北京重度空氣污染帶來投資機會大綱

Private equity firms are seeking opportunities to invest in clean technology companies in China, especially those that that may help reduce air pollution long term after Beijing’s thick, grey air turned ‘hazardous’ over the weekend.
私募股權公司正在尋找在中國投資清潔技術公司的機會，特別是那些長遠來看可能有助於減少空氣污染的公司。上週末，北京濃厚的灰色空氣轉爲“有害健康”級別。

One firm, Northern Light Venture Capital said it’s starting to target air-treatment companies, and is considering an investment into a Chinese air-purifier business called Beiang, which can help remove inhalable particles as small as 20 nanometers, said Managing Director Lei Yang, who’s based in Beijing.
Reuters2013年1月14日，北京市中心故宮前，人們站在霧霾中。北極光創投(Northern Light Venture Capital)說，其開始瞄準空氣處理企業。該公司駐北京的董事總經理楊磊說，北極光創投正考慮投資一家空氣淨化器公司蘇州貝昂科技有限公司(Beiang)。貝昂空氣淨化器可幫助去除小至20毫微米的可吸入顆粒。

Overexposure to small pollution particles, such as those known as PM2.5, can often lead to medical conditions such as respiratory infections, and may increase the chances of developing lung cancer. On Saturday night, the U.S. Embassy in Beijing recorded tiny particle matter at 886 micrograms per cubic meter, the highest level since it started to monitor the air quality in 2007.
過度暴露於PM2.5等污染微粒中往往可導致呼吸道感染等疾病，還有可能增加人們患肺癌的機率。上週六夜間，美國駐華大使館[微博]監測到每立方米空氣中的微小顆粒物達到886微克，爲該使館2007年開始監測空氣質量以來的最高值。

That measure is almost 12 times the recommended standard in China and more than 25 times the standard in the U.S., the Wall Street Journal reported. At the same time, the U.S. embassy’s air quality index reading of Beijing’s air hit a high of 755 over the weekend, way above past levels of 500, which has often prompted the embassy to use ratings like ‘hazardous’ or in some cases, ‘crazy bad.’.
《華爾街日報》報道，這個水平幾乎是中國規定的正常範圍的12倍，是美國標準的25倍以上。同時，美國駐華大使館上週末監測到的北京空氣質量讀數高達755，遠高於過去500的水平。該使館也因此經常使用“有害健康”這樣的評價，甚至“糟糕得令人發瘋”。

Although private equity investment into clean technology companies in the U.S. is expected to slow this year, especially after venture capitalists saw solar company Miasole sold at a loss, the opposite is likely to happen in China, agreed industry experts.
行業專家一致認爲，雖然私募股權投資美國清潔技術公司的步伐今年預計會有所放緩，特別是在風投資本家看到太陽能企業Miasole虧本出售之後，但中國的情況可能剛好相反。Vishnu Amble, a senior associate at Global Cleantech Capital, which has $100 million to $150 million assets under management, and has raised two funds, said he expects to see a third of his firm’s deals originate from the greater China region, including Hong Kong and Taiwan, as companies there often have revenue and are profitable.
相關報道歐洲私募股權公司Global Cleantech Capital管理的資產規模在1億至1.5億美元之間，並已籌集了兩隻基金。該公司高級合夥人阿姆布勒(Vishnu Amble)說，他預計公司三分之一的交易來自大中華地區(包括香港和臺灣)，因爲那裏的公司不僅有營收，而且具有一定的盈利能力。

Northern Light’s Yang said that Chinese clean-tech companies usually need less capial than those in the U.S. For example, a Chinese company might require around $20 million in revenue to break even, compared with $100 million for a U.S. company, he said. “The risk is much lower in China,” he said.
北極光創投的楊磊說，中國清潔技術公司需要的資金通常比美國公司要少。他說，例如一家中國公司實現收支平衡可能只需收入達到2,000萬美元左右，而美國公司則需要1億美元。楊磊說，投資中國的風險要小很多。

Last year, investments from PE, VC and other types of investors into China-based clean technology companies fell to $1.96 billion, compared to $3.91 billion in 2011 and $4.04 billion in 2010, according to figures from data provider Dealogic. Active investors in the sector include Tsing Capital, which in 2012 invested in Ningbo Qinyuan Group, a manufacturer of water treatment equipment, as well as Olympus Capital and FountainVest Partners, which were some of the investors in Zhaoheng Hydropower Holdings Ltd.
據數據提供商Dealogic統計，去年私募、風投和其它類型的投資對在華清潔技術公司的投資降至19.6億美元，低於2011年的39.1億美元和2010年的40.4億美元。該行業的積極投資者包括2012年投資了水處理設備製造商寧波沁園集團有限公司(Ningbo Qinyuan Group)的青雲創投(Tsing Capital)，以及投資了兆恆水電股份有限公司(Zhaoheng Hydropower Holdings Ltd)的泰山投資和方源資本(FountainVest Partners)。

One Beijing-based lawyer said the lackluster performance of 2012 may have been on the back of a collapse in valuations in the solar industry in China, as well as the rest of the world, denting investor sentiment.
一位常駐北京的律師說，2012年之所以表現黯淡，可能是由於中國以及世界其它國家和地區的太陽能產業估值暴跌，投資者信心受到打擊。

Investors are seeing valuations of certain clean-technology companies also come back down to “more rational levels,” for example, in areas that relate to water treatment and emission reduction, said Gary Rieschel, founder of Qiming Ventures. The firm is looking at investing in a water treatment company, he said, declining to provide further details.
啓明創投(Qiming Ventures)的創始人瑞斯徹(Gary Rieschel)說，投資者發現與水處理和減排有關的某些清潔技術公司其估值回到了“更理性的水平”。他說，啓明創投正考慮投資一家水處理企業，但拒絕透露更多詳情。

Qiming in the middle of last year increased its allocation to clean tech investments to 15%， from under 10%.
去年年中，啓明創投投資清潔技術公司的比例從不到10%提高至15%。

Meanwhile, Northern Light is also looking at companies that develop fuel cells, which could be used as an alternative to coal one of the main contributors to China’s pollution problem. The firm previously invested in one such company called Pearl Hydrogen in 2010. Northern Light will invest in four to five new companies this year from its $400 million third fund, and a yuan-denominated vehicle equivalent to around $100 million, said Yang.
與此同時，北極光創投在關注開發燃料電池的企業。這種電池可取代造成中國污染問題的一大元兇煤炭。2010年，北極光創投曾投資了這樣一家企業上海攀業氫能源科技有限公司(Pearl Hydrogen)。楊磊說，他們今年將再投資四五家新公司，所投資金來自北極光創投規模4億美元的第三隻基金和一個大約1億美元的人民幣計價投資工具。