中国创投暨私募股权投资市场2012年全年数据回顾——英文版_50页_1014kb

China VC/PE Market Review (2012)

Overview

The China VC/PE market experienced notable changes in 2012, with a decline in fundraising and investment activities, but continued growth in the number of funds and investment deals. The market was influenced by evolving policies and a shift in exit strategies due to the difficulties in IPOs.

VC Market in 2012

Fundraising

• Total VC funds closed: 252, down 34.0% YoY.
• Total fundraising amount: US$9.31B, down 67.0% YoY.
• RMB funds: 236, accounting for 93.7% of total fundraising in terms of amount and 74.5% in terms of RMB.
• Average fundraising size: US$29.91M for RMB funds, compared to US$158.00M for foreign currency funds.
• Fundraising trend: RMB funds dominated the market, but their average size was the lowest since 2005.

Investments

• Total investment deals: 1,071, down 28.8% YoY.
• Total investment amount: US$7.32B, down 43.7% YoY.
• Investment trend: Despite the decline, VC investments showed a growing momentum compared to previous years.

Industry Breakdown

• Top 3 sectors: Internet, Bio/Healthcare, and Telecom & Value-added Services.
• Deal distribution: Machinery Manufacturing led with the highest number of deals.
• Investment size: Over 80% of VC investment deals were below US$10M.

Exit Strategies

• M&A and trade sales became more prominent due to the difficulty in IPO exits.
• Total exits: 246, with M&A and trade sales accounting for the majority.

PE Market in 2012

Fundraising

• Total PE funds closed: 369, down 57.0% YoY.
• Total fundraising amount: US$25.31B, down 34.9% YoY.
• RMB funds: 354, far outnumbering foreign currency funds (15).
• Average fundraising size: RMB funds had an average of US$25.29M, while foreign currency funds were significantly larger.

Investments

• Total investment deals: 680, with a combined investment amount of US$19.79B.
• Investment trend: The number and amount of PE investments were on par with the previous year.

Industry Breakdown

• Top sectors: Real Estate, PE Real Estate funds (94 new funds closed), and Internet.
• Deal distribution: Beijing led in the number of deals, while Zhejiang was the top in investment amount.
• Investment size: Tended to become smaller, with real estate and PIPE investments in focus.

Exit Strategies

• PE exits increased, with IPO exits dropping to 70.0% of total exits.
• Exit value: Total exit value reached US$5,140.81M, with M&A and trade sales taking a larger share.

M&A Market in 2012

• Total M&A deals: 991, with a total value of US$50,762.34M.
• Domestic M&A: Maintained a brisk pace, with 883 deals.
• Cross-border M&A: Had higher transaction values, with 108 deals.
• Top sectors: Energy & Mineral, Machinery Manufacturing, and Construction/Engineering.

IPO Market in 2012

• Total IPOs: 425 globally, with Chinese enterprises accounting for 47.3%.
• Domestic IPOs: 154, with a total financing amount of US$16,484.30M.
• Overseas IPOs: 47, with a total financing amount of US$9,842.33M.
• Main exchanges: ChiNext was the primary venue for domestic IPOs, with 34 deals.
• Financing amount: Machinery Manufacturing led with US$3,637.45M, followed by Construction/Engineering and Electronic & Opto-electronics Equipment.
• ROI: Domestic IPOs had an average ROI of 2.54 (Shanghai), 6.09 (ChiNext), and 5.56 (SMEB), while overseas IPOs had a lower average ROI of 5.40.

Market Highlights in 2012

• VC/PE-backed IPOs saw a continuous decline, with overseas IPOs experiencing a more significant drop.
• Exit strategies: M&A and trade sales gained prominence, with IPO exits declining.
• LP market: Continued expansion, with a total of 7,511 LPs and a total investable amount of US$807.34B.
• LP types: Public Pension Funds were the largest contributors, with US$166.76B in investable amount.
• Institutional LPs began to enter the market more actively.

Summary

• The VC/PE market in 2012 showed a sharp decline in fundraising and investment amounts but maintained a significant number of deals.
• RMB funds dominated the market in terms of quantity, but foreign currency funds had a higher average size.
• The Internet, Bio/Healthcare, and Telecom & Value-added Services sectors were the top recipients of VC investments.
• M&A and trade sale exits became more common due to the challenges in IPOs.
• The M&A market remained active, with Energy & Mineral, Machinery Manufacturing, and Construction/Engineering leading.
• Chinese enterprises' IPOs were concentrated in domestic exchanges, especially ChiNext, with a notable drop in both number and financing amount compared to previous years.
• The LP market expanded, with institutional investors playing an increasingly important role.