Since the Main Board was set up in 1990, China’s stock market has started trading for 3 decades. During this time, China’s IPO system has shifted from the approval system featured in quota and indicator management to the examination and approval system with a channel system and a sponsor system and finally to the registration system stressing information disclosure and supervision, and displaying market-based and law-based development. Before the Draft Revision of the Securities Law was approved and the registration system was widely applied, the market-oriented reform of China’s IPO system have gone through the following phases:

VC人才进阶路，你在第几层？

根据清科私募通统计，募资方面，2021年第一季度中国早期投资市场共新募集22支可投向中国大陆的基金，同比上升214.3%；募集金额为32.36亿元人民币，同比上升160.8%；平均募集金额为1.47亿元人民币，同比下降17.0%。投资方面，2021年第一季度国内共发生303起早期投资案例，同比上升23.2%；其中披露投资金额的案例共计273起，涉及总投资金额36.04亿元人民币，同比上升40.2%；本期平均单笔投资金额为1320.18万元人民币，同比上升13.5%。退出方面，2021年第一季度中国早期投资市场共发生28笔退出案例，同比下降17.6%。其中，IPO退出7笔，股权转让退出11笔，回购退出8笔，并购退出2笔。整体来看，在疫情后经济稳步复苏的大背景下，2021年第一季度中国早期投资市场募资、投资环境均呈现出好转态势，同比增长显著；同时，早期投资机构退出案例数略有回落。

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。

得益于科创板及创业板注册制的落地和稳定，以及中国经济大环境利好，2021年一季度中企上市未受到境外新冠肺炎疫情反复的影响，依然保持强劲的势头。2021年第一季度，中企境内外上市总数量为145家，同比上升79.0%，环比下降3.3%；总融资额2045.66亿人民币，同比上升124.6%，环比下降24.6 %。

根据清科研究中心旗下私募通数据显示，2021年第一季度中国创业投资市场共新募集202支可投资于中国大陆的基金，同比上升77.2%，环比下降17.2%；新增资本量共发生675.69亿元人民币，同比增长119.0%，环比上升19.8%，平均募资规模为3.35亿元人民币。投资方面，一季度中国VC市场共发生802起投资事件，同比上升22.6%，环比下降2.6%，其中有732起披露金额案例，涉及投资额共612.98亿元人民币，同比上升102.9%，环比下降2.3%；从平均投资金额来看，本季度单起投资金额为0.84亿元人民币。退出方面，2021年第一季度共发生339笔VC退出交易，同比上升22.4%，环比上升17.3%。

2021年一季度国内生产总值（GDP）同比增长18.3%，两年平均增长5.0%，居民消费价格指数（CPI）同比持平，进出口贸易增长势头稳健。随着国内疫情的逐渐恢复，我国经济呈现稳定恢复态势，稳中加固、稳中向好，供给量增质升，需求持续回暖，市场活力不断释放。但是，本季度并购市场整体受春节假期影响导致走势较低。

In 2020, the total retail sales of consumer goods reached RMB39.20 trillion, down 3.9% YoY. In terms of retail business locations, the urban retail sales of consumer goods registered RMB33.91 trillion, dropping 4.0% YoY and the rural counterpart totaled RMB5.29 trillion, lowering 3.2% YoY. From the perspective of consumption types, the retail sales of commodities reached RMB35.25 trillion, sinking 2.3% YoY and catering services RMB3.95 trillion, declining 16.6% YoY. According to retail channels, in retail businesses above designated size, the retail sales of supermarkets experienced an increase rate of 3.1% YoY while that of department stores, specialized shops and exclusive shops saw a decrease rate of 9.8%, 5.4% and 1.4% YoY respectively. The sales of consumption upgrading goods grew faster with the retail sales of communication equipment, cosmetics and gold-silver jewelry sold by businesses above designated size in the last quarter climbed 26.0%, 21.2% and 17.3% YoY separately 16.0, 7.1 and 5.0 percentage points respectively higher than the rates in the previous quarter. This year, online retail sales were RMB11.76 trillion, up 10.9% YoY. Among the sales, physical commodities registered RMB9.76 trillion increasing 14.8%, accounting for 24.9% of the total retail sales of consumer goods, among which goods people eat, wear and use grew 30.6%, 5.8% and 16.2% separately.

On April 16, 2021, the National Bureau of Statistics released the latest national economic data, showing that in Q1’21, China's GDP increased by 18.3% YOY and economic operation kept the momentum of stable growth while continued the pandemic prevention and control.

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.