Direct Equity Investment

We make direct equity investment in privately-held companies and exit such investments through IPOs or share sales for our own account. As part of our direct equity investment strategy, we generally prefer to invest in private companies seeking pre-IPO financing with a definitive listing timetable, or less mature companies with the potential to be listed within five years. In terms of industry, we generally prefer to invest in leading companies of the TMT, healthcare and education industries with high growth potential.