• 23
    China Early-stage Investment Market Report Q2’21
    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.
  • 06
  • 21
    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
  • 08
    China Early-stage Investment Market Report Q3’20Zero2IPO
    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.
  • 14
    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
    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。