2010-06-30-投中研究院-Quarterly_Statistics_Analysi_20页_479kb

Quarterly Statistics & Analysis Summary: China's VC/PE Exits Q1/2010

IPO Statistics

• Total IPOs: 106 transactions raised $19.02 billion, a slight quarter-on-quarter decline.
• Market Breakdown: Domestic IPOs dominated, with 89 deals raising $17.086 billion (average $192 million); overseas IPOs totaled 17 deals, raising $1.934 billion (average $114 million), with HKSE leading by volume and amount.
• Sector Distribution: Manufacturing led with 49 deals and $9.428 billion (46% of transactions, 49.6% of funds); other sectors included IT, Healthcare, and Energy.
• VC/PE-Backed IPOs: 24 deals raised $2.530 billion, a 56.4% and 76.1% drop from previous quarter; average ROI was 9.36 times, down 35.3% QoQ due to lower asset valuations and concerns over sustainable earnings growth.

M&A Statistics

• Total M&A Transactions: 92 deals, with disclosed amounts totaling $8.16 billion (a 36.0% QoQ decline in aggregate value).
• Cross-Border vs. Domestic: 18 cross-border deals (average $382 million) and 74 domestic deals (slightly fewer than previous quarter); sectors: Manufacturing (16 deals), Energy (15 deals), Real Estate (15 deals) were prominent.
• Notable Deals: CNOOC's $3.1 billion acquisition of Bridas and GCL-Poly Energy's deal in Alternative Energy stood out.

Key Observations

• Overall exit activity saw modest declines in both IPOs and M&As compared to the previous quarter.
• Domestic capital markets, particularly the Shenzhen GEM Board, were the primary drivers in IPO growth.
• Factors affecting exit performance included asset valuation changes and market uncertainties, leading to reduced returns for VC/PE-backed investments.