1. 縐佸嫙琛屼笟鐨勯緳澶磋偂紲ㄦ湁鍝浜
縐佸嫙琛屼笟鐨勯緳澶磋偂紲ㄦ湁鍝浜沖榫欏ご鑲＄エ鍦ㄨ偂甯備腑鏈変粈涔堝獎鍝
浣犵煡閬撳氬皯涓縐佸嫙涓鐨勯緳澶磋偂紲ㄥ憿?榪欎簺鎵璋撶殑榫欏ご鑲＄エ鍒板簳瀵硅偂甯傝搗鍒頒簡浠涔堟牱鐨勪綔鐢?浠ヤ笅鏄灝忕紪涓哄ぇ瀹跺甫鏉ョ殑縐佸嫙琛屼笟鐨勯緳澶磋偂紲ㄦ湁鍝浜涳紝甯屾湜澶у跺枩嬈銆
縐佸嫙琛屼笟鐨勯緳澶磋偂紲ㄦ湁鍝浜
縐佸嫙琛屼笟鐨勯緳澶磋偂紲ㄩ氬父鎸囧湪縐佸嫙鍩洪噾琛屼笟涓涓氱嘩棰嗗厛銆佽勬ā杈冨ぇ銆佸獎鍝嶅姏鍜岀煡鍚嶅害杈冮珮鐨勫叕鍙歌偂紲ㄣ備互涓嬫槸涓浜涚佸嫙琛屼笟鐨勯緳澶磋偂紲ㄧ殑紺轟緥錛
榛戠煶闆嗗洟(BlackstoneGroup)錛氫綔涓哄叏鐞冩渶澶х殑縐佸嫙鑲℃潈鎶曡祫鍏鍙鎬箣涓錛岄粦鐭抽泦鍥㈠湪縐佸嫙琛屼笟涓鍏鋒湁閲嶈佸湴浣嶏紝涓昏佷粠浜嬬佸嫙鑲℃潈銆佹埧鍦頒駭鍜屽哄埜絳夐嗗煙鐨勬姇璧勩
鍑闆烽泦鍥(KKR)錛氬嚡闆烽泦鍥㈡槸涓瀹跺叏鐞冨寲鐨勭佸嫙鑲℃潈鍜岃祫浜х＄悊鍏鍙革紝娑夊強澶氫釜棰嗗煙錛屽寘鎷縐佸嫙鑲℃潈銆佸熀紜璁炬柦銆佹埧鍦頒駭鍜屼俊璐風瓑銆
濉斿悏鐗規姇璧勫叕鍙(TigerGlobalManagement)錛氬斿悏鐗規姇璧勫叕鍙告槸涓瀹剁煡鍚嶇殑瀵瑰啿鍩洪噾鍜岀佸嫙鑲℃潈綆＄悊鍏鍙革紝閲嶇偣鎶曡祫浜庣戞妧鍜屼簰鑱旂綉鐩稿叧琛屼笟錛屽挨鍏跺湪鍒濆壋鍏鍙告姇璧勬柟闈㈡湁杈冨ぇ褰卞搷鍔涖
榫欏ご鑲＄エ鍦ㄨ偂甯備腑鏈変粈涔堝獎鍝
榫欏ご鑲＄エ鍦ㄨ偂甯備腑鍏鋒湁涓瀹氱殑褰卞搷鍔涘拰紺鴻寖浣滅敤錛屽叾娑ㄨ穼閫氬父浼氬圭浉鍏寵屼笟鍜屽競鍦轟駭鐢熷獎鍝嶃備互涓嬫槸涓浜涘彲鑳界殑褰卞搷錛
琛屼笟椋庡悜鏍囷細榫欏ご鑲＄エ鐨勮〃鐜板父甯歌甯傚満鍙備笌鑰呰嗕負琛屼笟琛ㄧ幇鐨勯庡悜鏍囷紝鎶曡祫鑰呭彲鑳戒細鍙傝冮緳澶磋偂紲ㄧ殑鍔ㄥ悜鏉ュ仛鍑烘姇璧勫喅絳栥
甯傚満鎯呯華寮曞礆細榫欏ご鑲＄エ鐨勬定璺屽父甯鎬細褰卞搷鏁翠釜甯傚満鐨勬儏緇錛屽傛灉榫欏ご鑲＄エ琛ㄧ幇寮哄姴錛屽彲鑳戒細甯﹀姩甯傚満涔愯傛儏緇;鍙嶄箣錛屽傛灉榫欏ご鑲＄エ涓嬭穼錛屽彲鑳戒細寮曞彂甯傚満鐨勬媴蹇у拰鎮愭厡鎯呯華銆
涓氱嘩棰勬湡褰卞搷錛氶緳澶磋偂紲ㄤ竴鑸鏈夊己澶х殑涓氱嘩鍜岀泩鍒╄兘鍔涳紝鍏朵笟緇╄〃鐜板彲鑳戒細瀵規暣涓琛屼笟鎴栧競鍦虹殑涓氱嘩棰勬湡浜х敓褰卞搷銆
闇瑕佹寚鍑虹殑鏄錛岃偂甯傛定璺屽彈鍒板氱嶅洜緔犵殑褰卞搷錛屼笉浠呬粎鍙栧喅浜庨緳澶磋偂紲ㄧ殑琛ㄧ幇銆傚湪鎶曡祫鍐崇瓥鏃訛紝搴旂患鍚堣冭檻甯傚満鐜澧冦佺粡嫻庢暟鎹銆佸叕鍙稿熀鏈闈㈢瓑澶氭柟闈㈠洜緔狅紝騫舵牴鎹鑷韜鐨勬姇璧勭洰鏍囧拰椋庨櫓鎵垮彈鑳藉姏鍋氬嚭鐙絝嬬殑鍒ゆ柇銆
瀵硅瘽縐佸嫙榫欏ご鑲＄エ鏈夊摢浜
縐佸嫙鍩洪噾鍙鑳戒細閫夋嫨涓浜涘叿鏈夌珵浜変紭鍔褲佽屼笟鍦頒綅杈冮珮銆佸競鍊艱緝澶х殑鍏鍙鎬綔涓哄叾鎶曡祫緇勫悎涓鐨勯緳澶磋偂紲ㄣ備互涓嬫槸涓浜涘父瑙佺殑縐佸嫙榫欏ご鑲＄エ鐨勪緥瀛(浠呬緵鍙傝)錛
鑵捐鎺ц偂(00700.HK)錛氫腑鍥芥渶澶х殑浜掕仈緗戝叕鍙鎬箣涓錛屾嫢鏈夊氫釜涓昏佷笟鍔￠嗗煙錛屽傜ぞ浜ゅ獟浣撱佺數瀛愬晢鍔°佸湪綰挎敮浠樼瓑銆
闃塊噷宸村反闆嗗洟(09988.HK)錛氫腑鍥芥渶澶х殑鐢靛瓙鍟嗗姟鍏鍙革紝鏃椾笅鎷ユ湁娣樺疂銆佸ぉ鐚銆佹敮浠樺疂絳夌煡鍚嶅鉤鍙般
浜涓滈泦鍥(09618.HK)錛氫腑鍥芥渶澶х殑鑷钀ュ紡鐢靛晢騫沖彴錛屾彁渚涘氱嶅晢鍝佺被鍒鐨勫湪綰胯喘鐗╂湇鍔°
璐靛窞鑼呭彴(600519.SH)錛氫腑鍥芥渶澶х殑鐧介厭鐢熶駭浼佷笟錛屼互鑼呭彴閰掍負涓繪墦浜у搧錛屽湪鍥藉唴澶栧競鍦轟韓鏈夎緝楂樺０瑾夈
涓鍥藉鉤瀹(601318.SH)錛氫腑鍥芥渶澶х殑淇濋櫓鍏鍙鎬箣涓錛屾彁渚涘氱嶄繚闄╁拰閲戣瀺鏈嶅姟銆
鑲＄エ縐佸嫙鍐犲啗鏄浠涔
澶哄啝鐨勭佸嫙鍩洪噾鏄鈥滃尃蹇冨叏澶╁欑瓥鐣モ濄佲滀竾宸濈厹鏅ㄤ簩鍙封濄佲滃帤寰鋒櫤鑳藉惎鑸鈥濄佲滆仛闅嗗畾澧1鍙封濄佲滃紭鑼楀楀埄紼沖仴綆＄悊鍨2鍙峰熀閲戔濄佲滃叿鍔涙槦杈夊叚鍙封濄佲滃崜鎯熻繙瑙7鍙封濄佲滆澏濞佹繁搴︽櫤鑳界ǔ鍋3鍙封濄佸垎鍒涓鴻偂紲ㄧ瓥鐣ャ佸畯瑙傜瓥鐣ャ佺＄悊鏈熻揣銆佷簨浠墮┍鍔ㄣ佺浉瀵逛環鍊箋佸哄埜絳栫暐銆佺粍鍚堝熀閲戙佸嶅悎絳栫暐鍐犲啗錛屽叾涓鈥滃尃蹇冨叏澶╁欑瓥鐣モ濅負鏀剁泭鎬誨啝鍐涖
浠涔堟槸鑲＄エ縐佸嫙
鑲＄エ縐佸嫙鏄涓縐嶆柊鍨嬬殑鎶曡祫鏂瑰紡錛屽畠鍏鋒湁鏇村ぇ鐨勬姇璧勭伒媧繪э紝涔板叆鑲＄エ縐佸嫙鏃訛紝鎶曡祫鑰呭簲璇ユ牴鎹鑷宸辯殑鎶曡祫鐩鏍囧拰椋庨櫓鎵垮彈鑳藉姏錛岄噰鍙栧悎鐞嗙殑鎶曡祫絳栫暐錛屾帉鎻¤偂甯傜殑鍙樺寲瓚嬪娍錛屽強鏃惰皟鏁存姇璧勭粍鍚堬紝浠ヤ究鑾峰緱鐨勬姇璧勬敹鐩娿
濡備綍鋙嶅埜鍗栧嚭鑲＄エ
鎹浜嗚В錛屼嬌鐢ㄨ瀺鍒鎬笟鍔″繀欏誨厛寮閫氫笓闂ㄧ殑淇＄敤璐︽埛銆備竴涓浜哄悕涓嬪彧鑳藉紑閫氫竴涓涓よ瀺淇＄敤璐︽埛錛屽悓涓瀹惰瘉鍒稿叕鍙鎬篃鍙鑳藉紑閫氫竴涓淇＄敤璐︽埛錛屽傛灉鎯寵佹洿鎹㈠紑鎴風殑璇佸埜鍏鍙革紝灝卞繀欏誨厛鍘誨師鏉ョ殑璇佸埜鍏鍙稿姙鐞嗛攢鎴楓傝屼笖錛屽湪鏂板紑鎴瘋瘉鍒稿叕鍙擱噸鏂板紑閫氫袱鋙嶄俊鐢ㄨ處鎴烽渶瑕佹弧瓚20涓浜ゆ槗鏃ュ唴鏃ュ潎璧勪駭50涓囩殑瑕佹眰銆
鎿嶄綔姝ラゅ備笅錛氱櫥褰曠倰鑲¤蔣浠訛紝榪涘叆浜ゆ槗鐣岄潰鐨勮瀺璧勮瀺鍒擱夐」;2銆佸啀鐐瑰嚮鋙嶅埜鍗栧嚭錛岃緭鍏ユ爣鐨勭墿浠ｇ爜錛岃緭鍏ュ崠鍑轟環鏍間互鍙婂崠鍑烘暟閲忥紝鐐瑰嚮鋙嶅埜鍗栧嚭鍗沖彲銆傛姇璧勮呰繘琛岃瀺鍒稿崠鍑猴紝闇瑕佸悜璇佸埜鍏鍙告敮浠樹竴瀹氱殑鍒╂伅錛屽苟涓斿埌鏈熶箣鍚庯紝闇瑕佸伩榪樿瘉鍒革紝鎶曡祫鑰呭彲浠ラ氳繃涔板埜榪樺埜鍜岀幇鍒歌繕鍒歌繖涓ょ嶆柟寮忓伩榪樸