PIPE is a private equity fund, and it is an investment method that the same fund or other qualified investors buy shares of listed companies at a certain discount rate from the market price to expand the company's capital. PIPE is mainly divided into two forms: traditional type and structural type. In traditional PIPE, the issuer issues priority or common stock to PIPE investors at a set price to expand its capital. The structural PIPE is to issue convertible bonds.

characteristics of PIPE: this financing method is very popular. compared with traditional financing methods such as secondary issuance, the financing cost and efficiency of pipe are relatively high. In the issue of PIPE, there is less scrutiny by regulators, and there is no need for expensive roadshows, which greatly reduces the cost and time of obtaining capital. PIPE is more suitable for some listed companies that have rapidly grown into medium-sized enterprises, and they have no time and energy to cope with the complicated procedures of traditional equity financing.

from p>27 to 211, the number of investment cases in China private equity investment market PIPE (private equity investment in shares of listed companies) showed an obvious growth trend, and the number of cases increased from 53 to 143, with a cumulative increase of 17%. Judging from its proportion in the whole PE investment, the number of cases increased from 15% in 27 to 37% in 211.

In terms of investment scale, the scale of PIPE investment has basically increased steadily since 27, and the disclosure scale has increased from $1.4 billion in 27 to $12.77 billion in 211, an increase of 23%. Among them, in 28, due to the global financial crisis, the investment scale declined slightly. In 29, due to the huge transaction of Temasek and Hopu investing $7.3 billion in strategic investment and construction bank, the investment scale of PIPE ranked first in the past six years. Judging from the proportion of PIPE investment in the whole PE investment scale, excluding the ultra-low and ultra-high impacts in 28 and 29, it has basically remained in the fluctuation range of 35%-45% since 21.

According to the industry distribution, the number of PIPE investment cases from p>212 to now, manufacturing, chemical industry, finance, medical and health industries are in the top four with 16, 1, 6 and 6 cases accounting for 23%, 16%, 1% and 1% respectively. According to the industry distribution, the financial industry, manufacturing industry and building materials industry accounted for 49%, 1% and 9% of US$ 3.76 billion, US$ 638 million and US$ 557 million respectively.

pipeline is one of the original Unix IPC forms supported by Linux, which has the following characteristics:

pipeline is half-duplex, and data can only flow in one direction; When communication between two parties is needed, two pipelines need to be established; Can only be used between parent-child processes or sibling processes (processes with kinship); Form an independent file system independently: a pipeline is a file for the processes at both ends of the pipeline, but it is not an ordinary file. It does not belong to a file system, but forms a file system independently and only exists in memory. Data reading and writing: what a process writes into the pipeline is read by the process at the other end of the pipeline. The written content is added to the end of the pipeline buffer every time, and the data is read from the head of the buffer every time.