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By Li Weitao, Wang Xu and Wang Xing (China Daily)
Updated: 2007-07-12 07:50

Mainland companies' fervor for overseas listings has yet to cool despite stricter application processes and a government attempt to encourage more to list on the mainland, a market researcher said yesterday.

But foreign venture capital and private equity firms in the long run need to consider establishing yuan-denominated funds and look at the A-share market to profit from the mainland companies in which they have invested.

According to Beijing-based Zero2IPO Group, 21 mainland companies launched overseas initial public offerings (IPOs) in the second quarter, compared with 14 in the previous quarter and 21 a year ago.

Money raised totaled $11.50 billion compared with $2.06 billion in the first quarter and $12.61 billion a year ago. That is an indication overseas IPOs remain brisk, said ZeroIPO founder and CEO Garvin Ni.

Mainland companies earlier formed offshore firms in which foreign investors could invest and then be listed overseas. A revised regulation issued last September requires that the formation of such offshore companies must be approved by the Ministry of Commerce (MOFCOM).

None has so far secured a MOFCOM approval, a sign that the government wants more domestic companies to choose to list on the mainland instead of in overseas bourses.

Ni said many private companies already completed their restructuring plans before the revised regulation was issued, so that they have eventually managed to launch overseas IPOs.

As well, intensifying competition among overseas bourses to attract mainland companies also boosted overseas listings.

Yet overseas venture capitalists and private equity firms could have difficulty cashing in on overseas listings because the process could become lengthy and complicated due to the new rules.

But an exit from an A-share listing could pose an even bigger risk than an overseas listing for venture and private equity firms, said Neil N. Shen, founding managing partner of Sequoia Capital China, noting that rules for a mainland listing are unfamiliar to many foreign investors.

Lingering regulatory uncertainty and volatility in domestic stock markets are also baffling foreign investors, according to Tina Ju, managing partner of KPCB China and Kevin Wang, founder of Natixis Private Equity Asia.

Zero2IPO's Ni suggested venture and private equity firms launch yuan-denominated funds, partnering with local companies to avoid risks brought by the revised regulation.

"It's time to raise renminbi (yuan-denominated) funds to exit an investment from the A-share market," he said.