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Venture Capital Report China | 1 Q | 2018 VENTURE CAPITAL REPORT VENTURE CAPITAL REPORT The following report presents Dow Jones VentureSource’s quarterly findings for Chinese venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 1Q 2018 include: • China venture capital fundraising increased in both amount raised and the number of funds; • Amount flowed into venture backed Chinese companies increased, although the deal number dropped; • Amount raised through mergers and acquisitions (M&As) declined; while capital raised via initial public offerings (IPOs) climbed. VENTURE CAPITAL REPORT 2 GROWTH EQUITY Starting this quarter, we are reporting on Growth Equity. VentureSource has always tracked this space, but until now they were excluded from the quarterly statistics. Please note that Growth deals will be included in the Later Stage category, a subsection of Venture Capital Investment. We define Growth Equity as a minority stake investment in privately owned, mature companies that meet the following criteria: • No prior equity investment within the first 3 years of business operations; and • A proven business model -- generating revenue or profitable; and • No VC-type round series is used by the company to label the transaction; and • At least one institutional investor participated in the deal. We recently reviewed our entire database to ensure that all companies and transactions are classified consistent with the above criteria. As a result of this review, we re-characterized thousands of historical deals from VC to Growth, or from Growth to VC. As with our Venture Capital statistics, we exclude companies formed for the sole purpose of acquiring other companies, properties, natural resources, or interests. We also exclude companies formed or owned by private equity firms. VENTURE CAPITAL REPORT 3 CHINESE VENTURE CAPITAL FUNDRAISING IMPROVED IN 1Q 2018 FUNDRAISING Chinese VC Fundraising (2015–2018) Based on multiple closings 25 $6.00 5 Chinese venture funds collected $0.38 billion in 1Q 2018. Due to a large fund, the amount raised increased by 90% from last $5.00 quarter, though the number of funds is only one more than 20 the figure of 4Q 2017. $4.00 In comparison to the same period last year, both amount 15 raised and deal number dropped by 62%. $3.00 10 Baidu Ventures RMB Fund II was the largest Chinese • $2.00 venture fund in 1Q 2018, raising $317.29 million and 5 accounting for 83% of the total amount raised in venture $1.00 capital funds during the quarter. 0 $0.00 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Amount Raised ($B) $3.20 $1.66 $2.07 $1.41 $2.97 $2.12 $2.09 $0.73 $1.00 $2.11 $3.56 $0.20 $0.38 Number of Funds 23 23 22 17 13 18 12 13 13 14 13 4 5 VENTURE CAPITAL REPORT 4 VENTURE CAPITAL INVESTMENT INCREASED IN CHINA DURING 1Q 2018 FINANCING Equity Financings into China-based, VC-backed Companies (2015–2018) 40.00 1000 900 35.00 800 In 1Q 2018, equity financings into China-based, venture backed 30.00 700 companies raised more than $30 billion through 836 deals. 25.00 600 Compared to the prior quarter, the amount raised increased by 9%, 20.00 500 while the number of deals dropped by 6%. 400 15.00 Business and Financial Services attracted the highest amount of 300 10.00 investment. 200 5.00 100 0.00 0 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Amount Raised ($B) 11.19 16.92 16.84 20.88 21.34 20.96 11.20 12.12 34.74 18.45 16.11 27.62 30.14 Number of Deals 567 745 824 856 694 750 754 758 678 716 797 891 836 VENTURE CAPITAL REPORT 5 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (2015–2018] FINANCING Number of Deals 400 350 300 250 200 150 100 50 0 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Seed 106 90 131 128 90 110 141 113 76 90 85 84 56 First 232 331 337 320 262 276 274 291 230 237 253 273 254 Second 71 113 142 156 124 140 111 115 129 150 143 177 172 Later 95 134 128 149 137 146 137 134 148 153 215 276 274 Restart 1 1 2 1 2 2 VENTURE CAPITAL REPORT 6 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (2015–2018) FINANCING Amount Raised ($M) $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Seed $61 $53 $91 $47 $75 $61 $103 $48 $34 $56 $64 $108 $22 First $1,687 $2,403 $3,359 $2,353 $1,515 $1,428 $1,627 $1,504 $2,865 $1,752 $1,371 $1,689 $8,638 Second $1,723 $4,347 $3,005 $2,509 $1,884 $2,079 $2,091 $1,632 $2,271 $2,427 $2,163 $2,482 $3,392 Later $7,027 $8,607 $9,705 $13,801 $16,972 $16,822 $5,870 $7,064 $28,029 $11,006 $9,980 $20,023 $15,976 Restart $20 $2 $60 $64 $128 $48 VENTURE CAPITAL REPORT 7 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, MEDIAN DEAL SIZE [$M] (2015–2018) FINANCING Median Equity Deal Size ($M) $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0.00 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Median Equity Deal Size ($M) $5.00 $4.84 $4.03 $4.71 $4.40 $3.14 $3.01 $4.36 $7.25 $4.40 $5.95 $7.56 $15.00 VENTURE CAPITAL REPORT 8 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY INDUSTRY GROUP [1Q 2018) FINANCING Business and Financial 1Q'18 Industry Services Breakdown 23% 26% Consumer Goods By Number Business and Financial Services came in first during 1Q 2018 in terms of dollar of Deals Consumer Services raised. This sector collected slightly more than $11 billion through 216 deals, 1% Energy & Utilities which represents a 37% share of the total amount invested and 26% of the total 5% 9% deal flow during this quarter. Compared with the prior quarter, amount invested is 0% Healthcare more than doubled, while the transaction number only climbed by 3%. 33% Industrial Goods & Consumer Services ranked the second, accumulating $7.16 billion through 273 Materials Information Technology deals. This sector’s investment figure takes a 24% of the total investment in 1Q 2018. It accounts a 33% of the whole deal number during this quarter, attracting Business and Financial 1Q’18 Industry Services the highest number of transactions. Compared with the past quarter, both the Breakdown 11% Consumer Goods amount invested and deal number decreased, by 58% and 12% respectively. By Amount 1% Raised Consumer Services Consumer Goods placed the third, receiving $4.67 billion across 43 deals. 37% 12% Energy & Utilities 0% Healthcare 24% Industrial Goods & Materials 15% Information Technology VENTURE CAPITAL REPORT 9 TOP 5 DEALS INTO CHINA-BASED VC-BACKED COMPANIES (1Q 2018) Industry Round Raised Round Investors Co. Name Location Industry Code Industry Group Brief Description Close Date Segment Type ($M) (* denotes lead) Tencent Holdings Ltd., Sequoia Capital, ICBC International Beijing Jingdong 360 E- Holdings Ltd., Hillhouse Capital Management Ltd., China Logistics/Delivery Wholesale Trade Business and Provider of logistics network service for $2500.00 commerce Co. Ltd. (JD Beijing 2/14/2018 First Round Structural Reform Fund Co. Ltd., China Merchants Capital Services and Shipping Financial Services JD's e-commerce platform. Logistics) Co. Ltd., China Life Investment Holding Co. Ltd., China Development Bank Corp. Yunfeng Capital Management Co. Ltd.*, Taikang Life Insurance*, Sequoia Capital, NOAH (China) Wealth Management Center, JD Capital Co. Ltd., Harvest Capital Beijing Easyhome Co. Ltd.*, ChinaEquity Group Inc., China Minsheng Banking Investment Holdings Household and Operator of a home improvement and Beijing Home Improvement Consumer Goods 2/11/2018 Growth Equity $2062.41 Corp. Ltd., China Cheng Xin International Credit Rating Co. Group Co. Ltd. (Juran Office Goods furniture chain. Ltd., China Capital Management Co. Ltd., Boyu Capital Zhijia) Advisory Co. Ltd., Borui Capital, Beijing Yuese Investment Co. Ltd., Beijing Hualian Changshanxing Investment Management Co. Ltd., Alibaba Group Holding Ltd.* Ping An Healthcare Healthcare Medical Software Operator of a medical data collection and Management Co. Ltd. Shanghai Administration and Information Healthcare 1/18/2018 Growth Equity $1000.00 SoftBank Vision Fund, SBI Holdings Inc. analysis platform. (Ping An Medical) Software Services Yunfeng Capital Management Co. Ltd., Tencent Holdings Ltd.*, Taihe Capital, Sequoia Capital, IDG Capital Partners, Consumer Operator of a consumer-to-consumer ICBC International Holdings Ltd., Hike Capital, H Capital, Chehaoduo Group Beijing Shopping Facilitators Information Consumer Services 1/24/2018 Fourth Round $818.00 (C2C) auto trading platform. GIC Private Ltd., FountainVest Partners, Digital Sky Services Technologies Ltd., Capital Today, Beijing Jingxi Venture Capital Fund Management Co. Ltd. Zhongchuang Haiyang Fund, Shenzhen Qianhai Mergers Shanghai Youxia Motors and Acquisitions Funds, Huzhou Nantaihu Construction Shanghai Commercial Vehicles Vehicles and Parts Consumer Goods Manufacturer of electric vehicles (EV).
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