2017年硬科技行业专题研究报告

发布时间:2018-04-02 报告系列:PE 语言:中文

2008年全球金融危机,世界经济形势已经开始转变,中国的人口红利不再持续,正在由原来的“人口红利”转向“技术创新红利”时代。在这样的一个时代背景下,2010年由米磊博士提出了“硬科技”的理念 “比高科技更加核心、更加高精尖的原创性技术”。 “硬科技”这个名称体现了很深的中国思维,“硬”在中文语义中不单指坚固,更是能力强,质量强的象征。其英文翻译“Hard & Core Technology”也从词源上强调了科技的核心发展程度,而非单纯的难易程度,更表示了这一阶段科技发展的实质。 硬科技主要包括人工智能、航空航天、光电芯片、生物技术、信息技术、新材料、新能源、智能制造八个领域。以自主研发为主,需要长期研发投入、持续积累形成的高精尖原创技术,具有较高技术门槛和技术壁垒,被复制和模仿的难度较大,有明确的应用产品和产业基础,对产业的发展具有较强的引领和支撑作用,是推动世界进步的动力和源泉。 硬科技区别于由互联网模式创新构成的虚拟世界,属于由科技创新构成的物理世界。互联网的模式型创新主要基于某项产业进行展开,由于产业基础比较单一,随着时间的推移,投资回报率也将逐渐减少。而由硬科技所引导的科技型创新是在产业基础的层面上寻求突破,不但在所属领域将会有所突破,在相关产业中也将会起到连带作用,同时也带来了更多模式创新的可能性。​

2017年第三季度中国私募股权投资研究报告

发布时间:2017-12-29 报告系列:PE 语言:中文

募资总体情况:2017年第三季度新募集472支基金,募资总额为2,320.42亿元,基金募集活跃度上升,规模在一亿元以下的基金数量增多明显。从基金类型来看,成长基金仍为本季主流类型,拟投领域聚焦新能源、医疗健康等。 投资总体情况:2017年第三季度共发生773起私募股权投资案例,披露投资金额约1,577.16亿元,投资活跃度小幅下降,投资规模稳中有升。从投资地域来看,热点区域由沿海地区向内陆呈扇形辐射发展;从投资行业来看,IT、互联网行业继续领跑投资市场热度,生物技术/医疗健康本季度投资活跃度较高;从投资策略来看,成长资本依然为主流策略, PE机构投资轮次渐显“两端布局”趋势。 2017年第三季度共发生343笔退出案例,退出格局悄然生变。其中IPO持续发力在本季度共175笔案例,并购退出也受到青睐,共77笔案例;新三板退出“失宠”,本季度仅73笔退出案例。从退出企业所在行业来看,生物技术/医疗健康领域退出案例数遥遥领先,机械制造与IT行业紧随其后 ​

China Private Equity Report Q2 2017

发布时间:2017-12-04 报告系列:PE 语言:英文

China Private Equity Report Q1 2017

发布时间:2017-11-22 报告系列:PE 语言:英文

2017年第二季度中国私募股权投资研究报告

发布时间:2017-09-29 报告系列:PE 语言:中文

私募股权投资:广义地讲,私募股权投资指对所有IPO之前及之后(指PIPE投资)企业进行的股权或准股权直接投资,包括处于种子期、初创期、扩张期、成熟期阶段的企业。狭义地讲,私募股权仅指对具有大量和稳定现金流的成熟企业进行的股权投资。在我们的报告中使用的是狭义上的私募股权投资,不包括创业投资。私募股权投资按投资方式可分为成长资本(growth capital)、并购(buyout/buyin)、夹层资本(mezzanine Capital)、重振资本(turnaround),不良债权(distressed debt)、pre-IPO资本(如bridge finance),还包括以私募形式投资上市公司(private investment in public equity,即PIPE)、房地产项目(real estate)等。

2017年中国企业估值统计研究报告

发布时间:2017-09-29 报告系列:PE 语言:中文

宏观经济稳定,股权投资市场活跃但优质项目紧俏。1997-2017年第一季度中国股权投资市场投资活跃度一直保持较高的增长水平,机构竞争日益激烈。然而市场上优质投资标的数量相对减少,资产端与资金端不平衡现象渐显,“风口”行业下的企业估值走高,预计“资产荒”现象将在2017年继续蔓延。 私募基金裂变扩张,商业模式创新发展,企业估值增高。自1997年以来,我国企业的估值水平呈现了不同的增长态势。我们的研究显示,9262家调研企业的估值中位数为2.19亿元人民币。良好的市场环境以及市场现有超过120家独角兽促成过去二十年(1997-2017年第一季度)我国实体企业估值的增高。 中国企业估值规模呈长尾分布,估值规模在20亿以下企业占总数92%。从外部宏观经济环境对样本企业估值规模分布的影响来看,在“资本春天”的外部环境下,更利于潜在优质项目被挖掘和培养。同时,搭乘经济发展的高速列车也势必带动优质企业快速发展,中小微企业的估值水平相较于经济增速缓慢时期呈现出小幅上涨的趋势。 消费升级、科技强国领域企业估值持续走高。物流、房地产、纺织及服装、能源及矿产、食品&饮料行业中位数估值水平位列行业前五名。伴随移动互联网时代的到来,移动智能终端的快速升级和各类互联网应用服务的不断涌现,产品创新和用户激增驱动移动互联网端服务企业快速发展,2015-2017年第一季度电信及增值业务行业估值一直保持较高增幅。此外,与消费升级密切相关的行业如娱乐传媒、互联网、物流,以及与科技强国相关的半导体行业样本企业估值水平在2017年第一季度均表现出强劲增长的趋势。 1+N商业模式下出现新投资机遇。目前,中国VC/PE机构多采取产业整合性投资策略,其核心模式为“1+N”:以行业某一龙头企业为核心基础,通过整合周边业务资源,即“+N”的方式,使其成为区域性的龙头,继而发展成为中国“龙头”,乃至国际“龙头”。在“建龙计划”的布局下,我们认为部分行业的微小企业可以主动去打造“N”,各方通过整合N的方式来促成“1”的完善,这或将成为积极的布局策略。 ​

2017年第一季度中国私募股权投资研究报告

发布时间:2017-07-10 报告系列:PE 语言:中文

中国PE市场政策看点 《2017年政府工作报告》:明确提出发展多层次资本市场,加大股权融资力度,完善主板市场基础性制度,积极发展创业板、新三板,规范发展区域性股权市场。 《政府出资产业投资基金管理暂行办法》:行业信用体系及市场禁入制度将建立。 《上市公司非公开发行股票实施细则》:非公开发行股票的定价机制、上市公司再融资行为进一步规范。

China Venture Capital & Private Equity Investment Strategy Report 2017

发布时间:2017-06-02 报告系列:PE 语言:英文

In recent years, against the background of “Mass Entrepreneurship and Innovation”, Chinese VC/PE market has been experiencing profound changes. Currently, VC/PE companies firms manage over RMB7 trillion of funds. Fund managers filed with Asset Management Association of China are about 10,000. Through many ups and downs, VC/PE firms have become more mature and the market competition have become increasingly fierce and shown some new features. From external environment, regulators carried out policies and regulations targeting VC/PE sector, aiming to optimize the environment of capital market and establish a sustainable ecosphere with Chinese characteristics. In the Report on the Work of the Government 2017, it is clear that the Chinese government is making favorable conditions for healthy and orderly development of VC/PE market, such as developing multi-layered capital market, enhancing equity financing, improving fundamental system of main board market, advancing ChiNext and NEEQ, as well as regulating regional equity markets. In addition, steady progress is being made in the supply-side reform. A series of supporting policies, such as transformation and upgrading of real economy, SOE reform and PPP, have brought many opportunities. Besides, VC/PE firms have put more attention on layout of the whole industrial chain, taking active part in as early as incubators and M&A and private placement and even secondary market on the downstream industrial chain. On the whole, the current market brings both opportunities and challenges to VC/PE. One of the most apparent trends in 2016 was the transformation of investment strategy. It has been proved that PE investors are becoming more like investment banks and VC investors more diversified. Zero2IPO Research Center released the China Venture Capital & Private Equity Investment Strategy Research Report 2017, aiming to review the twenty years of history in Chinese VC/PE market and sorting out role transition of VC/PE firms as well as their choices of investment strategy. Meanwhile, in the last part, quantitative analysis is conducted on the risk and return of Chinese VC/PE market. Data Source The data in this report is from PEdata a big data platform of entrepreneurship and investment affiliated to Zero2IPO Group as well as quarterly/yearly questionnaire surveys of Zero2IPO Research Center on thousands of active investment firms and law offices. Currency Exchange The currency adopted in this report is US dollar, unless specified. The exchange rates are based on the central parity rates declared by the Bank of China on December 31 every fiscal year.

China Private Equity Annual Report 2016

发布时间:2017-06-02 报告系列:PE 语言:英文

Since 2006, Zero2IPO Research Center has been surveying private equity funds in China (Chinese mainland) on a large scale and producing professional reports accordingly. Based on the data of quarterly, annual and supplementary surveys in 2016, the China Private Equity Annual Report 2016 offers readers detailed statistics and discloses some PE fundraising, investment and exit deals on a selective basis. In addition, the report describes the current development of China’s PE market and the future trends in 2017. This report includes main body, research methodology and appendixes. The main body breaks down into four parts in six chapters. Part I (Chapter 1) is the market review, summarizing the development of China’s PE market in 2016. Part II (Chapter 2, 3 & 4) is the statistical analysis. It contains detailed statistics and analysis of fundraising, investment and exit in China’s PE market in 2016, including large amounts of first-hand data Zero2IPO Research Center collected from China’s PE industry. Meanwhile, key and typical cases are also selected and listed at the end of each chapter as a reference for readers. Part III (Chapter 5) is the special issue. VC/PE has developed for over 20 years in China, the numbers and amounts of newly raised funds and investments all indicate that VC/PE industry has been developing rapidly in China, and will maintain the growth for a long time. According to Zero2IPO PEdata, China’s VC/PE market saw 9,124 investments in 2016, up 9.1% YoY, with an amount of US$107.34B, up 36.2% YoY from US$78.82B in 2015. In 2006-2016, China’s VC/PE investments had 35.0% and 20.8% of compound annual growth rates in the deal number and amount. One of the notable trends of VC/PE market in 2016 was the transformation of investment strategy, and it has been fully validated that PE investments resemble investment banks and VC investments tend to diversify. Based on this trend, Zero2IPO Research Center introduced the report on VC/PE investment strategies in 2017 to summarize the development and changes of VC/PE firms in 2012-2016. Meanwhile, the report also sums up the characteristics and transformation trends of investment strategies of VC/PE firms, conducts deep research on China’s unicorns and soon-to-be unicorn companies’ growth features and values, and finally, and analyzes the returns of China’s VC/PE market. Part IV (Chapter 6) is the market outlook. We forecast on the investment, fundraising and exit in China’s PE market in 2017 to offer readers useful references. The appendixes include related laws, regulations and documents released within the year, as well as interpretation of concepts and the industry classification adopted by Zero2IPO Research Center. The latter details the criteria of industrial classification used in this report. Besides, profiles of Zero2IPO Group and Zero2IPO Research Center are offered as well.

2017年中国VC/PE投资策略研究报告

发布时间:2017-05-02 报告系列:PE 语言:中文

股权投资在中国已走过二十余年,新募集基金数、募集资金额和投资案例及金额均表明股权投资行业发展迅速,并将会在未来长时间保持增长状态。根据清科集团私募通统计,2016年股权投资市场共计完成9,124起投资案例,较上年同期上升9.1%;投资交易共计涉及金额7,449.10亿元人民币,较上年的同期的5,254.96亿元人民币增长41.8%。2006-2016年,中国股权投资市场投资案例数与投资金额数年复合增长率分别为35.0%和20.8%。2016年股权投资市场变化最显著的趋势之一就是投资策略的转型,“PE投资投行化、VC投资多元化”的行业发展趋势得到充分验证。清科研究中心根据这一趋势特点,推出2017年VC/PE行业投资策略研究报告,旨在梳理2012-2016年股权投资机构的发展变化;同时,总结出VC/PE机构投资策略的特征与转型趋势,并对我国独角兽和准独角兽企业的成长特点和估值情况进行了深入研究;最后,对我国股权投资市场的收益回报进行总结分析。

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