Each of the three places has its own characteristics
The interviewees said that due to the differences in market governance, policy environment, human resources and customers among Beijing, Shanghai and Shenzhen, choosing different cities to register or work has a certain impact on the development of the company.
One is the effect of policy support. The golden axe investment research center points out that different cities have different resource endowments and policy advantages, such as the cultural industry in Beijing and the financial industry in Shanghai, which is also an important reason to attract private placement or office.
The deputy general manager of a medium-sized private placement in Shanghai said that the companys registration and office work will consider the local policy orientation, whether it can provide support in office and tax, which will have a certain impact on the companys operation.
Hu Po, the future star fund manager of private placement paipaipai.com, believes that when choosing the place of registration, private placement will consider tax arrangements and policy support. In the long run, the financial environment of Beijing, Shanghai, Guangzhou and Shenzhen is better, the ecosystem is more sound, and the industry chain of private placement is more efficient and professional, which is more conducive to the long-term development of private placement.
The second is aggregation effect. Deng Anna, general manager of Kaifeng investment and marketing department, pointed out that the asset management industry is very similar to the IT industry, and the agglomeration effect is very strong, and even the overlapping degree of key cities is very high.
Fu Rao, director of Beijing Jinzhang investment research, believes that in terms of fund-raising, institutional investors need to have many on-the-spot investigations. If private-equity companies are registered in non first tier cities, the cost of research for investors will be relatively high, and the efficiency of fund-raising will have an impact, which will affect the companys development.
Third, talent effect. Fu Rao said that the number of financial talents in non first tier cities will be relatively small, and there will be less exchanges among peers, which will have a certain impact on investment and research.
Dunna believes that both the asset management industry and the IT industry essentially need people-oriented, continuous evolution, and strive for improvement through high-level information exchange.
The vice president of a medium-sized private placement in Shanghai also said that the main problem is talent, because the asset management industry mainly depends on people, and if it can not effectively attract talents, it is difficult to develop.
There are also some private equity that the choice of the place of registration has little impact on the company. Danyi investment pointed out that many companies are not registered in the same area as the companys residence, and the core of the companys development is still based on performance.
According to Hu Po, when choosing an office, private placement often takes into consideration the existing network resources of the core characters themselves, because the existing network circle of the core characters is the foundation of the companys initial development and foothold, and any private placement growth is based on its own resources for cellular expansion.
The person in charge of a medium-sized private equity market in Beijing said that the main reason for choosing the current city is that the founding team is local. With the development and growth of follow-up business, it is not excluded to set up branches in other two places to better serve customers and obtain more talents.
Juming investment said that operating companies need to pay attention to efficiency and carry out business in multi-dimensional optimal cities, with the highest operational efficiency. In the future, with the expansion of the scale, if we want to expand the team, we will consider it when we need to work in different places.
The development of Beijing, Shenzhen and Shenzhen will go hand in hand
As for the regional vision of future private placement development, the above-mentioned deputy general manager of a medium-sized private placement in Shanghai believes that as key cities with developed domestic economy, Beijing, Shanghai and Shenzhen include most of the private equity managers and employees in China. In different regions, the environment and contact information are different, and their advantages will be slightly different. The development of private placement area also depends on the inclination of financial opening, local policies and human resources.
According to Hu Pos analysis, private placement may still be concentrated in the first tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen in the future, and the possibility of choosing other second tier cities is relatively low. For Beijing, Shanghai and Shenzhen, Beijing has a deeper understanding of national policies, Shanghai is more in line with internationalization, its financial thinking mode is more advanced, and Shenzhen is more privatization, so it is more flexible. As for private placement, Beijing, Shanghai and Shenzhen have different characteristics, which are suitable for the development of private placement with different biases.
Choosing to come to Shenzhen is my most successful value investment. Dan bin, chairman of Dongfang harbor, has said before. He believed that with the support of scientific and technological innovation and advanced manufacturing industry, Shenzhen should continue to increase its financial support in the next decade. Shenzhen is the concentration of wealth. It has a lot of listed companies and stock exchanges, which is a treasure land for investors.
Fu Rao believes that in the future, private equity funds will still be mainly developed in Shanghai and Beijing, supplemented by Shenzhen, Guangzhou and Hangzhou. There are more investors and managers in these areas, which is easier to form the scale effect of investment.
Juming investment points out that cities with vitality and ability to attract young elites will have relatively large growth space. From the perspective of private placement, Beijing, Shanghai and Shenzhen have their own characteristics. In the future, a hundred flowers will blossom.
Source: Ren Hui, editor in charge of China Fund News_ NBJ9607