At What Price? Valuing Fund Managers
Valuing a Chinese FMC is no easy task, with distinctive pricing characteristics in evidence for domestic/domestic, domestic/foreign and foreign/foreign deals, with further complications arising from regulatory needs and an idiosyncratic domestic pricing method. This report reviews the past year's transaction with an emphasis not only on who, what and how much, but on context, local drivers and evolution of pricing benchmarks. It is the definitive FMC deal primer, setting realistic expectations for those contemplating entry-by-acquisition transactions.
This report assist clients to:
- Evaluate a proposed acquisition using historical price comparables
- Manage negotiations and the inevitable (and wide) bid-ask spread
- Understand the basis of valuations in China and how counterparties construct negotiating positions
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