China Early-stage Investment Market Report Q1’22

China Venture Capital Market Report Q1’22

China Early-stage Investment Market Report H1’22

China Early-stage Investment Market Report 2021

2022年上半年中国早期投资市场研究报告

2022年第一季度中国早期投资市场研究报告

根据清科创业（01945.HK）旗下清科研究中心数据，2021年前三季度中国早期投资市场募资环境持续改善，共募集71支可投向中国大陆的基金，数量已超过2020年全年；募集金额为91.89亿元人民币，达到2020年全年的七成。

In Q2’21 as many countries were unlocked with the vaccine promotion, global financial markets began to have high liquidity, the interest rates in various countries remained stable, and the global stock markets rose. World economies have seen diverged trends depending on their recovery from the pandemic. China's economy in Q2’21 continued its strong recovery in the previous quarter, with a real GDP growth rate of 7.9%. In terms of trade, China's trade surplus in goods was 882.8 billion yuan, down 17.4% YoY. In addition, the yield of 10-year U.S. Treasury bonds was 1.5%, down 20bp from the end of last quarter. The International Monetary Fund (IMF) predicts that the economic growth of the U.S. will be as high as 7.0% in 2021, the highest in decades. At the exchange rate level, the US dollar continued to fluctuate within a narrow range, the Japanese yen continued to depreciate, and the RMB exchange rate was relatively stable. The exchange rates of emerging economies with high financial fragility, such as Argentina and Turkey, continued to depreciate, while those of BRICS countries generally appreciated. After the Federal Reserve's meeting on interest rates in June 2021, the yield of long-term U.S. treasury bonds showed a downward trend. If monetary policy easing began to tighten marginally, it would exert great pressure on the stock market's rebound. On the whole, the variants of Covid-19 pose a challenge to the global economic recovery.

根据国家统计局于2021年7月15日发布的最新国民经济运行数据，2021年上半年中国GDP同比上升12.7%，经济稳定运行。此外，得益于对新冠疫情的有效控制，中国早期投资市场逐步走出疫情的负面影响，经济复苏预期推动募资市场和投资市场回暖。2021年第二季度早期投资市场募资环境保持较明显的回暖态势，基金募集数量和金额均同比增长显著；早期投资机构投资节奏稳定，投资总量维持在近三年的较高水平，投资案例数同比环比均上涨，延续了2020年至今的较高活跃度；本期统计中，早期投资市场退出环境好转，IPO超过股权转让成为市场上最主要的退出方式。此外，退出方式仍呈现集中化的趋势，IPO和股权转让退出两种退出方式并驾齐驱。

In Q1’21, with a variety of vaccines available on the market, the global economy has rebounded on an accelerated track after registering positive growth in the fourth quarter of 2020, but performance of different countries varies greatly. 2021 marks the start of China's 14th Five-Year Plan period and China's economy is enjoying a sustained and stable recovery. In Q1’20, China's GDP experienced negative growth, down by 6.8% YoY. In Q1’21, China's GDP increased significantly YoY and the trade surplus expanded. The 10-year U.S. Treasury bond yield increased by an average of 47bp compared with the previous quarter. The U.S. dollar depreciated first and then rose; the British pound was relatively stable, the Australian dollar depreciated slightly, and the euro and the yen depreciated by a large margin. The currency exchange rates of most emerging economies rose first and then fell, with little fluctuation over Q4’20. Capital flew back to the United States, and emerging economies were facing the challenge of capital outflow. U.S. stocks began to diverge with the Dow Jones Industrial Index continuing to rise and the Nasdaq Index beginning to go downward. In the latest issue of the World Economic Outlook Report, IMF’s projections for the global economic growth for 2021 and 2022 grew, which may cause widening gap in living standards among countries. China's GDP has returned to the pre-Covid level and the United States is expected to return to the level before the outbreak this year, but many emerging markets will not return to the pre-pandemic level until 2023. Overall, the global economy is projected to grow 6% in 2021 and 4.4% in 2022. While the global economy became stabilized, the recovery process is divided and uncertain.