第六届创业投资论坛

China VC, PE, M&A,IPO Markets Jan~Nov, 2006Gavinni,Founder, CEO & Presidentgavinni@Zero2IPO Research CenterChina Venture Capital Market Jan~Nov, 2006Zero2IPO Research CenterVC Fund Raising Steps Steadily11Q1‘05Q2‘05Q3‘05Q4‘05Q1‘06Q2‘06Q3‘06$626M$1,025M$988M$1,281M$904MNew Funds StartedTotal of Funds $945M$1,122M359149118$990M11Oct-Nov06Investment Reaches New High$334M$161M $241M$398MQ1‘05Q2‘05Q3‘05Q4‘05Q1‘06Amount Invested New Deals42Q2‘06Q3‘06$373M354662857977$438M$479M $440M107Oct-Nov06US $1.69BUS$1.17BOverall Industry BreakdownB io /h e a lth c a r e , 17, 5.6%O th e r H i-te c h , 14,4.6%S e rv ic e , 44,14.4%Tra d itio n a l,32, 10.5%O th e r, 12,3.9%B ro a d IT,186, 61.0%Number of Deals: 305Amount Invested: US$1.7B20132123132O th e r, 80.67,4.8%S e rvic e ,217.9, 12.9%T ra d itio n a l,161.69, 9.6%O th e r H i-te c h s , 60.05,3.6%B io /H e a lth c a re , 120.77,7.1%B ro a d IT ,1,050.07,62.1%132In US$MGeographical DistributionBeijingShanghaiGuangdongShenzhenJiangsuFujianHubei $731M$347M $78M$47M $39M $12MDollars $76MDealsF o re ig n ,1255.58, 74.2%S in o C o -in v e s tm e n t,125.96, 7.4%D o m e s tic ,309.62, 18.3%Who is Making the 2006 Investments?D o m e s tic , 929.8%S in o C o -in ve s tm e n t, 8,2.6%F o re ig n , 206,67.5%Number of DealsAmount Invested (US$M)68%74%Investment Stage Distribution$580MAmount InvestedEarly StageGrowth Stage Later Stage$627M$390MDeals10115334$4.5M av e r a g e $6.7M av e r a g e $12.2M av e r a g eChina Private Equity Market Jan~Nov, 2006Zero2IPO Research CenterPE Fund Raising Levels UpNew Funds StartedTotal of Funds $4,631M H1’06H2(Nov)’06Jan-Nov 06$7,530.3M$12,161.3M171835H2’06-over-H1’06 : +63% dollars, +1new fundsOverall Industry BreakdownNumber of Deals: 111Amount Invested:US$11.8BB io /h e a lth c a r e , 1,063, 9.0%S e rv ic e ,4,520.90,38.4%O th e r H i-te c h , 299.1,2.5%B ro a d IT,265.5, 2.3%Tra d itio n a l,5,623.9,47.8%123Tra d itio n a l,63, 56.8%B io /h e a lth c a r e , 6, 5.4%S e rv ic e , 20,18.0%O th e r H i-te c h , 9, 8.1%B ro a d IT, 13,11.7%12In US$MGeographical DistributionBeijingShanghaiShandongHunanJiangsuZhejiangHenanXingjiang $4,848.0M$1,835.0M $749.7M$643.6M$572.2M $275.0M $233.8M Dollars$685.3MDealsInvestment DistributionNumber of Deals: 111Amount Invested:US$11.8B123B rid g e, 6,5.4%P IP E , 13,11.7%R eale state,20, 18.0%B u yo u t, 12,10.8%G ro w th C ap ita l, 60,54.1%123B rid g e,2,797.20,23.8%P IP E ,2,323.50,19.7%G ro w thC ap ital,2,670.60,22.7%B u yo u t,2,368.10,20.1%R ealestate,1,613.30,13.7%123In US$MVC/PE-Backed ExitsBreakdown by IndustryBreakdown by Exit OptionB io /h e alth ca r e, 7, 4.9%O th e rs, 16,11.1%IT, 49, 34.0%O th e r H i-tec h ,13, 9.0%Tra d itio n a l,37, 25.7%S erv ice , 22,15.3%321231M B O , 7, 4.9%L iq u id atio n , 5,3.5%M &A , 14, 9.7%IP O , 67, 46.5%O th er, 15,10.4%Trad e sale,36, 25.0%123China Enterprises Overseas & Domestic IPO, Jan~Nov, 2006Zero2IPO Research Center28VC/PE-backed IPOsEast Gate Capital (VC)Traditional (Engineering)SGX16/01/2006Shanghai Turbo Enterprises Ltd.（上海动力）Acits China (PE), Standard Chartered Private Equity (PE), JAFCO (VC)IT(Telecommunications)NASDAQ29/03/2006China Grentech Corp. Ltd.（国人通信）Shanghai New Margin (VC)IT (Software)NASDAQ 23/03/2006Efuture Information Technology Inc.（富基旋风）HSBC Private Equity (Asia) (PE), JAFCO Asia (VC)Other Hi-Tech (New Energy)NASDAQ19/11/2006Canadian Solar Inc.（加拿大太阳能公司）SIG(VC), IDG(VC),AsiaStar IT Fund(VC)Services(Restaurants & Food)NASDAQ26/10/2006Home Inns & Hotels Management Inc.（如家连锁酒店）VC/PEIndustryMarket Date of ListingCompany28 VC/PE-backed IPOsAcelevel (PE), Capital Guru (VC)Other Hi-Tech (Environmental Protection)SGX28/04/2006Sino-Environment Tech Group. Ltd.（中华环保）Aventures 1 (VC)Healthcare (Pharmaceuticals)SGX15/02/2006StarPharmaceutical Ltd.（斯达制药）3VS1 Asia Growth Fund Ltd (PE), Aventures 1 Pte Ltd (VC), NewSmith Opportunities Private Equity Fund LP (PE)Traditional (Materials)SGX20/10/2006Sino Techfiber Ltd.（中国合成革高科）Legacy Partners Limited (PE), Legacy Venture Capital Ltd.(VC)Traditional (Machinery Manufacturing)SGX20/10/2006ChinaBearing(Singapore )Ltd.（中国轴承）International Finance Corporation (PE)Other Hi-Tech (Environmental Protection)SGX6/10/2006Epure International Ltd.（伊普国际）VC/PEIndustryMarketDate of ListingCompany28 VC/PE-backed IPOsTsinlien Venture Capital (VC)Traditional (Logistics)HKSE 24/05/2006Tianjin Port Development Holdings Ltd.（天津港发展控股）Shanghai New Margin (VC)Healthcare (Pharmaceuticals)SEDAQ 27/02/2006Biosino Bio-Technology and Science Inc.（中生北控）UOBVSL (PE), UOBCI (PE), HL Bank Nominees (PE), APL (VC)Services (Education & Training )SEDAQ01/06/2006Oriental Century Ltd.（东方纪元）ACIF (PE), Aventures (PE) Traditional (Machinery Manufacturing)SGX08/05/2006China Precision Technology ltd.（中兴精密技术）WL Asia (PE), Good Speed(PE), Harbour Full (PE)Traditional (Textiles)SGX05/05/2006Midsouth Holdings Ltd.（中南控股）VC/PEIndustryMarketDate of ListingCompany28 VC/PE-backed IPOsRonsace (PE)Traditional (Fiber)HKSE21/06/2006Jilin Qifeng Chemical Fiber Co., Ltd（吉林奇峰化纤）JP Morgan Securities (PE), Stark Investment (PE)Traditional (Real Estate)HKSE13/07/2006Greentown China Holdings Limited（绿城控股）CITI group (PE),Value Partners Funds (PE), Standard Chartered Bank (Hongkong)Limited (PE)Traditional (Real Estate)HKSE04/10/2006Shui On Land Limited （瑞安房地产）Standard Chartered Private Equity (PE),Morgan Stanley Real Estate Fund (PE),CCBI Asset Management (PE)Traditional (Real Estate)HKSE05/07/2006Shimao Property Holdings Ltd（世茂房地产）VC/PEIndustryMarket Date of ListingCompany28 VC/PE-backed IPOsIDG (VC)IT (Software)Shenzhen SME Board23/08/2006YGSOFT Corporation （广东远光软件）Shenzhen Capital Group Co., Ltd. (VC)Other Hi-Tech (New Materials)Shenzhen SME Board 20/11/2006Sinoma Science & Technology Co. Ltd.（中材科技）Zhejiang Venture Capital Group Co., Ltd. (VC)Traditional (Materials)Shenzhen SME Board 23/08/2006Beijing RuiTai High-temperature Materials & Technology Co.,Ltd （北京瑞泰高温材料）Shenzhen Fortune Venture Capital Co.Ltd. (VC),Shenzhen Capital Group Co., Ltd.VC),IER Venture Capital Co.,Ltd (VC), Shenzhen High-tech Investment Guarantee Co., Ltd (VC)IT(Broadcasting)Shenzhen SME Board12/06/2006Coship Electronics Co.,Ltd （深圳市同洲电子）VC/PEIndustry Market Date of ListingCompany28 VC/PE-backed IPOsRBS China (PE), Asia Financial Holdings Pte Ltd.(PE), UBS AG (PE), Asian Development Bank (PE)Services(Financial Services)SSE 、HKSE01/06/2006Bank of China Limited （中国银行）Goldman Sachs (PE)Services(Financial Services)SSE 、HKSE27/10/2006ICBC（中国工商银行）GS Capital Partners V Fund, L.P (PE)Health (Medical Devices & Equipment)NYSE27/09/2006Mindray Medical International Ltd.（迈瑞）Tigerstep Developments Limited (VC)Services(Education & Training)NYSE07/09/2006New Oriental Education & Technology Group Inc.（新东方）China HongTa Venture Capital Investment Co., Ltd (VC)Traditional (Machinery Manufacturing)Shenzhen SME Board12/10/2006Jiangsu Hongbao Group hardware Co., Ltd.（江苏宏宝五金）VC/PEIndustryMarketDate of ListingCompanyChina M&A MarketJan~Nov, 2006Zero2IPO Research CenterM&A Market Shows Robust Growth$3,658M$6,977M$10,635MH1’06H2(Nov)’06Jan-Nov 066670136Disclosed New DealsDisclosed Value Disclosed Value Total Deals with(US$M) Deals Disclosed Values H1’06 3,657.80 66 41H2(Nov)’066,977.427042Total Disclosed Value: US$10,635M Total Disclosed Deals: 136Cross-border Deals$1,092M$998M $2,351MQ1’06Q2’06Q3’0612922Disclosed New DealsDisclosed Value Disclosed Value Total Deals with(US$M) Deals Disclosed ValuesQ11,091.95 12 9Q2998.459 4Q3 2,350.552213Q4(Nov)3,371.18 1811Total Disclosed Value:US$7,812M Total Disclosed Deals: 61Q4(Nov)’0618$3,371MIndustry Distribution$2,088M$307M$2,981MTMT Healthcare Energy75911Disclosed New DealsDisclosed ValueDisclosed Value Total Deals with(US$M) Deals Disclosed ValueTMT 2,087.66 75 42Healthcare 306.65 9 8Energy2,980.8311 10Total Disclosed Value: US$5,375M Total Disclosed Deals: 95VC/PE-backed Deals Grow Steadily$451M $977MH1’06H2(Nov)’06Disclosed Value Disclosed Value Total Deals with(US$M) Deals Disclosed ValueH1’06451.41 14 8H2(Nov)’06 976.97 13 8Jan-Nov 061,428.3827 161413Disclosed New DealsTotal Disclosed Value: US$1,428M Total Disclosed Deals: 27Jan-Nov 0627$1,428MChina Venture Capital MarketIT deals dropped 10% year-on-year and shifted to clean energy, bio/healthcare and new media. The shift is not temporary but a reflection of new investment interests of VCs.Total investment amount is expected to break $1.7B in 2006, creating the historical high.Early Stage investment surpassed growth stage in deal no., reflecting the interests of VCs, especially foreign VCs.China Private Equity MarketBuyout funds raised the most money in 2006, which should invest heavily in 2007.Newly-raised Asia-focused PE funds swarm into China. The trend shows no sign of rest.Real estate were spotlighted keeping pace with China GDP growth.PIPE Should increase due to full circulation.Given government policy has signaled to control foreign M&A for Chinese firms in sensitive industries.China VC/PE-backed IPO Debuts of Bank of China & ICBC led the largest-ever overseas fundraising amount in history.Circular 10 will deter the red-chip model to debut overseas.More Chinese firms will choose list on China capital markets due to improvements of environments and obstacles for overseas debuts. Foreign VCs with RMB funds may choose to exit on domestic capital markets.China M&A MarketCross-bordered deals boomed in 2006, contributed by foreign buyers. Large-scale SOEs are encouraged to acquire foreign companies.Newly-enacted government laws are unfavorable for foreign buyers in 2007.TMT sectors were most dynamic in 2006 and expected to remain so in 2007.。