<\/span> <\/p>\n
\u3000\u3000\u4e00\u76f4\u4ee5\u6765\u4e2d\u56fd\u7684VC\/PE\u90fd\u6709\u5f88\u5f3a\u70c8\u7684\u4e0a\u5e02\u613f\u671b\u3002<\/p>\n
\u3000\u3000\u6587 | \u9676\u8f89\u4e1c<\/p>\n
\u3000\u3000\u6765\u6e90 | \u4e1c\u56db\u5341\u6761\u8d44\u672c<\/p>\n
\u3000\u30002022\u5e745\u670820\u65e5\uff0c\u5728\u65b0\u4e09\u677f\u6302\u724c\u7684\u5929\u56fe\u6295\u8d44\u53d1\u5e03\u505c\u724c\u516c\u544a\uff0c\u8868\u793a\u5df2\u5411\u8bc1\u76d1\u4f1a\u62a5\u9001\u4e86H\u80a1\u4e0a\u5e02\u7684\u7533\u62a5\u6750\u6599\uff0c\u4e00\u65f6\u5f15\u53d1\u4e86\u4e1a\u5185\u5173\u6ce8\u3002<\/p>\n
\u3000\u3000\u5929\u56fe\u6295\u8d44\u6b64\u756a\u7533\u8bf7\u6e2f\u80a1\u4e0a\u5e02\u7684\u80cc\u666f\u662f\uff0c\u6d77\u5185\u5916\u8fd1\u671f\u6b63\u5728\u6380\u8d77\u65b0\u4e00\u8f6eVC\/PE\u4e0a\u5e02\u7684\u70ed\u6f6e\u30022022\u5e741\u6708\uff0c\u7f8e\u56fd\u7684TPG\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u3002\u636e\u62a5\u9053\uff0c\u6b27\u6d32\u8457\u540dPE\u673a\u6784CVC\u8d44\u672c\u5c06\u57282022\u5e74\u4e0b\u534a\u5e74\u4e8e\u4f26\u6566\u4e0a\u5e02\uff0c\u666e\u6d1b\u65af\u5219\u5df2\u7ecf\u4ee5\u4fdd\u5bc6\u65b9\u5f0f\u7684\u7533\u8bf7\u5c06\u6295\u8d44\u4e1a\u52a1\u5728\u7f8e\u56fd\u4e0a\u5e02\uff0c\u5168\u7403\u6700\u5927\u7684S\u57fa\u91d1Ardian\u636e\u8bf4\u4e5f\u5728\u7814\u7a76\u4e0a\u5e02\u4e8b\u5b9c\u3002<\/p>\n
\u3000\u3000\u8fd9\u80a1\u98ce\u73b0\u5728\u4e5f\u522e\u5230\u4e86\u6e2f\u80a1\uff0c3\u670825\u65e5\u592a\u76df\u6295\u8d44\u5df2\u5411\u6e2f\u4ea4\u6240\u9012\u4ea4\u4e86\u62db\u80a1\u4e66\uff0c\u5929\u56fe\u6295\u8d44\u5219\u662f\u7b2c\u4e00\u5bb6\u8fc8\u5411\u6e2f\u80a1\u4e0a\u5e02\u7684\u4eba\u6c11\u5e01\u57fa\u91d1\u3002<\/p>\n
\u3000\u3000\u8ddf\u6d77\u5916\u7684\u540c\u884c\u4eec\u4e00\u6837\uff0c\u5927\u90e8\u5206\u4eba\u6c11\u5e01\u57fa\u91d1\u4e5f\u90fd\u6709\u4e00\u4e2a\u4e0a\u5e02\u7684\u68a6\u60f3\u3002\u4f46\u81ea\u4ece2015\u5e74\u4e5d\u9f0e\u6295\u8d44\u501f\u58f3\u4e2d\u6c5f\u5730\u4ea7\u767b\u9646A\u80a1\u4e4b\u540e\uff0c\u8fd9\u4e2a\u68a6\u60f3\u5bf9\u4e8e\u5927\u90e8\u5206\u6295\u8d44\u673a\u6784\u6765\u8bf4\u53ea\u662f\u60f3\u60f3\u800c\u5df2\u3002\u53d6\u9053\u6e2f\u80a1\u4e0a\u5e02\uff0c\u5929\u56fe\u6295\u8d44\u505a\u4e86\u7b2c\u4e00\u4e2a\u5403\u8783\u87f9\u7684\u4eba\u3002<\/p>\n
\u3000\u3000\u5df2\u6210\u7acb20\u4f59\u5e74\u7684\u5929\u56fe\u6295\u8d44\uff0c\u76ee\u524d\u662f\u4e2d\u56fd\u6d88\u8d39\u8d5b\u9053\u7684\u5934\u90e8\u6295\u8d44\u673a\u6784\u30022021\u5e74\u5e74\u62a5\u663e\u793a\uff0c\u5929\u56fe\u6295\u8d44\u57282021\u5e74\u8425\u4e1a\u6536\u5165\u8fbe20.3\u4ebf\u5143\uff0c\u51c0\u5229\u6da6\u8fbe7.3\u4ebf\u5143\u3002<\/p>\n
\u3000\u3000\u4f30\u503c\u8d85100\u4ebf\uff0c\u643a300\u591a\u4f4d\u80a1\u4e1cIPO<\/p>\n
\u3000\u3000\u56e0\u4e3a\u5929\u56fe\u6295\u8d44\u65e9\u57282015\u5e74\u5373\u5728\u65b0\u4e09\u677f\u6302\u724c\uff0c\u76ee\u524d\u7684\u80a1\u4e1c\u9635\u5bb9\u975e\u5e38\u591a\u5143\uff0c\u4e0e\u4e00\u822c\u7684VC\/PE\u76f8\u6bd4\u9887\u4e3a\u7279\u6b8a\u3002\u622a\u81f32021\u5e74\u672b\uff0c\u5929\u56fe\u6295\u8d44\u62e5\u6709\u591a\u8fbe369\u540d\u80a1\u4e1c\u3002<\/p>\n
<\/span><\/span><\/p>\n \u3000\u3000\u56fe\/\u5929\u56fe\u6295\u8d44\u524d\u5341\u5927\u80a1\u4e1c\uff0c\u6765\u6e90\uff1a2021\u5e74\u5e74\u62a5<\/p>\n \u3000\u3000\u5929\u56fe\u6295\u8d44\u7684\u7b2c\u4e00\u5927\u80a1\u4e1c\u662f\u521b\u59cb\u4eba\u3001\u8463\u4e8b\u957f\u738b\u6c38\u5229\uff0c\u5929\u56fe\u6295\u8d44CEO\u51af\u536b\u4e1c\u5219\u76f4\u63a5\u6301\u67091.35%\u7684\u80a1\u4efd\u3002\u53e6\u5916\u5929\u56fe\u6295\u8d44\u7684\u524d\u5341\u5927\u80a1\u4e1c\u8fd8\u6709\u5143\u79be\u8fb0\u5764\u65d7\u4e0b\u57fa\u91d1\u56fd\u521b\u5143\u79be\u521b\u4e1a\u6295\u8d44\u57fa\u91d1\uff08\u6709\u9650\u5408\u4f19\uff09\uff0c\u78a7\u6842\u56ed<\/span><\/span>\u53c2\u80a1\u7684\u6df1\u5733\u5e02\u5e15\u62c9\u4e01\u4e5d\u53f7\u8d44\u4ea7\u7ba1\u7406\u5408\u4f19\u4f01\u4e1a\uff08\u6709\u9650\u5408\u4f19\uff09\uff0c\u4ee5\u53ca\u5929\u56fe\u6295\u8d44\u7684\u5458\u5de5\u6301\u80a1\u5e73\u53f0\u5929\u56fe\u5174\u548c\u3001\u5929\u56fe\u5174\u667a\u7b49\u3002<\/p>\n \u3000\u3000\u6302\u724c\u65b0\u4e09\u677f\u540e\uff0c\u5929\u56fe\u6295\u8d44\u5386\u53f2\u4e0a\u8fdb\u884c\u8fc7\u591a\u8f6e\u878d\u8d44\u3002<\/p>\n \u3000\u30002015\u5e7410\u6708\uff0c\u5929\u56fe\u6295\u8d44\u8fdb\u884c\u4e86\u4e00\u8f6e\u7279\u6b8a\u7684\u5b9a\u589e\uff0c\u901a\u8fc7\u5411\u5176\u7ba1\u7406\u7684\u5929\u56fe\u5174\u745e\u3001\u5929\u56fe\u5174\u676d\u3001\u5929\u56fe\u5174\u82cf\u3001\u5929\u56fe\u5174\u534e\u548c\u5929\u56fe\u5174\u76db\u7b49\u516d\u53ea\u57fa\u91d1\u5171\u8ba197\u4f4dLP\u53d1\u884c\u80a1\u7968\uff0c\u6536\u8d2d\u4e86\u8fd9\u516d\u53ea\u57fa\u91d1\u7684\u5168\u90e8\u4efd\u989d\u3002\u8fd997\u4f4dLP\u5219\u6210\u4e3a\u4e86\u5929\u56fe\u6295\u8d44\u7684\u80a1\u4e1c\uff0c\u5176\u4e2d\u5305\u62ec\u5143\u79be\u8fb0\u5764\u7b49\u3002\u8fd9\u6b21\u5b9a\u589e\u603b\u89c4\u6a21\u9ad8\u8fbe26.7\u4ebf\u5143\uff0c\u5bf9\u5e94\u5929\u56fe\u6295\u8d44\u7684\u603b\u4f30\u503c\u4e3a106.7\u4ebf\u5143\u3002\u5f53\u7136\uff0c\u4ea4\u6613\u5e76\u4e0d\u6d89\u53ca\u73b0\u91d1\u652f\u4ed8\u3002\u7c7b\u4f3c\u64cd\u4f5c\u5728\u5f53\u65f6\u7684\u65b0\u4e09\u677f\u6302\u724cVC\/PE\u4e2d\u76f8\u5f53\u666e\u904d\uff0c\u5e76\u975e\u5929\u56fe\u4e00\u5bb6\u3002<\/p>\n \u3000\u30002015\u5e7412\u6708\uff0c\u5929\u56fe\u6295\u8d44\u5b8c\u6210\u4e86\u6302\u724c\u65b0\u4e09\u677f\u540e\u7684\u7b2c\u4e8c\u8f6e\u80a1\u7968\u53d1\u884c\uff0c\u78a7\u6842\u56ed\u51fa\u8d44\u7684\u6df1\u5733\u5e02\u5e15\u62c9\u4e01\u4e5d\u53f7\u8d44\u672c\u7ba1\u7406\u5408\u4f19\u4f01\u4e1a\uff08\u6709\u9650\u5408\u4f19\uff09\u4e00\u5bb6\u8ba4\u8d2d11.88\u4ebf\u5143\uff0c\u5360\u5929\u56fe\u6295\u8d4410%\u7684\u80a1\u4efd\u3002\u4ee5\u6b64\u8ba1\u7b97\u5929\u56fe\u6295\u8d44\u6b64\u65f6\u4f30\u503c\u8fbe118.8\u4ebf\u5143\u3002<\/p>\n \u3000\u3000\u4f46\u662f\uff0c2015\u5e74\u7684\u70ed\u6f6e\u892a\u53bb\u540e\uff0c\u65b0\u4e09\u677f\u5e02\u573a\u6b64\u540e\u957f\u671f\u9677\u5165\u4f4e\u6d41\u52a8\u6027\u7684\u7a98\u5883\u30022020\u5e745\u6708\uff0c\u5929\u56fe\u6295\u8d44\u516c\u544a\u8868\u793a\uff0c\u4e3a\u56de\u9988\u51fa\u8d44\u4eba\uff0c\u5927\u80a1\u4e1c\u738b\u6c38\u534e\u6709\u610f\u613f\u5e2e\u52a9\u516c\u53f8\u4e2d\u5c0f\u80a1\u4e1c\u964d\u4f4e\u6301\u80a1\u6210\u672c\uff0c\u5c06\u540d\u4e0b\u6301\u6709\u76841.01\u4ebf\u80a1\uff08\u7ea6\u5360\u5929\u56fe\u8d44\u672c\u603b\u80a1\u672c\u768420%\uff09\u8fc7\u6237\u7ed9243\u6237\u7b7e\u7f72\u534f\u8bae\u4e66\u7684\u4e2d\u5c0f\u80a1\u4e1c\u3002<\/p>\n \u3000\u3000\u6b64\u756a\u5929\u56fe\u6295\u8d44\u8d74H\u80a1\u4e0a\u5e02\uff0c\u867d\u7136\u5e76\u4e0d\u6d89\u53ca\u5883\u5185\u80a1\u4e1c\u7684\u51cf\u6301\u9000\u51fa\uff0c\u4f46\u5bf9\u63d0\u632f\u80a1\u4ef7\u3001\u589e\u5f3a\u6d41\u52a8\u6027\u800c\u8a00\u65e0\u7591\u662f\u4e00\u4e2a\u597d\u6d88\u606f\u3002<\/p>\n \u3000\u3000\u975e\u5178\u578bGP\uff0c\u4e00\u534a\u6536\u5165\u6765\u81ea\u63a7\u80a1\u5b50\u516c\u53f8<\/p>\n \u3000\u3000\u4e0e\u9ed1\u77f3\u3001KKR\u7b49\u6d77\u5916\u4e0a\u5e02VC\/PE\u7684\u505a\u6cd5\u4e0d\u540c\u7684\u662f\uff0c\u5728\u65b0\u4e09\u677f\u6302\u724c\u7684\u5929\u56fe\u6295\u8d44\u5728\u8d22\u62a5\u4e2d\u628a\u65d7\u4e0b\u57fa\u91d1\u89c6\u4e3a\u63a7\u80a1\u5b50\u516c\u53f8\uff0c\u8fdb\u884c\u4e86\u5408\u5e76\u62a5\u8868\u5904\u7406\uff0c\u8fd9\u79cd\u5904\u7406\u65b9\u5f0f\u8fc7\u53bb\u66fe\u9020\u6210\u4e86\u5916\u754c\u4e0d\u5c11\u7684\u8bef\u89e3\u3002<\/p>\n \u3000\u3000\u5176\u4e2d\u4e00\u6761\u662f\uff0c\u4f5c\u4e3a\u4e00\u5bb6\u6295\u8d44\u673a\u6784\uff0c\u5929\u56fe\u5c45\u7136\u62e5\u6709\u582a\u6bd4\u91cd\u8d44\u4ea7\u4f01\u4e1a\u7684\u8d44\u4ea7\u8d1f\u503a\u7387\u3002\u5e74\u62a5\u663e\u793a\uff0c2021\u5e74\u5929\u56fe\u6295\u8d44\u603b\u8d44\u4ea7\u8fbe173.4\u4ebf\u5143\uff0c\u603b\u8d1f\u503a107.3\u4ebf\u5143\uff0c\u8d44\u4ea7\u8d1f\u503a\u7387\u9ad8\u8fbe61.87%\u3002\u8fd9\u4e2a\u6570\u5b57\u6709\u5f88\u5927\u7684\u6b3a\u9a97\u6027\uff0c\u56e0\u4e3a\u5929\u56fe\u6295\u8d44\u628a\u7ba1\u7406\u7684\u57fa\u91d1\u5747\u8ba1\u4e3a\u8d44\u4ea7\uff0c\u5176\u4e2dLP\u7684\u4efd\u989d\u88ab\u89c6\u4e3a\u4e86\u8d1f\u503a\u3002<\/p>\n \u3000\u3000\u53e6\u4e00\u4e2a\u5f71\u54cd\u662f\uff0c\u5929\u56fe\u6295\u8d44\u7684\u4e1a\u7ee9\u8d77\u4f0f\u88ab\u660e\u663e\u653e\u5927\u4e86\u3002\u5c24\u5176\u662f2018\u5e74\uff0c\u5929\u56fe\u51fa\u73b0\u4e86\u8425\u4e1a\u6536\u5165-7.6\u4ebf\u5143\uff0c\u51c0\u5229\u6da6-13.6\u4ebf\u5143\u7684\u60c5\u51b5\u30022018\u5e74\u4e0b\u534a\u5e74\u4e8c\u7ea7\u5e02\u573a\u5927\u5e45\u4e0b\u8dcc\uff0c\u5bfc\u81f4\u5929\u56fe\u6295\u8d44\u7684\u6295\u8d44\u7ec4\u5408\u516c\u5141\u4ef7\u503c\u5927\u5e45\u4e0b\u964d\uff0c\u8fd9\u4e9b\u53d8\u52a8\u90fd\u76f4\u63a5\u53cd\u5e94\u5728\u4e86\u5929\u56fe\u7684\u8d22\u62a5\u4e2d\u3002<\/p>\n <\/span><\/p>\n \u3000\u3000\u56fe\/\u5929\u56fe\u6295\u8d44\u65b0\u4e09\u677f\u6302\u724c\u4ee5\u6765\u7684\u4e1a\u7ee9<\/p>\n \u3000\u3000\u8fd9\u4e5f\u5bfc\u81f4\u4e86\uff0c\u867d\u7136\u5929\u56fe\u6295\u8d44\u5df2\u7ecf\u5728\u65b0\u4e09\u677f\u6302\u724c\u516d\u5e74\u591a\uff0c\u5df2\u7ecf\u53d1\u5e03\u4e867\u4efd\u5e74\u62a5\uff0c\u4f46\u8981\u4ece\u8d22\u62a5\u8bfb\u61c2\u5929\u56fe\u6295\u8d44\u5e76\u4e0d\u5bb9\u6613\u3002<\/p>\n \u3000\u3000\u53e6\u5916\uff0c\u5929\u56fe\u6295\u8d44\u4ece2018\u5e74\u5f00\u59cb\u5f00\u5c55\u63a7\u80a1\u578b\u7684\u5e76\u8d2d\u6295\u8d44\uff0c2018\u5e74\u901a\u8fc7\u65d7\u4e0b\u57fa\u91d1\u6536\u8d2d\u4e86\u8499\u5929\u4e73\u4e1a\uff0c2019\u5e74\u53c8\u6536\u8d2d\u4e86\u6536\u8d2d\u5168\u7403\u7b2c\u4e8c\u5927\u9178\u5976\u54c1\u724c\u201c\u4f18\u8bfa\u201d\u7684\u5728\u534e\u4e1a\u52a1\uff0c\u8fd9\u4e9b\u4f01\u4e1a\u4e5f\u88ab\u5929\u56fe\u6295\u8d44\u5e76\u8868\u30022021\u5e74\u5929\u56fe\u6295\u8d44\u603b\u8425\u653620.3\u4ebf\u5143\uff0c\u5176\u4e2d9.7\u4ebf\u5143\u6765\u81ea\u4e8e\u5546\u54c1\u9500\u552e\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u76ee\u524d\u5929\u56fe\u6295\u8d44\u7684\u8425\u6536\u4e2d\uff0c\u5927\u7ea6\u6709\u4e00\u534a\u6765\u81ea\u4e8e\u63a7\u80a1\u4f01\u4e1a\u3002<\/p>\n 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