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ByJINJING(ChinaDaily)

SHANGHAI:AsthelaunchofthegrowthenrpriseboardontheShenzhenstockexchangeapproachesitsfinalstage,venturecapitalistsaresearchingforgoldenopportunitiesamongthemanysmallpriva-sectorcompanieswithbigideasbutlittlefunding.

Inthepast,mostventurecapitalistswereinresdonlyincompaniesthatwerealreadywellestablishedwithatrackrecordthatcan,withsomeadjustments,qualifythemforastockexchangelisting.Asalways,venturecapitalistsnotonlyconsiderprofitgrowthbutalsoexitpontialthatallowsthemtorealizetheirgains.

Withthenewboard,theylookfortheexitpontialforsmallercompanies,orevenstart-ups."Thelaunchofthegrowthenrpriseboardwillprovideanexitchannelforsomeventurecapitalistsandalsohelpdiversifymainlandcapitalmarket,"saysZhouChunsheng,aprofessorfromCheungKongGraduaSchoolofBusiness.

ShiYi,managingdirectorofLillyAsianVentures,saysthatheviewsitasanattractiveexitoptionforventurecapitalinvestmentinChina.

"WeareexcidwiththeupcominglaunchofthegrowthenrpriseboardinChinaWearecurrentlyevaluatingoveradozenprojects,someofwhichwillbeidealcandidasforthegrowthenrpriseboardinthenextfewyears,"saysShi,whomanagesover$10millionventurecapitalinChina.

Fifty-sixventurecapitalfundshavebeensetupinChina,up41.5percentfrom2006.Thecapitalundermanagementjumped89.8percentfrom2006to$8.41billionin2007,accordingtostatisticsfromChinaVentureInvestmentConsultingCoLtd.

Domesticventurecapitalisalsogrowingrapidlyinthepastyearsmainlybecauseofthegrowthofthediversifiedcapitalmarket,includingthegrowthenrpriseboard,saysarecentreportfromChinaVentureInvestment.

Thepercentageofthenumberofdomesticventurecapitalfundscomparedtoallventurecapitalfundsgrewfrom27percentin2006to43percentin2007,

"Moreandmorecompanieswillchoosethedomesticcapitalmarketafrthegrowthenrpriseboardissetup,"saysNiZhengdong,CEOandpresidentofZero2IPOGroup,aventurecapitalandprivaequityinformationprovider.

Therewere96mainlandcompanies,whichlaunchedinitialpublicofferingsin2007,withinvestmentsbyventurecapitalistsorprivaequity,up134.1percentfrom2006.Amongthem,venturecapitalorprivaequityfrom35companiesleftthedomesticcapitalmarket,up250percentfrom2006,accordingtothestatisticsfromChinaVentureInvestment.

Topreventthelargesalesthatappearedafrthegrowthenrpriseswerelisd,"theChinaSecuritiesRegulatoryCommissioncansetoneyearlinethatrestrictthetimetheoldshareholdershadtosellstocks,"ChenJianping,executivevicesecretarygeneralfromShanghaiVentureCapitalAssociationllsChinaBusinessWeekly.

InthesuggestionletrShanghaiVentureCapitalAssociationsubmitdtotheCSRConMarch28,itsaysthattheCSRCcanalsogivelistingprioritytothosecompaniesthathadreceivedinvestmentsfromprofessionalinstitutionalventurecapitalfundsthatwillplayanimportantroleinthedevelopmentofthecompaniesafrtheyarelisd.

"Itwillencouragemoreprofessionalventurecapitalstoinvestinsmallcompaniesbeforetheyarelisd,"saysChen.

CSRCalsoreleasedadraftruleforIPOmanagementonthegrowthenrpriseboardonMarch21,andaskedforpublicsuggestions.

However,despitheenthusiasmbysomeventurecapitalists,Chensaysthat"someventurecapitalists'enthusiasmforthegrowthenrpriseboardisnotashighaspreviouslyexpecdbecauseoftheseeminglynotsosoundprofitstheywillgetafrthecompanyislisd.

"Thiswillstillmakesomeventurecapitalsstayawayfromthegrowthenrprises,eventhoughtheymaygetlisdandmakeaprofit,"Chenadds.

InthedraftrulesreleasedbyChinaSecuritiesRegulatoryCommissiononMarch21,companiesarerequiredtopostanannualrevenuegrowthraofnolessthan30percentfortwoconsecutiveyearsandanannualnetprofitof5millionyuan.

Therulesalsosaythatthecompany'stotalequitycapitalshouldbenolessthan30millionyuanafrtheIPO.

"Thecompaniesseemtoosmallformanylargeventurecapitalists,whichusuallyexpectmuchbiggerearningsafrthecompanyislisd,"saysChen,whohadtalkedwithmanyventurecapitalists,stockbrokersandlawyers,afrtheCSRCreleasedthedraftrule.

Inaddition,therisksininvestingingrowthenrprisesarehighercomparedwithcompaniesinanexpansionstage.

Pasxperienceshowsthatonlyaround30to40percentofcompaniessuccessfullygrewthroughanearlystagetoenradevelopmentorexpansionstage,andonlyaportionofthemwillgrowstronger.

AndaccordingtothelastreportfromChinaVentureInvestment,moreventurecapitalistsarenowtransferringfrominvestingincompaniesintheirearlystagestocompaniesatthedevelopmentorexpansionstage.

In2007,thereareonly91early-stageprojectsthathadattracdventurecapital,down59.3percentfrom2006.Meanwhile,142expandingcompaniesluredventurecapital,up132.8percentfrom2006,andtheinvestmentindevelopingcompanieswasup18.4percent.

TheShanghaiVentureCapitalAssociationsaidinasuggestionletrthatmorerulesshouldbeestablishedforthegrowthenrprisesboardinordertoencourageventurecapitaliststoinvestinearlygrowthcompanies.

Forexample,"forthoseventurecapitalistswhoenredthecompanytwoyearsago,theycanchosetoexitbeforeoneyear,whichwillencourageinitialinvestmentsonthosegrowthenrprises,"saysChen.

"Companiesjusnringanexpansionperiodhavelotsofuncertaintiesinareassuchascorporachnology,products,marketing,earnings,operationandmanagement,"saidinthesuggestionletr.

"Inordertoensurethesadydevelopmentofthegrowthenrpriseboard,thenumberoflisdcompaniesshouldbestrictlycontrolledtopreventsomeonecommittingfraudtoseizemoney,"saysChen.Forexample,Chensuggeststhatthenumbercanbesetataround300companiesinthefirstyear.