人力资源+-+尽职调查报告

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1、InvestmentDueDiligenceAssessment23December1999DisclaimerTheinvestmentopportunitydescribedbelowhasnotbeenrecommendedorapprovedbyBain&Company,Inc.oranyofitssubsidiaries.Norepresentationorwarrantyismadeastotheaccuracyorcompletenessoftheinformationcontainedinthismemorandum.OliverStrattonandJimHildebran

2、dtaredistributingthismemorandumintheirindividualcapacitiesandnotasrepresentativesofBain&Company,Inc.oranyofitssubsidiaries.Anyinvestmentin51net.comwillnotbeguaranteedbyBain&Company,Inc.oranyofitssubsidiaries.2Z5112OSFAgendaExecutiveSummaryDetailedBusinessAssessmentUSMarketBenchmarksChinaMarketDynam

3、ics51net.comFinancials3Z5112OSFAttractiveonlinerecruitmentmarketspaceinChinawithhighgrowthpotentialDifferentiatedclick-and-mortarbusinessmodel(onlineandnewspaper)witha16monthoperatinghistoryand~US$1Min1999revenueCurrent#1or#2positionin3keycitymarkets(0.7RMSinBeijing,5.5RMSinShanghaiand0.3RMSinGuang

4、zhou)Nocompetitorhaslockedupexclusiverelationshipswithkeyportals-maintaining#1or#2positionappearstobearealisticgoalCapablemanagementincludingheadofBain’sChinapracticeand3formerBainconsultantsRealisticbusinessplantargets(inPrivatePlacementMemorandum)withadditionalupsideiftimingofadjacentbusinessroll

5、-out(eBay,Buy.combusinessmodelsforChina)isaccelerated(businessplanfinancialsare99%drivenbycorerecruitingbusiness)ExposuretopotentiallysignificantsovereignriskgivenChina’sunclearregulationsonforeignownershipandoperationofinternetbusinessesExpectedinvestmentreturnsbasedonbusinessplanforecastsandcompa

6、rableUSonlinerecruitmentvaluationmultiplesareattractive(basecase:3.8Xreturnonmoney,57%IRR),butnotblockbuster(highcase:7.9Xreturnonmoney,99%IRR)ProsConsSummaryInvestmentEvaluationExecutiveSummary4Z5112OSFExecutiveSummarySource:OneSource;SGCowenSecurities;AnalystReports;CompanyWebsites51net.comisaChi

7、na-basedstart-upcompanyestablishedin1998focusedontheonlinerecruitmentmarketItskeypartnerteamincludes1Bainpartner(RickYan)and3formerBainconsultants51net.comisseekingtoraiseUS$3Minexchangefora5%equitystakeint