• 28
    2017-08
    2017年中国股权投资新机构投资策略研究报告
    近几年,国内股权投资市场持续升温,政府为引导股权投资市场健康发展,颁布了一系列法规政策加以扶持和监管。在“双创”及多项其他政策的影响下,国内创新指数屡创新高,大批优质初创企业得到越来越多投资机构的关注与支持,资本市场的活力也由此得到进一步提升。在此背景下,新机构借此契机崭露头角,打造属于自己的品牌效应。国内多数新机构由老牌机构裂变而来,高管层离开老东家设立新机构主要是由于话语权与利益分配机制等问题未达成共识。新机构的高层管理者大多蛰伏于一线投资市场多年,积累了丰富的项目资源、人脉资源以及投资经验,且拥有优异的投资业绩。因此,此类新机构在成立初期即可获得众多LP的青睐,资金募集并不会成为新机构踏出新征程的“拦路虎”。相较于老牌投资机构,新机构团队较为年轻且拥有扁平化的管理机制和高效的决策机制,这一特点使得新机构能够精准快速“捕获”风口项目,实现“明星项目”的成功部署以及项目后续融资的人气积累。    一般情况下,新机构会延续老牌机构的投资风格与投资策略,但新机构管理层会根据自身的投资经验、项目资源及人脉资源择优选取团队擅长投资领域进行精耕细作,逐步将新机构打造成为该细分领域的领军人物。未来,随着股权投资市场的进一步分化与细分,新机构数量将逐渐增多,各机构的投资策略也会朝着更加垂直化、专业化和产业化的方向发展。此外,随着政府引导基金、母基金、上市公司和险资机构等的不断涌入,国内股权投资市场竞争势必愈加激烈。为确保自身竞争地位,新机构在继续提升自身专业能力的同时,还需注重实现团队成员的多元化和投后管理体系的逐步建立;“创业者+投资者”的进一步双向深度融合与投资文化的逐步渗透将是这一需求的显著体现。
  • 03
    2017-08
    精品报告:【清科】2017年上半年中国股权投资市场回顾及展望
    2017年上半年股权投资市场发展趋稳,利好政策的频发为股权投资机构提供募投退“一站式”政策服务。2017年5月,财政部、税务总局发布《关于创业投资企业和天使投资个人有关税收试点政策的通知》(财税[2017]38号),明确给予投资于种子期、初创期科技型企业的有关创业投资企业与天使投资个人以投资抵扣相应税收的优惠政策,“真金白银”扶持股权投资机构发展。 募资方面,股权投资机构新募集857支基金,披露募集金额约为4,481.30亿元,在LP构成中主要以国资背景的LP为主。上半年,国内股权投资市场本土LP增至17,525家,累计可投资本量高达29,724亿元,国资LP可投资本量占比已达40%,发展力量不容小觑。投资方面,2017年上半年共发生4,393起股权投资案例,披露投资案例金额约为3,839.18亿元。投资案例数和投资金额均呈现下降趋势,股权投资机构出手相对谨慎;与此同时,大额融资案例频现,表明优质项目吸金能力不减。此外,银行参股VC/PE基金类型日趋多元化,政府引导基金、产业基金、PPP基金、市场化FOFs的LP中均可见银行的身影,银行子公司的直投业务也在有序开展中,“投贷联动”试行满一年已初现规模。从投资行业来看,股权投资机构依旧重点追捧TMT行业,但投资热点有所分散。 人工智能、共享经济、汽车等均为2017年上半年的投资热点。退出方面,股权投资市场共发生1,377笔退出案例,其中新三板和IPO这两种退出方式占比高达74.8%,成为股权投资机构的重要退出渠道。上半年,中企境内外上市总数量为267家,VC/PE支持中企上市数量达到147家,IPO退出为多家机构带来可观收益。上半年退出方面表现较为突出的机构有达晨创投、九鼎投资及深创投等,其中达晨创投上市企业数量达13家,九鼎投资和深创投则均为9家;这三家的IPO账面金额分别高达92.25亿元、77.40亿元和26.88亿元,收益颇丰。
  • 12
    2017-07
    精品报告:符星华-2017有限合伙人峰会《2017年中国股权投资行业发展研究报告》
    截至2017上半年,在中国证券投资基金业协会备案的私募机构约1.9万余家,包括私募证券、私募股权、创业投资等机构类型。就管理基金实缴规模来看,股权及创投私募管理的实缴规模已经达到5.83万亿元,较去年底猛增了1.14万亿元;但是,证券类私募的实缴规模却只有2.28万亿元,比起去年底大幅缩水了4903亿元,两者差距拉大。  从基金管理人注册地域分布来看,目前活跃在我国的股权投资机构注册地依然相对集中在环渤海、珠三角以及长三角地区;此外,西藏和新疆地区由于享特殊政策扶持也成为私募基金注册热门地。
  • 10
    2017-07
    2017年第一季度中国创业投资研究报告
    VC募资看点 募资总体情况:2017年第一季度中外创业投资机构共新募集91支基金,披露募集规模的81支基金新增可投资于中国大陆的资本量为367.52亿元,平均募集规模为4.54亿元人民币。 募资趋势:以人民币基金为主,88支新募集基金中有86支基金是人民币基金,这主要由于人民币LP较多,尤其是2016年各地政府新设立的创投引导基金进入投资期。
  • 03
    2017-03
    China Merger & Acquisition Report Q3 2016
    The main body of China Merger & Acquisition Report Q3 2016 breaks down into four parts in six chapters. Part I (Chapter 1) offers review of the M&A market in Q3’16. In this part, we review and summarize foreign and domestic macroeconomic conditions as well as the updates in the M&A market in Q3’16. Part II (Chapter 2, 3 & 4) is a statistical analysis. We give detailed statistics and descriptions about the M&As on China’s market in Q3’16 from three perspectives, i.e. M&A type, industry breakdown and VC/PE-backed M&As. Statistics from PEdata of Zero2IPO Group suggest China’s M&A market slowed down in Q3’16. Q3’16 saw 768 M&A deals concluded, down 3.0% YoY, 582 of which were disclosed with an aggregate value of US$45.06B, down 19.3%. Specifically, domestic M&As numbered 702 and levelled off from Q2’15, and 528 of them disclosed trading value of US$35.59B, down 10.6% YoY. Outbound M&As reported 56 deals, down 20.0% YoY, and the transaction value dropped by 36.9% YoY to US$9.31B as was disclosed by 47 deals. Inbound M&As reported ten deals, down 50.0% YoY, and reported US$158.13M disclosed by seven deals, down 87.8% YoY. This quarter closed 483 VC/PE-related M&As, up 37.2% YoY, and 374 deals disclosed an aggregate value of US$28.05B, down 8.3%. Part III (Chapter 5) is a special issue, the Distressed Asset Investment Report 2016. This special issue starts with the investment value of distressed assets, and analyzes international and domestic experience of disposal, as well as industry tendency and prospects. This report aims to update distressed asset disposal enterprises and investment firms on the latest news in this sector, and help them find out blank spots of the market as well as investment opportunities, so that they can seize the golden time to make profits through reasonable decisions and investment options, and grasp unsatisfied market needs and future investment tendency. Part IV (Chapter 6) is analysis and forecast. Through the analysis of both foreign and domestic macroeconomic trends and in combination of the rules of M&A activities, we offer analysis and forecasts about possible conditions and development trends in both global and domestic M&A markets in Q4’16. The report was finished by Zero2IPO Research Center after plenty of investigation and earnest analysis. We sincerely hope you will take interest in the contents of the report and gain the information you need, and also give your opinions about our report. Any criticism or correction regarding the weaknesses in the report is welcome given for the short period of time for preparation, big number of M&A events as well as complicated and changeable market.
  • 03
    2017-03
    China Non-performing Asset Investment & Acquisition Research Report 2016
    This special issue starts with the investment value of distressed assets, and analyzes international and domestic experience of disposal, as well as industry tendency and prospects. This report aims to update distressed asset disposal enterprises and investment firms on the latest news in this sector, and help them find out blank spots of the market as well as investment opportunities, so that they can seize the golden time to make profits through reasonable decisions and investment options, and grasp unsatisfied market needs and future investment tendency.
  • 15
    2016-11
    China Venture Capital & Private Equity Fund of Funds Development Research Report 2016
    The China Venture Capital & Private Equity Fund of Funds Development Research Report 2016. So far, China has already entered “the era of equity investment”, and the most active regions are Circum-Bohai-Sea with Beijing as the center, the Yangtze River Delta with Shanghai as the center and Pearl River Delta with Shenzhen as the center. Over two decades of development, the capital market has seen increasingly open policies, innovation become the national strategy, and active VC/PE firms exceeded 10,000, with over RMB6 trillion of capital under management, making big leaps. As the market interest rate is approaching zero, and risk-free returns keep on declining, the financial market has entered a cold winter and there is lack choices for asset allocation. Both government platforms and industrial parks are seeking industrial transformation and upgrading. Under such background, RMB FOFs are in full-swing development. From 2015 to 2016, new VC/PE firms have been emerging in China and many established institutions set up new funds, providing abundant investment targets for FOFs. As a platform of funds and tool for asset allocation, China’s FOF will head to industrialization, specialization, polarization, and integration for better development. Against this backdrop, Zero2IPO Research Center released this special issue, analyzing the industry landscape and current development of China’s VC/PE FOFs and studying on their operating models and investment returns. It also sets forth the opportunities and challenges VC/PE FOFs are confronted with for the reference of VC/PE firms.
  • 15
    2016-11
    China Wealth Management Report Q2 2016
    As China’s economy sustains rapid growth, the wealth of domestic firms and residents has been rapidly accumulating, and high net worth individuals persistently number up. The financial institutions keep diversifying into innovative products, and the wealth management market is flourishing. We expect this report will offer readers in-depth and straightforward analysis on the development process of China’s wealth management market and various wealth management products (WMPs) for the time being. Meanwhile, we sorted out the data of public funds, sunshine PE funds, VC/PE investments, WMPs and Internet finance products in China in H1’16, in hope of revealing the current status and future trends of the wealth management market.
  • 10
    2016-10
    2016年第二季度中国资产管理研究报告
    从LP数量来看,富有家族及个人、企业以及投资公司位列前三名,这三类LP的总和占中国股权投资市场总量超七成份额;从可投资本量来看,上市公司依然领先其他类型LP,可投资本量为16,261.93亿人民币,占全部可投资本量的24.7%。
  • 10
    2016-10
    2016年中国VC/PE母基金发展研究报告
    我国已正式进入“资本股权投资时代”,以北京为中心的环渤海,以上海为中心的长三角和以深圳为中心的珠三角发展成为股权行业最活跃的三个区域。经过二十年的发展变迁,资本市场政策逐步开放,创新驱动成为国家战略,市场上活跃的机构已超过一万家,管理资本量超过6万亿人民币,市场规模实现质的飞跃。随着市场利率趋零,无风险收益不断下降,金融市场进入寒冬期,资产配置压力攀升,无论是政府平台还是各个园区都在谋求产业的转型和升级,人民币母基金在此背景下进入全面发展阶段。2015-2016年中国股权投资市场新机构不断涌现,众多老牌机构设立新基金,为母基金提供了丰富的投资标的。作为基金的平台、资产配置的工具,未来在资金端和资产端两端,中国母基金将向产业化、专业化、两极化和综合化的方向更好的发展。在此背景下,清科研究中心发布了《2016年中国VC/PE母基金发展研究报告》,梳理了我国VC/PE母基金行业发展格局以及我国母基金市场发展现状,并对VC/PE母基金运作模式及投资回报进行了研究分析,最后针对VC/PE母基金所面临的机遇和挑战进行了阐述,为股权投资机构更好的开展母基金业务提供参考。
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