2019/11/20 11月12日-14日，第32届“AVCJ私募股权与创业投资亚洲论坛”在香港四季酒店召开。作为全亚洲地区创业投资、私募股权、并购投资及困境交易市场最具影响力的即时新闻和资讯提供商——亚洲创业基金期刊 (以下简称“AVCJ“）, 连续32年在每年11-12月间举办的年度论坛已成为亚洲区最具影响力与知名度的顶级私募股权与创业投资盛会。
本届论坛吸引了超过1200名来自于全球各地的顶级主权财富管理机构、有限合伙机构、普通合作机构、金融研究机构的创始人、高管层、合伙人、专家发言人出席，并围绕“私募股权和风险投资格局的演变；颠覆性科技带来的影响；投资者对亚洲市场的看法；如何在竞争日益激烈的市场中传递价值以及跨境交易和退出的机会”等业界关注的话题等议题在为期三天的会期中展开深度对话、交流。
值得注意的是，伴随着推动新旧增长动力的转换，以银行不良贷款、企业债务违约处置为核心业务的遇险交易市场规模持续扩大，AVCJ年度论坛发起设立32年以来首度针对特殊机会投资暨“困境交易（Distress Deal）”这个细分领域设置专题研讨论坛。
在13日下午召开的以 “Distress: Capturing the advantage（困境投资：把握优势）“的圆桌论坛开始前，远洋资本副总经理、资产管理业务董事总经理陈阳作为中国区机构代表，受邀在AVCJ首次设立的中英文双语主论坛发表主题演讲。这也是远洋资本成立以来首度受邀在国际级行业论坛发表主题演讲。
以下为中英文双语主题演讲实录：
首先，感谢大会邀请，让我们得以有机会从“全球视角”出发, 去抓住和实现“本地化机遇”。下面我将代表远洋资本分享在特殊机会投资领域的一些观点以及正在展开的探索与尝试。
First of all, I would like to say thanks for the AVCJ’s invitation. This is a wonderful opportunity which enables us to seize and achieve local opportunity from the global perspective. In this session, on behalf of Sino-Ocean Capital, I will share our views on Special Situation investment (SSI) and what we plan to navigate the market in the foreseeable future.
特殊机会投资，通常指经济到了某个特殊周期、宏观环境到了特殊阶段、某些标的碰到了特殊事件，导致标的物处于特殊困境的、受压的状态下的投资机遇。特殊机会投资某时也会特定指向由于特殊原因而被持有或需处置变现的资产。根据其产生来源，被分为金融机构（金融服务企业）不良资产、涉诉资产、企业改制或破产清算过程中的变现资产、商业抵款（以实物充抵账款）资产、特别机遇变卖资产、其他急需处置的资产等。虽然这个定义与金融机构不良资产有一定的交集，但不能完全等同，其可能是金融机构不良贷款的抵质押物，也可能是涉诉资产，还有可能是商业抵款形成的急需处置的资产，这些资产本身并未受损，但资产价格往往低于其内在价值。同时，国家出于可持续发展战略，通过政府在引导产业、多层次金融体系支持，持续优化经济金融生态环境与新旧增长动力转换进程中，而呈现出的趋势性价值投资机会，就全经济周期角度而言，也应属于特殊机会投资范畴。
进一步地从理论层面考察，我们可以初步得出这样的结论，即特殊机会投资体系的完善、扩展与提升，可以归类于金融发展的一种，完全可以理解为金融功能的扩展与提升。随着金融功能的演进，金融体系越来越复杂，金融发展程度越来越高，对经济资源的配置效率也不断提高，特殊机会投资体系的健全与发展，能够更好地为实体经济发展提供更高质量、更有效率的金融服务。
SSI, broadly speaking, means the investment opportunity in which assets are in the distressed stated when the economy has reached a special period, or when they have encountered special events. These assets could be non-performing assets of financial institutions, assets involved in litigation, assets during enterprise restructuring or bankruptcy liquidation, and other assets which need to be disposed of urgently. Under these special situations, the assets are not damaged by themselves, but the prices are much lower than their intrinsic value. Besides, some trend value investment opportunities resulting from the country's sustainable development strategy and the old growth momentum conversion, also belong to the scope of Special Situation Investment.
In terms of theoretical perspectives, we find that the improvement and expansion of the SSI system can enrich financial functions and optimize the financial system, which will further promote the China’s financial development.
我们认为现阶段特殊机会投资领域存在这样一些机会：（1）当前我国经济处于新旧动力转换、经济由高速增长转变为高质量增长的发展阶段，存在金融与实体经济失衡、房地产与实体经济失衡的问题，使得特殊机会投资的市场规模持续上升，我国特殊机会投资迎来新一轮的机遇；（2）发展特殊机会领域投资，有利于进一步实现把主动防范化解系统性金融风险放在更加重要的位置，通过科学防范，早识别、早预警、早发现、早处置，着力防范化解重点领域风险，着力完善金融安全防线和风险应急处置机制。（3）特殊机会投资有利于推进金融供给侧结构性改革，也有利于进一步提高中国金融业全球竞争能力，扩大金融高水平双向开放，提升开放条件下经济金融管理能力和防控风险能力，增强参与国际金融治理能力。这与习近平总书记金融思想中有关“防止发生系统性金融风险是金融工作的永恒主题”是高度相关和逻辑自洽的。
At this economic period, we are keenly capture some attractive opportunities in SSI. First, at present, China’s economy changed from high-speed growth to high-quality growth. There exists two problems: the imbalance between finance and real economy, and the imbalance between real estate and real economy, which leads to the rising market size of SSI, and China's SSI will usher in a new round of opportunities. Secondly, SSI helps proactively prevent and resolve systemic financial risks, and can promote the structural reform of the financial supply side, which is highly related to with the core idea of financial thinking of General Secretary Xi.
橡树资本霍华德•马克斯用《周期》一书告诉我们：做投资，你可以什么都不相信，但你必须相信周期。只要有人在，就有周期。也许周期的本质在于人的需求的变化。在实务操作中，特殊机会投资具有很高的挑战性。投资人需要首先发现具备价值提升潜力的基础资产，之后通过财务手段、资产运营等主动管理能力提升资产价值，最终实现理想的投资收益。此外，由于资产处于特殊状态，使得特殊资产的处置具有处置产业链较长、处置过程环节复杂的特性，进一步增加了投资难度。
The founder of Oaktree Capital, Howard Marks, says cycles always prevail eventually. We must follow the cycle. However, in practice, making successful special opportunity investment is full of challenges. Investors need to first discover the underlying assets with huge potential for value enhancement, and then increase the value of these assets through active management capabilities, and ultimately achieve the desired return. In addition, as assets are in a special state, the disposal process will be more complicated and takes more time, which further increases the difficulty of investment.
远洋资本在特殊资产投资领域具有卓越实力。远洋资本成立于 2013 年，致力于成为国际一流的另类资产管理机构。截止目前，在管资产规模已突破 900亿元人民币。远洋资本约有员工 300 人，大多具有出色的教育背景，。团队专业结构来看，大约 50%的成员具有产业实践背景，50%的成员具备多年金融领域工作经验。在特殊机会投资领域，以远洋资本城市更新基金、特殊机会收购基金等为代表，已完成元博酒店、科恩大厦、合星大厦、北京华联和天津大通等项目的全部或部分置入，其中成功退出的北京华联项目实现退出 IRR30+%。
Our company, Sino-ocean Capital, has outstanding advantages in SSI. Founded in 2013, we are committed to be a world-class alternative asset management company. Up to now, the scale of our AUM (assets under management) has exceeded 90 billion RMB. For SSI, we have two representative funds, Urban Renewal Fund and the Special Opportunity Acquisition Fund. We have already put all or part of projects into funds and achieve high return, including Yuanbo Hotel, Cohen Building, Hexing Building, Beijing Hualian Building (BHB) and Tianjin Datong Building. For instance, the IRR of BHB is above 30%.
在特殊机会投资发展过程中，远洋资本充分发挥与母公司远洋集团的协同优势:如，协同开发事业部，锁定与赋能目标项目；协同产品营造事业部，提供管理输出服务；协同写字楼事业部，委托管理写字楼项目和物流项目；协同客户服务事业部门，推进收购和入股公寓运营企业，协助创新长租公寓运营模式，合作推进海外养老项目落地。
Our advantages also lie in the synergy between our company and our parent company, Sino-Ocean Group. Sino-Ocean Group is one of the Top 10 domestic real estate enterprises listed on the HK stock market, and it has 5 business segments covering the full industry chain of real estate market. We have lots of cooperation. For example, we have worked on projects in collaboration with development department; we entrusted the Commercial Property Management Department of Sino-Ocean Group to manage office and logistics projects. Cooperate with the Customer Service Department to promote the acquisition and investment in apartment operation enterprises, assist in the innovation of long-term rental apartment operation mode, and work jointly to promote the landing of Overseas Pension Project.
今年 9 月，远洋资本首次启动境内评级工作即取得权威信用评级机构的信用AA+评级，也说明了远洋资本在另类资产管理、资本市场运作等业务方面的卓越能力和表现。2020 年，我们将在非地产夹层基金、特殊机会投资、非地产并购基金三个领域重点推进业务发展。
In September this year, we launched the domestic rating program for the first time, and obtained AA+ rating issued by the authoritative credit rating agency. This demonstrates the superior capabilities and performance of Sino-Ocean Capital in the alternative asset management market and capital market. In 2020, we will focus on three areas: Non-real estate Mezzanine Funds, Special Situation Investment, and Non-real estate M&A Funds.
目前，我们正在会同有关各方联合推进“粤港澳大湾区特殊机会投资基金”创新工作。我们将与各方实现资源整合，并依托远洋集团在产业和地产方面的资源优势，采取轻重并举的“重资产持有+轻资产运营”的业务模式，谋求合作共赢和高质量可持续发展。
Currently, we are working with many parties to jointly promote “The Guangdong-Hong Kong-Macao Greater Bay Area Special Situation Investment Fund”. We will integrate our unique resources, take advantages of Sino-Ocean Group’s capabilities on the industry and real estate, and adopt the business model of “heavy asset holding and light asset operation” to achieve win-win situation and high-quality sustainable development.
在推进特殊机会投资领域合作与创新的过程中，我们也与内地政府和监管部门、境内外多家保险基金、养老基金等机构投资人形成了合作共识，正在进一步落实合作方案。我们希望能够借助本次盛会，会同与会各界在共同组建特殊机会投资基金、特殊机会资本跨境合作、创设特殊机会投资专业化交易市场等领域持续探索与实践。
以上是远洋资本对于特殊机会投资市场的一些理解以及开展的探索实践，感谢各位与会嘉宾的聆听。
We have already formed a cooperation consensus with mainland government, regulatory authorities, insurance funds, pension funds and other institutional investors both domestically and internationally, and we are committed to implementing the cooperation plan. We hope to talk to all of you to discuss and explore more opportunities in the fields of setting up special opportunity investment funds, special opportunity capital cross-border cooperation, and creating Special Situation Investment specialized trading markets.
Thank you all！