20211026-清科研究中心-China_VC_PE_Market_Review_Q3_21_11页_1mb

报告摘要

China VC/PE Market Review Q3'21

Core Content Overview

The China VC/PE market experienced significant growth in the first three quarters of 2021, showing resilience and recovery post-pandemic. This summary outlines the key trends in fundraising, investment, exits, and IPO activities.

Fundraising Trends

Total fundraising: Reached 1.269 trillion yuan in Q1-Q3 2021, a 50.0% YoY increase.
Number of funds: Increased by 87.2% YoY, with over 4,500 funds raised.
Fund sizes:
- Large industrial funds: Many funds exceeded 10 billion yuan in size.
- Small funds: Funds with a size under 100 million yuan accounted for 60% of the total.
Structural changes: The market saw a rise in single-project funds, indicating a shift in investment strategies.

Investment Trends

Total investment: Exceeded 1 trillion yuan, with a 74.7% YoY increase in investment amount and a 70.5% YoY increase in the number of deals.
Key sectors:
- Top 3 sectors accounted for over 60% of total investments.
- Biotech/Healthcare and Semiconductor & Electronic Equipment were particularly active.
Notable investments:
- Advanced manufacturing, new energy, healthcare, logistics, and semiconductors saw frequent large-scale investments and M&A activities.
Investment by currency:
- RMB investment: 640 billion yuan, 7,911 deals, up 64.1% and 64.3% YoY.
- Foreign currency investment: 400 billion yuan, 1,480 deals, up 113.9% and 95.0% YoY.

Exit Trends

Number of exits: Reached 3,734, a 24.1% YoY increase.
IPOs: 2,355 companies went public, up 31.3% YoY.
- SSE STAR Market: 776 IPOs, the largest number among all exchanges.
Exit types:
- Exits include IPOs, M&A, and other exit mechanisms.
- Exits via NEEQ listing are excluded from this count.

IPO Market Activity

Total IPOs: 472 companies listed at home and abroad, up 22.6% YoY.
Financing amount: 657.11 billion yuan, up 15.0% YoY.
Domestic listings:
- SZSE ChiNext: 145 companies, 87.03 billion yuan.
- SSE STAR Market: 126 companies, 113.69 billion yuan.
- SSE Main Board: 74 companies, 148.66 billion yuan.
Overseas listings:
- HKEx Main Board: 64 companies, 209.19 billion yuan.
- NASDAQ: 23 companies, 14.60 billion yuan.
- NYSE: 13 companies, 65.16 billion yuan.
VC/PE-backed IPOs:
- Reached a record high, with VC/PE-backed IPOs accounting for a significant portion of the total.
- Top 10 VC/PE-backed companies that went public:
  - Kuaishou (HKEx Main Board, Internet, 288.21 billion yuan)
  - Three Gorges Renewables (SSE Main Board, Clean-tech, 210.57 billion yuan)
  - JD Logistics (HKEx Main Board, Logistics, 166.89 billion yuan)
  - Full Truck Alliance (NYSE, Logistics, 107.96 billion yuan)
  - Kanzhun Ltd. (NASDAQ, Internet, 95.46 billion yuan)
  - Botanee (SZSE ChiNext, Chemical raw material & processing, 86.41 billion yuan)
  - Eastroc Beverage (SSE Main Board, Food & beverage, 80.20 billion yuan)
  - Galaxycore (SSE STAR Market, Semiconductor & electronic equipment, 75.72 billion yuan)
  - Times Electric (SSE STAR Market, Machinery manufacturing, 60.45 billion yuan)
  - Changyuan Lico (SSE STAR Market, Clean-tech, 49.33 billion yuan)

Summary of Key Trends

Fundraising growth: Strong increase in both fundraising volume and number of funds.
Investment rebound: Post-pandemic recovery with significant growth in deals and investment amounts.
Sector concentration: Biotech/Healthcare and Semiconductor led in investment activity.
Exit and IPO growth: Both exits and IPOs increased substantially, with a notable rise in STAR Market listings.
VC/PE influence: The penetration rate of VC/PE in IPOs hit a record high, highlighting their growing role in the market.