2012 Ernst & Young and Fudan China Most Promising Enterprises awards is officially launched today
April 16, 2012, Shanghai - Ernst & Young, an international professional services organization, announces today that the 2012 Ernst & Young and Fudan China Most Promising Enterprises awards (the “Awards”) is now open for nomination.
The Awards is jointly hosted by Ernst & Young and the School of Management, Fudan University. Through nominations open to the public, the Awards aim to recognize sustainable fast growth emerging companies. The key objective of the Awards is, at an early emerging stage, to discover tomorrow’s industry leaders today.
Albert Ng, Greater China Managing Partner and China Chairman of Ernst & Young, says: "China is in a strategically important time of opportunities. The transformation of economic growth patterns, deepening reform and improving people’s well-being are essential to a stable and steady economic growth in 2012. High growth companies which are fearless in pursuing innovation and breakthroughs are a motivating and strong driving force for economic transformation in China. We have seen that more and more exceptional enterprises, making use of the fast-growing economy in China and the international and domestic capital markets as springboards, have successfully reached new heights and added momentum to China’s economic and social diversification."
Ng adds: “Ernst & Young supports entrepreneurial spirit. We also hope to take this opportunity to inspire more emerging companies and entrepreneurs, and to help them to be successful in the domestic and international capital markets.”
Emerging companies’ development is an important new force in the capital markets. According to an Ernst & Young survey, there has been a decline in the global IPO market, affected by the European debt crisis and a slowdown in global growth. Chinese companies, however, remain active in listing, and play an important role in the global IPO market, compared with their counterparts in other regions. During the period 2011- Q1’12, Greater China continued to lead global IPO activity, with US$78b raised, accounting for 42% of global IPO funds raised. Among Chinese companies which were listed in 2011 and Q1 2012, roughly 38% were backed by investment funds. A sufficient capital supply is a powerful driving force for the development of emerging companies.
Terence Ho, Program Chairman and Greater China Strategic Growth Markets Leader of Ernst & Young, says: “Fast-growth companies, while facing various challenges including size expansion, market development, R&D and innovation and improvement of product competitiveness, need mass capital investment. If they can’t access sustainable funding at this stage, they will miss the opportunity of fast growth. We hope to discover those outstanding Chinese companies and their genes of fast-growth through the Awards, and help them with their pre-IPO private equity financing and IPO planning by recognizing their success at a developing stage. We also hope that the program marks a milestone in the blooming development of these enterprises into tomorrow’s industry leaders in the national and even global market.”
The Ernst & Young and Fudan China Most Promising Enterprises awards, which was initially launched in Shanghai in 2011, has entered its second year. A nominee needs to meet the following basic require¬ments: (1) No publicly traded equity securities; (2) Over 100 employees in the last financial year; (3) Sales revenue not less than RMB 100 million in the last financial year (may be less for new industries); (4) Average annual growth in sales revenue of not less than 30% over the past 2 financial years.
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This news release has been issued by Ernst & Young, China, a part of the Ernst & Young global network.