• 15
    2022-07
    2022年第一季度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
  • 21
    2021-07
    China Early-stage Investment Market Report Q1’21
    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.
  • 03
    2021-06
    2021年第一季度中国早期投资市场研究报告
    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。
  • 08
    2021-02
    清科数据:1月投资市场整体环比下降,半导体及电子设备行业成为热门领域
    根据清科旗下私募通数据统计,2021年1月VC/PE市场共发生336起投资案例,环比下降47.9%,;总投资金额为727.18亿元人民币,环比下降41.3%;单笔投资金额为2.51亿元人民币,环比上升15.0%,同比上升178.8%。
  • 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。
  • 29
    2020-04
    清科季报:2020年第一季度中国早期投资市场缺乏亮点,募投退整体低迷
    根据清科旗下私募通统计,2020年第一季度中国早期投资市场新募集13支基金,共募得27.05亿人民币;投资方面,共发生206起早期投资案例,披露金额约为19.30亿人民币;退出方面,共发生15笔退出案例。
  • 21
    2019-06
    2019年第一季度中国早期投资研统计报告
    根据清科旗下私募通统计,2019年第一季度中国早期投资机构新募集13支基金,共募得13.66亿元;投资方面,共发生280起早期投资案例,披露金额约为22.82亿元;退出方面,共发生22笔退出案例。 募资难题未解,“二八效应”明显 早期募资市场自2018年起开始下降,本期募资数量和募资金额均创新低。募集基金数量同比下降65.8%,环比下降35%;募资金额同比下降78.1%,环比下降69.4%。
  • 15
    2019-05
    清科季报:2019 年 Q1 中国早期市场募资数量和金额创近三年新低
    清科研究中心近日发布数据显示:2019年第一季度中国早期投资市场主要指标同比仍在下降,但环比来看已有好转,具体来看募资下滑态势仍然持续,投资方面已有所回升,行业方面早期投资机构重点关注TMT等相关行业。根据清科旗下私募通统计,2019年第一季度中国早期投资机构新募集13支基金,共募得13.66亿元;投资方面,2019年第一季度国内共发生280起早期投资案例,披露投资金额约为22.82亿元;退出方面,2019年第一季度中国早期投资市场共发生22笔退出案例,其中IPO退出5笔,股权转让退出11笔,并购退出3笔,回购退出1笔,新三板退出2笔,早期投资市场中股权转让退出依旧是占比最高的退出方式。 募资难题未解,“二八效应”明显 早期募资市场自2018年起开始下降,本季度的募资数量和募资金额均创新低。根据清科旗下私募通统计,2019年第一季度中国早期投资机构新募集13支基金,披露募集金额为13.66亿元,募集基金数量同比下降65.8%,环比下降35%;募资金额同比下降78.1%,环比下降69.4%。募资整体趋势下降严重,从基金设立方来看,本季度资金大多流向头部机构,且半数基金的LP包含政府引导基金,政府引导基金成为早期机构募集基金主要资金来源。 为解决民营和小微企业融资难等相关的问题,国务院以及地方政府陆续出台一些相关政策:《关于加强金融服务民营企业的若干意见》、《关于创业投资企业个人合伙人所得税政策问题的通知》、《横琴新区进一步促进私募投资基金业发展扶持办法》、《关于促进中小企业健康发展的指导意见》等,分别在资金供给、税收、扶持奖励机制、政府引导基金等方面予以支持。早期募资市场中,资金加速向头部机构集中,对于中小型的早期机构未来如何拿到钱是现在首要解决的难题。随着科创板的上市,对主营业务是科创类投资的机构,是一个较好的募资契机。
  • 26
    2019-02
    China’s Unicorn Report 2018
    Methodology We mainly adopted the following two methods to collect data in this report to ensure a correct, scientific and objective result: Market Survey As the major resource of data, market survey is targeting prominent VC/PE investment firms with active investment and fundraising records to get accurate and all-round data. Public Information In addition to survey, we also obtained second-hand data or information from professional websites or government websites. After checking and confirming the data, we used them in the research.
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