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.

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。

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.