2010-02-23-投中研究院-Annual_Statistics_Analysis_o_33页_976kb

Summary of China's VC/PE Exits in 2009

IPO Market Performance

• In 2009, China's IPO market saw significant growth with 187 total IPOs raising $56.77 billion, a 45% increase in deals. Domestic exchanges, particularly Shanghai and Shenzhen, led the fundraising, while Hong Kong was the top overseas destination.
• VC/PE-backed IPOs surged, with 73 deals raising $13.75 billion, marking a 356% jump in deals and 214% rise in funding. Sectors like Manufacturing and Energy dominated, and IPOs yielded high book returns for investors.

M&A Market Trends

• There were 381 M&A deals involving $43.95 billion in total, a 35.4% decrease in funding compared to the previous year, reflecting a shift towards IPOs for exits.
• VC/PE-backed M&As numbered 16 deals (most with undisclosed amounts), totaling $4.37 billion, despite a 681% increase in funding amount from 2008. Key sectors included Chain Store & Franchise and Energy.

Policy and Regulatory Changes

• New regulations, including GEM IPO rules and sponsorships reforms, enhanced market stability and investor protection, while policies on state stock transfers aimed to address national priorities in the VC/PE sector.

VC/PE Exit Performance

• Total exits for VC/PE funds were robust, with IPOs and M&As providing substantial returns. High-return cases included investments in companies like Qingdao Tgood Electric and GCLSolar acquisition.
• Future outlook anticipates continued growth in exit opportunities in 2010 due to GEM developments, but potential government policies may mitigate risks such as market bubbles.