If you had to pick a capital of China's local-currency private equity and initial public offering booms, it would likely be Shenzhen.

　　假如你必須選一個(gè)中國的人民幣私募股權(quán)和首次公開募股（IPO）繁華之都，很可能會(huì)選中深圳。

　　Shanghai and Beijing are frequent stopping points for investors, but Shenzhen could become a part of that standard itinerary, given the investing ecosystem that has built up around the city and the strong returns earned by general partners based there.

　　上海和北京是投資者經(jīng)常光顧的地方，而鑒于深圳建設(shè)起來的投資環(huán)境和駐深圳普通合伙人獲得的強(qiáng)勁回報(bào)，這個(gè)城市有望成為投資者標(biāo)準(zhǔn)投資路線的一部分。

　　Shenzhen, a port city in China's South near Hong Kong, was one of the first to be designated as a special economic zone when the country began liberalizing its economy. A manufacturing boom followed, creating wealth that has made the city attractive for younger money managers and seasoned veterans looking to break into private equity and venture capital investing.

　　深圳是中國南方靠近香港的一個(gè)港口城市。中國改革開放之初，深圳成為首批經(jīng)濟(jì)特區(qū)之一。隨后，深圳制造業(yè)飛速發(fā)展，創(chuàng)造了巨大的財(cái)富，深圳進(jìn)而吸引了尋求進(jìn)入私募股權(quán)和風(fēng)險(xiǎn)投資領(lǐng)域的年輕投資經(jīng)理和經(jīng)驗(yàn)豐富的投資家。

　　On their doorstep those investors have the Shenzhen Stock Exchange, the site of both the country's SME exchange for small and medium-sized enterprises, and the ChiNext, a technology- and growth-focused exchange modeled after the Nasdaq.

　　這些投資者可以投資于就位于該市的深圳證券交易所。深圳證券交易所既有中小企業(yè)板，也有創(chuàng)業(yè)板。創(chuàng)業(yè)板是效仿納斯達(dá)克、以高科技和成長型公司為主的板塊。

　　"Shenzhen has been an entrepreneurial hub in China for 30 years and has been the fastest growing city in the world for about 30 years," said Erik Lassila, a partner with private equity firm Share Capital Partners. "Shenzhen is a petri dish for founding new companies."

　　私募股權(quán)公司Share Capital Partners合伙人拉西拉(Erik Lassila)說，30年來，深圳一直是中國的一個(gè)創(chuàng)業(yè)中心，約30年來，一直是全球發(fā)展最快的城市；深圳是創(chuàng)立新公司的“培養(yǎng)皿”。

　　The city has become home to many of the country's top domestic investors including Shenzhen Capital Group, a government-affiliated investment firm, along with other relative old-timers of China's private equity industry such as Shenzhen Fortune Venture Capital and Shenzhen Co-Win Venture Capital Investments, which both launched in 2000.

　　深圳成為中國很多本土投資公司的所在地，包括有政府背景的投資公司深圳市創(chuàng)新投資集團(tuán)有限公司，以及其他在中國私募股權(quán)行業(yè)成立相對(duì)較早的公司，比如同是在2000年成立的達(dá)晨創(chuàng)投和同創(chuàng)偉業(yè)。

　　The environment is vibrant enough to support smaller upstarts as well, like Share Capital, launched in 2007 with capital from a network of wealthy home-grown entrepreneurs.

　　深圳的環(huán)境富有活力，足以支撐規(guī)模較小的初創(chuàng)公司，比如2007年成立的Share Capital，該公司的資金來自一批中國本土的富有企業(yè)家。

　　"Fifteen individuals are the sole investors in the [Share] RMB funds, and each individual is a successful entrepreneur in consumer products and services, businesses services, clean energy or information technology," said Lassila, who used to work as a venture investor with Mayfield Fund, and with Charter Ventures as a general partner in the late 1990s.

　　拉西拉說，Share Capital的人民幣基金只有15位投資者，而且全部是個(gè)人投資者，他們每個(gè)人都是成功的企業(yè)家，從事的行業(yè)有消費(fèi)產(chǎn)品和服務(wù)、商業(yè)服務(wù)、清潔能源或信息科技。拉西拉曾在Mayfield Fund擔(dān)任風(fēng)險(xiǎn)投資人，上世紀(jì)90年代末曾是Charter Ventures的普通合伙人。

　　If deep pockets are one draw, then returns are certainly another. Both Shenzhen Fortune and Shenzhen Capital rank among the highest-performing funds in China, with many of their exits coming from the exchanges in Shenzhen.

　　 如果資金雄厚是一個(gè)優(yōu)勢(shì)，那么回報(bào)顯然又是一個(gè)優(yōu)勢(shì)。達(dá)晨創(chuàng)投和深圳市創(chuàng)新投資集團(tuán)有限公司都屬中國業(yè)績最好的基金之列，很多退出的投資來自深圳的交易所。

　　"First, China"s GEM [Growth Enterprise Market] and China"s SME market are in Shenzhen?and there are so many small and medium enterprises in the Guangdong area," said Margaret Shao, managing partner for Shenzhen Fortune.

　　達(dá)晨創(chuàng)投執(zhí)行合伙人Margaret Shao說，首先，中國的成長型企業(yè)市場(chǎng)和中小企業(yè)市場(chǎng)是在深圳，而且廣東地區(qū)也有很多中小企業(yè)。

　　Her firm began in 2000 with a 75 million yuan fund. Of the five investments it made, four of them had initial public offerings in China, Shao said, returning 27 times the capital invested in the fund. Since then the firm has had another 20 exits through trade sales and public offerings, out of the 120 companies it has backed.

　　達(dá)晨創(chuàng)投成立于2000年，推出了一只規(guī)模為人民幣7,500萬元的基金。Shao說，該公司進(jìn)行的五樁投資中，有四樁在中國進(jìn)行了IPO，投資回報(bào)率為27倍。此后，該公司又在其總共曾經(jīng)支持的120家公司中，通過出售和公開募股退出了20項(xiàng)投資。

　　At Shenzhen Capital, 40% of the companies the firm has backed since 2006 have gone public, been acquired, or are planning to list on one of the country"s domestic exchanges, according to the firm‘s special assistant to the chairman, Chris Burch.

　　據(jù)深圳市創(chuàng)新投資集團(tuán)有限公司董事長特別助理Chris Burch說，該公司自2006年以來支持的公司中有40%已經(jīng)上市、被收購或正計(jì)劃在國內(nèi)交易所上市。

　　"There’s a lot of nuance and intimate knowledge that you need," Burch said of domestic investing in China. "Government relationships enable people to like you. You have to have the trust of these decision-making authorities within government. You have to be friends with these people."

　　Burch在談到中國國內(nèi)投資時(shí)說，你必須深諳其道。政府關(guān)系可以使大家喜歡你，你必須獲得這些政府內(nèi)部決策機(jī)構(gòu)的信任，你必須與這些人交朋友。