• 14
    2021-04
    China Early-stage Investment Market Report 2020
    China’s early-stage investment market has seen declining fundraising hit by the coronavirus pandemic in the first half of the year, and gradual recovery in the second half. Investment grew steadily quarter by quarter. According to PEdata under Zero2IPO, in 2020, China's early-stage investment firms raised 70 new funds, involving a total of RMB13.05 billion, which has improved. In terms of investment, there were 1,076 early-stage investment deals in 2020, and the disclosed investment amount was about RMB12.31 billion. The number of deals decreased, but the amount increased slightly. Sectors related to core technologies such as IT, Internet, semiconductors and machinery manufacturing still attracted active investments. In terms of exit, there were 221 exits in China's early-stage investment market in 2020, including 105 via equity transfer, 48 via repurchase and 41 via IPO of invested enterprises.
  • 22
    2021-03
    2020年中国早期投资市场研究报告
    2020年中国早期投资市场上半年受疫情影响,资金募集大幅遇冷,下半年活跃度逐渐回升。投资活动相对平稳,也呈现出随季度活跃度上升的趋势。根据清科旗下私募通统计,2020中国早期投资机构新募集70支基金,总计共募得130.49亿元,募资规模有所提升,募资情况有所改善;投资方面,2020年国内共发生1,076 起早期投资案例,披露投资金额约为123.11亿元,投资案例数量有所下降,但是涉及金额微增。IT、互联网、半导体、机械制造等与核心科技创新关联较强的行业投资依然活跃;退出方面,2020年中国早期投资市场全年共发生221笔退出案例,其中股权转让发生105笔,回购退出48笔,被投企业IPO 41笔。
  • 15
    2020-12
    2020年第三季度中国早期投资市场研究报告
    根据清科旗下私募通数据显示,2020年第三季度中国早期投资市场共新募集26支可投资于中国大陆的基金,共募得49.79亿元;投资方面,共发生289起投资案例,披露金额为29.03亿元;退出方面,共发生81笔退出案例。
  • 18
    2020-11
    China Early-stage Investment Market Report Q2’20
    In the second quarter of 2020, due to the liquidity support of central banks and the effective control of the COVID-19 epidemic in some regions, the financial market gradually recovered from the negative impact of the epidemic. The global stock market staged a recovery overall, but still away from the level before the epidemic spread in February 2020. The average of the US dollar index has rebounded from the first quarter, the yen and the euro have been stable, and most emerging economies have suffered from a significant currency devaluation. As the Federal Reserve launched open QE and injected liquidity into the market through large-scale repurchase and other tools, the price movement of various assets has returned to normal. On June 30, the VIX index was 30.43%, a significant decline from March. In the latest World Economic Outlook Report released by the International Monetary Fund, the impact of the COVID-19 epidemic on economy is more serious than expected, and the recovery is expected to be slower than before: the global GDP growth rate in 2020 is expected to be –4.9%, 1.9% lower than the forecast in April. The IMF predicts that all regions (developed economies, emerging markets, and developing economies) will suffer negative growth in 2020, and the forecasts of consumption growth in most economies have been reduced. The global growth in 2021 is expected to be 5.4%, which is 0.4% lower than the forecast in April. Consumption will gradually increase next year, and investment will stabilize and pick up, but it will remain weak.
  • 21
    2020-08
    2020年第二季度中国早期投资市场研究报告
    2020年第二季度,因各国央行的流动性支持以及部分地区疫情得到有效控制,全球金融市场从新冠疫情的负面冲击中逐渐恢复。全球股市整体回升,但尚未达到 2020年2月疫情全球蔓延之前的水平。
  • 16
    2020-07
    China Early-stage Investment Market Report Q1’20
    In the first quarter of 2020, affected by the COVID-19 epidemic, the financial market became turbulent, and the global economic prosperity declined significantly after March. The global stock market is in great turmoil, the liquidity crisis of the US dollar broke out, assets were sold off, and the prices of risky assets and safe-haven assets plunged one after another. The VIX index rose more than the financial crisis in 2008. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economic growth is facing the most serious blow since the Great Depression in the 1930s: for the first time, the world is facing the simultaneous recession of both developed and emerging economies. The IMF predicts that the global GDP growth will shrink by 3% in 2020, and the global economy will recover to the 5.8% YoY growth level in 2021. The COVID-19 epidemic will cause losses of about US$9 trillion worldwide in the next two years, exceeding the total GDP of Japan and Germany. If the epidemic continues until 2021, global GDP may shrink by 2.2% next year.
  • 04
    2020-06
    2020年第一季度中国早期投资市场研究报告
    2020年第一季度受新冠疫情影响,金融市场动荡开年,全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡,美元流动性危机爆发,资产遭遇抛售,风险资产、避险资产价格陆续暴跌。
  • 12
    2020-05
    China Early-stage Investment Market Report 2019
    China Early-stage Investment Market Report 2019
  • 05
    2020-03
    2019年中国早期投资市场年度研究报告
    2019年中国早期投资市场整体发展平稳,在大环境承接前一年“严监管”、“稳金融”的形势下,募资投资数量金额均有所回调,退出相对活跃。根据清科旗下私募通统计,2019年中国早期投资机构新募集84支基金,总计共募得119.25亿元,同比呈下滑趋势,募资难的情况没有明显改善;投资方面,2019年国内共发生1,362 起早期投资案例,披露投资金额约为113.36亿元,尽管总量下降,但IT、半导体、机械制造等与核心科技创新关联较强的行业投资依然活跃;退出方面,2019年中国早期投资市场全年共发生175笔退出案例,其中股权转让发生84笔,回购退出36笔,被投企业IPO 28笔。 受到宏观经济和金融行业的监管环境影响,2019年中国早期投资市场的基金募集同比出现一定下降,“募资难”的情况与2018年相比没有出现明显好转。全年人民币基金募集105.97亿元,美元基金募集13.28亿元(已折合为人民币)。LP构成方面,本年度完成新募集的早期投资基金的参投LP类型主要以富有家族及个人为主,占到了整体数量的43.3%;但就出资额而言,数量仅占26.4%的国资背景LP贡献了52.6%的募集金额,成为早期投资市场资本来源的中流砥柱。 2019年早期投资市场在投资热点方面出现了明显的赛道转换过程。过往几年内最为热门的互联网、电信及增值业务(移动互联网)、娱乐传媒、金融(互联网金融)等模式创新类项目的投资数量与金额均出现了显著的下滑,且下降幅度大于市场整体回调幅度。这是由于2019年面向个人消费者(to C)的移动互联网业务触及的线上客户群规模到达历史最高,线上获客的边际成本已被推高到与线下场景获客成本接近的水平;另一方面,2015-2017的“双创”热潮中,大量模式创新类企业经过激烈角逐,社交、O2O、出行、直播、购物等多个细分领域已经产生头部垄断型企业,后续新兴企业的挑战难度越来越大。2018-2019年大量to C企业在境外市场上市后表现不佳,屡屡破发,令投资机构的信心受损。 与此相对的是,涉及我国现阶段战略发展需求的核心技术类行业的领域,在投资数量/金额上均呈现更健康的局面。其中与科创板优先推荐“六大行业”重合度较高的生物技术/医疗健康、半导体及电子设备、机械制造、清洁技术等行业,2019年早期投资金额分别同比上升7.0%、35.4%、37.5%和135.3%。多方面因素叠加之下,早期投资的热门行业正在悄然转变。
  • 07
    2020-02
    2019年中国私募基金二手份额交易研究报告
    私募基金二手份额转让交易是基金份额持有人在基金完全实现到期清算前实现退出的重要途径之一,通过基金份额转让,原持有人(转让方)可以获得周转资金、提前获取既定收益或得到流动资金转投其他基金等;而基金份额购买者则以缩短投资回报期,降低投资风险等为出发点完成私募基金二手份额转让交易。 全球范围内的私募基金份额二手交易兴起于20世纪90年代,经过数十年的积累,目前欧美地区的二手份额交易市场、S基金市场已经发展至相对成熟的阶段。而我国的股权投资市场兴起较晚,与之相伴的基金二手份额交易市场也尚处于方兴未艾的萌芽阶段。当前,国内股权投资市场受到近年趋严的金融监管的影响,在企业融资、新基金募集、资产流动性等方面出现了一系列的新问题、新变化和新需求,基金二手份额交易作为一种在国外市场得到验证的私募资产流动性提升解决方案,正在国内获得越来越广泛的关注和接受。 为了服务规模日益增长的国内私募二手份额交易和S基金市场,清科研究中心运用中国证券投资基金业协会公开信息、私募通数据库,以及大数据技术手段、问卷调研、实地访谈等多种方式收集和整理了我国目前二手份额交易市场的发展现状、创新点、面临问题和发展趋势,凝练为本篇报告,力求从多方位全面展示我国私募基金二手份额交易的全景,以供股权投资市场的从业机构和人才参考,共同推进国内股权投资市场长期健康发展。 值得一提,本报告开创性地统计了中国二手份额交易市场的规模与变化情况,描摹出包含本细分行业的增长脉络、交易参与方类型分布和市场变化趋势的全景图。基于全新的数据基础,国内与国外二手份额交易的直观比较得以实现,我们也得以深入了解国内市场与全球市场的差距所在。站在另一个角度,国内外二手份额市场规模和发展程度的差异也意味着未来巨大的增长空间,二手份额交易市场与S基金市场未来还大有可为。 另在本篇报告之外,清科研究中心将持续关注国内知名S基金的投资布局、运行策略,以及二手份额交易市场的代表性交易案例,后期将以专题报告的方式呈现给市场,敬请关注!
更多免费资源,请前往www.pedata.cn免费下载
热门报告
免费报告