In the past five years, the scale of private equity fund industry in Shenzhen has been on the rise, with the average annual growth rate of the number of surviving private equity funds and the management scale reaching 65,438+03.0% and 8.0% respectively. By the end of 20021,4,308 private equity fund managers in Shenzhen had managed a total of private equity funds19,783, with a management scale of 2.27 trillion yuan, up by 20.8% and 15. 1% respectively compared with the end of 2020, accounting for 60% of the number and management scale of private equity funds in the same period in China.
By the end of 20021,there were 47 private equity fund managers with a scale of over 10 billion in Shenzhen, with a total management scale of 97 1 1 billion yuan, which increased by 5 1.6% and 47.0% respectively compared with the end of 20 19, accounting for all private equity fund managers in Shenzhen.
Among them, the number of managers of private investment funds above 100 billion has grown by leaps and bounds, reaching 13, with a total management scale of 301300 million yuan, up by 333.3% and 686.7% respectively compared with the end of 20 19; 3 1 home 100 billion yuan, the management scale of private venture capital fund managers totaled 61430 million yuan, increasing by 40.9% and 20.6% respectively compared with the end of 20 19.
According to the report, in 20021year, Shenzhen Securities Regulatory Bureau, with the guidance and support of the CPC Central Committee, the State Council and China Securities Regulatory Commission, thoroughly implemented the new development concept, actively served the overall situation of the national strategy, seized the opportunity of pilot development of dual-zone construction and comprehensive reform, paid attention to risk disposal on the one hand and industry development on the other, and pushed the private equity fund industry in Shenzhen to move forward to standardized development continuously.
Over the past year, the ability of Shenzhen private equity fund industry to serve the real economy has been enhanced, the industry scale and institutional quality have been improved, characteristic businesses have blossomed everywhere, the risk base has been basically clear, the incremental risks have been controlled, the overall risks have tended to converge, and a positive industry ecology has gradually taken shape.
First of all, the development of private equity industry is qualitative and Shuang Sheng.
(1) The industrial scale has grown steadily.
In the past five years, the scale of private equity fund industry in Shenzhen has been on the rise, with the average annual growth rate of the number of surviving private equity funds and the management scale reaching 65,438+03.0% and 8.0% respectively. By the end of 20021,4,308 private equity fund managers in Shenzhen had managed a total of private equity funds19,783, with a management scale of 2.27 trillion yuan, up by 20.8% and 15. 1% respectively compared with the end of 2020, accounting for 60% of the number and management scale of private equity funds in the same period in China. Among them, there are 69 14 private equity venture capital funds, and the management scale is1471kloc-0/billion yuan, up by 7.8% and 6.2% respectively compared with the end of 2020; There are only12,476 private equity investment funds, with a management scale of 649.4 billion yuan, up by 3 1.9% and 56.3% respectively compared with the end of 2020; There are 3 private asset allocation funds with a management scale of 65.438+0.6 billion yuan, up by 50.0% and 45.5% respectively compared with the end of 2020. In 20021year, private equity investment funds achieved explosive growth, with 4,536 new filing funds and 654.38+600 billion yuan of new filing funds, increasing by 40.0% and 59.7% respectively compared with the end of 2020.
Figure 1: Survival trend of private equity funds in Shenzhen in recent five years Source: China Asset Management Association (AMAC)
(2) The management strength has been continuously enhanced.
After decades of development, the comprehensive strength of Shenzhen private equity fund managers has been significantly enhanced. Capital strength has steadily increased. By the end of 20021,the paid-in capital of private fund managers in Shenzhen totaled178.3 billion yuan, an increase of 27.9% compared with the end of 2020. Among them, the paid-in capital of 19 1 private fund managers exceeded 1 billion yuan, and the total paid-in capital was 1, 31billion yuan, an increase of 45 1% compared with the end of 2020. The forms of ownership are increasingly diversified. Although the ownership type of Shenzhen private equity fund managers is mainly private equity, the proportion of state-owned assets and foreign capital background is gradually increasing. There are 39 10 private fund managers with private placement background, a decrease of 3.7% compared with the end of 2020; There are 189 private fund managers with state-owned assets background, an increase of1.6% compared with the end of 2020; There are 78 private fund managers with foreign holding background, an increase of 65,438+0.3% compared with the end of 2020. The professional ability of employees has been greatly improved. The number of employees who have obtained the qualification of private fund managers in Shenzhen has reached 25,300, accounting for 87.5%, up 24.2 percentage points from the end of 2020.
(3) Ten billion institutions continue to expand.
In the past three years, the number of private fund managers with management scale exceeding10 billion yuan in Shenzhen has continued to grow, and the head camp has accelerated its expansion. By the end of 20021,there were 47 private equity fund managers with a scale of over 10 billion in Shenzhen, with a total management scale of 97 1 1 billion yuan, which increased by 5 1.6% and 47.0% respectively compared with the end of 20 19, accounting for all private equity fund managers in Shenzhen. Among them, the number of managers of private investment funds above 100 billion has grown by leaps and bounds, reaching 13, with a total management scale of 301300 million yuan, up by 333.3% and 686.7% respectively compared with the end of 20 19; 3 1 home 100 billion yuan, the management scale of private venture capital fund managers totaled 61430 million yuan, increasing by 40.9% and 20.6% respectively compared with the end of 20 19.
Figure 2: Changes of managers of tens of billions of private equity funds in Shenzhen in recent three years Source: China Asset Management Association (AMAC).
(4) The industrial structure has been optimized.
Figure 3: Structural changes of private equity fund industry in Shenzhen in recent three years Source: China Asset Management Association (AMAC).
(e) Financing sources tend to be diversified.
Figure 4: Investment distribution of private equity investors in Shenzhen at the end of 20021(100 million yuan)
Source: China Asset Management Association (AMAC).
Second, the functions of service entities have been continuously enhanced.
(A) direct financing of service enterprises
Shenzhen private equity venture capital industry is playing an increasingly important role in supporting direct financing and promoting the listing of enterprises. By the end of 20021,Shenzhen private equity venture capital fund had invested in 17096 projects and 13000 national enterprises, including more than 8,000 small and medium-sized enterprises and more than 4,300 local enterprises. The principal investment was 976.9 billion yuan, including nearly 400 billion yuan from small and medium-sized enterprises and nearly 300 billion yuan from high-tech enterprises, which continuously cultivated high-quality enterprises such as Contemporary Anpu Technology Co., Ltd., Huada Gene, Yiheda, Western Superconductor and Huada Jiutian. By the end of 20021,Shenzhen private equity venture capital industry had helped nearly 500 enterprises to go public at home and abroad, of which 202 1 helped 175 enterprises to go public, an increase of 68.3% compared with 2020.
(2) Promoting industrial transformation and upgrading
Shenzhen private equity venture capital industry mainly focuses on early investment in science and technology and small investment, actively deploys strategic emerging industries, and promotes industrial transformation and upgrading with remarkable results. By the end of 20021,Shenzhen private equity venture capital fund had invested in 10934 small and medium-sized enterprise projects, accounting for 63.9% of all the investment projects of Shenzhen private equity venture capital fund, and the investment principal was 303.9 billion yuan, accounting for 31.1%of the total investment principal of Shenzhen private equity venture capital fund; Among them, there are 7380 investment projects in seed stage and initial stage, accounting for 43.2%, and the principal invested is 244.2 billion yuan, accounting for 25.0%. There are 7939 investment projects invested in high-tech enterprises, accounting for 46.4% of all investment projects of Shenzhen private equity venture capital fund, with an investment principal of 269.6 billion yuan, accounting for 27.6% of the total investment principal of Shenzhen private equity venture capital fund; Among them, 3,537 projects were invested in start-up technology-based enterprises, accounting for 20.7% of the investment projects of Shenzhen private equity venture capital fund, and the investment principal was 59.7 billion yuan, accounting for 6. 1% of the investment principal of Shenzhen private equity venture capital fund. In 2002 1 year, the investment of Shenzhen private equity venture capital fund in strategic emerging industries such as semiconductor, medicine, biotechnology and communication equipment increased rapidly, and the cumulative investment rounds reached1,505, 569 and 232 respectively, which were 82.0%, 50.5% and 42.3% higher than the end of 2020.
Figure 5: Distribution of investment projects of private equity venture capital funds in Shenzhen at the end of 20021Source: China Asset Management Association (AMAC).
(3) accelerate two-way opening to the outside world.
Under the background of dual-zone driving and dual-zone overlapping, Shenzhen private equity fund industry firmly grasps the policy opportunities such as QFLP pilot, QDIE pilot and WFOEPFM pilot, and accelerates the expansion of cross-border business. By the end of 20021,Shenzhen * * had a total of private equity fund managers 17 1 (accounting for 66.7% of Hong Kong-funded enterprises), and managed 53 private equity funds, with a management scale of 7.55 billion US dollars, up by 8.9%, 39.5% and 30.5% respectively compared with the end of 2020. 69 private equity fund managers obtained the qualification of QDIE pilot business, with a total approved amount of US$ 65.438+99 billion, and managed 85 QDIE private equity funds, increasing by 43.8%, 28.0% and 654.38+09.7% respectively compared with the end of 2020. Four private equity fund managers obtained the qualification of WFOEPFM pilot business, and managed three WFOEPFM private equity funds, with a management scale of 40 million yuan, increasing by 300.0%, 50.0% and 90.4% respectively compared with the end of 2020.
(4) Actively practicing social responsibility.
Shenzhen private equity fund industry gives full play to its own advantages and fulfills its social responsibilities with practical actions. In terms of party building, Shenzhen Venture Capital invested in a private enterprise, made great efforts to build a brand of party building with the characteristics of party branches, empowered private enterprises to innovate and develop with party building, promoted 55 invested enterprises to set up party branches, and won the demonstration project of Party building leading grassroots governance and party struggle in Shenzhen. In terms of serving green industries, companies such as Shenzhen Venture Capital and China Guangdong Nuclear Power Co., Ltd. actively practice ESG investment concepts and increase investment in green and low-carbon fields, with a total investment in green industries exceeding 20 billion yuan. In terms of supporting social welfare, Oriental Harbor was rated as a public welfare enterprise in China Public Welfare Annual Meeting 202 1 year by Public Welfare Times, and the company donated more than 65438+300 million yuan. Shenzhen Venture Capital actively assisted rural revitalization and student aid projects, with a total investment of 6.5 million yuan, completed 6 assistance projects 16, provided medical assistance to help more than 400 sick villagers, and provided education subsidies to help poor students 100; Tongchuang Ye Wei donated 2 million yuan to help fight the epidemic; Chengqi assets donated 6,543,800 yuan to support flood control and disaster relief in Henan; Kaifeng Investment, Songhe Capital and other companies set up special foundations, and the total amount of various donations exceeded 10 million.
Third, the characteristic business leads the development of the industry.
(a) to guide the fund to promote the layout
In recent years, Shenzhen Municipal Government has strengthened policy support, increased capital investment, fully played the role of guiding fund, and accelerated the development of 20+8 strategic emerging industries and future industries. By the end of 20021,two levels of government in urban areas had set up four government guidance funds 14, with a total fund size of156.7 billion yuan, and the paid-in financial contribution exceeded 98%, with a scale of154.5 billion yuan. Among them, the scale of Shenzhen City Guidance Fund exceeds 1 100 billion yuan, and * * * participates in sub-fund 1 43, and the total scale of participating funds exceeds 470 billion yuan, accounting for nearly four times of the proportion of inciting social capital; There are more than 3,000 direct investment sub-funds, and more than 2,600 projects in seven strategic emerging fields, accounting for about 86% of the direct investment sub-funds, with an investment of more than 654.38+800 billion yuan, accounting for about 84% of the direct investment sub-funds; Among the invested projects, more than 700 enterprises have obtained follow-up financing, including more than 90 listed enterprises/KLOC-0, more than 70 national specialized new giants/KLOC-0 and more than 80 unicorn enterprises/KLOC-0.
(B) Venture capital funds to help innovation
The scale of Shenzhen Venture Capital Fund has grown steadily, constantly exerting the function of innovation accelerator and actively helping the industrialization of scientific and technological achievements. By the end of 20021,there were 2 133 venture capital funds in Shenzhen, with a management scale of 266.7 billion yuan, increasing by 37. 1% and 33.6% respectively compared with the end of 2020. In 20021year, there were 662 newly registered venture capital funds in Shenzhen, and the management scale of newly registered venture capital funds was 36.6 billion yuan, increasing by 58.4% and 2 1.3% respectively compared with 2020. The investment participation of venture capital funds has been continuously improved, with 9967 investment rounds, an increase of 38.0% compared with the end of 2020. Venture capital funds actively deploy strategic emerging industries. The top five industries with investment projects are information technology services, semiconductors, electronic equipment, Internet services and machinery manufacturing, with a total of 3,868 projects, accounting for 49.9% of all investment projects of Shenzhen Venture Capital Fund. The top five industries in terms of investment capital are information technology services, semiconductors, electronic equipment, biotechnology and machinery manufacturing, with a total investment capital of 74.03 billion yuan, accounting for 45.7% of the total investment capital of Shenzhen Venture Capital Fund.
(C) M&A Fund Structure Optimization
In recent two years, the scale of M&A funds has declined, but the overall structure tends to be optimized. By the end of 20021,there were 426 managers of SZSE * * * private equity funds and 852 M&A funds, with a management scale of 265 billion yuan, which decreased by 5.3%, 5. 1% and 0.8% respectively compared with the end of 2020. From the development trend, the development of M&A funds in Shenzhen presents three characteristics: the head effect is more obvious, and there are 16 M&A funds with a management scale of more than 3 billion yuan, with a management scale of 97 1 100 million yuan, up by 6.7% and16.9% respectively compared with the end of 2020; The main body is relatively concentrated. By the end of 20021,the proportion of institutional investors' investment in Shenzhen M&A fund investors' investment rose to 9 1.4%, while the proportion of natural person investors' investment decreased to 8.6%. To play a more active role, M&A Fund increased its investment in strategic emerging fields, investing in 888 industrial projects in emerging fields such as information technology services, electronic equipment and medical care, with a principal of 66.9 billion yuan, accounting for 5 1.7% and 32.5% of all investment projects of Shenzhen M&A Fund respectively, and the cumulative investment rounds increased by18.2 compared with the end of 2020. Among them, the growth rate of semiconductors is the most obvious, and the cumulative investment rounds have increased by 70.7% compared with the end of 2020.
Figure 6: Distribution of M&A fund investment industries at the end of 20021Source: China Asset Management Association (AMAC).
(D) the rapid growth of quantitative funds
(5) Multi-point flowering of characteristic trajectory
In recent years, Shenzhen private equity fund managers have accelerated their penetration into sub-sectors, and the characteristic track has blossomed more. Among the managers of private venture capital funds, there are various specialized institutions that focus on sub-sectors, such as Songhe Capital and China Resources Capital, which focus on hard technology tracks, high-quality and shared growth of biomedical tracks, Tiantu Capital and Black Ant Capital, which focus on consumption upgrading, cornerstone capital in the field of artificial intelligence, and investment promotion venture capital. Among the managers of private equity investment funds, Linyuan Investment and Xinsizhe Investment with long-term value investment, Kaifeng Investment with emphasis on macro strategy, Chengqi Assets with emphasis on quantitative strategy and Shenzhen Faner all show comparative advantages in their respective fields. In addition, Shenzhen private equity fund management companies continue to explore innovative business. For example, on 20021,Shenzhen Venture Capital issued the first public offering REITs for logistics and warehousing in Shenzhen Stock Exchange, and initiated the establishment of the first RMB-based reorganization continuation fund in China.
Fourth, the industry has gradually formed a good ecology.
(A) Industry risks tend to converge
Faced with the problem of pseudo-private placement and disorderly private placement, in the past two years, with the strong support of the Municipal Finance Bureau, Shenzhen Securities Regulatory Bureau has organized more than 4,000 private placement institutions in Shenzhen to carry out self-examination and self-correction by means of self-examination, risk monitoring, on-site inspection and disposal, to find out the risk base of the industry, strengthen accountability and punishment, and adopted more than 70 regulatory measures/kloc-0 to inform criminal clues and abnormal situations according to law. With the further strengthening of daily supervision, the further transmission of regulatory pressure and the further optimization of cooperation between the central and local governments, the number of yellow institutions in Shenzhen has continued to decline, and the proportion of green institutions has increased from 58.3% at the end of 2020 to 80. 1% at the end of 202. 202 1 The number of complaints and reports of newly-increased private equity funds decreased by 54.32% compared with the end of 2020. The chain of mutual infection of industry risks was blocked, the momentum of risk spread was curbed, and the incremental risks were effectively controlled. The risk base of private equity funds in Shenzhen was basically clear, and the overall risks of the industry tended to converge.
(B) the effective integration of science and technology supervision
In recent years, Shenzhen Securities Regulatory Bureau has closely relied on local government resources and cooperated with Shenzhen Qianhai Administration to establish a private equity fund supervision system. Establish a risk monitoring index system, summarize and form a risk monitoring index system for private equity funds, and the risk identification rate of fake private equity is as high as 80%; Improve the effectiveness of risk monitoring, extract 14 risk themes, such as overdue risk, lost contact risk, self-financing and self-use, and in-vitro dissociation, and automatically scan, analyze and warn, so as to effectively identify risky private equity institutions; Innovate the private equity supervision mode, and embed modules such as one-click generation of off-site inspection reports, statistical reports, quarterly industry supervision reports, self-inspection and self-correction reports of more than 4,000 private equity institutions, one-click assignment of risk verification tasks, and one-click feedback of self-inspection and self-correction results to achieve efficient integration of technology and supervision business.
(3) Preliminary establishment of ecosystem
Effectively coordinate self-supervision.
Shenzhen Securities Regulatory Bureau guides Shenzhen Private Equity Association to give full play to the functions of supervision assistant service experts and develop assistants. Perform self-discipline management duties, carry out self-examination and self-correction telephone calls for more than 2,000 times, participate in self-discipline inspection of nearly 300 private equity institutions, and carry out investment teaching through multiple channels; Promote the development of industry norms, explore the establishment of a white list mechanism, formulate model fund contracts and necessary clauses, carry out special research projects, actively contact local resources, and achieve a new breakthrough in the effective coordination of self-discipline and supervision of private equity industry in Shenzhen.
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