2018-中国创业投资十年回顾1999-2008_35页_772kb

Summary of the Review of China's VC Market in the Past Decade

Core Content

This document provides a comprehensive overview of the development and evolution of China's Venture Capital (VC) market over the past decade, highlighting key trends in investment environment, capital growth, investment activity, exit mechanisms, and market highlights. It also includes insights from Zero2IPO Research Center and details about their annual reports and database.

Main Points

1. 10-Year Changes to VC Investment Environment

• The Chinese economy experienced significant growth, with a Compound Annual Growth Rate (CAGR) of 10%.
• The A-share market value grew in proportion to GDP, indicating increasing market activity.
• The VC investment environment evolved through various economic cycles, with foreign VC institutions playing a leading role in market development and corporate innovation.
• Domestic VC institutions have been rising in prominence, with improvements in management, brand recognition, and exit returns.

2. 10-Year Growth of VC Investment Capital

• The total amount of VC capital in China increased by four times over the decade.
• The amount of capital raised also saw a similar surge.
• Capital supply channels have broadened, with international Limited Partners (LPs) entering the market and domestic LP groups forming.
• Foreign VC institutions have dominated the market, while domestic VC funds are expected to become leading forces in the coming decade.

3. 10-Year Review of VC Investment

• VC investment maintained fast growth, with a notable surge in 2006.
• Investment activity was concentrated in key industries such as Internet, new energy, and bio-medicine.
• The average investment amount increased, reflecting a trend toward larger-scale investments.
• RMB funds outperformed USD funds in terms of capital raised, indicating a shift in funding preferences.

4. 10-Year Achievements in VC Exit

• VC exits remained steady and increased over time.
• IPO was the primary exit channel, with the market value of listed VC-backed Chinese enterprises exceeding US$80 billion.
• The number of VC-backed enterprises that went public grew significantly, contributing to the overall development of the capital market.

5. 10-Year Highlights of VC Investment Market

• The market witnessed a transition period with a slowdown in growth after 2006.
• VC institutions became more cautious in investment decisions, with enhanced due diligence and post-investment management.
• The market passed through two major economic adjustments, including the 2008 global financial crisis, and showed resilience.
• The government and state-owned capital became more involved in equity investment, leading to the establishment of a multi-tier capital supply system.

Key Information

• GDP Growth: The Chinese economy grew at a CAGR of 10% over the past decade.
• A-share Market: The A-share market value grew in proportion to GDP, showing a surge in market value.
• VC Management Capital Stock: Domestic VC management capital stock grew steadily, with foreign VC management capital stock fluctuating due to economic cycles.
• Fundraising Trends: RMB funds raised more capital than USD funds, especially since 2006.
• Investment Scale: The scale of VC investment increased rapidly, with a focus on high-growth sectors.
• Exit Mechanisms: IPO remained the primary exit channel, with the market value of listed VC-backed enterprises surpassing US$80 billion.
• VC Institutions: IDGVC Partners, Shenzhen Capital Group, and SAIF Partners were among the top VC institutions in the Zero2IPO rankings over the decade.
• Zero2IPO Insights: The VC market has driven technological advancement, mode innovation, and social development, contributing to employment growth and economic expansion.

Zero2IPO Database and Annual Reports

• The Zero2IPO Database is a comprehensive source of information on VC/PE funds, firms, executives, and portfolio companies in mainland China.
• It includes advanced statistics, chart analysis, and detailed case studies.
• The 2008 Annual Report Series includes four reports:
  • China Venture Capital Annual Report 2008
  • China Private Equity Annual Report 2008
  • China Merger & Acquisition Annual Report 2008
  • China Enterprises IPO Annual Report 2008
• These reports are based on first-hand data, interviews, and public information, providing in-depth analysis and future outlooks for the industry.

Events and Contact

• Zero2IPO organized several events in 2009, including forums in New York, Tokyo, and Shanghai, and awards such as the 2009 Zero2IPO-Venture 50.
• Interested parties can contact Hope Zhou for speaking or sponsorship opportunities:
  • Tel: 8610-84580476 ext 8585
  • Email: Hopezhou@Zero2IPO.com.cn
• A 10-day free trial with unlimited search and 20 reports is available upon registration at Zero2IPO Database.