2017-投资界电子周刊No0545-英文版_13页_465kb

报告摘要

PEdaily E-Magazine Issue No. 545 Summary

Core Content

This issue of PEdaily E-Magazine (No. 545, published on August 10, 2012) provides a comprehensive overview of the state of China's venture capital (VC) and private equity (PE) markets in the first half of 2012, along with several key industry developments and investment news.

Main Points of the VC Market Report

Market Performance in H1'12

The Chinese VC market experienced a slow growth in H1'12 due to the global economic slowdown and the worsening European debt crisis.
Fundraising reached a two-year low, returning to levels last seen in H2'09.
RMB funds dominated the market, accounting for over 90% of total fundraising.
Investment activity rebounded to an average level seen in 2010.
Beijing remained the top investment hub.
The Internet sector attracted the most attention from VC institutions.
IPO exits declined sharply, prompting VC firms to explore diversified exit options.

Data Sources

The report is based on the China VC Market Survey Q1'12, China Venture Capital Report Q1 2012, China VC Market Survey Q2'12, and China Venture Capital Report Q2 2012 from the Zero2IPO Research Center.
Zero2IPO has been conducting nationwide VC market surveys since 2001, with quarterly and annual rankings and reports.

Key Industry News

1. Shuangcheng Pharma Goes Public on SZSE

Hainan Shuangcheng Pharmaceuticals Co., Ltd. listed on SZSE on August 8, 2012.
Issued 30 million shares at RMB20 per share, with a P/E ratio of 35.09.
Proceeds will be used for technical upgrades and R&D center construction.
Acquired by five domestic PEs in July 2010, including:
- Zhongjin Venture Capital (US$4.38M, 3.4% stake)
- Shenzhen Nanhai Growth Chuangke Investment Partnership (US$3.22M, 2.5% stake)
- Changsha Guigu (US$4.64M, 2.27% stake)
- Wuhan Guigu (US$4.64M, 1.33% stake)

2. NCSSF Acquires Shares of CCB Life

NCSSF invested RMB1.15B in CCB Life Insurance Co., Ltd., becoming the third largest shareholder.
This is not the first time NCSSF has invested in insurance companies; it previously invested RMB10B in PICCP&C and made multiple secondary market purchases.
By the end of 2011, NCSSF had invested in 13 equity funds, with a committed amount of RMB19.5B and RMB15.58B in disclosed deals.

3. Xiaomi Acquires MSNLite Team

Xiaomi officially acquired MSNLite Team on August 8, 2012.
MSNLite is a third-party software compatible with Microsoft MSN, with 1 million active users.
The acquisition is expected to support the development of MiTalk PC client terminal.
Xiaomi has established an IM lab and currently has over 17 million registered users for MiTalk.

4. S-I Closes Round B Fundraising

S-I, a provider of integrated information security solutions, completed Round B fundraising of nearly RMB100M.
Investors included Softbank China, Pudong Science and Technology Investment, and Wanfeng Jinyuan Investment.
Hua Ping, Managing Partner of Softbank China, joined the Board of Directors.
S-I is based in Shanghai and offers services in consulting, data security, and information optimization.

5. Yurong Network Completes New Round of Financing

Yurong Network (a subsidiary of CYOU) announced plans to submit an IPO prospectus confidentially to the SEC.
The purpose of the IPO is to float shares and attract talent through equity incentives.
The IPO will proceed if the F-I form is submitted and approved by the SEC.

6. Innovation Works Raises US$150M

Innovation Works Development Fund II raised nearly US$150M.
The fund was confirmed by Kai-Fu Lee, Chairman of Innovation Works.
Previously, Innovation Works raised US$180M in September 2011 and RMB700M from Tencent in June 2012.
Since its establishment in 2009, Innovation Works has invested in nearly 50 projects, with 18 receiving Round A and a few nearing Round B.

7. Asia Alternatives Raises US$1.5B

Asia Alternatives completed a US$1.5B fundraising across multiple parallel funds.
The largest fund was Asia Alternatives Capital Partners III, LP with US$908M.
Other parallel funds raised US$600M in total.
Supported funds in China include Capital Today, CDH Investment, CITIC Private Equity Funds, and others.