英语翻译The Sea of PEMr.LI Li,co-founder of Elite Investment Clu

英语翻译The Sea of PEMr.LI Li,co-founder of Elite Investment Club,kicked off the seminar with his speech entitled “The Sea of PE”.First,he expatiated the concept of private equity fund.According to his introduction,“private equity” is a concept relative to “publicly offered equity”.The difference between private equity and publicly offered equity,or between private equity securities and publicly offered securities,lies in their way of placement,or rather,whether the securities are privately offered to particular investors or publicly offered to the non-definite public.The “private equity fund” or “underground equity fund” is a type of collective investment that is not publicly advertised and is recruited from particular investors.There are basically two types of such equity fund:one is the contract-based collective investment fund formed through investment trust contracts; and the other is company-based collective investment fund formed through jointly investing to establish a joint stock company.The private equity fund that we often talk about usually refers to a type of non-public collective investment privately recruited from specific investors,in contrast to the securities investment funds that publicly issue beneficiary certificates to non-specific investors and are under the supervision and regulation of the regulatory agency of Chinese government.Next,he briefly reviewed the history of PE development in China.Based on his understanding,PE development in China has mainly gone through 5 stages,that is,the stages of creation,establishment,growth,maturing,and expansion,and has presented different financial features in different stages.For example,in its budding stage between 1993 and 1995,nonstandard trust relations were gradually formed between the securities companies and their customers.In its forming stage between 1996 and 1998,the listed companies trusted their idle money to the underwriters for investment,and numerous consulting companies grew into private equity fund operators.Private equity experienced a stage of blind development from 1999 to 2000,in which many elites in the securities business,attracted by the market popularity of investment management companies,hopped to the private equity sector and greatly boosted its development with their rich professional knowledge and proved marketing skills.In 2001,PE entered a stage of standardization and adjustment,with its investment strategy changing from capital preservation operations to collective investment.Performance of Domestic PE Funds