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The Private Equity Limited Partnership In China
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Book Synopsis The Limited Partnership in China by : Lin Lin
Download or read book The Limited Partnership in China written by Lin Lin and published by Springer. This book was released on 2016-03-08 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an in-depth legal examination of limited partnership in the context of China’s venture capital and private equity market. It aims to provide an authoritative and timely evaluation of the Chinese partnership law and limited partnership regime and will be a valuable tool for practitioners who need a readily available source of information on Chinese partnership law and those who wish to understand how the Chinese partnership regime operates and functions. The book explains the essential characteristics of Chinese partnership law and Chinese limited partnership, highlighting difficult and developing areas by examining relevant legislation and recent cases. In addition to Chinese authorities, it also covers legislation and cases from overseas jurisdictions, such as the UK and the US. New developments such as the amendments to the PRC Partnership Enterprise Law 2007, new legislation and regulations on foreign partnerships and private equity funds are also covered. The book explains the essential areas of Chinese limited partnership such as management and control, duties and liabilities of partners, remedies for limited partners, dissolution, liquidation and taxation. Based on thorough comparative and empirical studies, the book examines existing and potential legal problems under the current law and offers key proposals for practitioners and lawmakers. The empirical problems identified in the book may also guide subsequent discussion and legislation on the limited partnership model and the ongoing debate on new business vehicles.
Book Synopsis The Private Equity Limited Partnership in China by : Lin Lin
Download or read book The Private Equity Limited Partnership in China written by Lin Lin and published by . This book was released on 2013 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although current academic thinking tells us that private equity investors are generally passive in the management of funds, Chinese private equity market is dominated by funds whose investors are relatively active. The interference of limited partners in a fund's management triggers internal conflicts between partners. This article examines the legal and practical reasons for this phenomenon. Based on extensive interviews with market participants, it is found that the agency problems, the legal weaknesses of limited partners under Chinese law and several regulatory constraints on China's private equity industry have influenced the decisions of investors to pursue active strategies in funds. This article also examines the effectiveness of the control rule and a few of the common private contractual arrangements in addressing the agency problem in the context of Chinese private equity funds, and suggests strategies to mitigate the problem.
Book Synopsis Private Equity in China by : Kwek Ping Yong
Download or read book Private Equity in China written by Kwek Ping Yong and published by John Wiley & Sons. This book was released on 2012-01-12 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn valuable lessons from the newly successful private equity players in China and explore the challenges and opportunities offered in Chinese markets The first book to deal with private equity finance in China, Private Equity in China: Challenges and Opportunities provides much-needed guidance on an investment concept that has so far proved elusive in Asia. Focusing on the opportunities that the Chinese finance market offers to private equity firms, the book shows how these firms can strategically position themselves in order to maximize success in this new marketplace. Private Equity in China includes in-depth case studies illustrating both successful and failed ventures by private equity firms operating in China, outlining the challenges faced by private equity firms in setting up new funds. It contains a collection of valuable experience and insights about acquiring companies and turning them around essential for any firm currently operating in, or considering entering, the Chinese market. Discusses the challenges faced by private equity firms in China including setting up the initial fund, fund raising, deal sourcing, deal execution, and monitoring and exit strategies Provides key insights drawn from keen observations and knowledge of the more mature private equity market in Western countries, analyzing the way forward for the Chinese private equity industry Discusses the role of renminbi-denominated funds in the development of the private equity industry in China Breaking new ground in exploring and explaining the private equity market in China, the book offers incredible new insight into how equity companies can thrive in the Chinese marketplace.
Book Synopsis Legal Protection of Private Equity Investors in China by : Chi Zhang
Download or read book Legal Protection of Private Equity Investors in China written by Chi Zhang and published by Routledge. This book was released on 2019-03-19 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph aims to provide an in-depth analysis of the legal protection of the private equity (PE) investors in China. In an academic sense, this research mainly focuses on the agency problems in the life cycle of PE investment under the business organization law system in China. Briefly speaking, the agency problems of PE investment derive from the two-level separation of ownership and control, one of which is the principal–agent relationship between the PE investors and the fund manager, and the other is the principal–agent relationship between the PE shareholders and the management of investee companies. It is the first research to provide an in-depth examination on the investor protection in the PE investment under the business organization law system in China.
Book Synopsis Limited Partners' Derivative Action by : Lin Lin
Download or read book Limited Partners' Derivative Action written by Lin Lin and published by . This book was released on 2014 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The article inquires into the theories and operation of the limited partner's derivative action in the context of China. The revised Partnership Enterprise Law provides a new remedy for the limited partner to pursue an action in its own name to safeguard the interests of the limited partnership. However, the law does not set forth a basic legal framework for bringing such an action. By identifying the special features of the private equity market of China and the deficiency of other remedial mechanisms to the limited partners, this article discusses the needs of the derivative action in the private equity limited partnerships. It also proposes special rules that are in line with the Chinese market condition.
Book Synopsis China’s Foreign-Invested Limited Partnership Enterprise by : Stephan Kuntner
Download or read book China’s Foreign-Invested Limited Partnership Enterprise written by Stephan Kuntner and published by Springer Nature. This book was released on 2020-10-01 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since a reform in 2010, foreign investors can establish a Foreign-Invested Limited Partnership Enterprise (FILPE) in China together with Chinese or foreign investors. The FILPE can be combined with a domestic or foreign corporate general partner, thus allowing for a structure that offers the flexibility and taxation conditions of a partnership while protecting its investors against personal liability like a company. The book explores from the perspective of a foreign investor if the FILPE is an attractive investment vehicle by analysing whether it provides the characteristics that are internationally recognized as constituting a standard corporate form. Among these characteristics, the three that are most strongly interconnected and interdependent form the core of the analysis: legal personality, limited liability and transferable ownership interest. These are analyzed in context of China's restrictive framework of foreign investment regulations and enterprise organization law.
Book Synopsis Private Equity Funds in China by : Bin Xia
Download or read book Private Equity Funds in China written by Bin Xia and published by Enrich Professional Publishing. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Private Equity Funds in China serves as the definitive resource on understanding and navigating China's private funds market, explains the ups-and-downs of China's private funds market, and reveals; The inner workings of China's private securities and non-securities investment funds. The intricacies of China's "sunshine" private funds. The progression of China's venture capital funds. With comprehensive data and statistics, as well as inside information, Chief Editor Xia Bin, the Counselor of the State Council, presents policy recommendations which could potentially change China's equity funds sector, and even the asset management market.
Book Synopsis Venture Capital Law in China by : Lin Lin
Download or read book Venture Capital Law in China written by Lin Lin and published by Cambridge University Press. This book was released on 2021-02-18 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's venture capital market is not just the world's largest and fastest developing market, it also has the unique distinction of being engineered through heavy governmental intervention. This book breaks new ground by examining and testing established legal theories regarding the law of venture capital through the lens of the Chinese venture capital market. Using a hand-collected dataset of venture capital agreements, interviews with practitioners, and Chinese court judgements, it provides a comprehensive and insightful analysis of the Chinese venture capital market from the legal perspective. Topics covered include the roles of law and governmental intervention in developing the market, the state of investor protection, unique contractual developments and exits of venture capital investments. By providing an in-depth comparative analysis against the American venture capital market, it provides critical context and makes the Chinese venture market accessible. It is an invaluable resource for venture capital scholars, policymakers and practitioners.
Book Synopsis Private Equity in China. The struggle for China's private equity market supremacy between foreign and domestic market participants by : Johannes Gmeiner
Download or read book Private Equity in China. The struggle for China's private equity market supremacy between foreign and domestic market participants written by Johannes Gmeiner and published by GRIN Verlag. This book was released on 2018-09-04 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2016 in the subject Economics - International Economic Relations, grade: 1,3, University of Würzburg, language: English, abstract: 2014 has been a year for the record books concerning private equity. Global investment exits through initial public offerings accumulated two trillion US dollar and about 500 billion US dollar have been collected in private equity funds for future investments. These impressive numbers show how important private equity has become in the international financial sector and China has evolved to one of the biggest private equity markets in the world. This raises the question of who is in power in the Chinese market? Giants like Goldman Sachs, Blackstone or Carlyle dominate the international market. So how are the domestic Chinese private equity firms doing? When China first heard of private equity in the early-1990s, it was already one of the biggest investment markets in the West, mainly in America. Hence, American companies had nearly no competitors in China and made fortunes in this recently opened market. Nevertheless, domestic firms developed quickly and challenged foreign companies to a duel. This paper will be divided into two parts, firstly it will show the development of Chinese and foreign private equity companies and their shares on the Chinese market. The second part then will try to give an impression on possible reasons for the mentioned development. There won’t be any further explanations about private equity given in this paper, only if they are needed for deeper understanding of the context. However specific knowledge about private equity will not be needed since it won’t discuss specific features of it in detail. The aim of this paper is to answer the questions about how the market developed and the possible reasons for this.
Book Synopsis Localizing Global Finance: The Rise of Western-Style Private Equity in China by : J. Robertson
Download or read book Localizing Global Finance: The Rise of Western-Style Private Equity in China written by J. Robertson and published by Springer. This book was released on 2015-04-21 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Localizing Global Finance illustrates that private equity has become a more significant component of China's economy based on a pattern of new domestic elites importing and implementing a largely Western financial model.
Book Synopsis Private Equity Investor Protection by : Lin Lin
Download or read book Private Equity Investor Protection written by Lin Lin and published by . This book was released on 2019 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike US and EU markets where typical concerns about private equity are excessive leverage, systemic risk and short-termism, the recent market concerns in China have centered around illicit fundraising activities and misappropriation of funds. The evidence of market failure in China challenges conventional views that private equity is a highly competitive market involving sophisticated investors and hence the relationship between managers (general partners) and investors (limited partners) requires no regulatory attention. By studying a hand-collected dataset of seventy Chinese private equity limited partnership agreements, this article finds that contractual designs on partners' duties fail to effectively constrain misconduct by general partners. Although Chinese regulators are strengthening the regulation of the private equity sector to address managerial abuse, most measures are piecemeal and in the form of temporary provisions. There is no equivalent concept of equitable fiduciary duties in Chinese partnership law and the statutory provisions imposing duties on partners are wholly inadequate. Also, the attempts to rely on administrative measures and self-regulation by the relevant bodies to plug the gaps have also proven to be ineffective. Therefore, I advocate that the regulatory focus should be on the fund managers and, consequently, specific statutory duties should be imposed on them to enhance investor protection to respond to an ever-changing industry.
Book Synopsis China's Foreign-Invested Limited Partnership Enterprise by : Stephan Kuntner
Download or read book China's Foreign-Invested Limited Partnership Enterprise written by Stephan Kuntner and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since a reform in 2010, foreign investors can establish a Foreign-Invested Limited Partnership Enterprise (FILPE) in China together with Chinese or foreign investors. The FILPE can be combined with a domestic or foreign corporate general partner, thus allowing for a structure that offers the flexibility and taxation conditions of a partnership while protecting its investors against personal liability like a company. The book explores from the perspective of a foreign investor if the FILPE is an attractive investment vehicle by analysing whether it provides the characteristics that are internationally recognized as constituting a standard corporate form. Among these characteristics, the three that are most strongly interconnected and interdependent form the core of the analysis: legal personality, limited liability and transferable ownership interest. These are analyzed in context of China's restrictive framework of foreign investment regulations and enterprise organization law.
Book Synopsis Private Equity Funds by : James M. Schell
Download or read book Private Equity Funds written by James M. Schell and published by Law Journal Press. This book was released on 2023-08-28 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The best guide to private equity funds. Insight and explanations for both fund sponsors and investors. The gold standard." --Andrew Zalasin, General Partner and CFO: RRE Ventures Best Practices for Organizing and Managing a Fund With nearly $7 trillion invested in more than 20,000 funds, investor interest in the private equity industry has returned, despite the economic turmoil of recent years. Still, guidance about the organization and administration of these funds is tough to find. This 1,400+ page resource, will equip corporate lawyers, investment professionals, and tax practitioners and with best practices to manage these funds effectively. Private Equity Funds: Business Structure and Operations covers a wide range of important issues, such as: the key economic differences between various types of funds; structuring the private equity fund to meet economic expectations and investment goals; securing maximum tax benefits for the sponsor of the fund; duties of the fund's General Partner and Investment Advisor; the major regulatory issues affecting the private equity fund; and much more. Private Equity Funds: Business Structure and Operations reflects the aftermath of the financial crisis of 2007 to 2009. The authors also focus on cyber risk and the compliance obligations of investment advisers.
Book Synopsis Private Placement of Public Equity in China by : Pengcheng Song
Download or read book Private Placement of Public Equity in China written by Pengcheng Song and published by Springer Science & Business. This book was released on 2014-04-21 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: By retrieving entries from the financial-data vendor Wind and collecting relevant data from private placement statements, the author builds a proprietary database and studies five aspects of private placement in China. He examines which listed firms are more likely to choose private placement over SEO in refinancing; he looks into the controlling shareholder’s decision on whether or not to purchase privately placed shares; he investigates how the offer discount is determined; he calculates announcement periods for abnormal returns on private placements. Where the abnormal return is significantly positive, he documents positive long-run abnormal return on private offerings and evidence supporting the under-reaction hypothesis. Finally, he concludes that the largest shareholders tunnel by means of excess discounts from which they benefit but which is harmful to other shareholders.
Book Synopsis Investment in China by : Jeffrey L. J. Sheng
Download or read book Investment in China written by Jeffrey L. J. Sheng and published by . This book was released on 2003 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: 责任者中文名为:盛立军、李宝春、缪家文。
Download or read book Limited Partnership written by Lin Lin and published by . This book was released on 2017 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: In June 2007, the National People's Congress (NPC) of the People's Republic of China (PRC) revised the Partnership Enterprise Law (PEL) so as to introduce a new business vehicle - the limited partnership. Prior to the revision of this particular statute, the general partnership was the only partnership vehicle allowed under PRC law. One of the major reasons cited by the NPC for adopting the limited partnership is to encourage the investment of capital in high-technology enterprises and to facilitate the development of the venture capital market. In recent years, a number of jurisdictions such as Australia, New Zealand and Singapore introduced limited partnership legislation or adjusted their limited partnership regimes in order to encourage the growth of venture capital investments. The introduction of limited partnership in PRC is thus in line with current international practice. The objective of this article is to examine the key elements of PRC's new business structure with a view to analysing the potential problems that may not have been adequately addressed by the PEL as compared, where appropriate, to the counterpart limited partnerships in the other jurisdictions.
Book Synopsis Due Diligence in China by : Kwek Ping Yong
Download or read book Due Diligence in China written by Kwek Ping Yong and published by John Wiley & Sons. This book was released on 2013-08-22 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: A plain-English guide that demystifies the business landscape in China from a due diligence point of view Due diligence is crucial to any business deal, and, thankfully, due diligence research has come a long way over the years. What used to be a cumbersome, time-consuming process has been standardized and systemized with generally accepted auditing frameworks and tools, such as the all-important auditing "checklists." But when it comes to doing due diligence in China, with its opaque regulatory system and byzantine accounting standards, all bets are off. In this book an acknowledged expert in the field takes you beyond the checklists to arm you with China-specific due diligence strategies, tools and techniques that go beyond what is typically part of the process. Gives a detailed account of why conventional frameworks used in the west simply don't work in China Provides first-hand accounts based on the author's years of experience as a private equity professional doing deals in China Reviews, in-depth, the unique differences between corporations and businesses in China and those in the West and their implications for the due diligence process Uses numerous case studies to guide the reader through an entire due diligence process for a firm in China
