清科观察:2017年前三季度VCPE机构IPO退出业绩揭晓,达晨创投16家IPO领跑市场

发布时间:2017-11-07 报告系列:VC 语言:中文

近年来,国内资本市场各项制度不断完善,“IPO常态化”与“严审核”成为2017年我国资本市场主基调。随着IPO审核回归常态化,上市周期较过往大幅缩短,为VC/PE机构IPO退出带来了极大红利。

2017年前三季度中国股权投资市场回顾与展望

发布时间:2017-11-03 报告系列:精品报告 语言:中文

2017年前三季度,中国股权投资市场稳定增长。募资方面,中国股权投资机构共募集1,490支基金,募集规模7,296.89亿元人民币;投资方面,国内股权投资共发生6,383起投资案例,投资总金额高达5,835.68亿元人民币;退出方面,早期、VC/PE机构共发生2,008笔退出,其中IPO退出增速明显,高达822笔。

China Fund Town Development Research Report 2016

发布时间:2016-11-16 报告系列:早期 语言:英文

China’s early-stage investment market saw recovering financing in Q2’16 after the low-speed development of angel investment in the previous quarter. Statistics from PEdata of Zero2IPO Group show 21 new funds were established by China’s angel investment firms in Q2’16, up 10.53% QoQ; a total of US$634.05M was raised, up 128.49% QoQ, about 2.28 times of Q1. Angel investment deals jumped by 31.73% QoQ to 465 and totaled US$442.35M, up 31.89% QoQ, which was benefited from a bunch of national policies. Based on the feedback of the market and the development trend, Zero2IPO Research Center studied on the development of China’s fund towns and the early-stage investment, and released the China Fund Town Development Research Report 2016 for the reference of the industry.

精品报告:2016年前三季度中国股权投资市场回顾与展望

发布时间:2016-11-09 报告系列:精品报告 语言:中文

2015前三季VC/PE回顾:“双创”、新三板点燃投资市场,VC/PE下半年明显放缓

发布时间:2015-10-30 报告系列:清科数据 语言:中文

前三季度中国天使投资市场持续高温,募资投资皆创新高;创业投资市场早期趋势明显,投资热点不断;PE机构投资案例数、金额创历史新高,大量资金涌入新三板;IPO活跃度同比上升明显,中概股掀回归潮,IPO再度关闸刺激新三板市场火爆。

中国股权投资市场2015年前三季度回顾

发布时间:2015-10-23 报告系列:VC 语言:中文

截至2015年,中国股权投资市场活跃的VC/PE机构超过8,000家,管理资本量超过4万亿人民币,市场规模较20年前实现了质的飞跃;中国股权投资市场由于参与者和资金的进入和累积,市场竞争程度不断提升,投资压力和项目估值水平均节节攀升;股权投资机构从小作坊到大资管,业务内涵和外延,投资范围和类别均有大发化;近年来,老牌VC/PE机构的一批合伙人离职创业,诞生了一批新基金,中国VC/PE进入了2.0的时代。

China Private Equity Limited Partner Report Q3 2014

发布时间:2015-01-20 报告系列:资产管理 语言:英文

As China’s capital market has flourished over the recent years, an increasing number of limited partners (LPs) have attracted our attention. We expect this report will provide readers with more in-depth and straightforward analysis on the composition, investment scale and investment philosophy of domestic and overseas LPs who are currently active in the China’s VC/PE market. Based on the survey data in Q3’14, this report seeks to quantify the composition of LPs through investigation and present typical cases by listing LPs in some funds. Meanwhile, we reviewed newly-raised VC/PE funds, VC/PE funds under way, and newly-established VC/PE funds in China’s VC/PE market in Q3’14 respectively, with a view to revealing the current status and trends of fundraising in China’s VC/PE market. The report includes the main body, methodology and appendixes; wherein, the main body consists of five parts in eight chapters. Part I (Chapter 1) is the market review, i.e. review and summary of the environment and development status of China VC/PE LP market in Q3’14. Part II (Chapter 2, 3, 4 & 5) focuses on the statistics analysis. Specifically, Chapter 2 presents detailed analysis on the composition of LPs who are currently active in China’s VC/PE market, while Chapters 3, 4 and 5 address newly raised VC/PE funds, VC/PE funds under way and newly established VC/PE funds in the China’s VC/PE market in Q3’14 respectively. This part contains substantial first-hand statistics concerning China’s VC/PE industry from Zero2IPO Research Center. Part III (Chapter 6) deals with case analysis. In this chapter, we reviewed typical funds in different currencies and different stages in China’s VC/PE market in Q3’14, disclosing and briefly commenting on the typical structure of their LPs. Part IV (Chapter 7) is a special issue study. On August 13, 2014, the State Council published the Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Service Industry, also known as the new “Ten National Rules”. It is stated that insurance funds may involve in investment field and shall be encouraged to set up professional insurance asset management institutions in immovable property, infrastructure, old-age pension, etc.; the professional insurance asset management institutions also shall be allowed to establish mezzanine funds, buyout funds, real estate funds and other types of PE funds; efforts shall be made to steadily propel the pilot program of insurance companies establishing fund management companies; the alternative investment market shall be actively cultivated to encourage insurance funds, by means of debt investment plans, equity investment plans, etc., to support livelihood projects and national key projects such as major infrastructure, shantytowns transformation and urbanization. Insurance funds will embrace new opportunities in equity investment. Therefore, Zero2IPO Research Center publishes the China Insurance Company PE Investment Report 2014. First, the report introduces the current situation of asset size and management of the insurance industry and analyzes the insurance asset allocation and yields. Then, it introduces three strategies of insurance funds’ equity investment and standards of how insurance companies pick PE funds, and also makes analysis on three typical compliance institutions. Finally, the report explains the problems China’s insurance companies should pay attention to when joining in equity investment, and makes proposals from the perspective of policy, insurance companies and investment institutions. Part V (Chapter 8) addresses the market outlook. In this part, we predicted the development trend of China’s VC/PE market and the overall framework of the Chinese LP market in 2014, so as to provide useful reference for readers. The appendixes include relevant laws, policies and documents promulgated and implemented in Q3’14, as well as interpretations of relevant concepts and Zero2IPO’s industry classification. The latter gives detailed introduction to the standards for industrial classification used in the report. Besides, brief introductions to Zero2IPO Group and Zero2IPO Research Center are provided as well.

US-Listed China Concept Stock Report 2014

发布时间:2015-01-20 报告系列:上市 语言:英文

The so-called overseas-listed China Concept Stocks refer to stocks of the companies which are listed on overseas market but whose main business is situated in China or whose majority of operating revenue comes from domestic China. Overseas listed Chinese companies may be onshore or offshore companies. For example, a holding company may be incorporated in the Cayman Islands or BVI as a listed company, which then controls a domestic subsidiary (with a VIE structure) by shareholding or agreement, so as to realize overall overseas listing. At present, overseas-listed China-funded stocks mainly centralize on mature markets such as Hong Kong, the US, Singapore, the UK, Canada and Germany, particularly the former two. The China-funded stocks listed on US market are generally referred to by investors as China Concept Stocks, which are relative to the overseas market. As the stocks of a company may be traded on different stock markets, some China Concept Stocks may be simultaneously listed on overseas and domestic markets.

China Enterprises IPO Report Q3 2014

发布时间:2015-01-20 报告系列:上市 语言:英文

In Q3’14, except the US, economies worldwide remained in the mire and deflation risks increased compared with Q2’14. To be specific, thanks to soaring exports and government expenditure, the US saw an annualized QoQ increase rate of GDP initial value of 3.5%, far higher than the expected 3.0%. In the meanwhile, the growth rate of compensation in the US in Q3’14 hit a six-year high, reducing the expectation on slowdown in consumption. The University of Michigan consumer confidence index had reached 86.9 in October, hitting an all-time high since July 2007. Stable economic data has gradually lifted up the confidence of the mass on the abandonment of quantitative easing monetary policy (QE) by the Federal Reserve. The US enjoyed a sound economic situation, while the economies in Europe suffered many mishaps. By extension, Germany saw a 5.8% contraction in exports in August, bringing more pressure on European economy on the edge of deflation and in the mire of geopolitical conflicts. After Q3’14, unexpected economic growth in Germany and France has dragged up that of Euro zone by 0.2%, a YoY increase of 0.8%; Italy suffered from continued economic contraction. Greece garnered persistent economic growth to become a outstanding member in Europe thanks to the upturn of tourism; Russian government undersold US dollars and increased interest rate in order to releasing the pressure brought by Rouble devaluation due to economic sanction, but lessened the driving force behind economic growth. Continuously flagging crude oil price added insult to injury to the Russian economy heavily depending on the export of crude oil. Therefore, Russian government lowered down the expected economic growth rate in 2015 to zero. At the same time, Japanese government staged out QQE policy and increased investments in domestic stocks, in a bid to materialize the goal of inflation and cushion the blow delivered by the increase in consumption tax. The role of economic regulation policies adopted by the government headed by Shinzo Abe has not given into full play in Q3’14. Yen devaluation didn’t lift up the export of Japan but substantially leveled up the export cost of raw materials of middle and small-sized enterprises (SMEs), cost pressure led to more SMEs’ bankruptcies. The initial quarterly rate of Japan’s nominal GDP was -0.8%, lower than the expected +0.4%, and that of actual GDP -0.4%, lower than the expected 0.5% too. Moreover, consumer expenditure and enterprise expenditure were far different with the expectation too. Multiple pressures led to an unoptimistic prospect of Japanese economy. China’s GDP enjoyed a YoY jump of 7.3% in Q3’14, as same as the expected. The decline in growth rate was mainly owing to the decreases in investments and persistent dropping in real estate investments, in particular slowdown in fixed asset investments by enterprises. In addition, suffered from declining prices of crude oil and international commodities as well as excess production capacity, PPI index has dropped for 32 consecutive months; dropping housing price casted shadow on the future trend of CPI; the government is expected to continue expanding investments in Q4’14 in order to ensure a stable economic growth and the People’s Bank of China is projected to further implement targeted RRR cuts; and the economic momentum in Q4’14 will be the key reference for the increase in interest rate and RRR cuts in 2015.

China Enterprise Overseas Merger & Acquisition Report 2014

发布时间:2015-01-20 报告系列:并购 语言:英文

As the newly-emerging country with the biggest market in the world, China has seen a growing trend of OFDI (Outflow Foreign Direct Investment) in recent years. Especially since the global financial crisis, there has been a blowout in OFDI. Over the past thirty years, China has made the following gratifying achievements in its economic development: private economy and foreign investment have grown from nothing into prosperity; exports and foreign exchange reserves have gradually increased; and exchange rate and approval procedures have become much loosened. In addition, China’s strategy for overseas merger & acquisition has found its way back to economic rationality of enterprises from serving as a reflection of national policies. With the opening of China’s capital accounts, more and more enterprises have gone global to seek the essential productive factors that they are in urgent need of, and more and more ordinary people have allocated their assets in overseas markets over the past ten years. China’s total OFDI will hit US$100.00B in 2014, exceeding the total amount of capital infusion for the first time in history, and is expected to hit US$300.00B (equivalent to the current level of the US) in 2025. China’s total cumulative OFDI will rise from the current US$660.00B to US$3.00 trillion in 2025 or 2030. On its way to becoming a net fund export country, China will embrace a new era in its economic diplomacy where the main battlefield lies in the distribution and layout of the outward foreign investment stock of enterprises.

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