According to the investment quota, there are about 200 venture capital cases in China every year. In 2005, local venture capital invested in 83 companies and foreign capital invested in 126 companies. The number of investors is upside down, and foreign companies surpass local venture capital companies. The investment of local venture capital companies has not changed much, and it is still $654.38+$600 million, while the investment of foreign venture capital has reached $730 million, nearly five times that of local venture capital.
Since 2006, the absolute advantage of foreign venture capital companies has been further strengthened. In 2006, 40 private equity funds that can be invested in Chinese mainland were established, raising 654.38+0.42 billion US dollars. In the first quarter of 2007, 654.38+07 private equity funds that can invest in Chinese mainland completed raising funds, raising 7.6 billion US dollars. In the second quarter, 654.38+05 PE companies that can invest in Chinese mainland completed fundraising, raising 50 million US dollars.
Second, a large number of enterprises invested by PE are listed overseas. The main exit channels of PE in China are public offering and listing. 17 cases of PE investment withdrawal since 2006, 16 cases have been withdrawn by IPO, accounting for 94. 1%. In the first quarter of 2007, * * 9 PE investment enterprises successfully went public, and in the second quarter, * * *, there were 19 exit transactions, including 65438+.
From 2002 to 2005, 80%, 79%, 72%, 68% and 64% of PE investment enterprises withdrew from IPO respectively. This shows that at present, China's PE investment is more concentrated in the initial stage of listing, and the short-term interest drive is more obvious.
On the other hand, overseas companies (including Hongkong) are the main places for public listing, such as Mengniu, Yi Bei, Sina, Shanda, AsiaInfo and Wuxi Suntech.
According to incomplete statistics, by the end of 2006, there were more than 400 China enterprises listed overseas, of which more than 80% were listed in red chip mode. Among them, 865,438+0 enterprises went public overseas in 2005, raising $20.49 billion, and 86 enterprises went public overseas in 2006, raising $44 billion.
Third, various financial institutions began to enter the PE market. In recent years, driven by the good performance of PE at home and abroad, various financial institutions have begun to look to the PE market and have entered the market one after another.
Under the framework of the fund trust plan, trust companies have entered the PE market on a large scale, and the trust competition in the PE field is more active. In addition to trust companies, securities companies are also actively preparing for direct equity investment. Goldman Sachs' investment in western mining industry has achieved remarkable results, and domestic brokers are also actively promoting it, hoping to make direct equity investment with their own funds in the form of subsidiaries.
In the State Council's Opinions on the Reform and Development of Insurance Industry, insurance companies have obtained the qualification of "conducting pilot projects of insurance funds to invest in real estate and venture capital enterprises". Although the CIRC is still cautious on this issue, there are no legal restrictions.
CDB actively participates in PE at the national level, such as Sino-Swiss Cooperation Fund, ASEAN-China Investment Fund and China-Belgian Direct Equity Investment Fund. Bohai Industrial Investment Fund, and recently Wenhua Fund and china-africa development fund.
In short, all kinds of domestic financial institutions, whether as managers or fund holders, are actively entering the PE market.
Fourth, the enthusiasm of local governments in the PE market has been fully mobilized. June 5438+October 2007 10, with the special approval of the State Council, Bohai Industrial Investment Fund and Bohai Industrial Investment Fund Management Company, which mainly invested in Tianjin Binhai New Area and Bohai Rim region, were formally established. The Bohai Industrial Investment Fund totaled 20 billion yuan, and the first phase raised 6.08 billion yuan. Under the demonstration effect of Bohai Industrial Fund, the enthusiasm of local governments was fully mobilized, and industrial investment funds in this region were designed one after another. In May, four industrial funds, including Guangdong Nuclear Power Fund, Shanxi Energy Fund, Shanghai Financial Fund and Sichuan Mianyang High-tech Fund, became the second batch of industrial fund pilots of the National Development and Reform Commission.
In addition, the proportion of PE investment objects in domestic traditional fields has increased, and the scale of single investment has also increased.