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PEdaily E-Magazine Issue No.518 Summary

Core Content

This issue of PEdaily E-Magazine (Issue No.518), published on January 13, 2012, provides a comprehensive overview of the Chinese VC and PE industry, highlighting key trends, major developments, and notable investment activities from 2011. The magazine serves as a valuable resource for PE/VC insiders, offering weekly investment & financing news, industry insights, data observations, and expert opinions. It is produced by Pedaily.cn, a platform that leverages extensive investor networks and over 10 years of research resources from the Zero2IPO Group to deliver timely, accurate, and in-depth market reports.

Main Points and Key Information

1. VC Fundraising Surpasses US$28.2B in 2011

• 2011 marked a record year for VC fundraising in China.
• RMB funds dominated the fundraising landscape, accounting for over 90% of the total number of new funds.
• The total fundraising exceeded US$28.2 billion, reflecting strong investor confidence in the market.

2. Investment Activity Surged

• Both the number and investment amount of deals in 2011 nearly doubled compared to the previous year.
• Internet, clean-tech, and telecom & value-added services were the top sectors receiving investment.
• The VC industry continued to grow despite challenges in IPO exits, which declined in proportion due to obstacles in overseas IPOs.

3. M&A Exits Gained Popularity

• With IPO exits becoming less common, M&A exits became a more attractive option for investors.
• This shift indicates a more mature market where companies are exploring diverse exit strategies.

4. InnoSpring: The First Sino-American Incubator in Silicon Valley

• Launched by Tsinghua University Science Park, Shui On Group, Northern Light Venture Capital, and Silicon Valley Bank, InnoSpring is a Sino-American incubator aimed at supporting technology start-ups seeking to expand into both Chinese and US markets.
• It will provide complimentary office space and incubation services to the winners of the Second Annual North American Start-up Contest Summit.
• InnoSpring also offers fundraising and business development support for companies aiming to enter the Chinese market.

5. China ACG Group Establishes First ACG Industry PE Management Firm

• China ACG Group set up China ACG Industry Equity Investment Management Co., Ltd., the first ACG industry PE management company in China.
• The firm has signed Investment Term Sheets with six ACG companies.
• This move aligns with the national cultural industry development policy and aims to support ACG SMEs through a financing and investment platform.

6. Adveq Raises Third Asian Fund with Focus on China

• Adveq, a Swiss VC firm, is raising its third Asian fund of US$300 million.
• Over 50% of the fund will be invested in China, signaling continued interest in the Chinese market.
• Adveq highlighted the appeal of Chinese companies focused on building local brands and the potential for PE investment in R&D.

7. Letao Secures US$30M in Series D Financing

• Letao, a B2C shoe platform, raised US$30 million in its Series D financing.
• The funding will support operations for 3–4 years without profitability, indicating long-term growth strategy.
• Previous investors include Ceyuan Ventures, DT Capital, and Tiger Fund, though the leading investor remains undisclosed.

8. People.cn Plans to Raise RMB530M via Shanghai IPO

• People.cn submitted its IPO prospectus to the CSRC, aiming to issue 69.1 million shares in the A-share market.
• The IPO is expected to raise up to RMB527 million.
• The majority shareholder is People's Daily, with a 79.54% stake.
• Proceeds will be used for equipment and software purchases, technology platform development, and editorial operations.

9. Shanghai Grants QFLP Licenses to 14 PEs

• Shanghai granted QFLP licenses to 14 private equity firms, signaling increased openness to foreign investment.
• The QFLP (Qualified Foreign Limited Partner) framework allows foreign investors to participate in domestic PE investments.
• Several financial institutions in Shanghai, including Dazhong Insurance and Citigroup-Orient Securities, are preparing for QFLP entry.

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Conclusion

This issue of PEdaily E-Magazine underscores the growth and maturity of the Chinese PE/VC industry, with record fundraising, increased investment activity, and diverse exit strategies. It also highlights new collaborations, sector-specific developments, and policy changes that are shaping the future of venture capital and private equity in China.