March 18th, 2008
Was thinking of spending Day 1 just to walk around the city and to mingle with the locals. But a coffee session with George Guo in the afternoon leads to series of very interesting meetings. (Thanks George!)
I am going to scribble some notes for my own record.
1. Spend more time with CEO 9588.com and Song of Chum Investment. Get a local # before doing so. The latter is very important.
2. Keep an eye on Tianjin. Do something in Tianjin.
3. Setting up a PE fund is difficult in China. No, it is freaking difficult. At least for the next 2 years.
4. 908 is unlikely to be removed (unlike what most outsider thinks). The government wont care if there is 3,000 qualified companies in the queue for Shanghai listing or 1,000 on the new board. (2007, there are about 200+ IPOs in China. It is a 10 year queue…)
5. It is easier for Chinese to invest overseas. It is bloody difficult for overseas to invest in China now.
6. (3) to (5) are closely related to how government is doing foreign money control, which is related to the undervalued Chinese Yuan. They really trying to curb the money flow inwards.
7. Send as much money to China as possible. Keep it in RMB. Currency appreciation + 5.9% FD interest. No safer investment ever against the USD.
8. Related to (7), taking the money of China later might be a problem. But I am not trying to take it out anyway.
9. It is still possible to do China IPO oversea with what they call “spac”. Handful of people knows how to do that. Not sure it is worth it right now tho with the market sentiment.