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。

2016年中国私募股权投资年度研究报告

发布时间:2017-04-25 报告系列:PE 语言:中文

清科研究中心于2006年起,开始对投资于中国(大陆地区)的私募股权基金进行大规模调研以及专业性的研究与报道。此次推出的《2016年中国私募股权投资年度研究报告》以2016年各季度调研、年度调研以及补充调查数据为基础,为读者提供详实的统计信息;同时有选择地披露部分私募股权基金募资、投资和退出案例;此外,我们还对2016年中国私募股权市场上的现状和趋势作了详细的描述和分析。

China Venture Capital & Private Equity Compensation and Operating Mechanism Research Report 2016

发布时间:2017-03-10 报告系列:PE 语言:英文

The special issue studies on the operation patterns and remuneration and incentive mechanisms of VC/PE firms in China as well as forecasts the optimal operation pattern for firms based on their features. In recent years, China’s private equity industry is expanding and exerts more influence on the society and economy. Its regulation and operation also becomes increasingly standard. Such groups as wealthy families, listed companies, enterprises, institutional investors and government agencies take an active part in investment, initiating an upsurge of PE. Against the backdrop of cross-industry integration and competition, investment firms have to strive for a new development path of cooperation and mutual benefits. The focus of competition among enterprises also turns to talents. VC/PE firms, as important participants in the VC/PE market, have to constantly inject in new blood to fit in the changeable market rules and meanwhile maintain the stability of their teams. This is also their core competitiveness. Therefore, wide attention has been attracted to the correlation of firms’ performance with long-term and effective operation mechanism as well as scientific and reasonable remuneration and incentive mechanism. In view of this, Zero2IPO Research Center issued the Research Report on China VC/PE Firm Compensation and Operation Mechanisms. Based on the survey and analysis of operation and remuneration mechanisms of current VC/PE firms, this special issue summarizes the characteristics and problems in their operation and management, as well as features and contradictions in the remuneration and incentive mechanism. It also forecasts the optimal operation pattern for the reference of investment firms and practitioners.

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