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\u4e00\u58f0\u9523\u54cd\uff0c\u521b\u4e1a\u677f\u5f00\u4e86\uff1a<\/strong><\/p>\n\n\n\n \u672c\u571f\u521b\u6295\u8fce\u6765\u9ad8\u5149\u65f6\u523b<\/strong><\/p>\n\n\n\n \u5341\u5e74\u524d\u7684\u8fd9\u4e00\u5e55\u4ecd\u5386\u5386\u5728\u76ee\u3002<\/p>\n\n\n\n 2009\u5e7410\u670830\u65e5\u6e05\u6668\uff0c\u8fbe\u6668\u521b\u6295\u8463\u4e8b\u957f\u5218\u663c\u8e0f\u7740\u671d\u6656\u6b65\u5165\u4e94\u6d32\u5bbe\u9986\uff0c\u51e0\u5341\u5206\u949f\u540e\uff0c\u4ed6\u5c06\u53c2\u52a0\u521b\u4e1a\u677f\u9996\u6279\u516c\u53f8\u4e0a\u5e02\u4eea\u5f0f\u3002\u5f7c\u65f6\u5728\u573a\u7684\u8fd8\u6709\u6df1\u521b\u6295\u524d\u8463\u4e8b\u957f\u9773\u6d77\u6d9b\u3001\u540c\u521b\u4f1f\u4e1a\u8463\u4e8b\u957f\u90d1\u4f1f\u9e64\u7b49\u4e00\u4f17\u672c\u571f\u521b\u6295\u7684\u5927\u4f6c\u4eec\uff0c\u4ed6\u4eec\u82e6\u71ac\u591a\u5e74\uff0c\u7ec8\u4e8e\u7b49\u6765\u8fd9\u4e00\u5929\u3002<\/p>\n\n\n\n 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2010\u5e74\uff0c\u582a\u79f0PE\u884c\u4e1a\u98de\u8dc3\u5f0f\u53d1\u5c55\u7684\u6807\u5fd7\u6027\u5e74\u4efd\u3002\u6df1\u521b\u6295\u6295\u8d44\u4f01\u4e1a26\u5bb6IPO\u4e0a\u5e02\uff0c\u521b\u4e0b\u4e86\u5168\u7403\u540c\u884c\u4e1a\u5e74\u5ea6IPO\u9000\u51fa\u4e16\u754c\u7eaa\u5f55\uff0c\u6b64\u540e\u6df1\u521b\u6295\u5e38\u5e74\u4fdd\u6301\u4e2d\u56fd\u672c\u571f\u521b\u6295\u673a\u6784\u699c\u5355\u524d\u4e09\u540d\u7684\u4f4d\u7f6e\u3002\u4ee5\u6df1\u521b\u6295\u3001\u8fbe\u6668\u3001\u540c\u521b\u4f1f\u4e1a\u4e3a\u4ee3\u8868\u7684\u672c\u571f\u521b\u6295\u673a\u6784\u5f3a\u52bf\u5d1b\u8d77\uff0c\u6e05\u79d12010\u5e74\u4e2d\u56fd\u521b\u4e1a\u6295\u8d44\u66a8\u79c1\u52df\u80a1\u6743\u6295\u8d44\u5e74\u5ea6\u699c\u5355\u7684\u524d10\u540d\u9664\u51ef\u96f7\u3001\u9f0e\u6656\u3001\u9ad8\u76db\u76f4\u6295\u5916\uff0c\u5176\u5b83\u5747\u4e3a\u672c\u571f\u673a\u6784\u3002<\/p>\n\n\n\n \u9ad8\u56de\u62a5\u7684\u9000\u51fa\uff0c\u5438\u5f15\u4e86\u5927\u89c4\u6a21\u7684\u8d44\u91d1\u8fdb\u5165\u3002\u6839\u636e\u5f53\u5e74\u7684\u6570\u636e\u7edf\u8ba1\uff0c2010\u5e74VC\/PE\u52df\u96c6\u8d44\u91d11768\u4ebf,\u76f8\u5f53\u4e8e2009\u5e74\u7684\u7ffb\u500d\u3002<\/p>\n\n\n\n \u201c\u4eff\u4f5b\u5c31\u5728\u4e00\u591c\u4e4b\u95f4\uff0c\u6df1\u5733\u7a81\u7136\u51fa\u73b0\u4e86200\u5bb6\u7684\u521b\u6295\u673a\u6784\uff0c\u800c\u4e14\u5927\u91cf\u7684\u8d44\u91d1\u90fd\u8fdb\u5165\u8fd9\u4e2a\u884c\u4e1a\uff0c\u6bcf\u4e00\u5bb6\u673a\u6784\u90fd\u80fd\u591f\u5f88\u5bb9\u6613\u5730\u878d\u5230\u8d44\u91d1\u3002\u201d\u540e\u6765\uff0c\u5218\u663c\u63a5\u53d7\u5a92\u4f53\u91c7\u8bbf\u65f6\u56de\u5fc6\u3002<\/p>\n\n\n\n \u4e00\u591c\u66b4\u5bcc\u795e\u8bdd\u6d8c\u73b0<\/strong><\/p>\n\n\n\n \u53f2\u4e0a\u6700\u5927Pre-IPO\u6295\u8d44\u70ed\u6f6e\u8bde\u751f<\/strong><\/p>\n\n\n\n \u4e00\u591c\u66b4\u5bcc\u7684\u795e\u8bdd\u4f20\u904d\u5927\u6c5f\u5357\u5317\uff0cPE\u6f6e\u6765\u4e86\u3002<\/p>\n\n\n\n \u300a\u4e2d\u56fd\u521b\u6295\u7b80\u53f2\u300b\u66fe\u771f\u5b9e\u5730\u8bb0\u5f55\u5f53\u65f6\u7684\u76db\u51b5\uff1a\u201c\u51e0\u4e4e\u6bcf\u9694\u51e0\u5929\u5c31\u4f1a\u5927\u578bPE\u57fa\u91d1\u9762\u4e16\u7684\u62a5\u9053\uff0c\u6bcf\u9694\u4e00\u4e24\u5468\u5c31\u4f1a\u6709\u4e00\u652f\u89c4\u6a21\u5341\u6765\u4ebf\u7684PE\u57fa\u91d1\u6210\u7acb\u7684\u65b0\u95fb\u3002\u6bcf\u4e2a\u5730\u65b9\u653f\u5e9c\u90fd\u5728\u5fd9\u7740\u51fa\u653f\u7b56\uff0c\u4ece\u91d1\u878d\u3001\u822a\u5929\u5230\u519c\u4e1a\u3001\u6587\u5316\uff0cPE\u9879\u76ee\u8986\u76d6\u4e86\u6295\u8d44\u754c\u7684\u6bcf\u4e00\u4e2a\u89d2\u843d\u3002\u201d<\/p>\n\n\n\n \u80a1\u5e02\u4e5f\u8ddf\u7740\u75af\u72c2\u30022010\u5e74A\u80a1\u65b0\u4e0a\u5e02\u4f01\u4e1a\u8fbe\u5230347\u5bb6\uff0c\u662f\u96642017\u5e74\uff08438\u5bb6\uff09\u4ee5\u5916\uff0c\u4e2d\u56fd\u5386\u53f2\u4e0aIPO\u6570\u91cf\u6700\u9ad8\u7684\u4e00\u5e74\uff0c\u5176\u4e2d\u6709\u8d85\u8fc7200\u5bb6\u80cc\u540e\u6709PE\/VC\u652f\u6301\u3002<\/p>\n\n\n\n \u6c11\u95f4\u4e5f\u5f00\u59cb\u663e\u73b0\u5bf9PE\u7684\u70ed\u60c5\u3002\u4ece\u7164\u70ad\u3001\u623f\u5730\u4ea7\u884c\u4e1a\u5c1d\u5230\u5934\u5556\u6c64\u7684\u571f\u8c6a\u4eec\uff0c\u5f53\u65f6\u4e3b\u4e1a\u9762\u4e34\u56fd\u5bb6\u7ba1\u5236\uff0c\u6b63\u6025\u4e8e\u4e3a\u5de8\u989d\u8d22\u5bcc\u5bfb\u627e\u65b0\u7684\u6295\u8d44\u65b9\u5411\u3002PE\u884c\u4e1a\u7684\u9020\u5bcc\u795e\u8bdd\u548c\u5a92\u4f53\u7684\u653e\u5927\u6548\u5e94\uff0c\u5438\u5f15\u4e86\u8fd9\u6279\u4eba\u7fa4\u7684\u76ee\u5149\uff0c\u52a8\u8f84\u51e0\u5343\u4e07\u3001\u4e0a\u4ebf\u6492\u94b1\u3002<\/p>\n\n\n\n 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