activewww.20ren.com
www.20ren.com 时间:2021-03-17 阅读:()
PwCPrivateEquity/VentureCapital2015Reviewand2016Outlook3March2016www.
pwccn.
comPwCTableofcontentsFundraising3Investments8Exits152016outlook22PwCFundraisingPwC30.
020.
413.
021.
219.
817.
221.
119.
429.
229.
2$277$123$130$118$137010203040506005010015020025030020112012201320142015RenminbiFundSizeNon-renminbiFundSizeFundVolumeNo.
US$billionPEandVCfundraisingremainedathealthylevels;thecapitalavailableforfinancialinvestingisconsiderablygreaterthanimpliedbythesenumbersbecauseofthedirectinvestmentactivitiesofinsurers(andotherfinancialinstitutions);governmentandindustryfunds;SOEfunds;private-companyfunds;andHNWIvehicles.
4Source:ThomsonReuters,ChinaVentureandPwCanalysisPE/VCfundraisingforChinainvestment**ExcludesPEsinvestinginChinafromnon-regionspecificfundsPwCIn2015,renminbifundsizefellby7%fromthepreviousyeartoUS$19.
8billion.
Overall,theproportionofnon-renminbifundsizetorenminbifundsizeappearstohavereachedabroadlysteadystate.
64%49%40%42%40%36%51%60%58%60%0%20%40%60%80%100%20112012201320142015RenminbiFundSizeNon-RenmibiFundSize5Funds:ThegrowthofRenminbifunds(2011–2015)Source:ThomsonReuters,ChinaVentureandPwCanalysisPwC2005-2015,FundraisingfortheChinamarketdominatesAsianPEwithmorethanUS$430billionraised(notincludingallocationsfromnon-Chinaspecificfunds).
$430$76$69$59$41$39$28050100150200250300350400450500China/HKJapanIndiaSKoreaSingaporeAustraliaOthersUS$billion6Source:AVCJFunds:Totalfundsraisedbyfundcountry,withgeographicpreferenceinAsia(2005–2015)PwCChinafocusedfundswerealmost10%ofglobalPEfundraisingin2015-aslightpercentagepointsdropcomparedtolastyear.
$341$390$532$486$496$47$42$32$50$49010020030040050060020112012201320142015US$billionWorldChina7Funds:PE/VCfundsraisedinChinavsROW(2011–2015)Source:ThomsonReuters,ChinaVenture,PreqinandPwCanalysisPwCInvestmentPwCWithsomanyfinancialinvestorsactive,thenumberandvalueof"PE"deals(whichincludesothercategoriesoffinancialinvestors)increased79%(byvolume)and169%(byvalue).
5293583925931,062$45.
4$45.
4$35.
4$71.
5$192.
105010015020025002004006008001,0001,20020112012201320142015AnnouncedDealVolumeAnnouncedDealValueNo.
US$billion9Privateequitydeals(2011–2015)Source:ThomsonReuters,ChinaVentureandPwCanalysisPwCTheVCindustry(andtechinvestinggenerally)wasespeciallyhotwithinvestorschasingtechopportunitiesinChinainsearchofperceivedhighgrowthopportunitiesasthegeneraleconomyslowed;earlythroughlatestagefundingroundswereclosed,withsomelargerdeals(recordedinour"PE"numbers)comingfromconsolidationinthetechsector.
9034867381,3342,7352011201220132014201505001,0001,5002,0002,5003,000AnnouncedDealVolumeNo.
10Venturecapitaldealsbyvolume(2011–2015)Source:ThomsonReuters,ChinaVentureandPwCanalysisPwCChinarepresenteda170%sharpincreaseofPE/VCdealvaluescomparedto2014andgrabbed48%worldmarketshare,whilegloballytherewasonlyanearly18%increase.
2722753083484094134367319705010015020025030035040045020112012201320142015US$billionWorldChina11Source:AVCJ,PreqinandPwCanalysisDeals:PE/VCdealvaluesChinavsROW(2011–2015)PwCHightechnologyandconsumer-relatedarestillthetoptwohottestPEdealindustrysectors,especiallyPEdealvolumeinhightechnologyincreasedby40%in2015…5536492244239946858515312674731021322422193572243123613046333559734962234212107152902004006008001000120020112012201320142015OthersRetailEnergyandPowerMediaandEntertainmentMaterialsHealthcareRealEstateFinancialServicesConsumerrelatedIndustrialsHighTechnologyNo.
12Source:ThomsonReuters,ChinaVentureandPwCanalysisPEdealvolumebyindustrysectorPwC…anddealvaluesinhightechnologysectorreachedUS$76.
8bnlastyear,anotablehighincreaseinvalueofalmostsixtimeswasrecorded.
Therewere27PE/financial-buyerdealsvaluedatmorethanUS$1bnin2015,anotherrecord.
1.
53.
36.
213.
376.
817.
33.
924.
51.
52.
019.
89.
217.
84.
317.
09.
39.
110.
98.
45.
31.
415.
402040608010012014016018020020112012201320142015OthersRetailTelecommunicationsEnergyandPowerMediaandEntertainmentHealthcareIndustrialsRealEstateConsumerrelatedMaterialsFinancialServicesHighTechnologyUS$billion13Source:ThomsonReuters,ChinaVentureandPwCanalysisPEdealvaluebyindustrysectorPwCTheoutboundtrendforPEsandfinancialbuyersisnowwellestablished,almostdoublinginnumberin2015fromtheprevioushigh;theseinvestorsaremainlyseekingoverseasassetswith"aChinaangle".
14ChinamainlandPE/Financialbuyerbackedoutbounddealvalueandvolume2726254995$13$12$1$14$16024681012141618010203040506070809010020112012201320142015AnnouncedDealVolumeAnnouncedDealValueNo.
US$billionSource:ThomsonReuters,ChinaVenture,AVCJandPwCanalysisPwCExitsPwC2015firsthalfyearwasthemoststrongestperiodofPE-backedIPOoverthelastthreeyears-therewas89IPOsanddomestic(A-Share)IPOscontinuetobethepreferredexitroute…theIPOactivitysloweddowninthesecondhalfyear.
In2015,PE/VCbackedinvestmentinThreeNewBoardlistedcompaniesreached793.
629595589308566667857355731360204060801001201401602013H12013H22014H12014H22015H12015H2IPOM&A-tradeM&A-PE16No.
Source:Zero2IPO,AVCJandPwCanalysisPE/VCbackeddealexitvolumebytype(2013–2015halfyearly)PwCTradesaleexitsbyM&Ahasreachedalowestlevelsince2011,butIPOactivityremainspositiveaslastyear.
17Source:AVCJandPwCanalysis17198351141191091221511449278124905010015020025030035020112012201320142015IPOM&A-tradeM&A-PEPE/VCbackeddealexitvolumebytypeNo.
PwCAnincreasedtrustintheIPOinChinamarketwasseenandShenzhenStockExchangelaunchesitslargestdomesticIPOinJuneof2015.
1818Source:AVCJ128918217236146432128010203040506020112012201320142015US$billionOthersNYSE/NASDAQShenzhenShanghaiAHongKongExits:ChinaPE/VCbackedIPOexits—amountsraisedbybourse(2011–2015)PwCOverseaslistingsarenolongerpopularforPE/VCbackedissuerswhileAsharemarketattractsmorecompaniestogopublic.
Especially,anewboardofstrategicemergingindustryisgoingtobelaunched,whichisintendedtobringbackoverseas-listedChinesehigh-growthandinnovativecompanies.
19Source:AVCJ27112938311811173710670454811261311041202040608010012014016018020020112012201320142015No.
OthersNYSE/NASDAQShenzhenShanghaiAHongKongExits:ChinaPE/VCbackedIPOexits—numberofexitsbybourse(2011–2015)PwCThenumbersofPEorVCbackedIPOsinChinaexceededintheUSin2015–thefirstyearovertakingafter2012.
20Source:AVCJ,ThomsonReutersandNVCA50488011777172983511411902040608010012014016018020020112012201320142015No.
USChinaExits:PEbackedIPOexitsChinavsUS—numberofexits(2011–2015)PwCThecumulativeoverhangofinvestmentstoexitsremainsaproblemfortheindustry.
Whilethenumberofexitsremainedthesamelevelaslastyear,PE/VCdealvolumedoubledatthesametime.
219034867381,3342,7355293583925931,062116130163148101171983511411905001,0001,5002,0002,5003,0003,5004,00020112012201320142015VCdealsPEdealsM&AexitIPOexitSource:ThomsonReuters,ChinaVenture,AVCJandPwCanalysisNo.
PE/VCdealvolumevsnumberofexitsPwC2016outlookPwC2016outlookTraditionalPEfacesincreasingcompetitionfromotherclassesofdirectfinancialinvestorsincludinginsurers(andotherfinancialinstitutions);governmentandindustryfunds;SOEfunds;private-companyfunds;andHNWIvehicles.
Insomeindustrysectors,therearealsodiversemodesofbusinesscooperation,andnewareasofinvestmentactivelyexploredatthesametime.
Despiteongoingdisruptioninthedomesticequitycapitalmarkets,A-sharerelatedexitsareoftenpreferredduetobettermultiples,andthistendstofavourdomesticPEsovertheirforeigncounterparts.
WeexpectoutboundPEandfinancialbuyerinvestmenttocontinuetogrow.
Wedoexpectexitstoincreaseespeciallyifmarketsstabilise,andalsowithmoresecondary(PEtoPE)activity.
23PwC2016outlook24Overall,full-year2016willlikelybearecordyearforfinancialM&A,albeitnotnecessarilyfortraditionalPEtakenalone.
AccordingtoShanghaiStockExchange,StrategicEmergingBoardwillbelaunchedinthefirsthalfof2016.
Itwillbeconducivetotheconstructionofdomesticmulti-levelcapitalmarket,andprovidethegrowthopportunitiesforinnovativecompanies.
Thetraditionalexitroutecannotsatisfythecumulativeoverhangofinvestments.
Theindustryexpertsareseekingtootherexitplan,suchasNewThreeBoard,etc.
Thankyou2016PricewaterhouseCoopersZhongTianLLP.
Allrightsreserved.
PwCreferstotheChinamemberfirm,andmaysometimesrefertothePwCnetwork.
Eachmemberfirmisaseparatelegalentity.
Pleaseseewww.
pwc.
com/structureforfurtherdetails.
pwccn.
comPwCTableofcontentsFundraising3Investments8Exits152016outlook22PwCFundraisingPwC30.
020.
413.
021.
219.
817.
221.
119.
429.
229.
2$277$123$130$118$137010203040506005010015020025030020112012201320142015RenminbiFundSizeNon-renminbiFundSizeFundVolumeNo.
US$billionPEandVCfundraisingremainedathealthylevels;thecapitalavailableforfinancialinvestingisconsiderablygreaterthanimpliedbythesenumbersbecauseofthedirectinvestmentactivitiesofinsurers(andotherfinancialinstitutions);governmentandindustryfunds;SOEfunds;private-companyfunds;andHNWIvehicles.
4Source:ThomsonReuters,ChinaVentureandPwCanalysisPE/VCfundraisingforChinainvestment**ExcludesPEsinvestinginChinafromnon-regionspecificfundsPwCIn2015,renminbifundsizefellby7%fromthepreviousyeartoUS$19.
8billion.
Overall,theproportionofnon-renminbifundsizetorenminbifundsizeappearstohavereachedabroadlysteadystate.
64%49%40%42%40%36%51%60%58%60%0%20%40%60%80%100%20112012201320142015RenminbiFundSizeNon-RenmibiFundSize5Funds:ThegrowthofRenminbifunds(2011–2015)Source:ThomsonReuters,ChinaVentureandPwCanalysisPwC2005-2015,FundraisingfortheChinamarketdominatesAsianPEwithmorethanUS$430billionraised(notincludingallocationsfromnon-Chinaspecificfunds).
$430$76$69$59$41$39$28050100150200250300350400450500China/HKJapanIndiaSKoreaSingaporeAustraliaOthersUS$billion6Source:AVCJFunds:Totalfundsraisedbyfundcountry,withgeographicpreferenceinAsia(2005–2015)PwCChinafocusedfundswerealmost10%ofglobalPEfundraisingin2015-aslightpercentagepointsdropcomparedtolastyear.
$341$390$532$486$496$47$42$32$50$49010020030040050060020112012201320142015US$billionWorldChina7Funds:PE/VCfundsraisedinChinavsROW(2011–2015)Source:ThomsonReuters,ChinaVenture,PreqinandPwCanalysisPwCInvestmentPwCWithsomanyfinancialinvestorsactive,thenumberandvalueof"PE"deals(whichincludesothercategoriesoffinancialinvestors)increased79%(byvolume)and169%(byvalue).
5293583925931,062$45.
4$45.
4$35.
4$71.
5$192.
105010015020025002004006008001,0001,20020112012201320142015AnnouncedDealVolumeAnnouncedDealValueNo.
US$billion9Privateequitydeals(2011–2015)Source:ThomsonReuters,ChinaVentureandPwCanalysisPwCTheVCindustry(andtechinvestinggenerally)wasespeciallyhotwithinvestorschasingtechopportunitiesinChinainsearchofperceivedhighgrowthopportunitiesasthegeneraleconomyslowed;earlythroughlatestagefundingroundswereclosed,withsomelargerdeals(recordedinour"PE"numbers)comingfromconsolidationinthetechsector.
9034867381,3342,7352011201220132014201505001,0001,5002,0002,5003,000AnnouncedDealVolumeNo.
10Venturecapitaldealsbyvolume(2011–2015)Source:ThomsonReuters,ChinaVentureandPwCanalysisPwCChinarepresenteda170%sharpincreaseofPE/VCdealvaluescomparedto2014andgrabbed48%worldmarketshare,whilegloballytherewasonlyanearly18%increase.
2722753083484094134367319705010015020025030035040045020112012201320142015US$billionWorldChina11Source:AVCJ,PreqinandPwCanalysisDeals:PE/VCdealvaluesChinavsROW(2011–2015)PwCHightechnologyandconsumer-relatedarestillthetoptwohottestPEdealindustrysectors,especiallyPEdealvolumeinhightechnologyincreasedby40%in2015…5536492244239946858515312674731021322422193572243123613046333559734962234212107152902004006008001000120020112012201320142015OthersRetailEnergyandPowerMediaandEntertainmentMaterialsHealthcareRealEstateFinancialServicesConsumerrelatedIndustrialsHighTechnologyNo.
12Source:ThomsonReuters,ChinaVentureandPwCanalysisPEdealvolumebyindustrysectorPwC…anddealvaluesinhightechnologysectorreachedUS$76.
8bnlastyear,anotablehighincreaseinvalueofalmostsixtimeswasrecorded.
Therewere27PE/financial-buyerdealsvaluedatmorethanUS$1bnin2015,anotherrecord.
1.
53.
36.
213.
376.
817.
33.
924.
51.
52.
019.
89.
217.
84.
317.
09.
39.
110.
98.
45.
31.
415.
402040608010012014016018020020112012201320142015OthersRetailTelecommunicationsEnergyandPowerMediaandEntertainmentHealthcareIndustrialsRealEstateConsumerrelatedMaterialsFinancialServicesHighTechnologyUS$billion13Source:ThomsonReuters,ChinaVentureandPwCanalysisPEdealvaluebyindustrysectorPwCTheoutboundtrendforPEsandfinancialbuyersisnowwellestablished,almostdoublinginnumberin2015fromtheprevioushigh;theseinvestorsaremainlyseekingoverseasassetswith"aChinaangle".
14ChinamainlandPE/Financialbuyerbackedoutbounddealvalueandvolume2726254995$13$12$1$14$16024681012141618010203040506070809010020112012201320142015AnnouncedDealVolumeAnnouncedDealValueNo.
US$billionSource:ThomsonReuters,ChinaVenture,AVCJandPwCanalysisPwCExitsPwC2015firsthalfyearwasthemoststrongestperiodofPE-backedIPOoverthelastthreeyears-therewas89IPOsanddomestic(A-Share)IPOscontinuetobethepreferredexitroute…theIPOactivitysloweddowninthesecondhalfyear.
In2015,PE/VCbackedinvestmentinThreeNewBoardlistedcompaniesreached793.
629595589308566667857355731360204060801001201401602013H12013H22014H12014H22015H12015H2IPOM&A-tradeM&A-PE16No.
Source:Zero2IPO,AVCJandPwCanalysisPE/VCbackeddealexitvolumebytype(2013–2015halfyearly)PwCTradesaleexitsbyM&Ahasreachedalowestlevelsince2011,butIPOactivityremainspositiveaslastyear.
17Source:AVCJandPwCanalysis17198351141191091221511449278124905010015020025030035020112012201320142015IPOM&A-tradeM&A-PEPE/VCbackeddealexitvolumebytypeNo.
PwCAnincreasedtrustintheIPOinChinamarketwasseenandShenzhenStockExchangelaunchesitslargestdomesticIPOinJuneof2015.
1818Source:AVCJ128918217236146432128010203040506020112012201320142015US$billionOthersNYSE/NASDAQShenzhenShanghaiAHongKongExits:ChinaPE/VCbackedIPOexits—amountsraisedbybourse(2011–2015)PwCOverseaslistingsarenolongerpopularforPE/VCbackedissuerswhileAsharemarketattractsmorecompaniestogopublic.
Especially,anewboardofstrategicemergingindustryisgoingtobelaunched,whichisintendedtobringbackoverseas-listedChinesehigh-growthandinnovativecompanies.
19Source:AVCJ27112938311811173710670454811261311041202040608010012014016018020020112012201320142015No.
OthersNYSE/NASDAQShenzhenShanghaiAHongKongExits:ChinaPE/VCbackedIPOexits—numberofexitsbybourse(2011–2015)PwCThenumbersofPEorVCbackedIPOsinChinaexceededintheUSin2015–thefirstyearovertakingafter2012.
20Source:AVCJ,ThomsonReutersandNVCA50488011777172983511411902040608010012014016018020020112012201320142015No.
USChinaExits:PEbackedIPOexitsChinavsUS—numberofexits(2011–2015)PwCThecumulativeoverhangofinvestmentstoexitsremainsaproblemfortheindustry.
Whilethenumberofexitsremainedthesamelevelaslastyear,PE/VCdealvolumedoubledatthesametime.
219034867381,3342,7355293583925931,062116130163148101171983511411905001,0001,5002,0002,5003,0003,5004,00020112012201320142015VCdealsPEdealsM&AexitIPOexitSource:ThomsonReuters,ChinaVenture,AVCJandPwCanalysisNo.
PE/VCdealvolumevsnumberofexitsPwC2016outlookPwC2016outlookTraditionalPEfacesincreasingcompetitionfromotherclassesofdirectfinancialinvestorsincludinginsurers(andotherfinancialinstitutions);governmentandindustryfunds;SOEfunds;private-companyfunds;andHNWIvehicles.
Insomeindustrysectors,therearealsodiversemodesofbusinesscooperation,andnewareasofinvestmentactivelyexploredatthesametime.
Despiteongoingdisruptioninthedomesticequitycapitalmarkets,A-sharerelatedexitsareoftenpreferredduetobettermultiples,andthistendstofavourdomesticPEsovertheirforeigncounterparts.
WeexpectoutboundPEandfinancialbuyerinvestmenttocontinuetogrow.
Wedoexpectexitstoincreaseespeciallyifmarketsstabilise,andalsowithmoresecondary(PEtoPE)activity.
23PwC2016outlook24Overall,full-year2016willlikelybearecordyearforfinancialM&A,albeitnotnecessarilyfortraditionalPEtakenalone.
AccordingtoShanghaiStockExchange,StrategicEmergingBoardwillbelaunchedinthefirsthalfof2016.
Itwillbeconducivetotheconstructionofdomesticmulti-levelcapitalmarket,andprovidethegrowthopportunitiesforinnovativecompanies.
Thetraditionalexitroutecannotsatisfythecumulativeoverhangofinvestments.
Theindustryexpertsareseekingtootherexitplan,suchasNewThreeBoard,etc.
Thankyou2016PricewaterhouseCoopersZhongTianLLP.
Allrightsreserved.
PwCreferstotheChinamemberfirm,andmaysometimesrefertothePwCnetwork.
Eachmemberfirmisaseparatelegalentity.
Pleaseseewww.
pwc.
com/structureforfurtherdetails.
- activewww.20ren.com相关文档
- photoelectronwww.20ren.com
- Taiwww.20ren.com
- Boyswww.20ren.com
- www.pwc.com/lu/asset-management
- lymphocyteswww.20ren.com
- mAwww.20ren.com
RAKsmart含站群服务器/10G带宽不限流量首月半价
RAKsmart 商家估摸着前段时间服务器囤货较多，这两个月的促销活动好像有点针对独立服务器。前面才整理到七月份的服务器活动在有一些配置上比上个月折扣力度是大很多，而且今天看到再来部分的服务器首月半价，一般这样的促销有可能是商家库存充裕。比如近期有一些服务商挖矿服务器销售不好，也都会采用这些策略，就好比电脑硬件最近也有下降。不管如何，我们选择服务器或者VPS主机要本着符合自己需求，如果业务不需要，...
统计一下racknerd正在卖的超便宜VPS，值得推荐的便宜美国VPS
racknerd从成立到现在发展是相当迅速，用最低的价格霸占了大部分低端便宜vps市场，虽然VPS价格便宜，但是VPS的质量和服务一点儿都不拉跨，服务器稳定、性能给力，尤其是售后方面时间短技术解决能力强，估计这也是racknerd这个品牌能如此成功的原因吧！ 官方网站：https://www.racknerd.com 多种加密数字货币、信用卡、PayPal、支付宝、银联、webmoney，可...
ftlcloud9元/月，美国云服务器，1G内存/1核/20g硬盘/10M带宽不限/10G防御
ftlcloud(超云)目前正在搞暑假促销，美国圣何塞数据中心的云服务器低至9元/月，系统盘与数据盘分离，支持Windows和Linux，免费防御CC攻击，自带10Gbps的DDoS防御。FTL-超云服务器的主要特色：稳定、安全、弹性、高性能的云端计算服务，快速部署，并且可根据业务需要扩展计算能力，按需付费，节约成本，提高资源的有效利用率。活动地址：https://www.ftlcloud.com...
www.20ren.com为你推荐
-
vc组合维生素C和维生素E混合胶囊有用吗,还是分开的好?阿丽克丝·布莱肯瑞吉行尸走肉第六季女演员西部妈妈网啊，又是星期天www.983mm.comwww.47683.comwww.585ccc.com手机ccc认证查询,求网址lcoc.topoffsettop和scrolltop的区别广告法新广告法哪些广告词不能用，广告违禁词大全ww.66bobo.com有的网址直接输入***.com就行了,不用WWW, 为什么?javlibrary.comImage Library Sell Photos Digital Photos Photo Sharing Photo Restoration Digital Photos Photo Albumswww.175qq.com求带名字的情侣网名！