译 名：Capital Operations of JiuDing Capital: Being Listed on the NEEQ and Reverse Merge
案例作者：邓路、孙春兴、陈予懋
作者单位：北京航空航天大学
所在案例库：中国金融专业学位案例中心
案例链接：http://www.pdf.org.cn/homepage/excellent/79
中文摘要：伴随中国私募股权投资(PE)行业的快速发展，九鼎投资从一家办公室不 足 10 平方米的小公司发展成为国内领先的 PE 机构。2014 年 4 月，九鼎挂牌新 三板，成为第一家以主体身份试水资本市场的 PE 机构，并通过定向发行股票、 发行公司债券等方式解决“退出难”和“融资难”两大问题，市值成功突破千亿。 2015 年又通过控制中江集团间接获得主板上市平台，成为中国第一家登陆 A 股 市场的纯 PE 机构，并通过重大资产购买实现核心资产置入。然而随着监管环境 和市场环境的变迁，其非公开发行股票遇到不小的困难。纵览九鼎十余年的资本 运作，特别是进入资本市场的这三年，它对市场时机敏锐灵巧的把握、对运作路 径独具匠心的设计、对法规制度拿捏适度的运用，堪称资本市场中的弄潮儿。本 案例描述了九鼎投资张弛有度的资本运作之路，对于其他公司如何充分利用资本 市场实现做大做强具有普遍借鉴意义。
英文摘要：With the rapid development of Chinese private equity (PE) industry, JiuDing
Capital, a small company whose office was even less than 10 Sqm in early stage, gradually became a PE giant in China. In April 2014, JiuDing Capital (OC: 430719) became the first PE enterprise listed on the National Equities Exchange and Quotations (NEEQ). Then plenty of capital operations was made by JiuDing Capital, which made its market value exceeded 100 billion RMB. However, JiuDing Capital didn’t satisfy with these. In April 2015, JiuDing Capital indirectly held 72.37% equity of Jiangxi Zhong Jiang Real Estate Co., Ltd (SH: 600053). Immediately after that, Zhong Jiang Real Estate purchased Kunwu JiuDing as well as took a private equity placement in Shanghai Stock Exchange (SSE), so that assets of JiuDing Capital could be transferred from the NEEQ enterprise to the SSE company. JiuDing Capital is expert at capital operation and using regulations, which results to being the first PE enterprise listed on SSE. This case describes the capital operations of JiuDing Capital, which is of great worth learning for other companies in how to becoming an industry giant with the help of capital markets.
中文关键词：九鼎;新三板挂牌;非公开发行股票;借壳上市
英文关键词：JiuDing Capital; Listed on NEEQ; Private Equity Placement; Revers Merge
案例入库时间：2017-06
