• 13
    2021-10
    China’s M&A 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
    2021-09
    2021年第二季度中国并购市场报告
    2021年第二季度,伴随着防控措施常态化以及疫苗接种推广,中国国内的疫情得到较为有效的控制,虽偶有地区性的零星爆发,但整体的经济运行保持了稳中有序的状态,使得中国并购市场的热度得以缓慢恢复。 在交易数量上,二季度相较于去年同期呈现出回稳上升的趋势,交易规模方面则有明显下降。2021年上半年中国并购市场共发生交易877笔,同比上升16.8%;共涉及交易金额3,364.73亿元,同比下降46.7%,同比出现显著下降的原因是2020年一季度恒丰银行的并购案例贡献了近千亿金额,拉高了当季并购的金额规模。二季度国内并购市场仍然以境内交易为主,跨境交易仍呈低迷状态。生物技术/医疗健康、机械制造和清洁技术为本季度并购 市场的热门领域。
  • 08
    2021-06
    清科数据:5月并购市场共完成96笔并购交易,主要集中在江苏省等东部沿海地区
    根据清科旗下私募通数据显示,2021年5月中国并购市场共完成96笔并购交易,数量环比下降41.8%,同比下降17.9%。其中披露金额的有70笔,交易总金额约为329.65亿人民币,环比下降32.6%,同比下降46.3%。
  • 12
    2021-05
    清科数据:4月并购市场共完成165笔并购交易,生物技术/医疗健康行业居首
    根据清科旗下私募通数据显示,2021年4月中国并购市场共完成165笔并购交易,数量环比上升6.5%,同比上升38.7%。
  • 18
    2020-12
    China’s M&A 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.
  • 17
    2020-08
    2020年第二季度中国并购市场报告
    2020年全球并购市场交易量在二季度急剧下降,二季度以来,全球并购交易量仅有4850亿美元,比去年同期1万亿美元的规模下跌近50%。受新冠病毒疫情影响,今年上半年全球并购交易规模较去年同期下降50%,创下自2012年欧债危机以来的最低水平,恢复到疫情之前的水平可能需要几年时间。其中4月份的第三周,全球没有宣布一笔金额超过10亿美元的并购交易,这是2004年以来的首次。美国市场二季度的并购交易量同比下跌90%,仅录得750亿美元,创下了次贷危机以来的新低。
  • 03
    2020-07
    清科季报:2020年第二季度中国并购市场交易规模低迷,机械制造案例总数居首位
    根据清科私募通数据显示,2020年第二季度中国并购市场共完成363笔并购交易,案例数量同比下降11.9%,环比上升12.0%。其中披露金额的有279笔,交易总金额约为2117.86亿人民币,同比上升20.4%,环比下降53.1%。
  • 17
    2020-06
    清科数据:5月并购市场整体回落,机械制造行业较为活跃
    根据清科旗下私募通数据显示,2020年5月中国并购市场共完成95笔并购交易,环比下降19.5%,同比下降31.2%。其中披露金额的有68笔,交易总金额约为629.86亿人民币,同比下降18.1%,环比下降21.7%。
  • 20
    2020-05
    清科数据:4月并购市场小幅波动,汽车行业并购规模拔得头筹
    根据清科旗下私募通数据显示,2020年4月中国并购市场共完成118笔并购交易,案例数量与上月持平,同比下降17.5%。其中披露金额的有93笔,交易总金额约为803.94亿人民币,同比上升19.7%,环比上升17.7%。
  • 23
    2020-01
    2019年中国母基金投资策略研究报告
    近年来,市场化母基金逐渐发展为我国私募股权投资市场重要LP之一,较政府引导母基金而言,对投资地域不作限制。但同时,市场化母基金较高的筛选标准将众多投资机构拦在门外。不同类型的市场化母基金在投资策略上各有特色,根据其成立背景、资源优势发展出不同的业务模式,合作的GP也各有偏重。 随着大量直投基金退出期到来,IPO、并购等主流退出渠道不够通畅,基金二手份额转让的需求攀升,S基金投资策略逐渐受到各母基金管理机构的重视。从全球S基金收益数据来看,平均IRR显著高于直投基金。随着二手份额交易模式的成熟化,母基金和直投基金有望达成“双赢”局面。 2018年8月私募资产配置落地,私募资产配置基金将可以进行跨资产投资,包括各类合法备案的资管产品。但由于其较高的申请门槛,截至2019年上半年仅备案3家私募资产配置管理机构。跨资产配置要求管理机构对全市场资管产品有较全面的了解,对于PE市场化母基金来说,投资策略多元化是一个发展趋势,但也是一个较漫长的过程。 2018年资管新规发布,银行出资到私募基金的路径被阻断,在宏观经济面临下行压力的情况下,上市公司、企业以及高净值个人等主流LP也放缓了投资进度。根据清科研究中心数据,2018年中国股权投资市场募资额同比下降25.6%。市场化母基金也未能幸免,2018年募资额同比下降了62.5%,发展态势有所回落。母基金这类分散风险、平滑投资收益率的资产管理产品,非常适合养老金、保险资金等更追求低风险、收益稳定性的长期资金参与投资。这两类长期资本参与股权投资基金的限制也正在逐步放开,未来有望助力市场化母基金的顺利募资。 总体来说,市场化母基金将持续是股权投资市场的重要组成部分。市场化母基金管理机构可继续定位于资产配置平台,充分发挥其专业优势,加大与政府引导母基金的合作,投向优质的直投机构,为LP带来更丰厚的投资回报。
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