1. 1 Abax global capital Plans Managed Buyout Fund After 28% Hedge Fund Gain in
2011
2012-02-15
Feb. 15 (Bloomberg) -- Abax Global Capital, a Morgan Stanley-backed manager of
$900 million of hedge and private equity funds, plans to start a fund this year to invest in
U.S.-listed Chinese companies that will be taken private.
Abax global capital is seeking $300 million initially for the fund, which it may start in
the first half, Donald Yang, its Hong Kong-based managing partner, said in an interview
yesterday. Such investments, including in Harbin Electric Inc., helped the $300 million
Abax global capital special situations fund return 28 percent last year.
Managers like Abax global capital are planning funds with multi-year restrictions on
redemptions to enable longer-term investments. Swings in frequently traded assets and
the high correlation between different markets led to hedge funds' second-worst annual
performance last year since at least 1990, according to data tracked by Chicago-based
Hedge Fund Research Inc.
"It's very hard for a pure public strategy in this market," said Yang. "From a risk-
reward point of view, it's going to be a very challenging market for equities, probably
more downside than upside. Credits are the same story."
The HFRI Fund-Weighted Composite Index declined 5 percent last year.
The Abax global capital special situations fund bets on companies in Asia, especially
in China, whose debt and equity prices move as a result of mergers, hostile takeovers,
asset sales and large share buybacks.
It returned 21 percent in the fourth quarter, Yang said. The majority of the profits
came from actual or mark-to-market
gains from deals involving U.S.-listed Chinese firms being taken private, such as the
completion of the management buyouts of Harbin Electric and China Security &
Surveillance Technology Inc.
U.S. Investigations
Valuations of smaller Chinese manufacturing companies traded in the U.S. plummeted
after the global financial crisis. The market value of U.S.-listed Chinese companies has
tumbled since November 2010 amid allegations of financial fraud by short sellers such as
Muddy Waters Research.
The USX China Index, which tracks the performance of U.S.-listed companies that
derive most of their revenue from China, has declined 18 percent in the last 12 months.
Shares of Sino-Forest Corp., facing allegations from Muddy Waters it had exaggerated its
timber assets and operated a Ponzi scheme, have lost 94 percent since the end of 2010 in

2. U.S. over-the-countertrading.
U.S. regulatory investigations since 2010 into accounting practices of Chinese
companies that gained listing on American exchanges through reverse mergers also
damped share prices.
Going Private
In some of the fund's investments in the privatization of U.S.-listed Chinese
companies, such as Harbin Electric, Abax global capital turned its public equity holdings
into private equity investments, said Yang.
Abax global capital has held talks with Chinese private investors about the dedicated
fund to invest in U.S.-listed Chinese companies being taken private, said Yang. Investors
in the fund, which will be available to international investors and Chinese citizens with
offshore accounts, will commit their money for at least five years, he added.
The planned fund will surpass a $50 million managed account set up last year for a
small group of investors, which makes similar investments together with the Abax global
capital special situations fund, said Yang.
Abax global capital 's other investments in U.S.-listed Chinese companies being taken
private include Fushi Copperweld Inc.
Taking Private
Seventeen deals to take U.S.-Chinese companies private have been announced since
2009, and seven have been completed so far, according to data compiled by Bloomberg.
The shortage of bank financing amid the European debt crisis has made it difficult to
arrange such deals, because the investors will have to negotiate a lower price to achieve
the same expected returns without leverage, said Yang.
Private equity investors trying to strike deals without leverage may also find it hard to
negotiate with chief executive
officers, who are typically majority stakeholders, Yang said. The size of the investments
required to complete a privatization would probably dilute the CEO's holdings and result
in the outside buyers taking majority stakes in the companies.
Real-Estate Fund
Most of the assets in the Abax global capital special situations fund are in privately
negotiated debt and equity securities, including
fixed-income, structured loans and private equity types of investments, Yang said.
Abax global capital is also planning to start a fund for investments in Chinese real-

3. estate projects in partnership with former Beijing-based Merrill Lynch & Co. real-estate
fund investment professionals led by Greg Peng, Yang said. It will raise yuan capital
from Chinese investors and will target returns of 25 percent to 35 percent from the
investments, Yang said.
Chinese investors have committed about 1 billion yuan ($159million) to the fund,
which is going through business
registration and may hold its first close by the second quarter, Yang said.
2 Two Nominations for Abax global capital at Eurekahedge Asian Hedge Fund
Awards
2012-04-16 06:06pm
Abax Global Capital's exceptional performance has resulted in two nominations for the
2012 Eurekahedge Asian Hedge Fund Awards. The finalists will be announced on May
25.
Abax global capital is pleased to have been nominated for the Best Greater China Hedge
Fund and Best Event Driven Hedge Fund award categories. We are gratified that our
commitment to delivering outstanding returns to investors is being recognized in the
investment community.
3 Abax global capital Seeks Chinese Companies Abandoning U.S. Listings
2011-05-18 00:59:03.581 GMT
By Bei Hu
May 18 (Bloomberg) -- Abax Global Capital, a Morgan Stanley-backed manager of $900
million of hedge and private equity funds, is seeking to profit from Chinese companies
abandoning U.S. listings for higher valuations in Hong Kong.
Abax global capital has invested in companies including Harbin Electric Inc. and Fushi
Copperweld Inc., which are seeking delisting from the U.S. in leveraged management
buyouts and may go public in Hong Kong later, Donald Yang, Abax global capital’s
Hong Kong-based managing partner, said in an interview yesterday.
Valuations of smaller Chinese manufacturing companies listed in the U.S. have
plummeted after the global financial crisis, with the collapse of their traditional investor
base of smaller U.S.-based hedge funds and individuals, said Yang.

4. U.S. regulatory investigations since last year into accounting practices of Chinese
companies that gained listing on American exchanges through reverse mergers also
damped share prices.
"Their traditional investor base is gone," he said. "But you can pick out quite a few
companies in the space where the business fundamentals are very solid."
One hundred and twenty-nine Chinese companies listed in the U.S. trade at an average
eight times their estimated 2012 earnings, against 11 times for 276 peers traded in Hong
Kong because of a lack of research coverage, high concentration of shares among their
major shareholders, and limited trading volume, according to data compiled by Citigroup
Inc.
More than 3,200 hedge funds have been liquidated between 2008 and last year, 36
percent more than new starts, according to Chicago-based Hedge Fund Research Inc.
Reverse Mergers
The U.S. Securities and Exchange Commission last year started a probe amid concerns
that some Chinese companies listed in the U.S. were doctoring their financial statements.
U.S. exchanges have frozen or delisted shares of more than a dozen China-based firms
since March amid the probes centered on those that have obtained listings through
reverse mergers -- deals in which a closely held firm goes public by acquiring a traded
one, thereby avoiding the scrutiny of an initial public offering.
Abax global capital is making the investments through Abax global capital Opportunities
Fund and separate accounts for clients which together oversee $350 million using the
same strategy. The fund bets on companies in Asia, especially mainland China, whose
debt and equity prices will move as a result of mergers, hostile takeovers, asset sales and
large share buybacks.
Attractive Returns
"I think this is going to be the focus for the next couple of years at least," Yang, 45, said.
"It’s a good investment thesis."
These companies provide more attractive returns than the traditional Chinese targets of
private equity funds because they are larger in scale, have more established business
operations and better internal controls. They are also valued cheaper and investors could
recoup their money sooner, Yang said.
Abax global capital is focusing on companies that it has provided financing to before and
is therefore familiar with, Yang said.

5. It expects to recoup such investments in less than two years, including the typical six-
month ban on sales of pre-IPO investments after trading starts, he said. It can also sell the
investments to private equity companies.
Abax global capital Opportunities Fund returned just more than 2 percent this year, and
20 percent in 2010, Yang said. It exited about 80 percent of pre-2008 investments with
about 12 percent annual returns, either when the loans matured or when the companies
paid it back before maturity after obtaining alternative sources of funding at lower rates,
he said.
Fund Restructure
Abax global capital earlier this year restructured its special situations fund by creating
two share classes, one with a two-year ban on withdrawals in exchange for fee discounts,
and one that allows quarterly redemption that charges higher fees.
Investors were subject to a one-year outright ban on withdrawals and penalties for
redemptions in the next two years when the fund was set up in 2007, said Yang.
The more frequent redemptions are to help attract U.S. and European investors who have
been reluctant to put money into less liquid funds since the crisis while allowing Abax
global capital to make longer-term private investments with higher returns, he said.
Chinese individuals and institutions now account for the majority of its assets, Yang said.
Abax global capital started a 500 million yuan ($77 million) private equity fund
denominated in the Chinese currency early last year, with China Development Bank
Corp. as its anchor investor.
It is also setting up a venture with the Chinese bank to manage another private equity
fund that is expected to receive as much as 4 billion yuan of commitments from mostly
institutional investors, Yang said. The venture, which has received government approval
and is going through the registration process, may become operational in the next two
months.
4 2010 Asia Hedge Fund 25- Abax global capital
2010-08-10
Abax global capital is listed again in influential Institutional Investor's "Asia Hedge
Fund 25" climbing to No. 22 from No. 23 of 2009 list. Visit Institutional Investor's or
click the icon at top right corner to download the pdf file.

6. 5 Abax global capital Follows CLSA With Chinese Private Equity Fund
2009-08-24
By Bei Hu
Aug. 24 (Bloomberg) -- Abax Global Capital Ltd., a Hong Kong-based hedge fund
manager backed by Morgan Stanley, plans to start a private equity fund in China that
invests in companies making environmentally friendly products such as clean energy.
The yuan-denominated fund aims to raise about 500 million yuan ($73 million) from
Chinese investors by its first close in two months, Donald Yang, Abax global capital’s
Hong Kong-based president, said in a phone interview Aug. 21. It will be sponsored by a
large Chinese financial institution, whose name he declined to reveal because of pending
regulatory reviews of the plan.
International managers such as Blackstone Group LP and CLSA Asia-Pacific Markets are
also planning to tap Chinese demand for local-currency private equity funds. Abax global
capital is joining peers such as Income Partners Asset Management (HK) Ltd. that are
diversifying their product range and investor base after the worst year for hedge funds in
2008.
“Money is tight, so people will raise assets where they can,” said Paul Smith, Hong
Kong-based managing director at Triple A Partners Ltd., which provides startup capital to
hedge funds and helps market them. “Everyone is having to learn new tricks to stay
afloat.”
Abax global capital, set up in 2007, initially focused on so-called special situations
investments in companies involved in events such as mergers, acquisitions, asset sales
and large share buybacks.
“Last year, most participants in the industry felt significant pain during the market
turmoil,” said Yang. “From a business point of view, having a single strategy is risky.
What we’re trying to do is to build a platform with multiple strategies.”
Convertible Bonds
Abax global capital’s $300 million special situations fund, which invests mainly in
convertible bonds, notes and equity warrants, booked double-digital returns this year as
credit markets rebounded and the quality of the company credits it holds strengthened,
Yang said without giving specific numbers.
The fund was down “significantly” last year after the credit market slump forced it to
mark down the value of its holdings, said Yang, declining to give a more specific
performance number. The illiquidity of the fund’s private investments made it difficult to
value and sell the assets at attractive prices when the market collapsed, he added.
Income Partners, which oversaw debt and macro assets, started its first equity hedge
funds in July.

7. Raising Money
Abax global capital in January raised about $50 million from a small group of wealthy
Chinese individuals for funds that focus on publicly issued, frequently traded high-yield
and convertible bonds, Yang said. The funds have returned at least 30 percent since
inception, profiting from the doubling of some companies’ bond prices since mid-March,
he added.
“We were lucky enough to raise capital at the beginning of the year and chose attractive
positions that benefited from the up trend of the credit market,” Yang said. “Otherwise, if
you are holding positions that you bought a year or two ago, you may not have
experienced as much of the overall benefit in the recovery.”
Neo-China Land Group (Holdings) Ltd.’s convertible bonds maturing in June 2011
traded as low as 22 cents on the dollar in February after missing a coupon payment on
$400 million of high- yield bonds in January. The convertible bonds have recovered to
62.5 cents, according to data compiled by Bloomberg.
Hopson Development Holdings Ltd.’s convertible bonds maturing next year rose from
32.3 cents in November to 96.8 cents on the dollar, according to Bloomberg data.
New Hires
Abax global capital, which manages about $560 million, also opened its Tudor
Investment Corp.-backed Asia macro fund, which seeks to profit from regional economic
trends, to outside investors for the first time.
Abax global capital is hiring at least three people for the Chinese private equity fund, said
Yang, who helped found Abax global capital and was a former head of Hong Kong and
Greater China debt capital markets at Merrill Lynch & Co. Abax global capital’s special
situations team will assist the fund’s management, Yang said.
6 Abax global capital 拟在华设立私募投资基金 专注环保公司
2009-08-27
来源：ChinaVenture 时间：2009-8-27 14:56:00
据海外媒体报道，摩根士丹利支持下的香港对冲基金管理公司 Abax Global
Capital 计划在中国推出私募股权投资基金，将重点投资致力于制造清洁环保产品
的公司。
Abax Global Capital 香港总裁 Donald Yang 在 8 月 21 日的采访中表示，Abax
Global Capital 希望此基金首轮募资 5 亿元人民币（约 7300 万美元）将向中国投资
者募集，于两个月内完成。该基金将引入一家大型中资金融机构资金，目前尚 未
公布此机构的名称。公司将至少雇佣了 3 名中国管理者筹备此次基金，Abax global

8. capital 的特殊情况团队也将为基金管理提供帮助。
Abax Global Capital 成立于 2007 年，主营重大事件相关的特殊情况投资，比如：
合并、收购、资产售出和大量股份回购。Abax global capital 的 3 亿美元基金主要用
来投资可转债，票据和股票凭证。
7 盘实基金(Abax global capital)：现在投资债券比投资股票机会更好
http://www.sina.com.cn 2009 年 06 月 10 日 02:23 第一财经日报
郭茹 王艳伟
“危机”既是“危”，更是“机”。自 2008 年以来，这场起始于美国的国际
金融危机给金融市场造成了巨大的冲击。而在盘实基金（Abax Global Capital）总
裁杨向东看来，在反思这场危机的同时，更要积极寻找危机所带来的投资机会。
在这场危机中盘实基金虽然也遭受了损失，但以结构性债券产品投资为主的
投资策略却使他们幸存了下来。而今年以来他们又将眼光瞄向了高收益的债券市
场， 抓住了这场危机中的机会。盘实基金于 2007 年在香港成立，有“中国人办的
第一家对冲基金”之称，也是摩根士丹利所投资的为数不多的几家基金管理公司
之 一。
日前，CBN 记者采访了该基金创始人兼总裁杨向东。
亚洲债市动荡更大
CBN：能否简单介绍一下公司的主要投资模式？
杨向东：盘实基金成立伊始的 2007 年 7 月，正值上一轮“牛市”的顶峰。基
金的投资策略是结合了债权、股权及期权的结构性私募投资，在追求高回报的同
时，强调风险控制及在市场低潮时对投资价值的保值。这种在国际对冲基金被称
为“特殊情况”（Special Situation）的投资在当时市场环境下极具吸引力，也是摩
根士丹利决定成为基金的初始投资人并在管理公司中占有少数股份的主要原因。
今年年初，我们 确信经历了金融危机洗礼的亚洲债券市场极具投资价值，并募集
了新的基金，迄今回报率已经达到了近 30%。
CBN：国内对海外的债券市场并不太了解，近几年亚洲债券市场的情况是怎
样的？

9. 杨向东：亚洲债券市场，其实是指除日本之外的亚洲其他国家发行体发行的
外币债券，其交易场所主要是场外市场，是全球性的。 以前亚洲债券市场，韩国、
印尼、菲律宾发行的最多。1997 年亚洲金融(2.98,0.00,0.00%)危机后，这些国家受
打击比较大，发债都减少了。中国以往以财政部、国开行、进出口行等具有国家
主权或准主权的发行体发行外币债券较多，大型国企如中海油
(12.28,-0.14,-1.13%)、中国移动(77,0.00,0.00%)也在其列。而从 2004 年以来，中国
民企开始利用海外债券市场融资，使亚洲债券市场有了全新的面貌。由于这些民
企所获评级都在投资级（BBB-）以下，即所谓的“垃圾债券”，所以收益率大都
比较高，也即所谓的“高收益债券”市场。
2005 年、2006 年，中国民营企业发的高收益债券，大概占了亚洲市场的一半，
包括大的房地产商，例如合生创展、绿城、碧桂园(2.6,0.02,0.78%)等都很活跃。当
时新发行的公募债券收益率大概只有 8%~12%，对于可以把资金转移到国内作为资
本金购置土地的房地产商来说，是非常便宜的。
CBN：这场金融危机，海外债券市场尤其是亚洲债券市场受到了怎样的冲击？
杨向东：在危机中，债券市场与股市一样也备受冲击。相比于美国的债券市
场，亚洲债券市场在危机中的动荡更大。在去年 9 月份雷曼倒闭的时候，亚洲投资
级 别债券的 Spread（利差）最高时曾达到 600 个基点，这是以前从没有过的；高
收益债的利差最高曾达到 1400 个基点，这只在 1997 年亚洲金融危机时 看到过。
而在 2007 年高收益债的利差平均大概在 200~300 个基点，这是比较正常的水平。
当金融危机来的时候，银行和基金都急于抛售高收益债券，这个时候大家都
在卖，没有人买，因此收益率很快就起来了。到去年年底和今年年初，个别债券
的价 格甚至跌到了面值的 10%以下，收益率已经到了不良资产的水平，有的年收
益率高达 70%~80%，甚至 100%多。这说明了一个问题，就是亚洲债券市场的 水
很浅，纯粹做债券的基金非常少，尤其是做高收益债券的基金就更少，所以一遇
冲击市场很快就垮了。
现在投资债券比股票机会更好
CBN：你们如何看待债券投资与股票投资这两种投资方式？
杨向东：投资债券和投资股票，分析的着重点是不一样的，股票得看公司的
盈利能力，而债券主要看现金流。如果公司的现金流很好，即使盈利不理想，债
还是 还得上的。因此，相对来说，债券的安全性更高。正常的市场债券的回报率
应该比股票的低，但现在的时期很特别。金融危机对股票和债券市场的冲击都很
大，但是 从风险和收益的回报来说，债券其实跌得比股票更多，所以说现在投债
券比投股票是个更好的机会。

10. 我们做的分析是看公司的基本面，看信用状况怎么样，判断公司的违约率是
多少。从标普 50 年不同评级的平均违约率来看，BB 的违约率每年约为 3%~5 %，
所以在年初的市场条件下通过做一个 3~5 年的组合，测算出即使有 5%的违约率，
最后的年平均收益率也会有 30%左右。而股票市场长期持有的年平均回报 率只有
15%左右。如果这个回报率比股票高很多，我想这肯定是个不错的机会。这是年初
的时候我们看到的亚洲地区最有吸引力的投资机会。
这个债券市场的流动性没有股市那么好，所以投资的时候需要有些策略。另
外，不能只看收益率不看风险，需要做信用分析。另外我们的操作上也采取了一
些避险措施，比如购买 CDS，进行风险管理。现在融资成本很低，通过杠杆放大
的效果带来的回报也是很可观的。
国内债市缺少避险产品
CBN：目前国内的企业债市场也处于发展的起步阶段，而大的商业银行对投
资于企业债尤其是民营企业债都持相对谨慎的态度，你怎么看这个问题呢？
杨向东：国内债券市场这两年也有了较大的发展。但总体来看，国内债券市
场的品种少，品种趋同，而且缺少避险的产品。债券的风险，首先是违约风险，
国外 可以通过购买 CDS（信用违约掉期）等办法来避险，对上市公司还可以通过
卖空股票的方法来对冲风险。第二是利率风险，可以通过利率掉期来做，还有利
差的波 动（信用评级风险）也可以用 CDS 来控制。而这些产品国内都还很缺乏。
每个时期每种产品都应该有个投资组合，应该根据收益、风险比例来组合，
固定收益产品通常在国外机构投资者的投资组合里占相当的比重。国内近两年我
觉得是在逐步增加这种配置，主要是这两年的企业债发行量增加了，相信这种趋
势会持续下去。
CBN：这次金融危机对于信用评级公司诟病也很多，现在国际市场上对于信
用评级公司一般怎么来评价？
杨向东：这次金融危机中市场及监管机构对于评级公司的“抱怨”主要是评
级公司对于次贷衍生产品的评级过于乐观，对投资人有误导。而从我们的观察来
看， 市场往往比评级机构反应迅速，等到评级调整出来对于市场的影响已经很小。
所以做投资不能只看评级，还要自己掌握第一手资料，要有自己的观点。不过，
对于信 用文化的建立来说，评级机构还是不可缺少的，信用评级对于投资人的参
照价值还是非常必要的。
8 盘实基金（Abax Global Capital）杨向东：“私募债”拓荒者

11. 2009-08-20
对于急需资金的中小企业主来说，很新、很前沿的“私募债”要比令他们又爱又
恨的 PE 可爱可亲许多
文 | 本刊记者 潘虹秀
与杨向东的见面是在北京金融街威斯汀大酒店的大堂里。这是个很多金融人士出
没的酒店。那是 2008 年愚人节的前一天，阳光很好。“杨向东”这三个字，只要
百度一下，就可以发现有个比较活跃的“杨向东”，有着高盛和凯雷的履历。眼
前的杨向东呵呵笑道，那个“杨向东”不是他，自己没那么厉害。凯雷的“杨向
东”，做的是私募股权和并购交易，曾在业界掀起轩然大波的收购徐工案，就是
他操盘的。作为本文主角的杨向东，曾是美林亚太区债券市场的主管，相比那个
轰轰烈烈的杨向东，有些默默无闻，但亦有过人之处。与很多张扬出精明以及优
越感的 VC/PE 群体相比，杨的个性很温和。杨自称他的工作就是帮助中小企业打
开融资渠道。从去年 7 月成立迄今的 9 个月内，由他担任总裁的盘实基金已向国内
20 个中小企业投了钱。这些笔钱数额也不小，从两千万美元到四五千万美元不等。
与人们已熟知的 VC/PE 不同，杨投的钱，获得的不是股权，而是债权，或者债权
加股权。对于习惯了到处寻找 VC/PE 股权投资的中小企业主来说，这显然是一个
极富魅力的融资新方式。
很新，很前沿
盘实基金（Abax Global Capital）自认为是新型对冲基金，专注于结构性交易和私
下交易。投资的形式主要是“私募债权+股权”。从 PE 的角度，这正是夹层基金
（债权+股权的一种投资形式）的范畴，不过 PE 主要是投资于未上市公司，而盘
实基金目前投资的对象多为公众公司。无论是对冲基金还是夹层基金，都是金融
的一种创新。不过，这些来自西方的名词在中国依然很新鲜。
邓天洲是杨“私募债”投资的受益者之一。邓是中能集团有限公司（以下简称中
能）的董事长。他告诉《中国企业家》，2007 年 7 月，他意外地接到了自称叫杨
向东的人的电话，说想跟他见见面，谈谈投资的事情。彼时，邓从没听说这个人。
不过当时中能的确很缺资金，也在考虑融资的事情。于是答应见面了。总共见了 3
次面，合作很快就敲定了。这年 9 月份，盘实基金的 3000 万美元就到账了。中能
的主要业务是天然气加气站的经营和天然气机械设备的生产、销售。在盘实投资
前，中能在几大城市共有十个天然气加气站；投资后，中能的天然气加气站在建
网点目前已增加到 40 个。
让邓迅速决定接受投资的原因，除了认为杨比外国基金更了解国情外，主因乃是
这笔钱的性质。这笔 3000 万美元的资金由 1600 万美元的纯债和 1400 万美元的可
转债组成。“当时主动找我们的基金有三四家，包括美国老牌的对冲基金。”邓
说道。相比之下，盘实基金只是一个刚成立的基金，默默无闻。不过那些基金投

12. 资的目的是要获得中能的股票，这种股权融资让邓有些后怕。在接触盘实之前，
中能已做过几次股权融资。2006 年 6 月，在一家名为巴隆的北美基金的帮助下，
中能通过借壳上了美国 OTCBB（场外柜台交易）板。上市的第二天，巴隆购买了
中能 370 万美元的股票。次年的 2 月和 4 月，巴隆又分两次，每次各投资 600 万美
元购买了中能的股票。中能股票价格很低，上市时只有 65 美分，在这种低价股权
融资中，中能的股权稀释了 55%。盘实基金进来之前，巴隆手中的股票已转给多
家基金，还有更多基金对中能很感兴趣。不过邓和管理团队已不想再稀释公司的
股权了。见到杨向东后，邓提出了 1600 万美元的纯债+1400 万美元的可转债的融
资方案。杨很快就接受了邓的方案。双方经过谈判后，纯债的利息是 12%，可转
债的利息是 3%。邓对这个结果非常满意。他解释道，人民币对美元在不断升值，
12%的美元利息并不算高。可转债的概念是一种期权，即盘实的 1400 万美元可以
在约定时间段内以约定的价格转换为中能的股票，这种转换价格要比现行的股价
更高。目前中能已申请转板纳斯达克，邓对中能股价的提升充满着期待。美国一
家名为 Clean Energy 的公司，业务与中能类似，已在纳斯达克 IPO，去年 5 月的市
值是 6 亿美元，市盈率 600 多倍。邓说道：“他们的盈利只有我们的十分之一，但
我们的市盈率却不超过 20 倍。”
杨向东同样也期待着中能转板后创造类似 Clean Energy 的神话。这也正是盘实这笔
可转债投资的动机之一。在威斯汀酒店的大堂里，他用圆珠笔在威斯汀酒店提供
的信封上画了个曲线图，解释着“债权＋股权”这种投资的妙处。杨在信封上比
划说：“熊市时，股价下跌，别人亏，我们不亏，因为有利息收益；牛市时，股
价上扬，我们还可分享上涨的收益。”而对于融资方来说，选择这种组合要比完
全的股权融资更有优势。一来现有股东股权稀释比较少，且不会立刻被摊薄；二
来，融资成本更低。
被忽略的市场需求
杨向东 1966 年出生在哈尔滨，19 岁那年被保送到南开大学国际经济系，26 岁留学
美国缅因大学，获得经济学硕士学位，在念了沃顿商学院的 MBA 后，曾在美国纽
约从事债券市场工作。不过，杨的这种投资策略并不是来自他的经济学的理论修
养，也不来自美国资本市场的投资模式拷贝，而是来自于对中国市场需求的发现。
这一切还得从沿海绿色家园有限公司（以下简称沿海）这个投资案例说起。该案
例奠定了盘实基金如今“私募债权+股权”投资结构的雏形。2005 年底、2006 年初，
时在美林做债券交易的杨向东得知沿海急需融资，前去了解情况。沿海是家在香
港上市的内地房地产公司，当时的市值只有 2 亿多美元（现在是近 33 亿港币），
利润为两三千万美元，这种现金流只能支撑几千万美元的债务融资。当杨向自己
的老板汇报情况时，该老板认为几千万美元的债券太少了。按惯例，债券发行一
般都得在两三亿美元以上，承销的投行则从中收取约 1.5%的佣金。如果债券金额
太少，投行一般都不做。杨介绍道，债券公募发行，投行需要做很多工作，诸如
请债券评级公司评级，请律师写长达 200 页的发债说明书，安排路演等等，整个过

13. 程走下来，至少需要三四个人花三四个月时间来完成。此外，债券发行少于 2 亿美
元，市场流动性比较差，也基本没有投资者愿意购买。不过杨没有放弃这个项目。
他在思索如何为年利润两三千万美元的公司做融资。
后来，杨提出了私募债券的方案。按该方案，债券无需评级，无需律师出具发债
说明书，投行则从中收取 4%-5%的佣金，整个项目做下来只需投入一到两个人，
历时一至两个月就可完成。该方案解除了投行的盈利之忧，不过却存在信誉风险，
万一项目出了问题，沿海到期不能向投资者还本付息，那么美林在业界的信誉就
会受影响。最终，对该项目进行了严格的评估后，美林内部通过了该方案。不过
在为沿海寻找投资者时，杨四处碰壁。很多做投资债券的基金都表示无评级的债
券不买。当时许中一刚从美国来到香港，其所在的 Citadel 基金是美国十大对冲基
金之一。抱着试试看的心态，杨找到了许，许很痛快地认购了一部分，美林一投
资部门也购买了一些。不过许透露道，这种纯固定收益对 Citadel 这个大型对冲基
金来说意义不大，他更想借此与沿海建立联系，做一些可转债。最终，杨为沿海
做了几次融资，共计有 2000 万美元的纯债和 4000 万美元的可转债。从此，杨又陆
续做了很多类似的项目。2006 年 8 月 30 日，杨为哈尔滨泰富做了 5000 万美元的债
务融资。此后，杨又帮铜线生产商傅氏国际做了 6000 万美元的可转债融资。在这
类项目的融资中，杨几乎每次都找 Citadel 合作。这一方面是因为做私募债券的投
资基金并不好找，另一方面也是因为许中一的个性，“做事很有主动性，很能讲，
很有亲和力。”作为交易的中间人，杨平衡了两方的需求，企业的债务融资需求
和投资方的可转债投资需求。《华尔街日报》曾将 Citadel 介入可转债领域称之是
对冲基金在中国投资的新门道：“不要在证券交易所买股票”。
对那些快进快出做短线的股票投资的对冲基金来说，做可转债投资是投资股票渠
道的一种创新。不过在杨向东看来，这更是债权市场的一种演变，从大国企向民
营的中小企业拓展。2000 年，杨加入美林，在其香港办公室工作，直到去年 2 月
辞职。在这 7 年中，杨深度介入了中国的海外债券发行市场，并目睹和参与了其中
的市场变革。
中国能在海外发债的基本只有两类，一类是财政部、国家进出口银行、国家开发
银行、铁道部这些跟国家紧密联系的机构或者国家支持的项目，诸如早年的葛洲
坝工程。还有一类就是红筹（泛指海外注册）的大国企，比如中海油、中移动等。
这些债券的评级往往很高，一般有 AAA。这些高信用等级的债券也被称为投资级
的债券，很多投资人都愿意买。但中国一年的海外债券发行总量大约只是美国三
四天的发行量。这样稀缺的债券发行，通常还有好多家国际大投行共同承销，有
时一个单子下来，一家投行只能分到 0.2%的佣金。“这根本不是融资的概念。”
杨点评道。
2004 年，市场发生了转折。是年 9 月，一家名为百江燃气（现为港华燃气）的香
港上市公司，发行了 2 亿美元的 7 年期债。当时百江燃气的评级为 BB，属于非投
资级债券（按标普评级 BBB-以下的为非投资级），也被称为垃圾债券或高收益债

14. 券。这标志了国际大投行在中国不再只是盯着大国企，开拓了高收益债券市场。
这次债券由美林牵头承销。此后，德意志银行、摩根士丹利、高盛等投行纷纷跟
进，中国的高收益债券市场一下红火起来。
杨向东在这个市场走得更远，从公募的高收益债券走向更小企业的私募债券。这
也是受妻子的启发。杨妻早年也在美林工作过，后来加盟了深圳一家名叫“科通
”的民营企业，担任首席财务官。这家公司早年通过借壳上了美国的 OTCBB 板，
杨的妻子来到这家公司后，两三年内，公司升级到纳斯达克主板，股票也从当初的
3 美元攀升到 17 美元左右，最高时达到 21 美元。这家做电讯设备模块设计和制造
的公司后来还成了微软的合作伙伴。一些大基金也购买了该公司的股票。
杨发现那些被国际大投行们冷落的中小企业，尤其是在 OTCBB 上市的企业，有不
少是行业的佼佼者，管理能力也不错，市场增长空间也很大。这类企业对资本的
需求量也很大。由于 OTCBB 股价的低廉（通常是数美元乃至几十美分），这类企
业股权再融资的代价很高，而债务融资很难实现，国内银行不可能给其贷款，想
在国内市场公开发债，也往往不够资格。杨向东无疑是为这类企业打开了融资的
一个窗口。前文所述的哈尔滨泰富也曾是一家 OTCBB 企业（现转板纳斯达克），
其董事长杨天夫在电话中向记者说道：“当美林找到我们时，他们是头一次做我
们这么小的公司，我周围的朋友都不相信美林这种大投行会看上我们这种企业。”
从中间商到投资人
盘实基金的创立起源于一次聚会。2006 年 5 月的一天，杨向东夫妇、许中一三个
人在哈尔滨一起吃饭聊天。三人都觉得这个市场（针对中小企业的债权+股权投资）
很新，很前沿。杨妻问道：“你们俩为什么不自己搞一个基金？”当时许年仅 25
岁，是 Citadel 最年轻的董事总经理。几经酝酿，这年 11 月，许离开了 Citadel，专
心谋划基金成立的事。2007 年 2 月，杨离开了美林，与许一起创业。同时，许的
前同事、原 Citadel 的高级风险经理钱峰（Frank Qian） 也加入进来。
“在食物链条中，越是上游回报越高，投行只是中间商，收取固定的费用，基金的
回报要高很多。”杨说。在沿海的案例中，美林从中获得 4%的回报，已算很高。
Citadel 在投资沿海两三个月后，转手就取得了 64%的回报。
2007 年 7 月，盘实基金正式成立。至今为止，已募集了 5 亿美元，还陆续有新的
基金进入。摩根士丹利为盘实基金的大股东，占有小股东权益。目前四人管理团
队中，除了上述三人外，新加坡人杨明章担任首席投资官。许是 CEO，杨是总裁。
对杨来说，新的工作也有新的挑战。过去做公募的债券发行，对象往往是大公司，
企业的信誉评级有专业的评级公司去做。而现在，他需要面对更多的中小企业，
没有评级机构来把关，需要像 PE 一样有眼光，判断市场，判断企业的增长空间，
判断企业的管理团队等等。有意思的是，1993 年，时年 27 岁的杨在波士顿一家风

15. 险投资基金工作过一年，曾来哈尔滨考察过很多项目。中能董事长邓天洲认为杨
“眼光敏锐、效率高、（投资）方式灵活”。
目前盘实已投资的行业有天然气、城市燃气、经济型连锁酒店、房地产、制造业、
造纸业、水处理等。不过与 VC/PE 不同的是，盘实会同时投资同一行业的多家同
类公司。比如在投资完中能国际后，盘实又紧接着投资了同属于天然气加油和汽
车气化改造市场的西安西蓝天然气股份有限公司。杨自称比较喜欢该行业，认为
其带有公用事业性质，又属于环保类的石油替代品。而盘实目前所聚焦的公司是
红筹公司，包括上市公司和拟上市公司。他解释道，这类公司的债务融资无需发
改委审批。盘实的投资形式基本上都是“无担保长期债+可转债”，以私募为主。
对企业投资后，盘实一般都会要求其选择大的会计师事务所、大的律师事务所等，
对 OTCBB 公司则要限期转板纳斯达克。同时，盘实也会在资本、公司运营等方面
尽力帮助企业。对于这个年轻的团队来说，从事这样一个“前沿”的工作，也存
在风险。
在多次接受电话采访后，杨向东期望着越来越多的人加入到“债权+股权”的投资
中来，只专注于“债权+股权”的基金还不多。
9 Morgan Stanley Investment Management Reaches Agreement to Acquire Stake
in Abax Global Capital Limited
2007-03-12
Newly Formed Firm Will Invest in Asian Special Situations with Focus on Greater China
HONG KONG, March 12, 2007 Morgan Stanley (NYSE: MS) announced today that its
Investment Management division (MSIM) has reached an agreement to take a significant
minority ownership position in Abax Global Capital Limited (Abax global capital), a new
hedge fund advisor being formed to invest in special situations in Asia. The transaction
adds Abax global capital to the stable of best-inclass independent investment managers
with whom MSIM collaborates, including Avenue Capital, Lansdowne Partners and
Traxis Partners.
Abax global capital, to be headquartered in Hong Kong, will invest in private and public-
sector issuers in Asia, with a primary focus on Greater China, including mainland China,
Taiwan and Hong Kong. The firm is being founded by Chris Hsu, a former managing
director at Citadel Group, with responsibility for that firm multi-billion dollar Special
Situations Asia Group; Donald Yang, formerly managing director and head of Hong
Kong and Greater China debt capital markets at Merrill Lynch; and Frank Qian, formerly
a trader and risk manager in Asia, Europe and the U.S. at Citadel Group.

16. Hans Schuettler, Chief Executive Officer, Morgan Stanley Asia, said, the Asian capital
markets provide exciting opportunities for growth that we are well positioned to realize
given our Firm deep roots and strong platform in the region. As part of the strategy to
grow our asset management business in Asia, with a specific focus on China, we are
expanding the range of investment strategies we offer to both our institutional and our
high net worth individual clients. And, this new alliance with Abax global capital will
provide our clients access to investment expertise in a distinctive, highly attractive asset
category.
Stu Bohart, Head of Alternative Investments at MSIM, said, the continue to expand the
breadth and depth of our investment offerings to accommodate clients desire for
innovation and high performance across a broad range of traditional and alternative asset
categories. Abax global capital team, led by Chris Hsu, Donald Yang and Frank Qian, is
highly regarded and has an outstanding track record in Asian capital markets. With its
unique, integrated investment platform and its extraordinary level of talent, Abax global
capital will be another significant enhancement to our alternative product offering.
Chris Hsu, Chief Executive Officer and Managing Partner of Abax global capital said,
they are very pleased to be entering a strategic partnership with Morgan Stanley
Investment Management. The firm support will be highly beneficial as we work together
to identify the most promising investment opportunities presented by the rapid growth of
Asian capital markets. We believe that combining forces in this way will provide a
platform for meaningful collaboration between the companies.
In recent months, MSIM has expanded its alternative investment capability through a
series of new products, partnerships and investments. In addition to launching 24 new
alternative investment products in fiscal 2006, the Firm acquired FrontPoint Partners, a
multi-strategy hedge fund business that focuses on providing alpha producing solutions to
institutional clients.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates,
has over 400 investment professionals around the world and $478 billion in assets under
management or supervision as of November 30, 2006. These entities offer investment
management services to a diverse client base, which includes governments, institutions,
corporations and individuals.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of
investment banking, securities, investment management, wealth management and credit
services. The Firm's 2 employees serve clients worldwide including corporations,
governments, institutions and individuals from more than 600 offices in 30 countries. For
further information about Morgan Stanley, please visit www.morganstanley.com.

17. 10 摩根斯坦利投资亚洲对冲基金 Abax global capital
http://www.sina.com.cn 2007 年 03 月 19 日 03:55 中国证券网-上海证券报
摩根斯坦利表示将购买 Abax Global Capital Ltd 的一部分股份。Abax global
capital 是一家投资于亚洲的新兴对冲基金，由 Citadel 投资公司的前管理人士设立。
摩根斯坦利表示，它的投资管理团队将在 Abax global capital 基金中，占据显著的
所有者监控职位。
Abax global capital 的创始人包括 Chris Hsu，Citadel 对冲基金的前常务董事。
他将负责对中国大陆、台湾与香港等地的投资。
Abax global capital 将专注于所谓“特殊情境”投资，设定公司的债务与股本
将随着兼并，恶意收购，资产拆分或 buyout 而产生变化。根据 Eurekahedge 数据，
投资亚洲的对冲基金去年产生了 16.1%的资产回报率，北美市场的回报率是
11.5%，欧洲是 11.35%。（阿焰）