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IP Protection - CVCA April 2004

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IP Protection - CVCA April 2004

  1. 1. Broadview International A division of Jefferies & Company, Inc. Intellectual Property Protection and Venture Capital Development The Wall Street Perspective 2005 年 4 月 8 日 保密草稿
  2. 2. Jefferies Broadview 1
  3. 3. Jefferies Broadview 为客户提供全面性的服务 <ul><li>股券业务 </li></ul><ul><li>150 多位机构销售员针对 2000 多家机构投资基金;操盘 4000 多种股票 </li></ul><ul><li>纳斯达克股票交易量排名第一的经纪人;纽约股票交易所内运作交易量超过 10% ;是近 2000 多种股票的前五名的经纪人 </li></ul><ul><li>90 多位研究分析师追踪 500 余家企业, 70% 的企业市价总值于 50 亿美元以下 </li></ul><ul><li>债券业务 </li></ul><ul><li>40 多位经验丰富的资深专家组成专门的团队,专事高获利项目 </li></ul><ul><li>销售、交易、研究分析、资本市场以及银行职能,综合一体,一条龙服务 </li></ul><ul><li>排名第一的中盘股、高获利债券包销商,由 Drexel Burnham 加入 Jefferies 的成员领导 </li></ul>投资银行 股券 资产管理 债务 现金管理 资本 合作伙伴 高获利债券 私募 结构性融资 交易 销售 研究分析 资本市场 专业知识 合并与收购 资金 支持单位 结构重组 私人客户 服务 为高增长企业的成长周期配备全套的 投资银行产品和服务 <ul><li>资料来源 : Mergermarket. </li></ul><ul><li>投资银行 </li></ul><ul><li>排名首位的专注于在高增长企业的投资银行 </li></ul><ul><li>400 多名投资银行家,其中 100 多名专长于高科技企业,遍布全球 20 多个分处 </li></ul><ul><li>股权发售:近十年内完成了 240 多起公开股权发行 </li></ul><ul><li>并购: 2004 年高科技企业并购业务排名第一 (1) ( <10 亿美元成交额) </li></ul><ul><li>1999 年至今完成了 321 项高科技并购交易,价值超越 5430 亿美元 </li></ul><ul><li>私人资本:与 250 多家直接投资基金具有常规性沟通机长久性的良好关系 </li></ul><ul><li>结构重组:近 1500 亿美元的证券和债务结构重组 </li></ul>2
  4. 4. 高科技特许能力的全球性投资银行 <ul><ul><li>排名首位的机构交易经纪及投资银行公司:由业内最具影响力的资本市场交易平台所引领 </li></ul></ul><ul><ul><li>是控股公司 Jefferies 集团公司 ( NYSE: JEF ) 的首要运作子公司; Jefferies 集团在股权市场总市值逾 20 亿美元、员工超过 1700 人、分布全世界 24 个城市 </li></ul></ul><ul><ul><li>荣登 Standard & Poor’s 和 Moody’s 的“投资等级” </li></ul></ul><ul><ul><li>是近 10 年股票表现最好的投资银行、员工持股率超过 50% </li></ul></ul>(1) 华尔街日报 2004 年 3 月 . * Offices of Jefferies Group, Inc. subsidiaries Jefferies International Limited or Quarterdeck Investment Partners, LLC, or affiliate Broadview International LLC. ** Sydney and Melbourne Offices of Australian affiliate, Burdett Buckeridge Young Limited, Israel office affiliate, Axcess International, Inc. Austin Dallas New Orleans Chicago Nashville Richmond Stamford Jersey City 伦敦 * ** ** $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 12/31/92 11/5/93 9/9/94 7/14/95 5/17/96 3/21/97 1/23/98 11/27/98 10/1/99 8/4/00 6/8/01 4/12/02 2/14/03 12/19/03 10/22/04 $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 12/31/92 11/5/93 9/9/94 7/14/95 5/17/96 3/21/97 1/23/98 11/27/98 10/1/99 8/4/00 6/8/01 4/12/02 2/14/03 12/19/03 10/22/04 Austin Recent China Transactions 3 $0 $4 $8 $12 $16 $20 $24 $28 $32 $36 $40 $44 12/31/92 11/5/93 9/9/94 7/14/95 5/17/96 3/21/97 1/23/98 11/27/98 10/1/99 8/4/00 6/8/01 4/12/02 2/14/03 12/19/03 10/22/04 Jefferies 股价 ($ USD) 旧金山 洛杉矶 Dallas 休斯敦 New Orleans 芝加哥 Nashville 亚特兰大 Richmond 波士顿 Stamford 纽约 Jersey City 华盛顿 * * 巴黎 * 苏黎世 * 东京 * 悉尼 ** 墨尔本 ** 硅谷 香港 * $165,100,000 has divested its Handset Division to June 2004 $165,100,000 has divested its Handset Division to June 2004 Initial Public Offering Co - Manager $106,000,000 December 2004 Ninetowns Digital World Trade Initial Public Offering Co - Manager $106,000,000 December 2004 Ninetowns Digital World Trade Initial Public Offering Co-Lead Manager $100,000,000 Pending Watchdata Technologies Ltd. $66,000,000 August 2004 has been acquired by $66,000,000 August 2004 has been acquired by $66,000,000 August 2004 has been acquired by $66,000,000 August 2004 has been acquired by $80,600,000 October 2004 Initial Public Offering China Finance Online Co. Limited $80,600,000 October 2004 Initial Public Offering China Finance Online Co. Limited Manager Manager
  5. 5. 第一流的股权分发平台扩大了我们客户与投资基金的接触 <ul><ul><li>广范的交易关系和场后交易支持优化了新股的价值 </li></ul></ul><ul><ul><ul><li>非凡能力为新股创造从大小机构投资商来自的需求 </li></ul></ul></ul><ul><ul><li>担任主承销商后,通常是股票的最大的交易商 </li></ul></ul><ul><ul><ul><li>自 2003 年以来,担任副承销商后, 80% 的时候是股票的前 3 名交易商 </li></ul></ul></ul>2004 年 1 月 1 日 – 2004 年 12 月 31 日 投资银行成交额的评比排名 (1) 银行 <ul><li>Jefferies Broadview </li></ul><ul><li>Bear Stearns and Company </li></ul><ul><li>UBS </li></ul><ul><li>Citigroup </li></ul><ul><li>Goldman Sachs </li></ul><ul><li>Morgan Stanley </li></ul><ul><li>Merrill Lynch </li></ul><ul><li>Credit Suisse First Boston </li></ul><ul><li>SG Cowen Securities Corp. </li></ul><ul><li>Prudential Securities </li></ul><ul><li>Jefferies Broadview 在纳斯达克全国市场 (NNM) 、纳斯达克小型资本市场 (SCM) 、以及场外交易公告板 (OTCBB) 公布的股票成交中,是排名第二的投资银行 </li></ul><ul><li>Ranking among investment banks, based on Nasdaq NNM, SCM, and advertised OTCBB combined share volume (AutEx® BLOCKDATA January 1, 2004 to December 31, 2004). </li></ul>2027 749 410 298 1026 Goldman Sachs Jefferies Raymond James Merrill Lynch CS First Boston 4
  6. 6. 最佳高科技企业并购顾问 历史上最大的半导体企业并购交易 <ul><li>Source: Mergermarket 1/1/2004-12/31/2004. All announced deals with transaction value of less than $1 billion for 1/1/2004-12/31/2004. Includes domestic, cross border, trans-Atlantic, private, public, acquisitions, divestment, merger, demerger deals, full credit to each advisor. Includes computer software, computer hardware, semiconductors, industrial electronics, internet / eCommerce, and telecommunications hardware. </li></ul>5 $807,500,000 has completed a recapitalization and restructuring 2003 年美国中型市场企业并购将 $7,600,000,000 August 2000 has been acquired by 排名 金融机构 交易数 1 Jefferies Broadview 32 2 Morgan Stanley 31 3 CSFB 21 3 Deutsche Bank AG 21 5 Goldman Sachs 20 5 Citigroup Inc 20 7 UBS 18 8 JP Morgan 17 9 Needham & Company Inc 13 10 Lehman Brothers 12 10 PriceWaterhouseCoopers 12 10 Houlihan Lokey 12 10 Ernst & Young 12 2004 年成交额 < 10 亿美元的高科技交易 € 475,000,000 April 2004 has been acquired by 2004 年媒体及电讯企业并购将
  7. 7. Intellectual Property and Impact on Exit Strategies for Chinese Companies 6
  8. 8. Is Intellectual Property Protection Important? <ul><ul><li>Key to creating sustainable long-term value </li></ul></ul>Wall Street considers IP sustainability key to corporate value  protection and preservation are key Most valuable and fastest growing U.S. companies include many IP and Human Capital based businesses IP is Core Contributor to Corporate Value <ul><li>As of 2/05. Source: Wall Street Journal </li></ul>7 Most Valuable U.S. Companies Banking HSBC Banking BofA Drugs Pfizer Drugs J&J Retail Wal Mart Energy BP Banking Citigroup Software Microsoft Energy Exxon Conglomerate GE Business Company Best Performing U.S. Stocks (10 years) 1 Banking Jefferies (16) EMS Jabil Banking W Holding Gaming Penn National PC Dell Clothing Chico’s FAS Drugs ImClone Education Apollo Banking NVR Drugs Biogen Business Company
  9. 9. U.S. Investor Perspective <ul><ul><li>Key Facts Reported by WSJ 2005 </li></ul></ul><ul><ul><ul><li>75% of fake product confiscated by U.S. Customs originates each year from China and Hong Kong </li></ul></ul></ul><ul><ul><ul><li>90%+ of software and films sold in China are pirated </li></ul></ul></ul><ul><ul><ul><li>Chinese-made pharmaceutical copies sold in 50+ countries </li></ul></ul></ul><ul><ul><li>Traditional methods of “withholding IP” no longer practical </li></ul></ul><ul><ul><ul><li>Market is too dynamic and fast moving to have this barrier </li></ul></ul></ul><ul><ul><li>Companies must develop own strategies to protect IP </li></ul></ul><ul><ul><ul><li>Limited assistance expected from the regulatory bodies </li></ul></ul></ul><ul><ul><ul><li>Some believe government incentives exist </li></ul></ul></ul><ul><ul><li>Chinese companies are held to higher standard </li></ul></ul><ul><ul><ul><li>Natural U.S. suspicion of foreign companies exists </li></ul></ul></ul><ul><ul><ul><li>Contributes to “China” valuation discount despite phenomenal growth vis-à-vis U.S. counterparts </li></ul></ul></ul>8
  10. 10. Recent Chinese Technology U.S. Capital Markets Activity ($Millions) Of the last 13 Chinese IPOs in U.S. markets, 8 are now trading below IPO price Recent mixed performance of Chinese IPOs creates higher threshold for excellence and need for good corporate policies <ul><li>As of 3/18/04. Source: Broadview’s IPO Database / Hoover’s IPO Central / Capital IQ </li></ul>9
  11. 11. Recent Chinese Technology Cross Border M&A/Minority Investment Activity M&A Is Still A Very Nascent Market But Strategic Investments Are Quite Common ($Millions) IP and control issues are key factors in promoting M&A activity Strategic investments are the “safer” means of accessing the China market for U.S. / European companies In North America and Europe Technology, there were 2,000+ M&A deals but only 60+ IPOs in 2004 M&A is preferred “exit” for North American and European Technology Companies As of November 24, 2004. Source: SDC. 10
  12. 12. IP Protection Methods <ul><ul><li>Protection Through Delivery Mechanisms </li></ul></ul><ul><ul><ul><li>Software delivered as a Web-based Service (“SaaS”) </li></ul></ul></ul><ul><ul><ul><li>Technology delivered through hardware </li></ul></ul></ul><ul><ul><ul><li>Data encrypted or requires user ID authorization </li></ul></ul></ul><ul><ul><li>Protection Through Organizational Mechanisms </li></ul></ul><ul><ul><ul><li>Use of networked thin clients (no hard drives) </li></ul></ul></ul><ul><ul><ul><li>Modular development (development by cells) </li></ul></ul></ul><ul><ul><ul><li>Development by geography (high level in U.S., low level in China) </li></ul></ul></ul><ul><ul><ul><li>Core IP architecture limited to C-level execs </li></ul></ul></ul><ul><ul><li>Protection Through Financial Mechanisms </li></ul></ul><ul><ul><ul><li>J.V. or minority investment to leverage China market </li></ul></ul></ul><ul><ul><ul><li>Business development / license agreements </li></ul></ul></ul><ul><ul><li>Protection Through Legal Mechanisms </li></ul></ul><ul><ul><ul><li>Employment agreements </li></ul></ul></ul><ul><ul><ul><li>Threat of litigation </li></ul></ul></ul>Wall Street investors need comfort that Company’s core assets (IP) have strong protection for the foreseeable future 11
  13. 13. Conclusion <ul><ul><li>Most Valuable, Fastest Growing U.S. Companies Have Intellectual Property (and Protection) as their Core Value </li></ul></ul><ul><ul><li>Intellectual Property is Top of Mind For U.S. Investors </li></ul></ul><ul><ul><ul><li>IP protection is asked at every IPO or M&A meeting </li></ul></ul></ul><ul><ul><ul><li>Particularly relevant for Chinese companies </li></ul></ul></ul><ul><ul><li>U.S. Investors Link Intellectual Property to Long-Term Corporate Value </li></ul></ul><ul><ul><ul><li>Will Tolerate: Value decline due to IP obsolescence </li></ul></ul></ul><ul><ul><ul><li>Will NOT Tolerate: Value decline due to IP theft </li></ul></ul></ul>12
  14. 14. Contact <ul><li>DAVID A. LIU Managing Director Technology Investment Banking Jefferies & Company, Inc. Broadview, a division of Jefferies 950 Tower Lane, 18 th Floor Foster City, CA 94404 T: (650) 573-4803 F: (650) 573-4801 Email: dliu@jefco.com </li></ul>13

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