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Venture Capital Report Venture Capital Report China | 4Q | 2014 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 4Q 2014 include: Chinese venture capital fundraising fails to improve on previous quarter, however, total fundraising for year more than doubles that of 2013; Venture capital investment into Chinese companies more than doubles 3Q 2014 total; Overall exit activity improves from 3Q 2014 despite fall in mergers and acquisitions (M&As) as Initial public offerings (IPOs) rally in both number of offerings and dollars raised. 2 Venture Capital Report Chinese Venture Capital Fundraising Fails to Improve in 4Q 2014 Chinese venture fundraising declined to $339 million across 9 funds during 4Q 2014. The quarter represents FUNDRAISING the lowest fundraising accumulation since 2Q 2013 when six funds raised just $140 million. In comparison with the same period last year, dollars raised fell by 57% while the number of venture funds completing closings declined by 25%. Le Fund’s II fund and Arbor Ventures’ fund I were the joint largest of 4Q 2014, raising $100 million apiece, accounting for 59% of the total amount for the quarter combined. Looking at the year as a whole, however, 2014 has surpassed the previous year both in terms of dollars raised and the number of completed closings, improving by 131% and 8% respectively. Chinese VC Fundraising 30 $4.50 (2011 – 2014) Based on multiple closings $4.00 25 $3.50 20 $3.00 $2.50 15 $2.00 10 $1.50 $1.00 5 $0.50 0 $0.00 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Amount Raised ($B) $3.92 $0.72 $0.37 $1.69 $1.26 $0.79 $0.14 $0.88 $0.78 $1.23 $4.04 $0.37 $0.34 Number of Funds 28 13 13 15 17 7 6 11 12 6 16 8 9 3 Venture Capital Report Largest VC Funds Raised in 4Q 2014 FUNDRAISING Amount ($M) Offering Firm Name Fund Name Location Fund Type Fund Category Closing Type Closed in Status 4Q Early-stage Le Fund Le Fund II $100.00 Beijing Closed Final venture capital Venture Capital Early-stage Arbor Ventures Arbor Venture Fund I LP $100.00 Hong Kong Open First venture capital Venture Capital Yahui New Material Venture Yahui New Material Early-stage $41.56 Yibin Closed Final Capital Fund Venture Capital Fund venture capital Venture Capital Beijing Hongtai Tongchuang Early-stage Investment Management Angel Plus $32.72 Beijing Closed Final venture capital Venture Capital Co. Ltd. Shandong Shandong Binhaichuangfu Multi-stage Binhaichuangfu Venture $24.46 Shandong Open First Venture Fund venture capital Venture Capital Fund 4 Venture Capital Report Venture Capital Investment in China - 4Q 2014 Chinese venture-backed companies raised close to $6.8 billion in 243 deals during 4Q 2014, an increase of FINANCING 128% in capital invested from 3Q 2014 with a 17% rise in the number of deals completed. Compared with 4Q 2013, dollars invested more than quadrupled while deal flow increased by 79%. Investment in venture backed companies in 2014 dwarfs that of 2013, with $15.5 billion raised compared with $4.8 billion. Similarly, deal flow has also increased significantly, from 439 to 740, equating to an increase of 69%. Equity Financings into China– $8.00 250 based, VC-backed Companies (2011 – 2014) $7.00 200 $6.00 $5.00 150 $4.00 100 $3.00 $2.00 50 $1.00 $0.00 0 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Amount Raised ($B) $1.66 $1.19 $1.48 $0.88 $1.42 $0.72 $1.16 $1.49 $1.41 $2.38 $3.40 $2.97 $6.77 Number of Deals 112 89 80 65 86 76 101 126 136 132 158 207 243 5 Venture Capital Report FINANCING Equity Financings into China–based, VC-backed Companies, by Round Class (2011 – 2014) Number of Deals 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Seed 8 13 6 5 11 8 11 20 14 16 14 9 17 First 56 44 29 28 40 35 57 65 80 71 74 113 131 Second 16 7 19 13 18 14 13 20 18 23 40 49 53 Later 27 20 20 18 13 13 12 13 21 16 20 31 31 Restart 0 0 1 0 0 0 0 0 0 0 0 0 0 6 Venture Capital Report FINANCING Equity Financings into China–based, VC-backed Companies, by Round Class (Year over Year, 2004 – 2014 ) Number of Deals 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 Restart 0 0 2 0 0 0 1 0 0 Later 35 73 87 112 148 114 71 59 98 Second 56 78 70 54 64 75 57 65 165 First 160 225 200 157 185 226 141 237 389 Seed 12 10 5 4 8 22 35 53 56 7 Venture Capital Report FINANCING Equity Financings into China-based, VC-backed Companies, by Round Class (2011 – 2014) Amount Raised ($M) $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Seed $14 $5 $4 $1 $7 $5 $12 $15 $10 $19 $20 $16 $15 First $466 $358 $349 $256 $173 $163 $303 $330 $446 $498 $565 $636 $1,110 Second $332 $120 $387 $141 $213 $220 $179 $278 $213 $557 $830 $1,081 $1,375 Later $748 $515 $702 $486 $1,027 $281 $407 $280 $721 $357 $1,490 $1,169 $3,868 Restart $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 8 Venture Capital Report FINANCING Equity Financings into China-based, VC-backed Companies (2011 – 2014) Median Equity Deal Size ($M) $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $- 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 Median Equity Deal Size ($M) $9.41 $7.10 $10.15 $6.00 $2.39 $3.94 $4.83 $3.51 $4.00 $5.00 $10.00 $5.00 $10.00 9 Venture Capital Report Equity Financings into China-based, VC-backed Companies, by Industry Group (4Q 2014) FINANCING Consumer Services companies took $3.7 billion through 110 deals during 4Q 2014, a rise of 91% in dollars invested from 3Q 2014 with a 10% increase in deals completed. The sector attracted 46% of all deals completed for the quarter and a 55% share of total amount invested. The Information Technology sector placed second for investment, receiving $2.3 billion across 76 deals. Sector investment quintupled from 3Q 2014 as deal flow improved by 55% to a total of 32% of all deals completed for the quarter. The investment figure represents a 34% share of total equity financing into China-based VC- backed companies for 4Q 2014. Business and Financial Services companies raised the third highest proportion of investment during 4Q 2014. The sector garnered $469 million across 38 deals, generating 16% of all deals for 4Q 2014; a 23% rise in dollars invested from 3Q 2014 despite deal flow remaining flat . 4Q'14 Industry Breakdown 4Q’14 Industry Breakdown By Number of Deals By Amount Raised 7% Business and Financial 1% Business and Financial 16% Services Services Consumer Goods Consumer Goods 34% 32% 2% Consumer Services Consumer Services Energy & Utilities (0%) Energy & Utilities (0%) Healthcare Healthcare 4% 3% 55% Industrial Goods & Materials Industrial Goods & Materials 46% (0%) (0%) Information Technology Information Technology 10 Venture Capital Report Equity Financings into China-based, VC-backed Companies, by Industry Group (2014) FINANCING 2014 Industry Breakdown 2014 Industry Breakdown By Number of Deals By Amount Raised ($B) Business and Financial Services 10% Business and Financial Services 17% 2% 26% 24% Consumer Goods Consumer Goods 3% Consumer Services Consumer Services 5% 3% Energy & Utilities (0%) Energy & Utilities (0%) 4% Healthcare Healthcare 49% Industrial Goods & Materials 61% Industrial Goods & Materials (0%) Information Technology Information Technology 11 Venture Capital Report Top 5 Deals into China-based VC-backed Companies (4Q 2014) FINANCING Industry Industry Close Round Raised Round Investors Co. Name Industry Code Brief Description Group Segment Date Type ($M) (* denotes lead) All-Stars Investment Ltd.*, Digital Sky Beijing Xiaomi Technologies Ltd., GIC Private Ltd., Information Communications Provider of mobile phones Technology Software 12/20/2014 5th $1,100.00 Hopu Investments Management Co. Technology Software and applications. Co. Ltd. Ltd., Yunfeng Capital Management Co. Ltd. Beijing Xiaoju Digital Sky Technologies Ltd.*, GGV Consumer Consumer Provider of taxi Technology Shopping Facilitators 12/9/2014 4th $700.00 Capital, Temasek Holdings Pvt. Ltd.*, Services Information Services reservation services. Co. Ltd. Tencent Collaboration Fund* Hangzhou Alibaba Group Holding Ltd., Tiger KuaiZhi Consumer Consumer Provider of a mobile taxi Shopping Facilitators 12/31/2014 4th $600.00 Global Management LLC, Softbank Technology Services Information Services booking application. Corp. Co. Ltd. Beijing Pocket DST Advisors, Falcon Edge, H Capital, Fashion Consumer Consumer Provider of e-commerce Tencent Holdings Ltd.*, Tiger Global Shopping Facilitators 10/23/2014 4th $350.00 Technology Services Information Services shopping guide solutions.
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