• 04
    2022-01
    2021年前三季度中国创业投资市场研究报告
    根据清科创业(01945.HK)旗下清科研究中心数据,2021年前三季度创业投资机构共新募集1,036支可投向中国大陆的基金,同比上升84.0%,已超过2020年全年总量;募资规模3,230.05亿元人民币,系去年同期的1.73倍,逐渐回归至疫情前的正常水平。投资方面,创投机构出手速度加快,融资规模显著提升。2021年前三季度我国共发生3,962起创业投资案例,同比上升69.9%;其中,披露投资金额的案例数共计3,826起,投资规模达到2,923.18亿元人民币,较去年同期相比增长幅度高达120.5%。从退出端来看,2021年前三季度中国创业投资市场退出环境良好,退出交易共计1,580笔,同比上升20.3%。从退出方式来看,被投企业IPO仍为主导退出方式且占比进一步提升。今年前三季度共发生971笔IPO退出事件,占比由去年同期的56.0%上升至61.5%。
  • 03
    2021-11
    China Venture Capital Market Report Q2’21Zero2IPO
    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年第二季度中国创业投资市场研究报告
    自2018年资管新规发布以来,金融行业监管趋严,整治金融乱象、防范金融风险成为政策环境主基调。市场资金总体呈现趋紧态势,创业投资市场亦不能幸免,“募资难”成了投资机构普遍面临的难题,加之2020年疫情的全面爆发,对处于资本寒冬的 VC 市场雪上加霜。但随着2021年疫情得到有效控制,我国出台多项利好政策和产业支持方针,募投退市场整体呈现持续回暖态势。根据清科研究中心旗下私募通数据显示,2021年第二季度共新募集271支可投资于中国大陆的基金,同比上升68.3%,环比上升34.2%;新募规模达862.41亿元人民币,同比上升99.8%,环比上升68.3%;平均新增资本量为3.18亿元人民币。
  • 19
    2021-07
    China Venture Capital Market Report Q1’21
    In Q1’21, with a variety of vaccines available on the market, the global economy has rebounded on an accelerated track after registering positive growth in the fourth quarter of 2020, but performance of different countries varies greatly. 2021 marks the start of China's 14th Five-Year Plan period and China's economy is enjoying a sustained and stable recovery. In Q1’20, China's GDP experienced negative growth, down by 6.8% YoY. In Q1’21, China's GDP increased significantly YoY and the trade surplus expanded. The 10-year U.S. Treasury bond yield increased by an average of 47bp compared with the previous quarter. The U.S. dollar depreciated first and then rose; the British pound was relatively stable, the Australian dollar depreciated slightly, and the euro and the yen depreciated by a large margin. The currency exchange rates of most emerging economies rose first and then fell, with little fluctuation over Q4’20. Capital flew back to the United States, and emerging economies were facing the challenge of capital outflow. U.S. stocks began to diverge with the Dow Jones Industrial Index continuing to rise and the Nasdaq Index beginning to go downward. In the latest issue of the World Economic Outlook Report, IMF’s projections for the global economic growth for 2021 and 2022 grew, which may cause widening gap in living standards among countries. China's GDP has returned to the pre-Covid level and the United States is expected to return to the level before the outbreak this year, but many emerging markets will not return to the pre-pandemic level until 2023. Overall, the global economy is projected to grow 6% in 2021 and 4.4% in 2022. While the global economy became stabilized, the recovery process is divided and uncertain.
  • 03
    2021-06
    2021年第一季度中国创业投资市场研究报告
    根据清科研究中心旗下私募通数据显示,2021年第一季度中国创业投资市场共新募集202支可投资于中国大陆的基金,同比上升77.2%,环比下降17.2%;新增资本量共发生675.69亿元人民币,同比增长119.0%,环比上升19.8%,平均募资规模为3.35亿元人民币。投资方面,一季度中国VC市场共发生802起投资事件,同比上升22.6%,环比下降2.6%,其中有732起披露金额案例,涉及投资额共612.98亿元人民币,同比上升102.9%,环比下降2.3%;从平均投资金额来看,本季度单起投资金额为0.84亿元人民币。退出方面,2021年第一季度共发生339笔VC退出交易,同比上升22.4%,环比上升17.3%。
  • 04
    2020-12
    2020年第三季度中国创业投资市场研究报告
    清科研究中心数据显示:2020年第三季度VC市场共新募集251支可投资于中国大陆的基金,募集金额为1048.25亿元人民币;投资方面发生946起交易,披露金额611.95亿元人民币;退出方面共计发生648笔交易。
  • 18
    2020-11
    China Venture Capital 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.
  • 19
    2020-08
    2020年第二季度中国创业投资市场研究报告
    2020年第二季度,因各国央行的流动性支持以及部分地区疫情得到有效控制,全球金融市场从新冠疫情的负面冲击中逐渐恢复。全球股市整体回升,但尚未达到 2020年2月疫情全球蔓延之前的水平。美元指数平均值较一季度有所回升,日元欧元稳定,多数新兴经济体货币明显贬值。伴随美联储推出开放式QE并通过大规模回购等工具向市场注入流动性,各类资产价格走势恢复正常模式,6月30日,VIX指数为30.43%,较3月份明显下降。在国际货币基金组织发布的最新一期《世界经济展望报告》中,新冠疫情对经济影响比预期更为严重,预计复苏将比之前更为缓慢:2020年全球GDP增长率预计为–4.9%,比4月的预测低1.9个百分点。IMF预计所有地区(发达经济体、新兴市场和发展中经济体)2020年都将经历负增长,多数经济体的消费增长预测下调。2021年全球增长率预计为5.4%,比4月预测低0.4个百分点,消费明年将逐步加强,投资也将企稳回升但,仍将疲软。
  • 28
    2020-07
    China Venture Capital Market Report Q1’20
    In the first quarter of 2020, affected by the COVID-19 epidemic, the financial market became turbulent, and the global economic prosperity declined significantly after March. The global stock market is in great turmoil, the liquidity crisis of the US dollar broke out, assets were sold off, and the prices of risky assets and safe-haven assets plunged one after another. The VIX index rose more than the financial crisis in 2008. In the latest World Economic Outlook Report released by the International Monetary Fund, the world economic growth is facing the most serious blow since the Great Depression in the 1930s: for the first time, the world is facing the simultaneous recession of both developed and emerging economies. The IMF predicts that the global GDP growth will shrink by 3% in 2020, and the global economy will recover to the 5.8% YoY growth level in 2021. The COVID-19 epidemic will cause losses of about US$9 trillion worldwide in the next two years, exceeding the total GDP of Japan and Germany. If the epidemic continues until 2021, global GDP may shrink by 2.2% next year.
  • 28
    2020-05
    2020年第一季度中国创业投资市场研究报告
    2020年第一季度受新冠疫情影响,金融市场动荡开年,全球经济景气度在3月份以后显著下行。全球股票市场急剧动荡,美元流动性危机爆发,资产遭遇抛售,风险资产、避险资产价格陆续暴跌。
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