RMB 28.42M, an increase of 94.0% year-on-year.
Shenzhen Invengo Information Technology Co., Ltd. (002161.SZ) is a leading RFID product and solution provider in China.

On August 17, 2007, 3NOD was listed in Korean Stock Exchange. It is the first Chinese company going listed in Korean market and also the first foreign company listed in Korean market. In the first 4 days, its price was staying harden by the close of trading. The value was increased 109% in 3 days.
3NOD Electronics is a hi-tech and civilized company recognized by Shenzhen Municipality. The company integrates resources, extend its production line to computer peripheral production line.It is a multi-investment company, taking multimedia and production of family cinema as base, and computer and internet-based digital products as development direction.

Invested by SCGC, Fujian Fengquan Environmental Protection Group was listed in Frankfurt Stock Exchange. It’s the first Chinese company listed on FWB Main Board. Fengquan has maintained growth since its listing two years ago. Efforts to leverage the financing functions of a listed company and boost capital operation have born fruits and given rise to sound operating performance, which has fully demonstrated the company growth potential and helped build a good corporate image.
As a bellwether in Chinese environmental protection industry, the company has been dedicated to environmental protection, with 17 subordinate enterprises engaging in diversified operation covering electronic tax control, hydropower Investment, machinery manufacturing, hotel industry, real estate industry, mining industry, financial investment, import and export.

Invested by SCG, Comix Stationery was listed on Shenzhen SME Board on Oct. 21, 2009, the stock code is 002301.
Shenzheng Comix Stationery Co., Ltd. is one of the biggest filling maker in China. It has been built up as a modern enterprise group with the capacity of production, distribution and development.

On Sep. 29, 2009, Peak Sport was listed on HKMB (Stock code: 01968.HK).
Peak Sport is an export-oriented enterprise which is engaged in professional sporting equipments, such as shoe-manufacturing, shoe materials, costume and bags, etc. It has 20 years experiences in professional research and development, manufacturing and sales. The Group now takes Fujian Quanzhou Peak Sporting Goods Co. Ltd. and Quanzhou Peak Shoes Co. Ltd. as the core of organization. It has standard industrial park which covers nearly one hundred mu, building area over 70,000 square kilometers, more than 3000 staff, and has more than 50 Peak selling agents home and abroad, and nearly 4000 stores in major cities at home. It has also established a mature brand operating system of production and marketing. And the export business runs through five continents which are Europe, America, Asia, Africa and Australia.

SCG invested in Eternal Asia. On Nov. 13, 2007 Eternal Asia was listed on Shenzhen SME Board (Stock code:002183).
Eternal Asia.(002183.SZ) is a professional supply chain management provider, EA is the first one to be geared to international standards in China. EA creates global networks by integrated business flow, logistic flow, information flow and cash flow. It focuses on four core business services: procurement fulfillment, distribution fulfillment, vendor managed inventory (VMI) and international distribution center. EA provides comprehensive one-stop supply chain service for the outsourcing of non-core business on logistics, operation, settlement, information system and data processing in the purpose of maximizing enterprises overall benefits and enhancing business innovation.

In 2006, SCG invested in NetDragon. NetDragon began to make money a half year later. After one year, its profits rocketed, (even jumped to 0.4B Yuan). On November 2, 2007, the company was listed in the GEM Stock Exchange of Hong Kong, the code was 8828. In June 24 2008, the company was listed on the Mainboard of HKEx by introduced, the code was 00777.
NetDragon Websoft Inc. is a leading innovator and creative force in China’s online gaming industry.

On Aug. 10, 2007, Western Metal Materials was listed on Shenzhen SME Board (Stock code: 002149).
The company has huge R&D and industrial strength in the fields of rare refractory metal materials, metal composites, rare metal equipment, precious metal products, metal fibre and metal fibre products and rare metal pipe fittings. It has worked on more than 40 ministry-sponsored Hi-Tech projects and acquired more than 12 patens with several products rewarded with Certificate for New Products of National Development Priority.

Invested by SCGC, Clou Electronics was listed on Shenzhen SME Board (Stock code: 002121) on Mar. 6, 2007. In H1’09, Clou Electronics reported an operating income of RMB142.53M, an increase of 5.1% from a year before, and an operating profit of 23.73M, up 123.0% year-on-year. The net profit attributable to shareholders of its parent company stood at RMB26.21M, up 56.58% from the same period of the previous year.
Clou Electronics is a high-tech enterprise specialized in the development, production and sale of power management system, electronic watt-hour meter, standard instrument, and software.

In Oct. 2001, SCG invested in Sinoma Science & Technology. On Nov. 20, 2006, SSTCL was listed on Shenzhen SME board (Stock code: 002080). This is a typical successful case that shows the SCG’s supporting to the state-owed research institutes re-organizing and industrial innovation.
terprise integrating research, design, product manufacture and sale, complete technology and equipment supply in the specialty fiber composites industry in China. It is now the technology and equipment research center for China's specialty fiber composites and the largest developing base for such materials in support of China's defense industry. It leads the special fiber composite materials technology development in China.

On Jun 12, 2008 , A8 Music listed on HKMB(Stock code: 0800)
A8 Music is a path-breaking, integrated, digital music company that is making waves in the People’s Republic of China’s world of music through the content and services it provides to an ever increasing number of mobile phone subscribers in this nation.

   PART OF THE INVESTMENT CASES
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