• 23
    2019-04
    2018年中国企业上市及新三板年度研究报告
    2018年,中国经历了贸易冲突、地缘政治等外部不利事件以及监管收严和去杠杆延续等内部阻力,在巨大的不确定性中,我国提出了稳中求进的工作基调,国民经济在保持了相对稳定发展态势的同时,逐步向高质量、可持续的方向过渡。根据国家统计局发布的统计数据,经过初步核算,全年国内生产总值首次超过90万亿,为900,309亿元,同比增长6.6%,较上年增速回落0.2%,实现了6.5%左右的预期发展目标,显现了“总体平稳、稳中有进”的良好态势。
  • 09
    2018-05
    2017年中国企业上市及新三板年度研究报告
    2017年IPO市场概况 2017年,中企境内外IPO总数量共计504家,同比上升73.2%;募资总金额达到3232.74亿人民币,同比上升3.4%。 境内市场方面,上市数量达到438家,融资额共计2348.49亿人民币;2017年境内市场上市数量破历史记录。 境外市场方面,2017年上市数量66家,同比上涨3.1%,融资额884.26亿人民币,同比下降16.9%,中企赴海外资本市场上市近年来连续下滑,随着境内 IPO审核速度的提升,境内外资本市场上市数量差距拉大。 就VC/PE支持的IPO情况来看,2017年共有285家上市中企获得了VC/PE支持,同比上涨63.8%,VC/PE渗透率达到56.5%。 新三板市场方面,截至2017年新三板挂牌公司数量达到11630家,2017年新增挂牌企业2176家,其中第四季度挂牌企业数量达到307家,同比下降71.3%,环比上升45.0%。 伴随着新三板挂牌高峰期的结束,新三板企业挂牌速度在2017年显著下滑。2017年,VC/PE支持的挂牌企业共290家,占新增挂牌总企业数量2176家的13.3%。
  • 05
    2017-06
    China Enterprises IPO and NEEQ Annual Report 2016
    The China Enterprises IPO and NEEQ Annual Report 2016 includes main body and appendixes. The main body breaks down into four parts. Part I (Chapter 1) is a review on Chinese IPOs and NEEQ listings in 2016. We analyzed the macro-economic situations and capital markets at home and abroad, and summarized the characteristics of domestic and overseas IPOs of Chinese enterprises and the NEEQ market in this quarter. Part II (Chapter 2 & 3 & 4) consists of three statistical chapters. Chapter 2 paints an overall picture about Chinese domestic and overseas IPOs, and makes a comprehensive analysis on major overseas markets and domestic markets in Shanghai and Shenzhen in 2016. A detailed analysis in Chapter 3 is especially conducted on the VC/PE-backed IPOs of Chinese enterprises, and Chapter 4 presents the overall development of the NEEQ market with abundant and authentic data. Part III (Chapter 5) is a special issue. In 2016, the FED started a cycle of interest rate hike, affecting both domestic and foreign capital markets. The flow of global capital changed and valuations on domestic and foreign capital markets are expected to change also, which will bring influence on Chinese companies’ IPO strategy. Meanwhile, China’s IPO registration-based system is undergoing changes. After the launch of Shenzhen-Hong Kong Stock Connect, valuations of Hong Kong-listed shares are expected to rise, and bubbles in A-share market may go down. Chinese companies will also be affected when considering IPO. Against this backdrop, Zero2IPO Research Center published the China Venture Capital & Private Equity Exit Strategy Report 2017, in hope of offering references to enterprises and investors. Part IV (Chapter 6) is a forecast and outlook. In the light of the development status of domestic and overseas economies and capital markets in 2016, we rolled out our forecast and outlook on Chinese domestic and overseas IPOs and the NEEQ market in 2017. The appendixes include two parts: Appendix 1, a table of Chinese IPOs on domestic and overseas markets in 2016; Appendix 2, Industry Classification Standard of Zero2IPO Research Center.
  • 02
    2017-06
    China Venture Capital & Private Equity Investment Strategy Report 2017
    In recent years, against the background of “Mass Entrepreneurship and Innovation”, Chinese VC/PE market has been experiencing profound changes. Currently, VC/PE companies firms manage over RMB7 trillion of funds. Fund managers filed with Asset Management Association of China are about 10,000. Through many ups and downs, VC/PE firms have become more mature and the market competition have become increasingly fierce and shown some new features. From external environment, regulators carried out policies and regulations targeting VC/PE sector, aiming to optimize the environment of capital market and establish a sustainable ecosphere with Chinese characteristics. In the Report on the Work of the Government 2017, it is clear that the Chinese government is making favorable conditions for healthy and orderly development of VC/PE market, such as developing multi-layered capital market, enhancing equity financing, improving fundamental system of main board market, advancing ChiNext and NEEQ, as well as regulating regional equity markets. In addition, steady progress is being made in the supply-side reform. A series of supporting policies, such as transformation and upgrading of real economy, SOE reform and PPP, have brought many opportunities. Besides, VC/PE firms have put more attention on layout of the whole industrial chain, taking active part in as early as incubators and M&A and private placement and even secondary market on the downstream industrial chain. On the whole, the current market brings both opportunities and challenges to VC/PE. One of the most apparent trends in 2016 was the transformation of investment strategy. It has been proved that PE investors are becoming more like investment banks and VC investors more diversified. Zero2IPO Research Center released the China Venture Capital & Private Equity Investment Strategy Research Report 2017, aiming to review the twenty years of history in Chinese VC/PE market and sorting out role transition of VC/PE firms as well as their choices of investment strategy. Meanwhile, in the last part, quantitative analysis is conducted on the risk and return of Chinese VC/PE market. Data Source The data in this report is from PEdata a big data platform of entrepreneurship and investment affiliated to Zero2IPO Group as well as quarterly/yearly questionnaire surveys of Zero2IPO Research Center on thousands of active investment firms and law offices. Currency Exchange The currency adopted in this report is US dollar, unless specified. The exchange rates are based on the central parity rates declared by the Bank of China on December 31 every fiscal year.
  • 02
    2017-05
    2016年中国企业上市及新三板年度研究报告
    《2016年中国企业IPO及新三板年度研究报告》主要分为主体部分和附录部分。其中主体部分分为四个部分: 第一部分是2016年中国企业IPO及新三板回顾,包括第一章。在这一部分中我们对2016年中国境内外宏观经济形势、资本市场环境进行了分析,回顾和总结了2016年中国企业境内外上市和新三板市场发展的总体概况。 第二部分是统计部分,包括第二、三、四章。第二章对2016年中国企业境内外上市的总体情况进行了阐述,对全球各市场、国内沪深两市新股上市进行了全面分析;第三章对2016年股权投资支持的中企上市情况进行了具体描述;第四章对2016年新三板市场的发展情况予以了全面展示,将大量翔实的数据呈现在读者面前。 第三部分是专题研究部分,包括第五章。随着2016年以来,美联储启动加息周期,对国内外资本市场均造成了一定影响,国际资本流向转变,境内外资本市场估值预期将发生改变,这对中企上市策略将带来影响。同时,国内注册制进程也发生转变,深港通互通后,港股估值有望提升,港股价值洼地的称号或将消失,A股估值泡沫有望减小等等,对中企上市策略将产生一定影响。在此背景下,清科研究中心特推出《2017年中国新形势下PE退出策略研究报告》,以期给企业及广大投资者额提供一定的参考意见。 第四部分是预测与展望,包括第六章。根据2016年境内外经济和资本市场的发展态势,我们对2017年中国企业上市和新三板情况做了展望和预测。 附录分为三个部分。第一部分是 2016年中国企业境内外上市一览表;第二部分是2016年度中国股权投资年度排名;第三部分是清科行业分类原则。
  • 20
    2015-03
    2015年中国新三板发展与投资研究报告
      2014年新三板全面扩容,截至2014年12月31日,新三板挂牌数为1572家,2014年新增挂牌1216家,同比增长3.4倍。2014年8月25日,千呼万唤的新三板做市商业务正式开始实施。从投资者到挂牌公司均对此期待甚高,整个新三板市场因此迎来新气象,其流动性或许“全面复活”。同时政策方面也利好新三板转板机制和未盈利的创业企业挂牌新三板。因此新三板或将迎来一场前所未有的资本盛宴。清科研究中心特此针对新三板市场的发展现状和特点进行分析和研究,并探索新三板未来发展方向,为投资者提供参考意见。
  • 23
    2013-01
    2013年国家高新区VC/PE行业发展专题研究报告
    股权投资作为一项金融创新在很多高新区尚处在起步阶段,发展股权投资对鼓励高新区投资资本与融资需求对接、扶持企业更好更快成长、提高企业竞争力、优化公司治理结构、促进产业结构调整,促进经济发展有重大作用,同时也为民间资本提供了有效的高收益投资渠道。2012年8月,“新三板扩容”获批,天津滨海高新区、上海张江高新区和武汉东湖高新区成为首批扩容试点园区;2013年1月,全国中小企业股份转让系统正式揭牌运行,这为各地高新区带来新的发展契机。值此时机,清科研究中心特推出《2013年国家高新区VC/PE行业发展专题研究报告》。本专题研究报告旨在通过借鉴标杆园区的成功经验提出进一步推动地方高新园区及园区股权投资业发展的业内看法和建议。
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