环保产业投资和金融.doc

Guo Dongjun ScriptsCleantech Industry Investment and FinancingGuo DongjunJuly 27, 2007Tsing Capital/China Environment FundChina: world factory vs world pollution sourcel High cost in environment - offsetting about 4-6% of the GDP growth - only 43.6% of the polluted water is treated- 58.6% of the cities have unqualified atmosphere l Huge energy consumption - energy consumption for unit GDP is four times the world level and 14 times the level of Japan- Raw material consumption is going up rapidly; in 2005, steel consumption increased by 15.1%; aluminum by 9.7% or 12.84 million ton; cement by 12.4% or 960 million ton Polices laid out by Chinese government to push forward environmental protectionl previous to 2003: sustainable developmentl 2003: cyclic economy, green GDPl 2004: harmonious society l 2005: economized society, Renewable Energy Lawl 2006: new village construction Development goals of the 11th Five-Year Plan periodl Environmental protection- percentage of municipal sewage treated: 70% - percentage of municipal garbage treated: 60% - primary pollutants discharge: down by 10%- forest coverage: 20%l energy and resources conservation: energy consumption for unit GDPl renewable energy: proportion of renewable energy consumption against primary energy consumption increase to 10% by 2010 and 16% by 2020 Investment in environmental protection during the 11th Five-Year Plan periodRMB billion Yuan8th Five-Year(1991-1995)9th Five-Year(1996-2000)10th Five-Year(2001-2005)11th Five-Year(2006-2010)Amount invested1314507501350% GDP0.73%1.3%1.5%1.5%Cleaning Technology (cleantech) l Cleantech generically covers products, services and techniques. Compared with conventional technologies, it has the advantages of being able to lower the consumption of energy and resources, protect environment and increase peoples living quality.l According to the definition given by US Cleantech Investment Association, cleantech is primarily applied to the following sectors:- agriculture- energy and energy conservation- manufacturing- traffic- water resource utilization Cleantech represents the advanced stage of environmental protection industry 环保产业发展阶段Stages of the development of environmental protection industry 清洁技术cleantech可再生能源: renewable energy节能、资源化energy saving, reclamation 固体废弃物处理treatment of solid wastes大气处理 treatment of atmosphere污水处理treatment of sewage 环境保护 environmental protection可持续发展清sustainable development 循环经济cyclic economy 清洁技术cleantech来源：青云创投/中国环境基金Source: Tsing Capital/China Environment Fund Cleantech vs conventional technologies for environmental protection Conventional CleantechMarket Policy-drivenEconomy-drivenVision Rear-end control Front-end control, process controlMethodPhysical, chemicalBiological, material and information science Service Products, projectsSolutions, system integration Growth Slow, e.g., solid wastes treatment Fast, e.g., solar energy market Cleantech investment market生物质能:biomass energy 有机农业:organic farming清洁交通:clean traffic绿色包装:green packing供水:water supply污水处理和再生:sewage water treatment and regeneration 有毒有害固废处理:treatment of toxic and hazardous solid wastes工业固体废物处理:treatment of industrial solid wastes城市垃圾处理:urban garbage treatment 汽车尾气净化:purification of automobile exhaustion 脱硫脱硝和除尘:desulphurization, denitrification, and dust removal二氧化碳减排: reduction of carbon dioxide emission 工业能效改进:improvement of industrial energy efficiency 建筑节能:building energy saving照明节能:lighting energy saving太阳能:solar energy风能:wind energy可再生能源:renewable energy能源:energy清洁技术:cleantech清洁生产:clean production水:water节能:energy saving空气:air环境: environment 固体废物: solid wastes来源：青云创投/中国环境基金Source: Tsing Capital/China Environment FundCleantech investment contribution from various segments 数据来源：美国清洁技术投资协会Data source: US Cleantech Investment Association China cleantech venture investment total Comparison with Europe and North America Cleantech: come into the limelight for venture investment at home医药保健：health care金融服务：financial service其他：others能源环抱：energy and environmental protection生物技术：biotechnology 半导体IC：semiconductor IC传统产业：traditional industries 通讯/电信：communications/telecommunications狭义IT：IT in narrow sense 数据来源：中国风险投资研究院2006年中期调查报告Data source: China Venture Capital Research Institute Limited Semi-Annual Report 2006Single investment size comparison with North America and EuropeVenture Investment contribution by segments Cases of cleantech investment 2006 IPOs made overseas: 11-plus cleantech companies since 2006 中华环保: China Huanbao 卓越新能源: Zhuoyue New Energy浙江昱辉: Renesola 伊普水务: Epure International常州阿特斯: Canadian Solar Inc江苏林洋: Jiangsu Linyang 常州天合: Changzhou Trina河北晶澳: JA Solar 中电光伏: China Sunergy江西LDK: Jiangxi LDK 保定英利: Baoding Yingli Cleantech companies: fortunes are being createdNameRankFortune (RMB billion Yuan)CompanySectorZhang Yin127Nine Dragons PaperWaste paper reclamation Shi Zhengrong515.5Suntech PowerPhotovoltaik solar energy Guo Hao564Chaoda Modern AgricultureOrganic foodYu Jianqiu923.2Gushan GroupBio-energy Dou Zhenggang1142.7Jinjiang GroupGarbage power generation Gao Jifan1522Trina SolarPhotovoltaik solar energy Wu Yang1522Oumei Water treatmentRong Kemin2521.3Bio-Treat TechnologyWater treatmentHuang Ming2821.2Huangming GroupSolar energy water heaterLan Weiguang3061.1Sunta Technology Membrane technology, water treatmentRen Ping4380.8Huiming GroupHydraulic powerZhao Jianhua, Wang Aihua4380.8China SunergyPhotovoltaik solar energyWu Daohong4380.8Shenwu Technology Energy savingData source: Hurun Fortune List 2006Cleantech investment trend 2007l Cleantech will be the next mainstay investment attraction and the passion of cleantech venture investment will continue to rise; more and more funds form TMT sectors have joined cleantech.l More ad hoc venture funds will be established aiming at cleantech, which has great potentials for growth. l A handful of cleantech enterprises invested by VC are now in the process of being listed, merging or acquiring others. l Ventures started by international students will increase; technological transfer from overseas to China will be more frequent and the industry will be more diversified and specialized.l New energy, energy saving and new materials etc. will continue to be main investment attractions and among which, influenced by the macro-adjusting policy of the State, energy saving will be favored most. China Environment Fund (CEF)l Founded in 2002, CEF is the first of its kind in China making venture investment in cleantech.l Controlling Chinas first group of overseas venture funds devoted to environmental protection, energy saving and new energy. - CEF 2002: invested 6 companies- CEF 2004: invested 3 companiesl CEF investors include: LESS, Asian Development Bank, FMO, Norway Government Fund, US Calvert Fund, Mitsui Kabuskiki Kaisha l US Clentech Investment Association Pioneer Award 2005 winner Tsing Capital (ex-Tsing Hua Capital)l Chinas first and the only professional cleantech company so farl An enterprise engaged in venture investment and management under Tsing Hua Holding Co., Ltd. l international fund+ localized managementl One of the Chinas top 50 venture enterprises 2004-2006l Titles won by President Ye Dong - “the 10 Most Laudable Venture Capital Raisers of China 2002”- “Man of the New Economic Year 2003”- “the 10 Most Laudable Domestic Venture Investment Makers 2003”- “Man of National Environmental Protection 2004” Companies invested by CEF Innocent treatment of hazardous industrial wastesHong Kong GEM: 8230 Leading provider of chilled water storage energy and management at homeBeijing Giant Hemu Technology Co., Ltd.Offering black liquor treatment solution for medium-and small-sized paper-making enterprises; extracting lignin and manufacturing organic fertilizer Longyu Environmental ProtectionUsing self-owned micro-emulsification technology to make flocculants for water treatment Automobile-used catalyst carrier materials up to Euro Iv, all products sold overseas China Sunergy World-leading solar battery R&D and manufacturing enterprise The largest of its kind in Asia engaged in R&D and manufacturing of high tech solar products CEF investment case: Beijing PowerU Technology Co. Ltd l A leading private business rendering energy-saving service at homel Having the experience of providing solutions for and running 20-plus large-scaled energy-saving projects, including Pudong Airportl Enjoying the largest cold storage and energy-saving market at homel Siemens Venture Capital has completed a second round of investment in herCEF investment case: Beijing Giant Hemu Technology Co., Ltd.l Providing black liquor treatment and reclamation solutions for medium and small paper-making enterprises; using black liquor for the production of pulp, lignin and bio-fertilizer; committed to the goal of “zero discharge of pollutants”l helped solve the problem of black liquor pollution, which had possessed the medium and small paper-making enterprises for years, and thus provided a way out for theml Established a demonstration base in Jiyuan, Henan Province, which has been running well and started to pay off since 2006 l Purchased two paper-making enterprises in Linzhang County, Hebei Province, which have been reconstructed into her second production basel Having raised US$ 1,150 for the second round of financing CEF investment case: China Sunergy l Founded in 2004; a leading solar battery R&D and pro