Opportunity In China Focused Private Equity Mar2009

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Current crisis creates a number driving forces towards Private Equity making it favorable for investors

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Opportunity In China Focused Private Equity Mar2009

  1. 1. “Opportunity in China-Focused Private Equity” - Landscape Change with the Financial Crisis? Mar 2009 Jan 2009 Version 2.0 by KC Yoon PROPRIETARY & CONFIDENTIAL
  2. 2. 2009 – China Most Attractive PE Market “Peter Fuhrman, Chairman China First Capital” Mar 2009 quot;While the overall investment environment remains challenging and the effects of 2008's turbulence are still being felt, 2009 will be a year of unique opportunity for private equity, venture capital and M&As in China.quot; China's economy continues to grow, powered largely by successful small and medium private businesses, many of which are among the fastestgrowing companies in the world. Private equity and venture capital investment in China will likely reach record levels in 2009, the report projects, with over $1bn in new investment into high growth Chinese SMEs with strong focus on China's booming domestic market. quot;In 2009, China should rightly be among the most attractive and active private equity investment markets in the world,quot; the China First Capital report predicts. quot;Many of the international private equity firms we work with are expecting to invest more in Chinese SMEs in 2009 than in 2008. Chinese companies raising capital this year will enjoy significant financial advantages over competitors, improving market share and profitability.quot; Jan 2009 Version 2.0 by KC Yoon
  3. 3. Presentation Outline Crisis Creating Favorable Conditions Crisis Creating Favorable Conditions for Private Equity in China for Private Equity in China THREE: Most FOUR: Optimal THREE: Most FOUR: Optimal ONE: Export to TWO: Rise of ONE: Export to TWO: Rise of Attractive Timing for Attractive Timing for Domestic Shift Domestic PE Domestic Shift Domestic PE Market Value Market Value Global Funds Continue to Flow to Global Funds Continue to Flow to China China China China Weathering Weathering Crisis? Crisis? Consumer Focus Funds Making Entry Consumer Focus Funds Making Entry into China into China Macro-factors Other Macro-factors Other Driving China’s Trends: Driving China’s Trends: Key Consumer Trends and Potential Key Consumer Trends and Potential consumer PIPE/RTO consumer PIPE/RTO Investment Themes Investment Themes economy deals economy deals TWO: Niche THREE: TWO: Niche THREE: ONE: Retail + ONE: Retail + Branded+ Dist Education & Branded+ Dist Education & Luxury Luxury Services Healthcare Services Healthcare Jan 2009 Version 2.0 by KC Yoon
  4. 4. Current Crisis Creating Driving Forces for Private Equity (I) Conditions for PE Investments in China increasingly favourable Conditions for PE Investments in China increasingly favourable China’s Strategic Shift from “Export Reliant Model” to “Domestic China’s Strategic Shift from “Export Reliant Model” to “Domestic Consumption Model” Economic transition will Consumption Model” Economic transition will result in growth of new result in growth of new economic sectors, new Right economic sectors, new industries & companies- 1 industries & companies- Strategy 1 Creating investment Creating investment = opportunities opportunities Winning Fund Foreign retailers continue strong Chinese retailers report strong Retail sales continue to grow expansion plans in 2009 growth for 2008 Leading Ladies Watsons to open 120 new stores Leading Ladies Watsons to open 120 new stores Shoe Brand in 2009 (vs 86 in 2008) with a Shoe Brand in 2009 (vs 86 in 2008) with a focus on selling self-branded Revenues grew focus on selling self-branded Revenues grew lower-priced products over 60% lower-priced products over 60% Leading Sports Leading Sports Global fast fashion retailer H&M Global fast fashion retailer H&M Brand –Revenues to open 5 flagship stores in Brand –Revenues to open 5 flagship stores in +Profit grew over Beijing, Shanghai, HK. +Profit grew over Beijing, Shanghai, HK. 50% 50% President Grp opening 7-11 in President Grp opening 7-11 in Leading Dept Shanghai targetting highend Leading Dept Shanghai targetting highend consumers Store Revenues consumers Store Revenues Jan 2009 Version 2.0 by KC Yoon increased over increased over 30% 30%
  5. 5. Current Crisis Creating Driving Forces for Private Equity (II) Conditions for PE Investments in China increasingly favourable Conditions for PE Investments in China increasingly favourable Chinese Government recognition of role of PE in driving economic; Chinese Government recognition of role of PE in driving economic; Favourable changes growth and support for growth in domestic PE Favourable changes growth and support for growth in domestic PE encourage both foreign encourage both foreign PE funds to enter market Key changes include: PE funds to enter market Key changes include: • Setup of Chinese SWF as well as setup of PE landscape • Setup of Chinese SWF as well as setup of PE landscape • Capital reforms to encourage domestic • Capital reforms to encourage domestic dominated by foreign domestic funds listing dominated by foreign domestic funds listing players; change of • Allowing foreign-funs to have RMN- Lower Regulatory Risk players; change of • Allowing foreign-funs to have RMN- 2 Lower Regulatory Risk 2 demoninated funds regulatory policies for & Increase Funding demoninated funds regulatory policies for & Increase Funding • Intention to setup”NASDAQ” equivalent foreign-investments a • Intention to setup”NASDAQ” equivalent foreign-investments a Pool stoock market in Shenzhen Pool risk stoock market in Shenzhen risk • Many provincial RMB PE funds being • Many provincial RMB PE funds being setup setup Growing Size and Number of China-domestic RMB Fund Recent successful raising of China-focused Funds USD950M- USD950M- cosumer-focused cosumer-focused fund fund USD 11 Billion USD Billion USD178M- Mid- USD178M- Mid- market fund market fund Jan 2009 Version 2.0 by KC Yoon
  6. 6. Current Crisis Creating Driving Forces for Private Equity (III) Conditions for PE Investments in China increasingly favourable Conditions for PE Investments in China increasingly favourable China stands-out as “Most Attractive” investment opportunity China stands-out as “Most Attractive” investment opportunity Impact of Government globally with further boost from Govt stimulus of “4 trillion RMB” Impact of Government globally with further boost from Govt stimulus of “4 trillion RMB” Stimulus Package Stimulus Package being reflected with being reflected with Right Financial crisis has domestic consumption Financial crisis has domestic consumption Pro-active approach by Pro-active approach by seen China impacted Strategy continuing to grow- seen China impacted continuing to grow- Chinese Government through by negative export Chinese Government through =3 Investment by negative export 3 Investment series of actions- tax-breaks, growth and danger of series of actions- tax-breaks, growth and danger of Opportunities in Opportunities in policy encouragement ++MOST slower consumption Winning policy encouragement MOST slower consumption Consumer/Retail due to uncertainty in Consumer/Retail IMPORTANT the RMB4 TR due to uncertainty in IMPORTANT the RMB4 TR Fund employment STIMULUS employment STIMULUS Breakdown of Stimulus Package – focus driving Stimulus encouraging consumption consumption in rural areas Jan 2009 Version 2.0 by KC Yoon
  7. 7. Current Crisis Creating Driving Forces for Private Equity (II) Conditions for PE Investments in China increasingly favourable Conditions for PE Investments in China increasingly favourable Market Condition and Timing “ripe” to find “Fairly-valued” Market Condition and Timing “ripe” to find “Fairly-valued” companies; also Opportunities as some sectors face consolidation companies; also Opportunities as some sectors face consolidation Fairly Valued & Fairly Valued & Right Competitive Competitive Poor IPO environment drive Market was reaching Poor IPO environment drive Market was reaching Companies will emerge Strategy companies to be more realistic in Companies will emerge “Bubble” stage as companies to be more realistic in “Bubble” stage as in various market funding valuations; Market “Big Funds” were in various market =4 funding valuations; Market “Big Funds” were 4 space- consolidation will see domestic chasing deals at space- consolidation will see domestic chasing deals at Winning “competitive” companies become unreasonably high Creating “Good-Value” “competitive” companies become unreasonably high Creating “Good-Value” market leaders valuations Investment market leaders Fund valuations Investment IPOs drop-off in 2008..vs growth 2004-2007… While IPO conditions may return only in 1-2 years, growth of domestic PE may see increase in strategic M&A i.e. trade sale opportunities Jan 2009 Version 2.0 by KC Yoon
  8. 8. China “Best Positioned” & Appearing to Weather the storm Well Carlyle Group is of the view that amongst the Emerging BRIC Economies, Carlyle Group is of the view that amongst the Emerging BRIC Economies, China is ‘best positioned” to sustain a high level of economic growth China is ‘best positioned” to sustain a high level of economic growth through the crisis through the crisis Oct 2008 Mar 2009 Oct 2008 Mar 2009 Right Strategy = Winning Fund Financial Times UK Jan 2009 Version 2.0 by KC Yoon
  9. 9. Global Fund Flows are Already Shifting to China- with focus on Growth Capital + Consumer investments Asia-funds (investable in China) raised USD 61 Billion , ,71% more than Asia-funds (investable in China) raised USD 61 Billion 71% more than 2007; China-dedicated Funds Raised USD14.5 Billion in 2008 vs USD 3.9 2007; China-dedicated Funds Raised USD14.5 Billion in 2008 vs USD 3.9 Billion in 2007 Billion in 2007 Results of KMPG Survey of PE Results of KMPG Survey of PE Firms plans for China Firms plans for China Growth Capital will be primary Growth Capital will be primary focus of funds (over 70%) focus of funds (over 70%) Focus on consumer, medical, Focus on consumer, medical, retail and increasingly on retail and increasingly on logistic & distribution logistic & distribution Fundraising for the next 12 Fundraising for the next 12 months will be focused on months will be focused on smaller funds upto USD50M smaller funds upto USD50M IPO still drive exit option (HK IPO still drive exit option (HK preferred) but trade sale will preferred) but trade sale will likely be aastrong channel as likely be strong channel as well well Jan 2009 Version 2.0 by KC Yoon
  10. 10. China Consumer-Focused Funds Successfully Raised Significant Sums in 2008 SignificantRMB-denominatd SignificantRMB-denominatd funds raised supplanting USD funds raised supplanting USD funds for the 1st time funds for the 1st time Asia (Including China) emerging Asia (Including China) emerging funds continue to be funds continue to be successfully raised- increasingly successfully raised- increasingly focused on the Chinese focused on the Chinese consumer economy consumer economy Emerging markets private equity investor Actis has closed its Actis Emerging Emerging markets private equity investor Actis has closed its Actis Emerging Markets 3 fund on $2.9bn. Exceeding its original target of $2.5bn. Markets 3 fund on $2.9bn. Exceeding its original target of $2.5bn. To date, eight investments have been made from AEM3: a $50m investment for a majority stake in Beijing-based hot pot chain Xiabu Xiabu; a $103m investment, as part of a consortium, in Chinese company Ambow Education; a $65m investment, again as part of a consortium, in Chinese company 7 Days Inn Group; Paul Fletcher, senior partner, Actis, said, 'We are delighted to have assembled such an outstanding group of investors who continue to recognise the opportunities for private equity investment across the emerging markets, despite the current economic climate. ‘We believe that underlying economic growth remains resilient in many of the emerging markets. Much of this Jan 2009 Version 2.0 by KC Yoon growth can be linked to businesses benefiting from consumer demand and increased investment in domestic infrastructure and Actis's investment strategy is tailored accordingly.
  11. 11. Investments Continue with Increasing Focus on the Consumer & related Industries/Services Already close to 50% of deals and investments are related to the Consumer Already close to 50% of deals and investments are related to the Consumer Economy.. Economy.. Summary of deals tillQ3 2008 Internet+Media/Ent Internet+Media/Ent 9 (USD 420M) 9 (USD 420M) Medical & Healthcare Medical & Healthcare 4 (USD 270M) 4 (USD 270M) Consumer Products/Retail Consumer Products/Retail 2 (USD 680M) 2 (USD 680M) Services (IT+Logistics) Services (IT+Logistics) 9 (720M) 9 (720M) Jan 2009 Version 2.0 by KC Yoon
  12. 12. Consumer Trends & Investment Themes “Top Dealmaker from Sequoia Capital” Mar 2009 “expects more China deals in 2009 for its growth fund as valuations become more reasonable during the current downturn. More than one third of its two China funds -- Sequoia Capital China II and Sequoia China Growth I, both launched in May 2007 -- have been invested, Neil Shen, Sequoia Capital China founding partner, told the Reuters Private Equity and Hedge Funds Summit. Its first $250 million (171.5 million pounds) China fund launched in 2005 was fully invested before Sequoia Capital China launched the other two funds in 2007. Currently, Sequoia Capital China has about 50 portfolio companies, said Shen. quot;I think things will be better in the next 12 months and I do believe valuation is getting more and more reasonable so probably the next 12 months should be a very interesting period for us to find growth opportunities,quot; Shen told the Reuters Summit. He also noted that Sequoia Capital China will focus on consumer-driven sectors this year share in the growth of domestic consumption with Beijing's policy support Jan 2009 Version 2.0 by KC Yoon PROPRIETARY & CONFIDENTIAL
  13. 13. Macro-Factors Driving China’s Future Consumer Economy Over 110 high- consumer potential 3 cities with 34% of GDP IKEA continue to open 2 IKEA continue to open 2 stores/year stores/year Demand for Housing- Sunning plans 500sqm Demand for Housing- By 2015, >300M Sunning plans 500sqm related products and stores in the rural areas related products and lower-middle stores in the rural areas Growth of Chinese Growth of Chinese targetting for 3000 services class; 100M targetting for 3000 services Middle-Class luxury Middle-Class consumers Preident 7-11 to open3-7 Demand for lifestyle & Preident 7-11 to open3-7 Demand for lifestyle & stores in Shanghai plans stores in Shanghai plans convenient services convenient services for 300 stores in 3yrs for 300 stores in 3yrs > 200 Cities China Chain Nepstar China Chain Nepstar Urbanization and Demand for better with >1M drugstar opem/acquire 700 Urbanization and Demand for better drugstar opem/acquire 700 residents healthcare stores 2008, plans 3000 healthcare Growth of Cities stores 2008, plans 3000 Growth of Cities Sunning plans aa B2C site Sunning plans B2C site Growth of B2C Growth of B2C NOW >300M Growth and Impact users; >RMB Korea SKTelecom to invest Growth and Impact Korea SKTelecom to invest Most widespread 120B online RMB500M in qingxuan its Most widespread RMB500M in qingxuan its of the Internet of the Internet consumer B2C site media- access middle- B2C site media- access middle- sales class consumers class consumers Letao to open largest Letao to open largest Jan 2009 Version 2.0 by KC Yoon Retailers online toy store in China online toy store in China continue to expand network
  14. 14. Key Consumer Trends with Investment Potential Criteria for Strong + Investment 3 1 Potential Affordable Luxury Affordable Luxury Large Market for the Young Large Market for the Young Affluent Growth of Chinese Affluent Growth of Chinese “Mass Market” + Middle-Class “Mass Market” + Middle-Class “Good Enough” “Good Enough” Products Products High Growth High Growth Urbanization and Urbanization and “City-Living” “City-Living” Growth of Cities Consumer Services Growth of Cities Consumer Services Able to Able to Online Consumer Online Consumer Sustain Good Sustain Good Brands Growth and Impact Brands Growth and Impact Margins Margins of the Internet of the Internet “Knowledge” “Knowledge” Services Services Defensible Defensible Govt Stimulus Govt Stimulus Niche “Health”+ “Well- Niche “Health”+ “Well- being” Services being” Services +“GREEN” +“GREEN” - -Increasingly Increasingly important Jan 2009 Version 2.0 by KC Yoon important Global trend Global trend
  15. 15. Investment Theme 1 : Emerging Luxury Brands + Inner City Retail & Services + Direct-to-Consumer Services (I) Niche “Luxury” Brands Retail Chains in Inner Cities Niche “Luxury” Brands Retail Chains in Inner Cities Right Strategy Retail chains in 2nd/3rd tier = Retail chains in 2nd/3rd tier cities where growth potential is cities where growth potential is Winning high and also target for M&A by high and also target for M&A by Fund larger players larger players Emerging “luxury” brands in jewellery, Emerging “luxury” brands in jewellery, cosmetics & ladies accessories (eg. cosmetics & ladies accessories (eg. Affordable “Luxury” + “Mass Unique hairpin retail combined with Affordable “Luxury” + “Mass Unique hairpin retail combined with strong service element) Market” strong service element) Market” “Quick Fashion”-Success of “Quick Fashion”-Success of ZARA shows ready market ZARA shows ready market for “affordable” luxury for “affordable” luxury targetted at the mass market; targetted at the mass market; Jewellry Retail valued at USD15 Zara’s China sales continue to Jewellry Retail valued at USD15 Zara’s China sales continue to Billion and is fragmented grow; H&M maintain plans to opne Billion and is fragmented grow; H&M maintain plans to opne 55outlets Jan 2009 Version 2.0 by KC Yoon outlets
  16. 16. Investment Theme 1 : Emerging Luxury Brands + Inner City Retail & Services + Direct-to-Consumer Services (II) Online Consumer/Ecommerce Online Consumer/Ecommerce Services Services • C2C Business - Both Alibaba and Baidu have recently announced significant investments to grow their C2C ecommerce businesses.. More Chinese are using the internet as a source for ordering goods and services. Research institute Data Centre of China • Online apparel market already reached over Internet, said in a report that China’s USD2 Billion – Leading players VANCL and PPG Internet users spent 256.1 billion yuan both received funding from investors being niche (37.5 billion dollars) in the first six months online players and are able to compete effectively in of the year, up 58.2 percent from the same the market.. period in 2007…led by a younger generation that is willing to buy on credit and shop online . Nikkei reported that around 100 Japanese companies are planning Nikkei reported that around 100 Japanese companies are planning to participate in an online shopping mall to be set up on the Chinese to participate in an online shopping mall to be set up on the Chinese “Online ecommerce and web next month. The mall will be the biggest of its kind in China, “Online ecommerce and web next month. The mall will be the biggest of its kind in China, with initially 20,000 different Japanese products listed, targeting 1st other services will continue with initially 20,000 different Japanese products listed, targeting 1st other services will continue year sales of $45 million… to grow as China becomes year sales of $45 million… to grow as China becomes leading interent nation” Jan 2009 Version 2.0 by KC Yoon leading interent nation”
  17. 17. Investment Theme 2 : Branded Niche Consumer Products + Supporting Services in Evolving Retail Value Chain (I) Leading Niche Domestic Brands Leading Niche Domestic Brands with Strengths in “Mass Market” with Strengths in “Mass Market” Major retailers like Hypermarkets Major retailers like Hypermarkets offer channels to quickly help offer channels to quickly help domestic products build brand and domestic products build brand and reach aawider market reach wider market “GREEN” Consumer Products “GREEN” Consumer Products Following global trend to be Following global trend to be Leading domestic niche consumer brands- “GREEN”- combining consumer “GREEN”- combining consumer wine, cosmetics, skincare,confectionary, desire to buy product with “GREEN” chocolate-( eg. Daobao SOD recently desire to buy product with “GREEN” theme…example “Organic clothing acquired by P&G for USD300M) theme…example “Organic clothing made from bamboo” made from bamboo” Jan 2009 Version 2.0 by KC Yoon
  18. 18. Investment Theme 2 : Branded Niche Consumer Products + Supporting Services in Evolving Retail Value Chain (II) Supporting Services & Channels Supporting Services & Channels As major retailers outsource As major retailers outsource support services, potentially support services, potentially will see growth of logistics, will see growth of logistics, warehousing, distribution warehousing, distribution services; services; Recent crisis will see further “Outsourcing” of support services to lower cost and leverage on scale As manufacturers search for As manufacturers search for retail channels will drive retail channels will drive growth of new channelseg. growth of new channelseg. Teleshopping, shopping Teleshopping, shopping malls ++management malls management services services Jan 2009 Version 2.0 by KC Yoon
  19. 19. Investment Theme 3 : Education Services & Healthcare (I) Tremendous growth opportunity in China’s education sector as Tremendous growth opportunity in China’s education sector as Education Services Education Services household disposal income increases..still significantly below household disposal income increases..still significantly below HK/Taiwan..Online Education also represents new opportunities HK/Taiwan..Online Education also represents new opportunities 4 For Strong Profit Potential Segments Profitable and high growth segments in K12, Profitable and high growth segments in K12, English Education & Adult Education (IT& Version 2.0Education & Adult Education (IT& English by KC Yoon Jan 2009 Vocational Training) Vocational Training)
  20. 20. Investment Theme 3 : Education Services & Healthcare (II) Leverging on the Chinese Medical Products & Healthcare Medical Products & Healthcare Govt’s recent stimulus Services Services focusing on improving the social welfare system in education & healthcare Medical Products & Devices Medical Products & Devices •China has the potential to be the largest •China has the potential to be the largest single country export markets for the U.S. single country export markets for the U.S. medical device exporters. medical device exporters. •Currently China is the second largest •Currently China is the second largest medical device market in Asia. medical device market in Asia. •China’s has one of the world’s fastest •China’s has one of the world’s fastest growing medical device markets (10-15%) Medical Services Chain & Hospitals growing medical device markets (10-15%) Medical Services Chain & Hospitals per year. per year. ••As the Govt tries to reach rural China with As the Govt tries to reach rural China with better healthcare- opportunity to invest in better healthcare- opportunity to invest in medical/pharma retail chains; also in major medical/pharma retail chains; also in major cities specialist medical service chains cities specialist medical service chains -- Total healthcare spending in China is expected to grow at aaCAGR of 11% between 2007 and 2012; -- Total healthcare spending in China is expected to grow at CAGR of 11% between 2007 and 2012; -- Around 118 Million people are expected to be above 65 years of age in China by 2012, thereby -- Around 118 Million people are expected to be above 65 years of age in China by 2012, thereby increasing the prevalence of several chronic diseases; increasing the prevalence of several chronic diseases; -- Middle class projected to have 160 Million people by 2012, reflecting aahigher spending on -- Middle class projected to have 160 Million people by 2012, reflecting higher spending on healthcare and opportunities for healthcare companies; healthcare and opportunities for healthcare companies; Jan 2009 Version 2.0 by KC Yoon
  21. 21. Recent Transactions in the Consumer-related Sector (from 2H 2008 onwards) Investor Fund Value Company Remarks 19.99% stake in Little Sheep Hotpot Chain Little SheepHotpot YUM $60 Deal Size (USD M) High- High-end Ladies fashion house withnover 280 $20 Ellassay Carlyle retail outlets Wowo Convenience stores RC Capita $10 Convenience Chain Store in Szechuan fast- 2008 Top ten fast-food chain in China. Revenues Best Roast Chicken Shenzhen NA over RMB 680M Venture 60 stores across Bejing, Shanghai, Chamate Tea House $23 Oak Hangzhou,Nanjing Acquisition of hypermarket chain RMB40M Jiaguang Mart Co. Carrefour Acquisition of supermarket chain Xi'an Aijia Commerce Co China RMB600M Resources Raised RMB1.38B Casual wear apparel chain with over 2000 stores Metersbowen IPO and overseas outlets Well- Well-known nation-wide hotpot chain invested by nation- Little Lamb Hotpot IPO Raised 3i HKD780M Raised HKD2.55B Leading supermart in Fujian province IPO Yonghui
  22. 22. Other Significant Features of China PE Transactions in 2009 SGX-listed Chinese Game Equipment SGX-listed Chinese Game Equipment Manufacturer saw its share price Manufacturer saw its share price plunge over 95% from IPO price in plunge over 95% from IPO price in Following the financial crisis, 20050 seeking PIPI for MBO and Following the financial crisis, 20050 seeking PIPI for MBO and valuations of Chinese subsequent re-listing in another valuations of Chinese Increasing subsequent re-listing in another Increasing companies listed in some exchange companies listed in some exchange number of PIPE exchanges have fallen number of PIPE exchanges have fallen significantly below fair Deals significantly below fair Deals valuations SGX-listed Lady shoe market leader valuations SGX-listed Lady shoe market leader has seen valuation fall to USD20M has seen valuation fall to USD20M when its 2008 sales improved to over when its 2008 sales improved to over USD300M USD300M With the unfavorable With the unfavorable environment for IPOs, environment for IPOs, RTO Chinese companies seeking RTO Chinese companies seeking Preident 7-11 to open3-7 stores in funding or re-listing ae Preident 7-11 to open3-7 stores in Deals funding or re-listing ae Deals Shanghai plans for 300 stores in increasingly using the RTO Shanghai plans for 300 stores in increasingly using the RTO 3yrs route0 typically into the US 3yrs route0 typically into the US Large foreign retailers with cash and As some sector will fac Large foreign retailers with cash and As some sector will fac wishing to now penetrate into the consolidation, domestic wishing to now penetrate into the Exits through consolidation, domestic inner city rural markets are beginning Exits through inner city rural markets are beginning M&A may be aaviable M&A may be viable to buy-out provincial /city retial Trade Sale to buy-out provincial /city retial alternative exit oath for Trade Sale alternative exit oath for chains ––Walmart. China Nepstar chains Walmart. China Nepstar investments investments pharma, etc pharma, etc Jan 2009 Version 2.0 by KC Yoon
  23. 23. Conclusion “David Rubenstein, CoFounder Carlyle Group” Oct 2008 Jan 2009 Version 2.0 by KC Yoon PROPRIETARY & CONFIDENTIAL

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