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    Report on Investment Opportunities in China’s Enterprise Service Industry
    Broadly speaking, enterprise services in horizontal refer to the industry where products and services related to operations and management are provided for corporate customers. Enterprise services in this overview mainly focus on new type of enterprise services, namely commercial activities where IT, Internet and other technologies are utilized to help enterprises achieve industrial upgrading or improve efficiency, not including traditional consulting, logistics and forwarding, advertisement, finance (stock brokerage, banking agency, etc.) and other enterprise services in traditional model.
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    Report on the Compensation & Operation System of Chinese VC/PE Firms 2020Zero2IPO
    Statistics from the Asset Management Association of China (AMAC) reveal that as of the end of February 2021, there were more than 15,000 registered investment entities in the equity investment market in China with funds under management exceeding 11 trillion yuan. As a huge market with highly concentrated talents and funds, the equity investment market requires a long-term effective operation mechanism and a scientific and reasonable compensation incentive system. A reasonable income model, a complete organizational structure and a stable team lay a solid foundation for the development of investment institutions.
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    QFLP(Qualified Foreign Limited Partner,合格境外有限合伙人,即股权基金的出资人)是指境外机构投资者在通过资格审批和其外汇资金的监管程序后,将境外资本兑换为人民币资金,投资于国内的PE(私募股权投资)以及VC(风险投资)市场。
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    Overseas-Listed Chinese Companies Report 2020
    In 2019, global market liquidity kept loosing and major central banks led by the Federal Reserve cut interest rates. Meanwhile, against the backdrop of slowed down global economic growth, reshaped trade pattern, good performance of emerging market currencies, all major stock indexes rose and stock markets scaled up worldwide. However, global IPOs slowed down, decreasing 21% YoY in number and climbing 1% in financing amount. In 2019, the HKEx, the NASDAQ, the SSE were the top 3 in IPO number and IPO financing amount.
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    China’s IPO Market Report 2020
    In 2020, the total retail sales of consumer goods reached RMB39.20 trillion, down 3.9% YoY. In terms of retail business locations, the urban retail sales of consumer goods registered RMB33.91 trillion, dropping 4.0% YoY and the rural counterpart totaled RMB5.29 trillion, lowering 3.2% YoY. From the perspective of consumption types, the retail sales of commodities reached RMB35.25 trillion, sinking 2.3% YoY and catering services RMB3.95 trillion, declining 16.6% YoY. According to retail channels, in retail businesses above designated size, the retail sales of supermarkets experienced an increase rate of 3.1% YoY while that of department stores, specialized shops and exclusive shops saw a decrease rate of 9.8%, 5.4% and 1.4% YoY respectively. The sales of consumption upgrading goods grew faster with the retail sales of communication equipment, cosmetics and gold-silver jewelry sold by businesses above designated size in the last quarter climbed 26.0%, 21.2% and 17.3% YoY separately 16.0, 7.1 and 5.0 percentage points respectively higher than the rates in the previous quarter. This year, online retail sales were RMB11.76 trillion, up 10.9% YoY. Among the sales, physical commodities registered RMB9.76 trillion increasing 14.8%, accounting for 24.9% of the total retail sales of consumer goods, among which goods people eat, wear and use grew 30.6%, 5.8% and 16.2% separately.
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    Report on Risk Control of China’s VC/PE Firms 2020Zero2IPO
    Risk refers to the impact of uncertainty on objectives which can include various aspects, such as financial and strategic, and the impact can be classified as positive or negative. For equity investment institutions, the management of negative risks including policy, market, compliance and operational risks is more emphasized.
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    China Private Equity Market Report 2020
    According to data from Zero2IPO Research, by the end of 2020, China’s PE market has RMB2.69 trillion of available capital, up 10.8% compared to the figure in the end of 2019 with a slight bounce. In 2020, China's private equity firms raised a total of RMB940.43 billion , down 7.4% YoY. In terms of investment, this year, 3,328 investment deals occurred in the market, falling 2.6% YoY with a smaller drop compared to the previous year. These deals involved RMB679.57 billion climbing 14.4% YoY. When it comes to exits, 2020 witnessed 2,019 exits of PE firms, going up 21.5% YoY. The surging IPO of invested enterprises were driven by the reform of the registration system on the ChiNext and the secondary listing of overseas listed companies on the HKEx. In general, in 2020, the PE market had the following features:
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