China VC/PE Firms' Compensation and Performance Appraisal Systems Report 2012

发布时间:2012-09-15 报告系列:VC 语言:英文

Along with rapid development of VC/PE industry, the number of professional institutions within the industry has surged up. By the end of Q2 2012, the VC/PE institutions active in Chinese mainland numbered up to a total of nearly 5,100. Zero2IPO Research C

China Venture Capital Report Q2 2012

发布时间:2012-07-31 报告系列:VC 语言:英文

This report has been completed based on adequate market survey, in-depth research and analysis. It provides extensive data statistics and assessment, and describes and analyzes in detail the current status and trend of China’s VC market in Q2’12. This report consists of principal content, research methodologies and appendixes. The principal content is divided into nine chapters in five parts: The first part is market review in Chapter 1, which reviews and sums up the environment and development of China’s VC market in Q2’12. The second part is the statistics and analysis, including Chapter 2, 3 and 4, which respectively focus on the data statistics and analysis in detail with respect to three stages – fundraising, investment and exit – in China’s VC market in Q2’12. This part contains a lot of first-hand statistical data collected by Zero2IPO Research Center. The third part is case collection, including Chapter 5, 6 and 7. We disclose some key and typical cases by fundraising, investment and exit stages in China’s VC market in Q2’12. The fourth part presents special issue, namely Chapter 8, the China Government Guidance Fund Operating Mechanism Report 2012. The report provided detailed information concerning the development process and current situation of China’s government guidance funds and made in-depth anlysis on its operating modes in terms of management, investment, and exit. In addition, with regards to the present situation featured by China’s VC institutions’ hot pursuit for cooperation with government guidance funds, the report analyzed the cooperation between VC institutions and government guidance funds, and rendered relative suggestions on existing problems of Chinese government guidance funds, including the changes in state-owned shareholders. The fifth part is market outlook presented in Chapter 9. In this Chapter, we forecast the investments, fundraising and exits in the VC market in future to provide readers with some valuable references. The appendixes encompass the VC-related laws and regulations released and implemented in Q2’12, as well as Zero2IPO’s Principles for Industry Classification which introduces the standards for classifying the industries in this report in details. Besides, the appendixes describe in brief Zero2IPO Group and Zero2IPO Research Center.

2012年第二季度中国私募股权投资市场LP研究报告

发布时间:2012-07-31 报告系列:资产管理 语言:中文

随着近年来中国资本市场蓬勃发展,正在形成中的有限合伙人(LP)投资群体也越来越多地出现在国人视线当中。我们希望通过这份报告使读者对当前活跃在中国创业投资暨私募股权市场的境内外LP群体构成、投资规模及投资理念等有更加深入直观的分析。本报告以2012年第二季度的调查数据为基础,通过调查研究对LP群体组织构成加以量化,并通过典型案例列举对部分基金LP组成进行呈现。同时,我们也对2012年第二季度中国创业投资暨私募股权市场上新募VC/PE基金、正在募集的VC/PE基金及新设立VC/PE基金分别进行梳理,力图为读者展现中国创业投资暨私募股权市场的募资现状和未来发展趋势。 本研究报告包括主体内容、研究方法和附录。其中主体内容分为五个部分共八个章节。 第一部分是市场回顾,包含第一章,即对2012年第二季度中国创业投资暨私募股权LP市场环境及发展情况进行了回顾和总结。 第二部分是统计分析,包含第二、三、四、五章。其中第二章对目前活跃在我国创业投资暨私募股权市场上的LP群体构成进行了详尽的分析。三、四、五章分别对2012年第二季度中国创业投资暨私募股权市场的新募VC/PE基金、处于募集阶段的VC/PE基金及新设立VC/PE基金进行了统计分析。这一部分包含了清科研究中心在中国创业投资暨私募股权行业的大量一手数据。 第三部分是案例分析,包含六章。对2012年第二季度在中国创业投资暨私募股权市场出现具有代表性的不同币种及处于不同募集阶段的基金进行盘点,并对其LP群体的典型结构进行披露和简评。 第四部分是专题研究,包含第七章。LP群体为创业投资暨私募股权市场提供了重要的源头活水。经过了10余年的发展,随着市场上富有家族及个人积极参与,社保基金以及保险机构获准入场成为重要的机构投资人,政府引导基金以及财政资金运作日渐市场化,中国LP市场逐渐形成了多元化、多层次的LP格局。为了更好的透视和解析中国创业投资暨私募股权领域LP的现状及长远发展状况,清科研究中心推出《2012年中国创业投资暨私募股权LP白皮书》,针对目前LP市场法律法规及市场环境进行分析,着重分析了目前市场上各类LP的投资行为、地域分布、类别类型、币种及投资规模等,并通过与境外LP市场的对比揭示目前中国LP市场的发展现状和阶段。同时基于2012年中期清科研究中心针对市场上超过百位LP的观点调研,对2012年创业投资暨私募股权市场整体趋势、LP投资偏好、基金运营及投后管理方式等方面进行预测和分析。此外,对于中长期的LP市场,清科研究中心针对伴随市场调整涌现的LP投资热点进行预测,并对未来LP市场的发展趋势进行展望。通过对LP市场的深度剖析,希望能够为LP提供更为精细的参考,审视自身的价值定位进行股权投资领域的布局。 第五部分是市场展望,包含第八章。在这一章中我们对2012年第三季度中国创投暨私募股权LP市场的整体发展趋势进行了预测,为读者提供有益的参考。 附录包含2012年第二季度发布施行的相关法律、政策和文件,概念释义及清科行业分类原则,后者对本报告中所使用的行业分类标准进行了详细介绍。此外还对清科集团和清科研究中心进行了简要介绍。

China Enterprises IPO Report Q2 2012

发布时间:2012-07-31 报告系列:上市 语言:英文

The China Enterprises IPO Report Q2 2012 mainly consists of a main body and appendixes, in which the main body is divided into five parts: Part I (Chapter 1) is an overall review of Chinese IPOs in Q2 2012. We have analyzed the macro-economic situations and capital market conditions at home and abroad, reviewed and summarized the characteristics of domestic and overseas IPOs by Chinese enterprises in Q2 2012. Part II (Chapter 2, 3 & 4) consists of three statistical chapters, which paint an overall picture about IPOs of Chinese companies both at home and abroad. A comprehensive analysis and description of IPOs on overseas markets (NASDAQ, NYSE, HKMB, HKGEM, SGX-main board, CATALIST, LSEMB, AIM, TSEMB, MOTHERS, KSM, KOSDAQ and FWB) and domestic markets in Shanghai and Shenzhen in Q2’12 is delivered. A detailed analysis is especially conducted on the IPOs by VC/PE-backed Chinese enterprises, presenting a full overview of Chinese domestic and overseas IPOs in Q2’12. Part III (Chapter 5) is a case collection. In this report, we have included 35 VC/PE-backed Chinese enterprises’ IPOs launched at home and abroad in Q2’12, which are presented to readers with massive statistics in details. Part IV (Chapter 6) is a special issue, China Venture Capital & Private Equity Returns Research 2004-2012, in which we conduct comparison and analyze of VC/PE exits via IPO, M&A, trade sale and MBO in Chinese market by virtue of massive first-hand data, and especially offer detailed statistics, analysis and summary on the actual return of VC/PE exits via IPO from reopening of IPO in 2009 to Q1 2012. Part V (Chapter 7) is a forecast and outlook. In the light of the development status of domestic and overseas economies and capital markets in Q2’12, we have rolled out our forecast and outlook on Chinese IPOs on domestic and overseas markets in Q3’12. The appendixes include four parts as follows: the Appendix 1 is a table on Chinese enterprises’ overseas IPOs in Q2’12; the Appendix 2, a table on Chinese enterprises’ domestic IPOs in Q2’12; the Appendix 3, a table on VC/PE-backed Chinese enterprises’ domestic and overseas IPOs in Q2’12; and the Appendix 4, Industry Classification Standard of Zero2IPO Research Center.

China Private Equity Report Q2 2012

发布时间:2012-07-31 报告系列:PE 语言:英文

Zero2IPO Research Center has been surveying and researching on PE funds in China (Chinese mainland) on a large scale and producing professional reports accordingly since 2006. Based on the survey data in Q2 2012, the China Private Equity Report Q2 2012 offers readers detailed statistical information and discloses some PE fundraising, investment and exit deals on a selective basis. In addition, we also give an in-depth description and analysis on the current condition and trends of China’s PE market in Q2 2012. This report includes main content, research methods and appendixes. The main content breaks down into five parts in nine chapters. Part I (Chapter 1) is a market review offering a review on the environment and development of China’s PE market in Q2’12 Part II (Chapter 2, 3 & 4) is a statistical analysis. It gives a respective and detailed statistical analysis of fundraising, investment and exits in China’s PE market in Q2’12, and contains a large amount of first-hand data Zero2IPO Research Center gets from China’s PE industry. Part III (Chapter 5, 6 & 7) is a case collection. It discloses and comments on some key and typical deals that took place in China’s PE market in Q2’12 based on the three phases, namely fundraising, investment and exit. Part IV (Chapter 8) is a special issue. Along with rapid development of VC/PE industry, the number of professional institutions within the industry has surged up. By the end of Q2 2012, the VC/PE institutions active in Chinese mainland numbered up to a total of nearly 5,100. Zero2IPO Research Center conducted compensation and performance survey and accordingly released the China VC/PE Firms’ Compensation and Performance Appraisal Systems Report 2012, with a view to following up the latest trends in the market and seizing up the real viewpoints of insiders within the industry on their working. The report drew a clear picture about the compensation and performance system and income distribution system of China’s VC/PE institutions from four different perspectives, such as compensation structure, institution distribution system, performance appraisal system and employee content degree, as well as provided the operating and management experiences of overseas institutions in the past dozens of years for the Management, human resource departments and insiders of the industry reference. Part V (Chapter 9) is a market outlook. We make a forecast for the investment, fundraising and exit in China’s PE market in 2012 to offer readers useful references. The appendixes include relevant laws, policies and documents released and implemented as of this quarter, as well as concept interpretations and the industry classification standard adopted by Zero2IPO Research Center. The latter gives the detailed introduction of industrial classification criteria used in this report. Besides, brief introductions to Zero2IPO Group and Zero2IPO Research Center are offered as well.

2012年第二季度中国并购市场研究报告

发布时间:2012-07-31 报告系列:并购 语言:中文

根据清科数据库统计显示,2012年上半年VC/PE相关企业共完成75起并购案例,同比下降21.9%;64起披露价格的并购交易涉及金额20.33亿美元,同比下降71.1%。从行业分布来看,75起案例分布在机械制造、生物技术/医疗健康、互联网、电信及增值业务等十七个一级行业。其中,机械制造成为2012年上半年VC/PE相关并购最为活跃的行业,并购案例数为8起,涉及金额5.32亿美元。

China Merger & Acquisition Report Q2 2012

发布时间:2012-07-31 报告系列:并购 语言:英文

The main body of China Merger & Acquisition Report Q2 2012 breaks down into five parts in seven chapters. Part I (Chapter 1) offers review of the M&A market in Q2’12. In this part, we review and summarize foreign and domestic macroeconomic conditions as well as the updates in the M&A market in Q2’12. Part II (Chapter 2, 3 & 4) is a statistical analysis. In this part, we give detailed statistics and descriptions about the M&As on China’s market in Q2’12 from three perspectives, i.e. M&A types, industry breakdown and VC/PE-backed M&As. Data from Zero2IPO Research Center show that in Q2’12, a total of 221 M&A deals were completed in China, including 184 deals disclosing an aggregate value of US$11.93B. Specifically speaking, domestic M&A deals numbered 168, involving a total value of US$3.11B; outbound M&As numbered 28, involving US$7.28B; inbound M&As numbered 15, involving US$1.53B. As for industry breakdown, the machinery manufacturing industry outperformed others by completing 35 deals, constituting 16.6% of the total; the energy & mineral industry took the lead in terms of M&A value in Q2’12, with 21 deals involving US$3.30B totally, securing a 27.7% share. This quarter closed 31 VC/PE-backed M&As, in which 25 deals involved US$739.41M. Part III (Chapter 5) is a case collection. We disclose and comment on 15 typical M&A deals completed on China’s market in Q2’12. As for each deal, we make simple analysis and comment in such aspects as M&A transaction process, background of both parties concerned as well as motives and influence of M&A transactions. Part IV (Chapter 6) is a special issue, China Healthcare Industry Investment Trends & Outlook 2012. In the context of a new round of healthcare reform, the special offers detailed statistics, analysis of development characteristics, M&A activity and IPOs of Chinese healthcare industry, exploration into the trends of the investments in pharmaceuticals, medical services and medical devices, providing capitalists reference for digging gold from China’s healthcare reform. Part IV (Chapter 7) is a market outlook. Through the analysis of both foreign and domestic macroeconomic trends and in combination of the rules of M&A activities, we offer analysis and forecast about possible conditions and development trends in both global and domestic M&A markets in H2 2012. The appendixes include relevant laws, policies and documents released and implemented as of this quarter, as well as concept interpretations and the industry classification standard adopted by Zero2IPO Research Center. The latter gives the detailed introduction of industrial classification criteria used in this report. Besides, brief introductions to Zero2IPO Group and Zero2IPO Research Center are offered as well. 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 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 and complicated and changeable conditions in the M&A market.

China Private Equity Limited Partner Report Q2 2012

发布时间:2012-07-31 报告系列:资产管理 语言:英文

As China’s capital market has flourished over the recent years, an increasing number of limited partners (LPs) have attracted our attention. We expect this report will provide readers more in-depth and straightforward analysis on the composition, investment scale and investment philosophy of domestic and overseas LPs who are currently active in the China’s VC/PE market. Based on the survey data in Q2 2012, this report seeks to quantify the composition of LPs through investigation and present typical cases by listing LPs in some funds. Meanwhile, we reviewed newly-raised VC/PE funds, VC/PE funds under way, and newly-established VC/PE funds in China’s VC/PE market in Q2 2012 respectively, with a view to revealing the current status and trends of fundraising in China’s VC/PE market. The report includes the main body, methodology and appendixes; wherein, the main body consists of five parts in eight chapters. Part I (Chapter 1) is the market review, i.e. review and summary of the environment and development status of China VC/PE LP market in Q2 2012. Part II (Chapter 2, 3, 4 & 5) focuses on the statistics analysis. Specifically, Chapter 2 presents detailed analysis on the composition of LPs who are currently active in China’s VC/PE market, while Chapters 3, 4 and 5 address newly raised VC/PE funds, VC/PE funds under way and newly established VC/PE funds in the China’s VC/PE market in Q2 2012 respectively. This part contains substantial first-hand statistics concerning China’s VC/PE industry from Zero2IOP Research Center. Part III (Chapter 6) deals with case analysis. In this chapter, we reviewed typical funds in different currencies and different stages in China’s VC/PE market in Q2 2012, disclosing and briefly commenting on the typical structure of their LPs. Part IV (Chapter 7) is a special issue study. LPs provide very important resources to the VC & PE market. After over 10 years of development, China's LP market now has more players at various levels with high-net-worth families and individuals playing more active roles, social security fund and insurance companies being permitted as key institutional investors, and government guidance funds and treasury funds being run in a more market-oriented manner. With sufficient funding support from LPs, Chinese VC & PE investors grow larger and stronger. In order to have a better understanding of the current status and long-term prospect of the Chinese VC & PE market, Zero2IPO Research published the China Venture Capital & Private Equity LP White Paper 2012. The White Paper analyzed the legal, regulatory and market environment, conducted in-depth research on the activities, geographic distributions, types, currencies and sizes of various LP investments in the market, and disclosed the current status of China's LP market in comparison with overseas LP markets. Part V (Chapter 8) addresses the market outlook. In this part, we predicted the development trend of China’s VC/PE market, the overall framework of the Chinese LP market and the operational status of the macro economy in Q3 2012, so as to provide useful reference for readers. The appendixes include relevant laws, policies and documents promulgated and implemented in Q2 2012, as well as interpretations of relevant concepts and Zero2IPO’s industry classification. The latter gives detailed introduction to the standards for industrial classification used in the report. Besides, brief introductions to Zero2IPO Group and Zero2IPO Research Center are provided as well.

2012年第二季度中国企业上市研究报告

发布时间:2012-07-31 报告系列:上市 语言:中文

《2012年第二季度中国企业上市研究报告》主要分为主体部分和附录部分。其中主体部分分为五个部分: 第一部分是2012年第二季度中国企业上市回顾。在这一部分中我们对2012年第二季度中国境内外宏观经济形势、资本市场环境进行了分析,回顾和总结了二季度中国企业境内外上市的特征。 第二部分是统计部分,共三章。这三章对2012年第二季度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(NASDAQ、纽约证券交易所、香港主板、香港创业板、新加坡主板、凯利板、伦敦证券交易所主板、伦敦AIM、东京证券交易所主板、东京证券交易所创业板、韩国交易所主板、韩国创业板和法兰克福证券交易所)及国内沪深两市新股上市情况进行了全面分析和描述,并特别介绍了由创业投资或私募股权投资所支持的中国企业上市情况,全面展示了2012年第二季度中国企业境内外上市的情况。 第三部分是案例集锦。我们收录了2012年第二季度发生的35起具有创投或私募股权投资支持的中国企业境内外上市的案例,将大量翔实的数据呈现在读者面前。 第四部分是专题研究部分。《中国创业投资暨私募股权投资回报专题研究2004-2012》成为本报告的重点研究专题。在这一部分中,我们运用大量第一手数据对2004-2012年中国创业投资暨私募股权投资机构通过IPO、并购、股权转让及管理层回购方式退出的状况进行了比较与分析,并特别针对2009年IPO重启后至2012年一季度中国创业投资及私募股权投资机构通过IPO方式退出的实际回报情况进行了较为详细的统计、分析与总结。 第五部分是预测与展望。根据二季度境内外经济和资本市场的发展态势,我们对2012年下半年海外市场和境内市场中国企业上市情况做了展望和预测。 附录分为四个部分。第一部分是 2012年第二季度中国企业海外上市一览表;第二部分是 2012年第二季度中国企业境内上市一览表;第三部分是2012年第二季度创投或私募股权投资支持的中国企业境内外上市一览表;第四部分是清科行业分类原则。

2012年第二季度中国私募股权投资研究报告

发布时间:2012-07-31 报告系列:PE 语言:中文

清科研究中心于2006年起,开始对投资于中国(大陆地区)的私募股权基金进行大规模调研以及专业性的研究与报道。此次推出的《2012年第二季度中国私募股权投资研究报告》以2012年二季度调研数据为基础,为读者提供详实的统计信息;同时有选择地披露部分私募股权基金募资、投资和退出案例;此外,我们还对2012年二季度中国私募股权市场上的现状和年内市场发展趋势作了详细的描述和分析。 本研究报告包括主体内容、研究方法和附录。其中主体内容分为五个部分共九个章节。 第一部分是市场回顾,包含第一章,即对2012年二季度中国私募股权市场环境及发展情况进行了回顾和总结。 第二部分是统计分析,包含第二、三、四章。分别对2012年二季度中国私募股权市场的募资、投资和退出活动进行了详细的统计分析,这一部分包含了清科研究中心在中国私募股权行业的大量一手数据。 第三部分是案例集锦,包含第五、六、七章。分别按募资、投资和退出三个阶段分章节对2012年二季度中国私募股权市场出现的一些重点和典型案例进行了披露和简评。 第四部分是专题研究,包含第八章。随着VC/PE行业的迅猛发展,行业内机构数量出现井喷式增长。截至2012年二季度,活跃在中国大陆的VC/PE机构已近5,100家。为跟踪市场最新动态,把握从业人员对当前工作状态的真实想法,清科研究中心进行了第二次薪酬绩效调研并推出《2012年中国VC/PE机构薪酬及绩效考核体系专题报告》。报告从薪酬构成、机构收益分配机制、绩效考核体系、员工满意程度四个部分入手,详尽展示中国VC/PE机构在薪酬绩效、收入分配机制方面的现状,并提供海外机构在几十年发展历程中所积累的运作管理经验予以参考,以期对机构的管理者、人力资源部门、行业从业者有所帮助。 第五部分是市场展望,包含第九章。在这一章中我们对2012年中国私募股权市场的投资、募资和退出情况进行了预测,以为读者提供有益的参考。 附录包含年内发布施行的相关法律、政策和文件,概念释义及清科分类原则,后者对本报告中所试用的行业分类标准进行了详细介绍。此外还对清科集团和清科研究中心进行了简要介绍。

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