Common ways to withdraw shares are:
First, IPO? :? Investors' favorite exit method
IPO (initial public offering), also known as listing, refers to the private equity investment fund's capital increase and withdrawal by listing in the securities market after the enterprise matures. The listing of enterprises is mainly divided into domestic listing and overseas listing. Domestic listing mainly refers to listing on Shenzhen Stock Exchange or Shanghai Stock Exchange, while overseas listing is common in Hong Kong Stock Exchange, New York Stock Exchange and Nasdaq.
Under the leverage of the securities market, after IPO, investment institutions can sell their own stocks and get high returns. For enterprises, in addition to the appreciation of corporate stocks, it is more important that the capital market recognizes the good business performance of enterprises, which can enable enterprises to obtain funds for further development in the securities market.
Second, M&A exit: the most important exit mode in the future
M&A means that an enterprise or enterprise group influences and controls the operation and management of other enterprises by purchasing all or part of their equity and assets. M&A is mainly divided into forward M&A and reverse M&A. Forward M&A means that in order to promote the sustained and rapid improvement of enterprise value, the two parties merge for consideration, and the equity of the investment institution continues to be held or diluted and then directly withdraws; Reverse M&A directly refers to M&A with the goal of investment withdrawal, that is, the behavior of cashing in investment income subjectively. According to the current situation, some M&A cases are forced.
A complete M&A process should include three stages: preparation stage, implementation stage and integration stage.
Third, the exit of the New Third Board: the most popular exit method.
What is the full name of the New Third Board? The "National Small and Medium-sized Enterprise Share Transfer System" is an important part of China's multi-level capital market and the third national stock exchange after Shanghai Stock Exchange and Shenzhen Stock Exchange. Because of the lower entry threshold compared with the main board and the flexible system of agreement transfer and market-making transfer, the New Third Board can be withdrawn more quickly, which was once the preferred exit method in the capital market. However, with the decrease of the heat of the New Third Board and the lack of liquidity, it has not been effectively improved, and the withdrawal of equity through the New Third Board has become a thing of the past.
There are two ways to transfer the New Third Board: market-making transfer and agreement transfer. Agreement transfer refers to the equity transaction reached by the buyer and the seller through negotiation under the auspices of the share transfer system; And making a market transfer is to add an intermediary between buyers and sellers? "Market maker".
Fourth, backdoor listing: the most alternative way of IPO exit
The so-called backdoor listing means that some non-listed companies acquire some listed companies with poor performance and weakened financing ability, divest the assets of the acquired companies and inject their own assets, thus achieving indirect listing.
Compared with companies waiting in line for IPO, the average time of backdoor is greatly reduced. Under the condition that all qualifications are qualified, the whole approval process can be completed within half a year, and at the same time, the cost of backdoor is also reduced due to huge lawyer fees, and there is no need to disclose various indicators of the enterprise.
Verb (abbreviation of verb) equity transfer: the exit mode with the highest efficiency and success rate
Equity transfer refers to a way for an investment institution to transfer its shareholders' rights and interests to others with compensation according to law and withdraw cash. Common such as private agreement transfer, public listing transfer in regional equity exchange center, etc.
Equity transfer occurs not only in some leading enterprises and quasi-listed companies, but also in other companies that have withdrawn from listing for a certain period of time. Some insiders pointed out that on the one hand, a large number of listed companies have affected the confidence of investors; On the other hand, many funds are not optimistic about the current IPO situation, and the funds are approaching the exit time node. Therefore, the exit mode of equity transfer has attracted more and more attention from investment institutions this year, showing a lively scene different from the current market situation.
6. Repurchase: the most stable exit method.
Repurchase is mainly divided into management buyout (MBO) and shareholder buyback, that is, business operators or owners buy back shares from direct investment institutions.
Generally speaking, the withdrawal rate of corporate repurchase is low but stable, and some shareholders even repurchase loans in the form of repayment, with a total income of less than 20%.
7. Liquidation: The last exit mode that investors want to see.
For the venture capital whose project has been confirmed to have failed, liquidation should be adopted as soon as possible to recover as much surplus capital as possible, and its operation methods can be divided into loss settlement and loss cancellation.
Liquidation is a stop-loss measure before an enterprise goes bankrupt. Not all enterprises that fail to invest will go bankrupt and liquidate. The cost of applying for bankruptcy liquidation is very high, which requires a long and complicated legal procedure. If the failed investment project has no other debts or a small amount of other debts, but the creditors will not pursue it, then some venture capitalists and enterprises will not apply for bankruptcy, but will operate in other ways and decide the distribution of the surplus value of the enterprise through consultation.
Bankruptcy liquidation is a last resort, and the advantage is that part of the investment can be recovered. The disadvantage is obvious, that is to say, the investment loss and capital return rate of this project are negative.
The above seven ways have their own advantages and disadvantages, the main points of exit are different, and the suitable exit methods are also different. For a summary, see the table below:
(Source: Beituo Capital)