China VC/PE Market Review H1'18

发布时间:2018-08-27 报告系列:精品报告 语言:英文

China Venture Capital Annual Report 2017

发布时间:2018-07-13 报告系列:VC 语言:英文

This research report was completed based on full market survey, in-depth research and analysis. The report provides full and detailed data statistics and analysis, and makes a detailed description and analysis of the current situation and trend of China's VC market in 2017. This report includes methodology, abstract, main content, and appendices. The main content is divided into four parts with six chapters: The first part is the market review, including Chapter 1, i.e. reviewing and summarizing the Chinese VC market environment and development in 2017. The second part is the statistical analysis, including Chapter 2, 3, and 4. We made detailed data statistics and analysis of Chinese VC market in 2017 according to the three stages of fundraising, investment and exit. This part contains a large number of first-hand statistics of Zero2IPO Research. The third part is the special issue, including Chapter 6. Zero2IPO Research released the Report on Regional Preferential Policy in Chinese VC/PE Industry 2017, raising questions about the current preferential policies and VC/PE regulations from the perspective of regional study as well as offering suggestions with reference to foreign VC/PE market. The fourth part is the market outlook, namely Chapter 6. In this chapter, we make a prediction about the trend and situations in the 2018 Chinese VC market through analysis of domestic and overseas macro-economic development as well as VC investment rules. Appendix includes 2017 China Venture Capital & Private Equity Annual Ranking and the principles of Zero2IPO industry classification, which explains the detailed industry classification standards used in this report. In addition, you will also find the profile of Zero2IPO and Zero2IPO Research.

Report on Compensation and Operation Mechanism of Chinese VC/PE Firms 2017

发布时间:2018-07-13 报告系列:PE 语言:英文

In 2017, both fundraising and investment in China’s VC/PE market broke through the “trillion RMB mark”, with the assets under management accounting for 1.5% of the country’s GDP. VC/PE investment plays an important role in transforming the driving force of the economy while finance is giving full play to its role in serving the real economy. With China’s constant attention on the VC/PE market, banks, insurance funds, pension funds and listed companies have been actively joining the LP group as well, in addition to those high net worth persons including wealthy families and individuals. As key players in the market, VC/PE firms are the actual promoters and beneficiaries of the vigorous development of VC/PE industry. However, Internet giants such as Tencent and Alibaba have entered the industry as strategic investors, which brings considerable pressure to traditional VC/PE firms and thus reshapes the market. At the same time, the emerging bubbles in corporate valuations implies professional judgment of the investment team while the increasing number of sectors with great investment potential as well as hotspots of investment have been challenging the investors’ unique perception. The very situation of team structure and reserve of talents of VC/PE firms will have a significant impact on their overall performance and returns, which will directly influence their status and survival situation in market. How to attract highly talented professionals through reasonable salary and welfare? By adopting what kind of operation mechanism can they enhance their team stability? How can VC/PE firms operate efficiently to ensure that they stand still in the fierce competition? This report, namely Report on the Compensation & Operation Mechanism of Chinese VC/PE Firms 2017, will answer all these questions for you based on detailed data.

China Private Equity Annual Report 2017

发布时间:2018-07-13 报告系列:PE 语言:英文

Since 2006, Zero2IPO Research has begun to make large scale surveys and professional researches and reports. The Report on Chinese Private Equity Market 2017 provides full and detailed data statistics and analysis from quarterly and annual market survey as well as supplement survey. The report also disclosed part of PE fundraising, investment and exit cases. It makes a detailed description and analysis of the current situation and trend of China’s PE market in 2017. This report includes main content, methodology and appendices. The main content is divided into five parts with nine chapters: The first part is the market review, including Chapter 1, i.e. reviewing and summarizing the Chinese PE market environment and development in 2017. The second part is the statistical analysis, including Chapter 2, 3, and 4. We made detailed data statistics and analysis of Chinese PE market in 2017 according to the three stages of fundraising, investment and exit. This part contains a large number of first-hand statistics of Zero2IPO Research. This report also selects part of the typical cases and adds them to the end of every chapter for your reference. The third part is the special issue, including Chapter 5. In 2017, the fundraising and investment in China’s VC/PE market both broke through the “trillion mark” (in RMB). The total assets under management accounted for 1.5% of the country’s GDP so VC/PE plays an important role in transforming the economic engine and finance is giving full play to its role in serving the real economy. Along with the country’s constant attention to the VC/PE market, besides high-net-worth families and individuals, banks, insurance funds, pension funds, and listed companies have also actively joined the LP camp. As important market participants, VC/PE firms are the actual promoters and beneficiaries of the vigorous development of VC/PE industry. However, Internet giants such as Tencent and Alibaba Group have entered the industry as strategic investors, posing pressures on traditional VC/PE firms and the entire market. At the same time, the overvalued targets and regularly emerging investment hotspots need the professional judgment of the investment team and the investors’ insight. Whether the VC/PE firm has a stable team structure and elite talents in the industry will have a significant impact on the overall performance and returns, which will directly decide its status in the VC/PE market. In view of this, Zero2IPO Research released the Report on the Remuneration and Operation Mechanism of China’s VC/PE Firms 2017, conducted an investigation and analysis of the current operation and remuneration mechanisms of the VC/PE firms, and identified the features of the mechanism. It provides reference for all VC/PE firms and practitioners. The fourth part is the market outlook, namely Chapter 6. In this chapter, we make a prediction about fundraising, investment and exit in the 2018 Chinese PE market. Appendix includes 2017 China Venture Capital & Private Equity Annual Ranking and the principles of Zero2IPO industry classification, which explains the detailed industry classification standards used in this report. In addition, you will also find the profile of Zero2IPO and Zero2IPO Research.

Report on Regional Preferencial Policy in Chinese VC/PE Industry 2017

发布时间:2018-07-13 报告系列:VC 语言:英文

The Chinese VC/PE industry has gone through more than 20 years. Since the 1990s, foreign VC funds have kicked off the development of China’s VC/PE market, and China’s VC/PE industry has experienced ups and downs, which has also created a wave of upsurge. According to the changes of macro-economy, policy environment and active institutions in the past, we can divide China’s VC/PE market into three stages, namely, the embryonic stage, the initial stage and the development stage. Embryonic stage (1992-2008): USD funds were dominating the market, and individual state-owned institutions began to enter, with lower investment activity though. China’s VC/PE market began to sprout in 1992, and the main market participants were foreign-funded firms dominated by USD funds and a few state-owned institutions. In 1992, IDG began to make VC investment in China as the first foreign investment fund in the country, marking the start of China’s VC market. In 1998, Mr. Cheng Siwei put forward the Proposal On Developing China’s Venture Capital As Soon As Possible at the first session of the 9th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) (hereinafter referred to as “Proposal No.1”), which caused great social influence and ignited the enthusiasm of China’s VC industry. Since then, in 2005, the National Development and Reform Commission, Ministry of Science And Technology, Ministry of Finance, Ministry of Commerce, People’s Bank of China, State Administration of Taxation, State Administration for Industry and Commerce, China Banking Regulatory Commission, China Securities Regulatory Commission and State Administration of Foreign Exchange jointly released the Interim Measures for the Management of Venture Capital Enterprises, forming the preliminary management standard of VC industry. In this year, the fundraising reached a record high, and the internet became a hot spot of investment. Two years later, the revised Partnership Law came into effect, which provided legal basis for the establishment of limited partnership funds. Until 2007, influenced by the global financial crisis, the performance of overseas capital markets was sluggish, and the fundraising, investment and exit activities of foreign-funded firms were severely hit, while local firms rose in the steadily growing macroeconomic environment in China and the investment activity of RMB funds began to improve. During this period, VC/PE, as a new financing form, began to be recognized by domestic investors, and market policies were mainly encouraging then, but private capital participated less in VC/PE investment. Initial stage (2009-2014): the ChiNext was launched, and the investment activity of RMB funds rose steadily. In 2009, the long-awaited ChiNext opened, and the first batch of 28 companies were collectively listed. In the same year, the State Council promulgated the Measures for the Management of Foreign Enterprises or Individuals to Set up Partnerships in China, which provided policy basis for foreign PE fund management firms to conduct business in China. But then A-share market fell all the way, and the overall performance of China’s economy was poor. Coupled with the financial inspection of listed enterprises by regulatory authorities, the review of domestic new share issue was suspended in 2012. At the same time, the Securities Investment Fund Law of the People’s Republic of China was released, which included the non-public offering funds into the adjustment scope, giving CSRC the right to record the non-public offering funds and register fund managers. It was until 2014 that the domestic IPO review was restarted. In September of the same year, Premier Li Keqiang put forward the slogan of “mass entrepreneurship & innovation” for the first time at the summer Davos forum, thus opening the prelude. At this stage, the RMB fund in China’s VC/PE market develops rapidly and gradually occupies the leading position in the market. According to statistics of PEdata under Zero2IPO, 671 new RMB funds were raised in 2014 in China’s VC/PE market, accounting for up to 90.1%. Development period (2015- ): the market has expanded rapidly, the industry competition has intensified and the supervision has upgraded. Driven by the “mass entrepreneurship & innovation” and “ supply-side reform”, high-quality investable assets in China are constantly emerging, and a large number of private and state-owned VC/PE firms, financial institutions and strategic investors have entered the market in succession, injecting vitality into the VC/PE market, and making the competition increasingly fierce. During this period, the fundraising, investment and exit of China’s VC/PE market reached record high, the government guidance fund developed rapidly, the internet O2O, fintech, sharing economy, and artificial intelligence rose in turn. At the same time, China began to strengthen the supervision of VC/PE industry, but also encouraged VC/PE firms to support innovation and entrepreneurship. During this period, the State issued various laws and regulations on VC/PE industry, gradually establishing and improving the regulatory system, such as the Announcement on Further Standardizing the Registration of Private Placement Fund Managers promulgated in 2016 and Several Provisions on the Shareholding Reduction by the Shareholders, Directors, Supervisors, and Senior Executives of Listed Companies ([2017] No.9) promulgated in 2017. While strenghthening the supervision, the State also strongly supports VC/PE firms to invest in innovative and entrepreneurial enterprises. For example, in 2016, CSRC launched a pilot program of corporate bonds of entrepreneurship and innovative enterprises. Since then, in order to further solve the difficult and costly financing problem of entrepreneurship and innovative enterprises, in April 2017, CSRC released the Guidance of China Securities Regulatory Commission on the Pilot Project of Corporate Bond of Entrepreneurship & Innovative Enterprises (draft for comments), which extended the issuer of entrepreneurship & innovation bonds from entrepreneurship & innovation enterprises to corporate VC funds and VC firms that raised funds to invest in entrepreneurship & innovation enterprises. In addition, in May 2017, the Ministry of Finance and the State Administration of Taxation released the Circular on The Pilot Tax Policy for Venture Capital Firms and Angel Investors (Finance and Taxation, No.38 [2017]), which pointed out that VC firms and angel investors can deduct the tax as 70% of the amount of direct investment in technological enterprises in seed stage and early stage. ​

China Venture Capital Report Q3 2017

发布时间:2018-01-11 报告系列:VC 语言:英文

Fundraising Highlight Overview: In Q3‘17, Chinese and foreign venture capital firms raised 138 new funds. The 110 disclosed funds available for investment in Chinese mainland amounted to US$6,791.11M. The average fund size reached US$49.21M. Trend: 136 of the 138 funds were RMB-denominated, with an amount of US$6,657.08M. This was because RMB LPs are becoming mature, with insurance companies, banks, market-oriented FoFs, listed companies and SOEs engaging in VC funds, so the market is abundant with RMB. State Policy: On August 30, 2017, the State Council solicited opinions from the public on the Interim Administrative Regulations for Private Equity Investment Funds (Draft for Comment), in which private equity funds are defined and are regulated for the first time. Investment Highlight Overview: Q3’17 saw 832 VC investments in China, with 796 disclosing US$5,814.01M Trend: In Q3’17, VC investment in China is generally stable. With vanishing dividend in mobile internet, VC firms are facing with growing challenges because they are in a shuffling period in which only the fittest could survive. Exit Highlight Overview: In Q3'17, a total of 267 exit cases occurred in China's VC market, including 137 IPO exits and 72 NEEQ exits. ​ ​Highlight: Since the end of 2016, CSRS has sped up IPO review and approval, resulting in obviously more exits via IPO. Q3’17 saw 137 IPO exits of domestic VC firms, 1.9 times that of the same period last year. The exit channel has been improved greatly.

China Private Equity Report Q2 2017

发布时间:2017-12-04 报告系列:PE 语言:英文

China Early-stage Investment Report Q2 2017

发布时间:2017-12-04 报告系列:早期 语言:英文

China Enterprise IPO and New Third Board Report Q2 2017

发布时间:2017-12-04 报告系列:上市 语言:英文

China Venture Capital Report Q2 2017

发布时间:2017-12-04 报告系列:VC 语言:英文

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