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股权众筹平台Seedrs启动二级市场

英国最大的股权众筹平台之一Seedrs意欲在今夏启动二级市场。该市场将成为尚处在早期的股权众筹业首个二级市场。

此二级市场一旦成型,将给予Seedrs现有投资者每月增加或减少所持公司股份的机会,具体频次取决于其他投资者的需求。股份交易窗口开发时间为一周,将于每月第一个周二开启。只有已对该公司进行投资的投资者才有机会交易该公司股份。

测试版交易平台允许股份按Seedrs规定的价格交易,价格由Seedrs采用其自己的估价方法推定。审计公司安永(EY)已认可了此估价方法,称该方法符合《国际私募股权和风险投资估值指引》(International Private Equity and Venture Capital Valuation (IPEV) Guidelines)。

启动二级市场时不会就价格进行竞标或协商,但Seedrs表示未来将参照这一价格。Seedrs将视测试平台运营状况考虑实行持续交易窗口、将公司对现有股份持有者及外部投资者开放。

Seedrs曾建议某些公司在特定时段不符合交易条件。

Seedrs并不是首家为股权众筹投资者需求二级市场作为解决方案的公司。许多聚焦不动产的平台,如Property Partner,都已拥有活跃的二级市场。

Seedrs的主要竞争对手Crowdcube在去年夏天通过自有平台募得资金后就主要研究计划推出二级市场,然而尚未推出。

Seedres指出,其“全面代表结构”在二级市场竞争中具备显著优势。Seedrs将为所有交易中的股东代表处理股份交易中的管理负担。

Seedrs的领导人Jeff Lynn评价此二级市场发布称筹款人及投资者均可体会到二级市场的好处。

Jeff Lynn说道:“二级市场为买方、卖方及企业家带来的潜在机遇使此发展令人兴奋、难以置信。也许最为重要的是,我们相信其能注意通过Seedrs进行筹资的企业:二次销售已然可期,我们预计更多的投资者将想要支持与我们合作的优秀企业。”

诚然,二级市场的好坏将取决于其投资者。无从保证买房出手其投资是就有买家接手。

此新二级市场可视作股权众筹这一资产类别健康状况的有用指标。

Seedrs于2016年9月发布了一份投资组合评审,表明其投资者全平台内部投资收益率为14.44%,若将EIS及SEIS减免计算在内则为41.87%。数据以书面估值为基。

Seedrs的一位投资人Julian Sutton表示,启动二级市场可使其“不必等待退出业务”就可通过售卖股份获利。但他需等待意向买家才能实现这一愿景。

Seedrs seeks to bring liquidity to equity crowdfunding sector.

Seedrs, one of the UK’s biggest equity crowdfunders, intends to launch a secondary market in the summer of this year. This would be the early-stage equity crowdfunding sector’s first secondary market.

Once live, the secondary market will give existing Seedrs investors the chance to increase or reduce their holdings in companies on a once-monthly basis, subject to demand from other investors. The window for trading shares will last a week, and will open on the first Tuesday of every month. Investors will only get the chance to trade a company's shares if they’ve already invested in it.

The beta version of the trading platform will allow shares to be traded at a price set by Seedrs, deduced using its own valuation methodology. Accountancy firm EY has given its stamp of approval to this methodology, stating that it is consistent with International Private Equity and Venture Capital Valuation (IPEV) Guidelines.

There will be no bidding or negotiating over price at launch, but Seedrs’ has suggested that it might look at this in the future. Also in the pipeline, depending on how well the beta version functions, are continuous trading windows, and opening companies up to external investors as well as existing shareholders.

Seedrs has advised that some companies may be ineligible for trading at certain times.

Seedrs is not the first to look into a secondary market solution for equity crowdfunding investors. Many real estate focused platforms like Property Partner already boast dynamic aftermarkets.

Seedrs’ main rival, Crowdcube, majored on its plans to launch a secondary market when it raised money through its own platform last summer. But a secondary market for Crowdcube investors is yet to emerge.

Seedrs has pointed to its “comprehensive nominee structure” as a significant advantage in the race to launch a secondary market offering. As a nominee shareholder in all deals, it will be for Seedrs to handle the administrative burden of share trading.

Commenting on the launch, Seedrs’ boss Jeff Lynn (pictured) said that the benefits of a secondary market would be felt by fundraisers, as well as by investors.

“The potential opportunities that a secondary market brings for buyers, sellers and entrepreneurs alike makes this development incredibly exciting,” he said. “Perhaps most importantly, we believe this will help businesses who are raising capital through Seedrs: with the prospect of secondary sales now available, we expect more investors are likely to want to back the great businesses we work with.”

Of course, secondary markets are only as good as their investors. There’s no guarantee that buyers will be on hand to enable sellers to exit their investments.

The new secondary market may provide a useful health reading for equity crowdfunding as an asset class.

Seedrs published a portfolio review in September which suggested a 14.44 per cent platform-wide internal rate of return for its investors, climbing to 41.87 per cent when taking into account EIS and SEIS reliefs. These figures were based on paper valuations.

Julian Sutton, an investor with Seedrs, said that the launch of a secondary market will allow him to realise returns by selling shares “without having the wait for the business to actually exit”.

But he'll need willing buyers for that vision to come to fruition.


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