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Abax Global Capital news

  1. 1. 1 Abax global capital Plans Managed Buyout Fund After 28% Hedge Fund Gain in20112012-02-15 Feb. 15 (Bloomberg) -- Abax Global Capital, a Morgan Stanley-backed manager of$900 million of hedge and private equity funds, plans to start a fund this year to invest inU.S.-listed Chinese companies that will be taken private. Abax global capital is seeking $300 million initially for the fund, which it may start inthe first half, Donald Yang, its Hong Kong-based managing partner, said in an interviewyesterday. Such investments, including in Harbin Electric Inc., helped the $300 millionAbax global capital special situations fund return 28 percent last year. Managers like Abax global capital are planning funds with multi-year restrictions onredemptions to enable longer-term investments. Swings in frequently traded assets andthe high correlation between different markets led to hedge funds second-worst annualperformance last year since at least 1990, according to data tracked by Chicago-basedHedge Fund Research Inc. "Its very hard for a pure public strategy in this market," said Yang. "From a risk-reward point of view, its going to be a very challenging market for equities, probablymore downside than upside. Credits are the same story." The HFRI Fund-Weighted Composite Index declined 5 percent last year. The Abax global capital special situations fund bets on companies in Asia, especiallyin China, whose debt and equity prices move as a result of mergers, hostile takeovers,asset sales and large share buybacks. It returned 21 percent in the fourth quarter, Yang said. The majority of the profitscame from actual or mark-to-marketgains from deals involving U.S.-listed Chinese firms being taken private, such as thecompletion of the management buyouts of Harbin Electric and China Security &Surveillance Technology Inc. U.S. Investigations Valuations of smaller Chinese manufacturing companies traded in the U.S. plummetedafter the global financial crisis. The market value of U.S.-listed Chinese companies hastumbled since November 2010 amid allegations of financial fraud by short sellers such asMuddy Waters Research. The USX China Index, which tracks the performance of U.S.-listed companies thatderive most of their revenue from China, has declined 18 percent in the last 12 months.Shares of Sino-Forest Corp., facing allegations from Muddy Waters it had exaggerated itstimber assets and operated a Ponzi scheme, have lost 94 percent since the end of 2010 in
  2. 2. U.S. over-the-countertrading. U.S. regulatory investigations since 2010 into accounting practices of Chinesecompanies that gained listing on American exchanges through reverse mergers alsodamped share prices. Going Private In some of the funds investments in the privatization of U.S.-listed Chinesecompanies, such as Harbin Electric, Abax global capital turned its public equity holdingsinto private equity investments, said Yang. Abax global capital has held talks with Chinese private investors about the dedicatedfund to invest in U.S.-listed Chinese companies being taken private, said Yang. Investorsin the fund, which will be available to international investors and Chinese citizens withoffshore accounts, will commit their money for at least five years, he added. The planned fund will surpass a $50 million managed account set up last year for asmall group of investors, which makes similar investments together with the Abax globalcapital special situations fund, said Yang. Abax global capital s other investments in U.S.-listed Chinese companies being takenprivate include Fushi Copperweld Inc. Taking Private Seventeen deals to take U.S.-Chinese companies private have been announced since2009, and seven have been completed so far, according to data compiled by Bloomberg. The shortage of bank financing amid the European debt crisis has made it difficult toarrange such deals, because the investors will have to negotiate a lower price to achievethe same expected returns without leverage, said Yang. Private equity investors trying to strike deals without leverage may also find it hard tonegotiate with chief executiveofficers, who are typically majority stakeholders, Yang said. The size of the investmentsrequired to complete a privatization would probably dilute the CEOs holdings and resultin the outside buyers taking majority stakes in the companies. Real-Estate Fund Most of the assets in the Abax global capital special situations fund are in privatelynegotiated debt and equity securities, includingfixed-income, structured loans and private equity types of investments, Yang said. Abax global capital is also planning to start a fund for investments in Chinese real-
  3. 3. estate projects in partnership with former Beijing-based Merrill Lynch & Co. real-estatefund investment professionals led by Greg Peng, Yang said. It will raise yuan capitalfrom Chinese investors and will target returns of 25 percent to 35 percent from theinvestments, Yang said. Chinese investors have committed about 1 billion yuan ($159million) to the fund,which is going through businessregistration and may hold its first close by the second quarter, Yang said.2 Two Nominations for Abax global capital at Eurekahedge Asian Hedge FundAwards2012-04-16 06:06pmAbax Global Capitals exceptional performance has resulted in two nominations for the2012 Eurekahedge Asian Hedge Fund Awards. The finalists will be announced on May25.Abax global capital is pleased to have been nominated for the Best Greater China HedgeFund and Best Event Driven Hedge Fund award categories. We are gratified that ourcommitment to delivering outstanding returns to investors is being recognized in theinvestment community.3 Abax global capital Seeks Chinese Companies Abandoning U.S. Listings2011-05-18 00:59:03.581 GMTBy Bei HuMay 18 (Bloomberg) -- Abax Global Capital, a Morgan Stanley-backed manager of $900million of hedge and private equity funds, is seeking to profit from Chinese companiesabandoning U.S. listings for higher valuations in Hong Kong.Abax global capital has invested in companies including Harbin Electric Inc. and FushiCopperweld Inc., which are seeking delisting from the U.S. in leveraged managementbuyouts and may go public in Hong Kong later, Donald Yang, Abax global capital’sHong Kong-based managing partner, said in an interview yesterday.Valuations of smaller Chinese manufacturing companies listed in the U.S. haveplummeted after the global financial crisis, with the collapse of their traditional investorbase of smaller U.S.-based hedge funds and individuals, said Yang.
  4. 4. U.S. regulatory investigations since last year into accounting practices of Chinesecompanies that gained listing on American exchanges through reverse mergers alsodamped share prices."Their traditional investor base is gone," he said. "But you can pick out quite a fewcompanies in the space where the business fundamentals are very solid."One hundred and twenty-nine Chinese companies listed in the U.S. trade at an averageeight times their estimated 2012 earnings, against 11 times for 276 peers traded in HongKong because of a lack of research coverage, high concentration of shares among theirmajor shareholders, and limited trading volume, according to data compiled by CitigroupInc.More than 3,200 hedge funds have been liquidated between 2008 and last year, 36percent more than new starts, according to Chicago-based Hedge Fund Research Inc.Reverse MergersThe U.S. Securities and Exchange Commission last year started a probe amid concernsthat some Chinese companies listed in the U.S. were doctoring their financial statements.U.S. exchanges have frozen or delisted shares of more than a dozen China-based firmssince March amid the probes centered on those that have obtained listings throughreverse mergers -- deals in which a closely held firm goes public by acquiring a tradedone, thereby avoiding the scrutiny of an initial public offering.Abax global capital is making the investments through Abax global capital OpportunitiesFund and separate accounts for clients which together oversee $350 million using thesame strategy. The fund bets on companies in Asia, especially mainland China, whosedebt and equity prices will move as a result of mergers, hostile takeovers, asset sales andlarge share buybacks.Attractive Returns"I think this is going to be the focus for the next couple of years at least," Yang, 45, said."It’s a good investment thesis."These companies provide more attractive returns than the traditional Chinese targets ofprivate equity funds because they are larger in scale, have more established businessoperations and better internal controls. They are also valued cheaper and investors couldrecoup their money sooner, Yang said.Abax global capital is focusing on companies that it has provided financing to before andis therefore familiar with, Yang said.
  5. 5. It expects to recoup such investments in less than two years, including the typical six-month ban on sales of pre-IPO investments after trading starts, he said. It can also sell theinvestments to private equity companies.Abax global capital Opportunities Fund returned just more than 2 percent this year, and20 percent in 2010, Yang said. It exited about 80 percent of pre-2008 investments withabout 12 percent annual returns, either when the loans matured or when the companiespaid it back before maturity after obtaining alternative sources of funding at lower rates,he said.Fund RestructureAbax global capital earlier this year restructured its special situations fund by creatingtwo share classes, one with a two-year ban on withdrawals in exchange for fee discounts,and one that allows quarterly redemption that charges higher fees.Investors were subject to a one-year outright ban on withdrawals and penalties forredemptions in the next two years when the fund was set up in 2007, said Yang.The more frequent redemptions are to help attract U.S. and European investors who havebeen reluctant to put money into less liquid funds since the crisis while allowing Abaxglobal capital to make longer-term private investments with higher returns, he said.Chinese individuals and institutions now account for the majority of its assets, Yang said.Abax global capital started a 500 million yuan ($77 million) private equity funddenominated in the Chinese currency early last year, with China Development BankCorp. as its anchor investor.It is also setting up a venture with the Chinese bank to manage another private equityfund that is expected to receive as much as 4 billion yuan of commitments from mostlyinstitutional investors, Yang said. The venture, which has received government approvaland is going through the registration process, may become operational in the next twomonths.4 2010 Asia Hedge Fund 25- Abax global capital2010-08-10Abax global capital is listed again in influential Institutional Investors "Asia HedgeFund 25" climbing to No. 22 from No. 23 of 2009 list. Visit Institutional Investors orclick the icon at top right corner to download the pdf file.
  6. 6. 5 Abax global capital Follows CLSA With Chinese Private Equity Fund2009-08-24By Bei HuAug. 24 (Bloomberg) -- Abax Global Capital Ltd., a Hong Kong-based hedge fundmanager backed by Morgan Stanley, plans to start a private equity fund in China thatinvests in companies making environmentally friendly products such as clean energy.The yuan-denominated fund aims to raise about 500 million yuan ($73 million) fromChinese investors by its first close in two months, Donald Yang, Abax global capital’sHong Kong-based president, said in a phone interview Aug. 21. It will be sponsored by alarge Chinese financial institution, whose name he declined to reveal because of pendingregulatory reviews of the plan.International managers such as Blackstone Group LP and CLSA Asia-Pacific Markets arealso planning to tap Chinese demand for local-currency private equity funds. Abax globalcapital is joining peers such as Income Partners Asset Management (HK) Ltd. that arediversifying their product range and investor base after the worst year for hedge funds in2008.“Money is tight, so people will raise assets where they can,” said Paul Smith, HongKong-based managing director at Triple A Partners Ltd., which provides startup capital tohedge funds and helps market them. “Everyone is having to learn new tricks to stayafloat.”Abax global capital, set up in 2007, initially focused on so-called special situationsinvestments in companies involved in events such as mergers, acquisitions, asset salesand large share buybacks.“Last year, most participants in the industry felt significant pain during the marketturmoil,” said Yang. “From a business point of view, having a single strategy is risky.What we’re trying to do is to build a platform with multiple strategies.”Convertible BondsAbax global capital’s $300 million special situations fund, which invests mainly inconvertible bonds, notes and equity warrants, booked double-digital returns this year ascredit markets rebounded and the quality of the company credits it holds strengthened,Yang said without giving specific numbers.The fund was down “significantly” last year after the credit market slump forced it tomark down the value of its holdings, said Yang, declining to give a more specificperformance number. The illiquidity of the fund’s private investments made it difficult tovalue and sell the assets at attractive prices when the market collapsed, he added.Income Partners, which oversaw debt and macro assets, started its first equity hedgefunds in July.
  7. 7. Raising MoneyAbax global capital in January raised about $50 million from a small group of wealthyChinese individuals for funds that focus on publicly issued, frequently traded high-yieldand convertible bonds, Yang said. The funds have returned at least 30 percent sinceinception, profiting from the doubling of some companies’ bond prices since mid-March,he added.“We were lucky enough to raise capital at the beginning of the year and chose attractivepositions that benefited from the up trend of the credit market,” Yang said. “Otherwise, ifyou are holding positions that you bought a year or two ago, you may not haveexperienced as much of the overall benefit in the recovery.”Neo-China Land Group (Holdings) Ltd.’s convertible bonds maturing in June 2011traded as low as 22 cents on the dollar in February after missing a coupon payment on$400 million of high- yield bonds in January. The convertible bonds have recovered to62.5 cents, according to data compiled by Bloomberg.Hopson Development Holdings Ltd.’s convertible bonds maturing next year rose from32.3 cents in November to 96.8 cents on the dollar, according to Bloomberg data.New HiresAbax global capital, which manages about $560 million, also opened its TudorInvestment Corp.-backed Asia macro fund, which seeks to profit from regional economictrends, to outside investors for the first time.Abax global capital is hiring at least three people for the Chinese private equity fund, saidYang, who helped found Abax global capital and was a former head of Hong Kong andGreater China debt capital markets at Merrill Lynch & Co. Abax global capital’s specialsituations team will assist the fund’s management, Yang said.6 Abax global capital 拟在华设立私募投资基金 专注环保公司2009-08-27来源:ChinaVenture 时间:2009-8-27 14:56:00  据海外媒体报道,摩根士丹利支持下的香港对冲基金管理公司 Abax GlobalCapital 计划在中国推出私募股权投资基金,将重点投资致力于制造清洁环保产品的公司。  Abax Global Capital 香港总裁 Donald Yang 在 8 月 21 日的采访中表示,AbaxGlobal Capital 希望此基金首轮募资 5 亿元人民币(约 7300 万美元)将向中国投资者募集,于两个月内完成。该基金将引入一家大型中资金融机构资金,目前尚 未公布此机构的名称。公司将至少雇佣了 3 名中国管理者筹备此次基金,Abax global
  8. 8. capital 的特殊情况团队也将为基金管理提供帮助。  Abax Global Capital 成立于 2007 年,主营重大事件相关的特殊情况投资,比如:合并、收购、资产售出和大量股份回购。Abax global capital 的 3 亿美元基金主要用来投资可转债,票据和股票凭证。7 盘实基金(Abax global capital):现在投资债券比投资股票机会更好http://www.sina.com.cn 2009 年 06 月 10 日 02:23 第一财经日报  郭茹 王艳伟  “危机”既是“危”,更是“机”。自 2008 年以来,这场起始于美国的国际金融危机给金融市场造成了巨大的冲击。而在盘实基金(Abax Global Capital)总裁杨向东看来,在反思这场危机的同时,更要积极寻找危机所带来的投资机会。  在这场危机中盘实基金虽然也遭受了损失,但以结构性债券产品投资为主的投资策略却使他们幸存了下来。而今年以来他们又将眼光瞄向了高收益的债券市场, 抓住了这场危机中的机会。盘实基金于 2007 年在香港成立,有“中国人办的第一家对冲基金”之称,也是摩根士丹利所投资的为数不多的几家基金管理公司之 一。  日前,CBN 记者采访了该基金创始人兼总裁杨向东。  亚洲债市动荡更大  CBN:能否简单介绍一下公司的主要投资模式?  杨向东:盘实基金成立伊始的 2007 年 7 月,正值上一轮“牛市”的顶峰。基金的投资策略是结合了债权、股权及期权的结构性私募投资,在追求高回报的同时,强调风险控制及在市场低潮时对投资价值的保值。这种在国际对冲基金被称为“特殊情况”(Special Situation)的投资在当时市场环境下极具吸引力,也是摩根士丹利决定成为基金的初始投资人并在管理公司中占有少数股份的主要原因。今年年初,我们 确信经历了金融危机洗礼的亚洲债券市场极具投资价值,并募集了新的基金,迄今回报率已经达到了近 30%。  CBN:国内对海外的债券市场并不太了解,近几年亚洲债券市场的情况是怎样的?
  9. 9.   杨向东:亚洲债券市场,其实是指除日本之外的亚洲其他国家发行体发行的外币债券,其交易场所主要是场外市场,是全球性的。 以前亚洲债券市场,韩国、印尼、菲律宾发行的最多。1997 年亚洲金融(2.98,0.00,0.00%)危机后,这些国家受打击比较大,发债都减少了。中国以往以财政部、国开行、进出口行等具有国家主权或准主权的发行体发行外币债券较多,大型国企如中海油(12.28,-0.14,-1.13%)、中国移动(77,0.00,0.00%)也在其列。而从 2004 年以来,中国民企开始利用海外债券市场融资,使亚洲债券市场有了全新的面貌。由于这些民企所获评级都在投资级(BBB-)以下,即所谓的“垃圾债券”,所以收益率大都比较高,也即所谓的“高收益债券”市场。  2005 年、2006 年,中国民营企业发的高收益债券,大概占了亚洲市场的一半,包括大的房地产商,例如合生创展、绿城、碧桂园(2.6,0.02,0.78%)等都很活跃。当时新发行的公募债券收益率大概只有 8%~12%,对于可以把资金转移到国内作为资本金购置土地的房地产商来说,是非常便宜的。  CBN:这场金融危机,海外债券市场尤其是亚洲债券市场受到了怎样的冲击?  杨向东:在危机中,债券市场与股市一样也备受冲击。相比于美国的债券市场,亚洲债券市场在危机中的动荡更大。在去年 9 月份雷曼倒闭的时候,亚洲投资级 别债券的 Spread(利差)最高时曾达到 600 个基点,这是以前从没有过的;高收益债的利差最高曾达到 1400 个基点,这只在 1997 年亚洲金融危机时 看到过。而在 2007 年高收益债的利差平均大概在 200~300 个基点,这是比较正常的水平。  当金融危机来的时候,银行和基金都急于抛售高收益债券,这个时候大家都在卖,没有人买,因此收益率很快就起来了。到去年年底和今年年初,个别债券的价 格甚至跌到了面值的 10%以下,收益率已经到了不良资产的水平,有的年收益率高达 70%~80%,甚至 100%多。这说明了一个问题,就是亚洲债券市场的 水很浅,纯粹做债券的基金非常少,尤其是做高收益债券的基金就更少,所以一遇冲击市场很快就垮了。  现在投资债券比股票机会更好  CBN:你们如何看待债券投资与股票投资这两种投资方式?  杨向东:投资债券和投资股票,分析的着重点是不一样的,股票得看公司的盈利能力,而债券主要看现金流。如果公司的现金流很好,即使盈利不理想,债还是 还得上的。因此,相对来说,债券的安全性更高。正常的市场债券的回报率应该比股票的低,但现在的时期很特别。金融危机对股票和债券市场的冲击都很大,但是 从风险和收益的回报来说,债券其实跌得比股票更多,所以说现在投债券比投股票是个更好的机会。
  10. 10.   我们做的分析是看公司的基本面,看信用状况怎么样,判断公司的违约率是多少。从标普 50 年不同评级的平均违约率来看,BB 的违约率每年约为 3%~5 %,所以在年初的市场条件下通过做一个 3~5 年的组合,测算出即使有 5%的违约率,最后的年平均收益率也会有 30%左右。而股票市场长期持有的年平均回报 率只有15%左右。如果这个回报率比股票高很多,我想这肯定是个不错的机会。这是年初的时候我们看到的亚洲地区最有吸引力的投资机会。  这个债券市场的流动性没有股市那么好,所以投资的时候需要有些策略。另外,不能只看收益率不看风险,需要做信用分析。另外我们的操作上也采取了一些避险措施,比如购买 CDS,进行风险管理。现在融资成本很低,通过杠杆放大的效果带来的回报也是很可观的。  国内债市缺少避险产品  CBN:目前国内的企业债市场也处于发展的起步阶段,而大的商业银行对投资于企业债尤其是民营企业债都持相对谨慎的态度,你怎么看这个问题呢?  杨向东:国内债券市场这两年也有了较大的发展。但总体来看,国内债券市场的品种少,品种趋同,而且缺少避险的产品。债券的风险,首先是违约风险,国外 可以通过购买 CDS(信用违约掉期)等办法来避险,对上市公司还可以通过卖空股票的方法来对冲风险。第二是利率风险,可以通过利率掉期来做,还有利差的波 动(信用评级风险)也可以用 CDS 来控制。而这些产品国内都还很缺乏。  每个时期每种产品都应该有个投资组合,应该根据收益、风险比例来组合,固定收益产品通常在国外机构投资者的投资组合里占相当的比重。国内近两年我觉得是在逐步增加这种配置,主要是这两年的企业债发行量增加了,相信这种趋势会持续下去。  CBN:这次金融危机对于信用评级公司诟病也很多,现在国际市场上对于信用评级公司一般怎么来评价?  杨向东:这次金融危机中市场及监管机构对于评级公司的“抱怨”主要是评级公司对于次贷衍生产品的评级过于乐观,对投资人有误导。而从我们的观察来看, 市场往往比评级机构反应迅速,等到评级调整出来对于市场的影响已经很小。所以做投资不能只看评级,还要自己掌握第一手资料,要有自己的观点。不过,对于信 用文化的建立来说,评级机构还是不可缺少的,信用评级对于投资人的参照价值还是非常必要的。8 盘实基金(Abax Global Capital)杨向东:“私募债”拓荒者
  11. 11. 2009-08-20对于急需资金的中小企业主来说,很新、很前沿的“私募债”要比令他们又爱又恨的 PE 可爱可亲许多文 | 本刊记者 潘虹秀 与杨向东的见面是在北京金融街威斯汀大酒店的大堂里。这是个很多金融人士出没的酒店。那是 2008 年愚人节的前一天,阳光很好。“杨向东”这三个字,只要百度一下,就可以发现有个比较活跃的“杨向东”,有着高盛和凯雷的履历。眼前的杨向东呵呵笑道,那个“杨向东”不是他,自己没那么厉害。凯雷的“杨向东”,做的是私募股权和并购交易,曾在业界掀起轩然大波的收购徐工案,就是他操盘的。作为本文主角的杨向东,曾是美林亚太区债券市场的主管,相比那个轰轰烈烈的杨向东,有些默默无闻,但亦有过人之处。与很多张扬出精明以及优越感的 VC/PE 群体相比,杨的个性很温和。杨自称他的工作就是帮助中小企业打开融资渠道。从去年 7 月成立迄今的 9 个月内,由他担任总裁的盘实基金已向国内20 个中小企业投了钱。这些笔钱数额也不小,从两千万美元到四五千万美元不等。与人们已熟知的 VC/PE 不同,杨投的钱,获得的不是股权,而是债权,或者债权加股权。对于习惯了到处寻找 VC/PE 股权投资的中小企业主来说,这显然是一个极富魅力的融资新方式。很新,很前沿盘实基金(Abax Global Capital)自认为是新型对冲基金,专注于结构性交易和私下交易。投资的形式主要是“私募债权+股权”。从 PE 的角度,这正是夹层基金(债权+股权的一种投资形式)的范畴,不过 PE 主要是投资于未上市公司,而盘实基金目前投资的对象多为公众公司。无论是对冲基金还是夹层基金,都是金融的一种创新。不过,这些来自西方的名词在中国依然很新鲜。邓天洲是杨“私募债”投资的受益者之一。邓是中能集团有限公司(以下简称中能)的董事长。他告诉《中国企业家》,2007 年 7 月,他意外地接到了自称叫杨向东的人的电话,说想跟他见见面,谈谈投资的事情。彼时,邓从没听说这个人。不过当时中能的确很缺资金,也在考虑融资的事情。于是答应见面了。总共见了 3次面,合作很快就敲定了。这年 9 月份,盘实基金的 3000 万美元就到账了。中能的主要业务是天然气加气站的经营和天然气机械设备的生产、销售。在盘实投资前,中能在几大城市共有十个天然气加气站;投资后,中能的天然气加气站在建网点目前已增加到 40 个。让邓迅速决定接受投资的原因,除了认为杨比外国基金更了解国情外,主因乃是这笔钱的性质。这笔 3000 万美元的资金由 1600 万美元的纯债和 1400 万美元的可转债组成。“当时主动找我们的基金有三四家,包括美国老牌的对冲基金。”邓说道。相比之下,盘实基金只是一个刚成立的基金,默默无闻。不过那些基金投
  12. 12. 资的目的是要获得中能的股票,这种股权融资让邓有些后怕。在接触盘实之前,中能已做过几次股权融资。2006 年 6 月,在一家名为巴隆的北美基金的帮助下,中能通过借壳上了美国 OTCBB(场外柜台交易)板。上市的第二天,巴隆购买了中能 370 万美元的股票。次年的 2 月和 4 月,巴隆又分两次,每次各投资 600 万美元购买了中能的股票。中能股票价格很低,上市时只有 65 美分,在这种低价股权融资中,中能的股权稀释了 55%。盘实基金进来之前,巴隆手中的股票已转给多家基金,还有更多基金对中能很感兴趣。不过邓和管理团队已不想再稀释公司的股权了。见到杨向东后,邓提出了 1600 万美元的纯债+1400 万美元的可转债的融资方案。杨很快就接受了邓的方案。双方经过谈判后,纯债的利息是 12%,可转债的利息是 3%。邓对这个结果非常满意。他解释道,人民币对美元在不断升值,12%的美元利息并不算高。可转债的概念是一种期权,即盘实的 1400 万美元可以在约定时间段内以约定的价格转换为中能的股票,这种转换价格要比现行的股价更高。目前中能已申请转板纳斯达克,邓对中能股价的提升充满着期待。美国一家名为 Clean Energy 的公司,业务与中能类似,已在纳斯达克 IPO,去年 5 月的市值是 6 亿美元,市盈率 600 多倍。邓说道:“他们的盈利只有我们的十分之一,但我们的市盈率却不超过 20 倍。”杨向东同样也期待着中能转板后创造类似 Clean Energy 的神话。这也正是盘实这笔可转债投资的动机之一。在威斯汀酒店的大堂里,他用圆珠笔在威斯汀酒店提供的信封上画了个曲线图,解释着“债权+股权”这种投资的妙处。杨在信封上比划说:“熊市时,股价下跌,别人亏,我们不亏,因为有利息收益;牛市时,股价上扬,我们还可分享上涨的收益。”而对于融资方来说,选择这种组合要比完全的股权融资更有优势。一来现有股东股权稀释比较少,且不会立刻被摊薄;二来,融资成本更低。被忽略的市场需求杨向东 1966 年出生在哈尔滨,19 岁那年被保送到南开大学国际经济系,26 岁留学美国缅因大学,获得经济学硕士学位,在念了沃顿商学院的 MBA 后,曾在美国纽约从事债券市场工作。不过,杨的这种投资策略并不是来自他的经济学的理论修养,也不来自美国资本市场的投资模式拷贝,而是来自于对中国市场需求的发现。这一切还得从沿海绿色家园有限公司(以下简称沿海)这个投资案例说起。该案例奠定了盘实基金如今“私募债权+股权”投资结构的雏形。2005 年底、2006 年初,时在美林做债券交易的杨向东得知沿海急需融资,前去了解情况。沿海是家在香港上市的内地房地产公司,当时的市值只有 2 亿多美元(现在是近 33 亿港币),利润为两三千万美元,这种现金流只能支撑几千万美元的债务融资。当杨向自己的老板汇报情况时,该老板认为几千万美元的债券太少了。按惯例,债券发行一般都得在两三亿美元以上,承销的投行则从中收取约 1.5%的佣金。如果债券金额太少,投行一般都不做。杨介绍道,债券公募发行,投行需要做很多工作,诸如请债券评级公司评级,请律师写长达 200 页的发债说明书,安排路演等等,整个过
  13. 13. 程走下来,至少需要三四个人花三四个月时间来完成。此外,债券发行少于 2 亿美元,市场流动性比较差,也基本没有投资者愿意购买。不过杨没有放弃这个项目。他在思索如何为年利润两三千万美元的公司做融资。后来,杨提出了私募债券的方案。按该方案,债券无需评级,无需律师出具发债说明书,投行则从中收取 4%-5%的佣金,整个项目做下来只需投入一到两个人,历时一至两个月就可完成。该方案解除了投行的盈利之忧,不过却存在信誉风险,万一项目出了问题,沿海到期不能向投资者还本付息,那么美林在业界的信誉就会受影响。最终,对该项目进行了严格的评估后,美林内部通过了该方案。不过在为沿海寻找投资者时,杨四处碰壁。很多做投资债券的基金都表示无评级的债券不买。当时许中一刚从美国来到香港,其所在的 Citadel 基金是美国十大对冲基金之一。抱着试试看的心态,杨找到了许,许很痛快地认购了一部分,美林一投资部门也购买了一些。不过许透露道,这种纯固定收益对 Citadel 这个大型对冲基金来说意义不大,他更想借此与沿海建立联系,做一些可转债。最终,杨为沿海做了几次融资,共计有 2000 万美元的纯债和 4000 万美元的可转债。从此,杨又陆续做了很多类似的项目。2006 年 8 月 30 日,杨为哈尔滨泰富做了 5000 万美元的债务融资。此后,杨又帮铜线生产商傅氏国际做了 6000 万美元的可转债融资。在这类项目的融资中,杨几乎每次都找 Citadel 合作。这一方面是因为做私募债券的投资基金并不好找,另一方面也是因为许中一的个性,“做事很有主动性,很能讲,很有亲和力。”作为交易的中间人,杨平衡了两方的需求,企业的债务融资需求和投资方的可转债投资需求。《华尔街日报》曾将 Citadel 介入可转债领域称之是对冲基金在中国投资的新门道:“不要在证券交易所买股票”。对那些快进快出做短线的股票投资的对冲基金来说,做可转债投资是投资股票渠道的一种创新。不过在杨向东看来,这更是债权市场的一种演变,从大国企向民营的中小企业拓展。2000 年,杨加入美林,在其香港办公室工作,直到去年 2 月辞职。在这 7 年中,杨深度介入了中国的海外债券发行市场,并目睹和参与了其中的市场变革。中国能在海外发债的基本只有两类,一类是财政部、国家进出口银行、国家开发银行、铁道部这些跟国家紧密联系的机构或者国家支持的项目,诸如早年的葛洲坝工程。还有一类就是红筹(泛指海外注册)的大国企,比如中海油、中移动等。这些债券的评级往往很高,一般有 AAA。这些高信用等级的债券也被称为投资级的债券,很多投资人都愿意买。但中国一年的海外债券发行总量大约只是美国三四天的发行量。这样稀缺的债券发行,通常还有好多家国际大投行共同承销,有时一个单子下来,一家投行只能分到 0.2%的佣金。“这根本不是融资的概念。”杨点评道。2004 年,市场发生了转折。是年 9 月,一家名为百江燃气(现为港华燃气)的香港上市公司,发行了 2 亿美元的 7 年期债。当时百江燃气的评级为 BB,属于非投资级债券(按标普评级 BBB-以下的为非投资级),也被称为垃圾债券或高收益债
  14. 14. 券。这标志了国际大投行在中国不再只是盯着大国企,开拓了高收益债券市场。这次债券由美林牵头承销。此后,德意志银行、摩根士丹利、高盛等投行纷纷跟进,中国的高收益债券市场一下红火起来。杨向东在这个市场走得更远,从公募的高收益债券走向更小企业的私募债券。这也是受妻子的启发。杨妻早年也在美林工作过,后来加盟了深圳一家名叫“科通”的民营企业,担任首席财务官。这家公司早年通过借壳上了美国的 OTCBB 板,杨的妻子来到这家公司后,两三年内,公司升级到纳斯达克主板,股票也从当初的3 美元攀升到 17 美元左右,最高时达到 21 美元。这家做电讯设备模块设计和制造的公司后来还成了微软的合作伙伴。一些大基金也购买了该公司的股票。杨发现那些被国际大投行们冷落的中小企业,尤其是在 OTCBB 上市的企业,有不少是行业的佼佼者,管理能力也不错,市场增长空间也很大。这类企业对资本的需求量也很大。由于 OTCBB 股价的低廉(通常是数美元乃至几十美分),这类企业股权再融资的代价很高,而债务融资很难实现,国内银行不可能给其贷款,想在国内市场公开发债,也往往不够资格。杨向东无疑是为这类企业打开了融资的一个窗口。前文所述的哈尔滨泰富也曾是一家 OTCBB 企业(现转板纳斯达克),其董事长杨天夫在电话中向记者说道:“当美林找到我们时,他们是头一次做我们这么小的公司,我周围的朋友都不相信美林这种大投行会看上我们这种企业。”从中间商到投资人盘实基金的创立起源于一次聚会。2006 年 5 月的一天,杨向东夫妇、许中一三个人在哈尔滨一起吃饭聊天。三人都觉得这个市场(针对中小企业的债权+股权投资)很新,很前沿。杨妻问道:“你们俩为什么不自己搞一个基金?”当时许年仅 25岁,是 Citadel 最年轻的董事总经理。几经酝酿,这年 11 月,许离开了 Citadel,专心谋划基金成立的事。2007 年 2 月,杨离开了美林,与许一起创业。同时,许的前同事、原 Citadel 的高级风险经理钱峰(Frank Qian) 也加入进来。“在食物链条中,越是上游回报越高,投行只是中间商,收取固定的费用,基金的回报要高很多。”杨说。在沿海的案例中,美林从中获得 4%的回报,已算很高。Citadel 在投资沿海两三个月后,转手就取得了 64%的回报。2007 年 7 月,盘实基金正式成立。至今为止,已募集了 5 亿美元,还陆续有新的基金进入。摩根士丹利为盘实基金的大股东,占有小股东权益。目前四人管理团队中,除了上述三人外,新加坡人杨明章担任首席投资官。许是 CEO,杨是总裁。对杨来说,新的工作也有新的挑战。过去做公募的债券发行,对象往往是大公司,企业的信誉评级有专业的评级公司去做。而现在,他需要面对更多的中小企业,没有评级机构来把关,需要像 PE 一样有眼光,判断市场,判断企业的增长空间,判断企业的管理团队等等。有意思的是,1993 年,时年 27 岁的杨在波士顿一家风
  15. 15. 险投资基金工作过一年,曾来哈尔滨考察过很多项目。中能董事长邓天洲认为杨“眼光敏锐、效率高、(投资)方式灵活”。目前盘实已投资的行业有天然气、城市燃气、经济型连锁酒店、房地产、制造业、造纸业、水处理等。不过与 VC/PE 不同的是,盘实会同时投资同一行业的多家同类公司。比如在投资完中能国际后,盘实又紧接着投资了同属于天然气加油和汽车气化改造市场的西安西蓝天然气股份有限公司。杨自称比较喜欢该行业,认为其带有公用事业性质,又属于环保类的石油替代品。而盘实目前所聚焦的公司是红筹公司,包括上市公司和拟上市公司。他解释道,这类公司的债务融资无需发改委审批。盘实的投资形式基本上都是“无担保长期债+可转债”,以私募为主。对企业投资后,盘实一般都会要求其选择大的会计师事务所、大的律师事务所等,对 OTCBB 公司则要限期转板纳斯达克。同时,盘实也会在资本、公司运营等方面尽力帮助企业。对于这个年轻的团队来说,从事这样一个“前沿”的工作,也存在风险。在多次接受电话采访后,杨向东期望着越来越多的人加入到“债权+股权”的投资中来,只专注于“债权+股权”的基金还不多。9 Morgan Stanley Investment Management Reaches Agreement to Acquire Stakein Abax Global Capital Limited2007-03-12Newly Formed Firm Will Invest in Asian Special Situations with Focus on Greater ChinaHONG KONG, March 12, 2007 Morgan Stanley (NYSE: MS) announced today that itsInvestment Management division (MSIM) has reached an agreement to take a significantminority ownership position in Abax Global Capital Limited (Abax global capital), a newhedge fund advisor being formed to invest in special situations in Asia. The transactionadds Abax global capital to the stable of best-inclass independent investment managerswith whom MSIM collaborates, including Avenue Capital, Lansdowne Partners andTraxis Partners.Abax global capital, to be headquartered in Hong Kong, will invest in private and public-sector issuers in Asia, with a primary focus on Greater China, including mainland China,Taiwan and Hong Kong. The firm is being founded by Chris Hsu, a former managingdirector at Citadel Group, with responsibility for that firm multi-billion dollar SpecialSituations Asia Group; Donald Yang, formerly managing director and head of HongKong and Greater China debt capital markets at Merrill Lynch; and Frank Qian, formerlya trader and risk manager in Asia, Europe and the U.S. at Citadel Group.
  16. 16. Hans Schuettler, Chief Executive Officer, Morgan Stanley Asia, said, the Asian capitalmarkets provide exciting opportunities for growth that we are well positioned to realizegiven our Firm deep roots and strong platform in the region. As part of the strategy togrow our asset management business in Asia, with a specific focus on China, we areexpanding the range of investment strategies we offer to both our institutional and ourhigh net worth individual clients. And, this new alliance with Abax global capital willprovide our clients access to investment expertise in a distinctive, highly attractive assetcategory.Stu Bohart, Head of Alternative Investments at MSIM, said, the continue to expand thebreadth and depth of our investment offerings to accommodate clients desire forinnovation and high performance across a broad range of traditional and alternative assetcategories. Abax global capital team, led by Chris Hsu, Donald Yang and Frank Qian, ishighly regarded and has an outstanding track record in Asian capital markets. With itsunique, integrated investment platform and its extraordinary level of talent, Abax globalcapital will be another significant enhancement to our alternative product offering.Chris Hsu, Chief Executive Officer and Managing Partner of Abax global capital said,they are very pleased to be entering a strategic partnership with Morgan StanleyInvestment Management. The firm support will be highly beneficial as we work togetherto identify the most promising investment opportunities presented by the rapid growth ofAsian capital markets. We believe that combining forces in this way will provide aplatform for meaningful collaboration between the companies.In recent months, MSIM has expanded its alternative investment capability through aseries of new products, partnerships and investments. In addition to launching 24 newalternative investment products in fiscal 2006, the Firm acquired FrontPoint Partners, amulti-strategy hedge fund business that focuses on providing alpha producing solutions toinstitutional clients.About Morgan Stanley Investment ManagementMorgan Stanley Investment Management, together with its investment advisory affiliates,has over 400 investment professionals around the world and $478 billion in assets undermanagement or supervision as of November 30, 2006. These entities offer investmentmanagement services to a diverse client base, which includes governments, institutions,corporations and individuals.About Morgan StanleyMorgan Stanley is a leading global financial services firm providing a wide range ofinvestment banking, securities, investment management, wealth management and creditservices. The Firms 2 employees serve clients worldwide including corporations,governments, institutions and individuals from more than 600 offices in 30 countries. Forfurther information about Morgan Stanley, please visit www.morganstanley.com.
  17. 17. 10 摩根斯坦利投资亚洲对冲基金 Abax global capitalhttp://www.sina.com.cn 2007 年 03 月 19 日 03:55 中国证券网-上海证券报   摩根斯坦利表示将购买 Abax Global Capital Ltd 的一部分股份。Abax globalcapital 是一家投资于亚洲的新兴对冲基金,由 Citadel 投资公司的前管理人士设立。摩根斯坦利表示,它的投资管理团队将在 Abax global capital 基金中,占据显著的所有者监控职位。  Abax global capital 的创始人包括 Chris Hsu,Citadel 对冲基金的前常务董事。他将负责对中国大陆、台湾与香港等地的投资。 Abax global capital 将专注于所谓“特殊情境”投资,设定公司的债务与股本将随着兼并,恶意收购,资产拆分或 buyout 而产生变化。根据 Eurekahedge 数据,投资亚洲的对冲基金去年产生了 16.1%的资产回报率,北美市场的回报率是11.5%,欧洲是 11.35%。(阿焰)

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