深圳：崛起中的中国创投中心（双语）

　　If you had to pick a capital of China's local-currency private equity and initial public offering booms, it would likely be Shenzhen.

　　假如你必须选一个中国的人民币私募股权和首次公开募股（IPO）繁华之都，很可能会选中深圳。

　　Shanghai and Beijing are frequent stopping points for investors, but Shenzhen could become a part of that standard itinerary, given the investing ecosystem that has built up around the city and the strong returns earned by general partners based there.

　　上海和北京是投资者经常光顾的地方，而鉴于深圳建设起来的投资环境和驻深圳普通合伙人获得的强劲回报，这个城市有望成为投资者标准投资路线的一部分。

　　Shenzhen, a port city in China's South near Hong Kong, was one of the first to be designated as a special economic zone when the country began liberalizing its economy. A manufacturing boom followed, creating wealth that has made the city attractive for younger money managers and seasoned veterans looking to break into private equity and venture capital investing.

　　深圳是中国南方靠近香港的一个港口城市。中国改革开放之初，深圳成为首批经济特区之一。随后，深圳制造业飞速发展，创造了巨大的财富，深圳进而吸引了寻求进入私募股权和风险投资领域的年轻投资经理和经验丰富的投资家。

　　On their doorstep those investors have the Shenzhen Stock Exchange, the site of both the country's SME exchange for small and medium-sized enterprises, and the ChiNext, a technology- and growth-focused exchange modeled after the Nasdaq.

　　这些投资者可以投资于就位于该市的深圳证券交易所。深圳证券交易所既有中小企业板，也有创业板。创业板是效仿纳斯达克、以高科技和成长型公司为主的板块。

　　"Shenzhen has been an entrepreneurial hub in China for 30 years and has been the fastest growing city in the world for about 30 years," said Erik Lassila, a partner with private equity firm Share Capital Partners. "Shenzhen is a petri dish for founding new companies."

　　私募股权公司Share Capital Partners合伙人拉西拉(Erik Lassila)说，30年来，深圳一直是中国的一个创业中心，约30年来，一直是全球发展最快的城市；深圳是创立新公司的“培养皿”。

　　The city has become home to many of the country's top domestic investors including Shenzhen Capital Group, a government-affiliated investment firm, along with other relative old-timers of China's private equity industry such as Shenzhen Fortune Venture Capital and Shenzhen Co-Win Venture Capital Investments, which both launched in 2000.

　　深圳成为中国很多本土投资公司的所在地，包括有政府背景的投资公司深圳市创新投资集团有限公司，以及其他在中国私募股权行业成立相对较早的公司，比如同是在2000年成立的达晨创投和同创伟业。

　　The environment is vibrant enough to support smaller upstarts as well, like Share Capital, launched in 2007 with capital from a network of wealthy home-grown entrepreneurs.

　　深圳的环境富有活力，足以支撑规模较小的初创公司，比如2007年成立的Share Capital，该公司的资金来自一批中国本土的富有企业家。

　　"Fifteen individuals are the sole investors in the [Share] RMB funds, and each individual is a successful entrepreneur in consumer products and services, businesses services, clean energy or information technology," said Lassila, who used to work as a venture investor with Mayfield Fund, and with Charter Ventures as a general partner in the late 1990s.

　　拉西拉说，Share Capital的人民币基金只有15位投资者，而且全部是个人投资者，他们每个人都是成功的企业家，从事的行业有消费产品和服务、商业服务、清洁能源或信息科技。拉西拉曾在Mayfield Fund担任风险投资人，上世纪90年代末曾是Charter Ventures的普通合伙人。

　　If deep pockets are one draw, then returns are certainly another. Both Shenzhen Fortune and Shenzhen Capital rank among the highest-performing funds in China, with many of their exits coming from the exchanges in Shenzhen.

　　 如果资金雄厚是一个优势，那么回报显然又是一个优势。达晨创投和深圳市创新投资集团有限公司都属中国业绩最好的基金之列，很多退出的投资来自深圳的交易所。

　　"First, China"s GEM [Growth Enterprise Market] and China"s SME market are in Shenzhen?and there are so many small and medium enterprises in the Guangdong area," said Margaret Shao, managing partner for Shenzhen Fortune.

　　达晨创投执行合伙人Margaret Shao说，首先，中国的成长型企业市场和中小企业市场是在深圳，而且广东地区也有很多中小企业。

　　Her firm began in 2000 with a 75 million yuan fund. Of the five investments it made, four of them had initial public offerings in China, Shao said, returning 27 times the capital invested in the fund. Since then the firm has had another 20 exits through trade sales and public offerings, out of the 120 companies it has backed.

　　达晨创投成立于2000年，推出了一只规模为人民币7,500万元的基金。Shao说，该公司进行的五桩投资中，有四桩在中国进行了IPO，投资回报率为27倍。此后，该公司又在其总共曾经支持的120家公司中，通过出售和公开募股退出了20项投资。

　　At Shenzhen Capital, 40% of the companies the firm has backed since 2006 have gone public, been acquired, or are planning to list on one of the country"s domestic exchanges, according to the firm‘s special assistant to the chairman, Chris Burch.

　　据深圳市创新投资集团有限公司董事长特别助理Chris Burch说，该公司自2006年以来支持的公司中有40%已经上市、被收购或正计划在国内交易所上市。

　　"There’s a lot of nuance and intimate knowledge that you need," Burch said of domestic investing in China. "Government relationships enable people to like you. You have to have the trust of these decision-making authorities within government. You have to be friends with these people."

　　Burch在谈到中国国内投资时说，你必须深谙其道。政府关系可以使大家喜欢你，你必须获得这些政府内部决策机构的信任，你必须与这些人交朋友。