• 13
    2021-10
    China Private Equity Market Report Q2’21
    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.
  • 06
    2021-09
    2021年第二季度中国私募股权投资市场研究报告
    2021年第二季度,疫苗推广带来多国解封,全球金融市场流动性充裕,各国货币市场利率保持稳定,全球股市普遍上涨,各国随着疫情修复的形势而出现了分化的趋势。2021年第二季度,中国经济延续了上一季度强劲恢复的态势,实际GDP增速为7.9%。贸易方面,中国货物贸易顺差额为人民币8,828亿元,同比下降17.4%。此外,十年期美国国债收益率为1.45%,较上一季度末下降20bp。国际货币基金组织(IMF)预测2021年美国经济增长将高达7.0%,为数十年来最高值。汇率层面,美元持续窄幅波动,日元持续贬值,人民币汇率相对稳定;新兴经济体货币方面,金融脆弱性高的新兴经济体如阿根廷、土耳其汇率持续贬值,金砖国家普遍升值。2021年6月美联储议息会议后,美国长期国债收益率呈下行趋势,若货币政策宽松力度开始边际收紧,将会对股市回调产生较大压力。整体而言,变异病毒株对全球经济复苏形成挑战。
  • 17
    2021-08
    China Private Equity Market Report Q1’21
    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.
  • 10
    2021-06
    清科数据:5月创投基金募集表现活跃,投资金额环比持续下降
    ★ 175支基金发生募集,披露募集金额409.06亿人民币 ★ 募资市场创投圈“金融活水”源源不断,多支人民币创业基金齐发力 ★ 367起投资案例共投出471.51亿人民币,金额环比持续下降 ★ 本月1亿至10亿范围内总投资金额超三百亿元
  • 03
    2021-06
    2021年第一季度中国私募股权投资市场研究报告
    根据清科旗下私募通数据显示,2021年第一季度PE机构共新募集649支可投资于中国大陆的基金,同比上升61.0%,环比下降15.6%,共募得1,530.29亿元,同比下降14.3%,环比下降47.4%,平均募资规模为2.36亿元,同比下降46.8%,环比下降37.6%;投资方面,2021年第一季度PE投资市场逐步回升,投资案例数量达到近三年的较高水平;整体发展较去年相比已大幅回暖,已基本恢复到疫情之前状态。本季度共发生1005起投资案例,同比上升47.14%,环比上升5.46%,其中披露金额的共有813起投资事件,涉及披露金额为1,925.01亿元人民币,同比上升86.52%,环比下降11.57%;平均投资额为2.37亿元人民币,同比上升32.37%,环比下降13.96%。退出方面,本季度PE市场共完成383笔退出,同比上升16.41%;IPO退出仍是市场主流,共完成313笔IPO退出,占比81.7%,同比上升67.38%;其中120笔IPO退出事件涉及的企业在科创板挂牌。
  • 29
    2021-04
    China Private Equity Market Report 2020
    According to data from Zero2IPO Research, by the end of 2020, China’s PE market has RMB2.69 trillion of available capital, up 10.8% compared to the figure in the end of 2019 with a slight bounce. In 2020, China's private equity firms raised a total of RMB940.43 billion , down 7.4% YoY. In terms of investment, this year, 3,328 investment deals occurred in the market, falling 2.6% YoY with a smaller drop compared to the previous year. These deals involved RMB679.57 billion climbing 14.4% YoY. When it comes to exits, 2020 witnessed 2,019 exits of PE firms, going up 21.5% YoY. The surging IPO of invested enterprises were driven by the reform of the registration system on the ChiNext and the secondary listing of overseas listed companies on the HKEx. In general, in 2020, the PE market had the following features:
  • 22
    2021-03
    2020年中国私募股权投资市场年度报告
    清科研究中心数据显示,截至2020年底,私募股权投资市场可投资本量为26,860.94亿元,较2019年底同比增长10.8%,资金量小幅回升。
  • 15
    2021-03
    China Private Equity Market Report Q3’20
    In the third quarter of 2020, after falling into recession during the blockade in the second quarter of this year, the global economy is now gradually recovering from negative growth. China’s economy has recovered faster than expected, while global economy has not yet resumed before the epidemic. There were interest rate cuts and exposure to the US dollar by Federal Reserve have increased the pressure on the US dollar to depreciate; the yen and the euro have appreciated; and the average exchange rate of most emerging economies’ currencies has also appreciated. The Federal Reserve issued a stable monetary easing signal and the TED spread remained low, however, US stocks fell sharply in early September, and the VIX index rebounded to more than 30% and it was hard to witness downward trend. In the latest World Economic Outlook Report released by the International Monetary Fund, the global economy has been improved faster by global blockade measures, and its recovery in the third quarter was beyond expectation: The global growth in 2020 is expected to be -4.4%, less than that of -4.9% in June 2020. The IMF predicts that huge negative output gaps and high unemployment will occur in all nations and regions (including developed economies, emerging markets, and developing economies) in 2021. The global economy will grow by 5.2% in 2021, consumption will gradually increase, and corporate investment is expected to pick up but will remain weak.
  • 08
    2021-02
    清科数据:1月投资市场整体环比下降,半导体及电子设备行业成为热门领域
    根据清科旗下私募通数据统计,2021年1月VC/PE市场共发生336起投资案例,环比下降47.9%,;总投资金额为727.18亿元人民币,环比下降41.3%;单笔投资金额为2.51亿元人民币,环比上升15.0%,同比上升178.8%。
  • 15
    2020-12
    2020年第三季度中国私募股权投资市场研究报告
    根据清科旗下私募通数据显示,2020年第三季度PE机构共新募集849支可投资于中国大陆的基金,共募得1,957.15亿元;投资方面,共发生900起投资案例,披露金额为2,135.06亿元;退出方面,共发生789笔退出案例。
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