Word: cheah
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Dates: during 2000-2009
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...Cheah Cheng hye's life is a rags-to-riches saga with an Asian twist. As a boy in Malaysia, Cheah sold pineapples by the roadside to support himself after his father died. Years later, Cheah left behind a career in journalism to start Value Partners, now Hong Kong's most successful independent investment-fund firm, with $7.2 billion under management...
...Cheah built his business helping foreigners invest in Chinese companies. But now, he says, that script has been flipped: China wants help investing abroad. When Value Partners went public in November, Chinese insurance giant Ping An snapped up 38% of its offered shares, hoping to tap Value Partners' expertise. "The thing about China is it has taken them a long time to shift from what I call a starvation psychology," Cheah says. "They think they're a poor economy, so they should attract money from abroad. Now they're realizing they should be trying to export capital...
...Stanley, Goldman Sachs and others sank $20 million into AMO last July, and Hong Kong tycoon Richard Li paid $27 million for 25% of SilkRoute, whose main asset is 38% of AMO. No matter that neither company has made a profit. Few Net companies do, at least yet. But Cheah, 34, has no intention of selling out. "I'm waiting for a much bigger payday," he says...
Successful regional IPO floats would confirm AsiaTech's reputation as one of the region's premier venture-capital firms. Cheah and his 20 fellow dealmakers have spent $75 million--half of their total fund--on Internet companies in Asia and the U.S. In retrospect, the Asian financial crisis appears to have actually helped the business. "Everyone else was too distracted fixing problems to think about venture capital," Cheah says. There is a shortage of good prospects, however. Cheah and his backers reckon that they discard about 95% of the 300 or so business plans they see in a year. Nonetheless...