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Venture Capital Report Venture Capital Report China | 2 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 2Q 2018 include: • China venture capital fundraising increased, both in capital raised and the number of funds; • Capital flowed into venture-backed Chinese companies reached a fresh record; • Amount collected through mergers and acquisitions (M&As) climbed significantly; • The transaction number via initial public offerings (IPOs) climbed, while the money raised declined. VENTURE CAPITAL REPORT 2 CHINESE VENTURE CAPITAL FUNDRAISING IMPROVED IN 2Q 2018 FUNDRAISING Chinese VC Fundraising (2015–2018) In 2Q 2018, 12 Chinese venture funds collected $2.53 billion. Based on multiple closings 25 $6.00 The capital raised is more than five times as many as the amount collected in the prior quarter, and the number of $5.00 funds is more than doubled. 20 In comparison to the same period last year, amount raised $4.00 increased by 5%, while deal number dropped by 20%. 15 $3.00 • Qiming Venture USD Fund VI LP was the largest Chinese venture fund in 2Q 2018, raising $935 million and 10 $2.00 representing a 37% of the total amount raised in venture capital funds during the quarter. 5 $1.00 0 $0.00 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Amount Raised ($B) $1.70 $2.07 $1.69 $3.91 $2.12 $2.09 $0.75 $1.06 $2.41 $3.57 $0.79 $0.38 $2.53 Number of Funds 24 22 19 14 18 12 14 14 15 14 8 5 12 VENTURE CAPITAL REPORT 3 LARGEST VC FUNDS RAISED IN 2Q 2018 FUNDRAISING Amount ($M) Firm Name Fund Name Location Offering Status Fund Type Fund Category Closing Type Closed in 2Q Multi-stage venture Qiming Venture Partners Qiming Venture USD Fund VI LP $935.00 Shanghai Closed Venture Capital Final capital Early-stage venture Sinovation Ventures Sinovation Fund IV LP $500.00 Beijing Closed Venture Capital Final capital Loyal Valley Capital Advantage Fund Multi-stage venture Loyal Valley Innovation Capital $370.00 Shanghai Open Venture Capital First LP capital VENTURE CAPITAL REPORT 4 INVESTMENT INTO CHINESE VENTURE-BACKED COMPANIES INCREASED DURING 2Q 2018 FINANCING Equity Financings into China-based, VC-backed Companies (2015–2018) 50.00 1200 Due to an enormous $14 billion raised by Ant Financial Services 45.00 Group, the capital flowed into venture-backed Chinese companies 1000 surged in 2Q 2018, accumulating more than $45 billion via 963 40.00 35.00 transactions. Compared to the prior quarter, the amount raised 800 increased dramatically by 59%, along with 3% climb in the number 30.00 of deals. 25.00 600 Business and Financial Services is the strongest in terms of deal 20.00 400 value. 15.00 10.00 200 5.00 0.00 0 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Amount Raised ($B) 17.52 17.50 21.49 22.05 21.27 12.38 15.07 35.38 19.76 16.52 29.11 28.46 45.32 Number of Deals 778 874 911 742 813 815 832 734 794 873 992 934 963 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 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Seed 94 141 133 101 121 151 122 81 102 97 98 70 75 First 344 352 338 282 295 295 315 252 267 284 316 298 334 Second 115 151 162 129 146 122 126 141 163 152 198 189 214 Later 139 129 159 137 157 142 148 153 160 223 288 290 229 Restart 1 1 2 1 2 2 1 VENTURE CAPITAL REPORT 6 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (2015–2018) FINANCING Amount Raised ($M) $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Seed $91 $154 $103 $114 $124 $162 $112 $86 $107 $117 $167 $74 $95 First $5,191 $3,777 $2,662 $1,921 $1,627 $1,988 $1,982 $2,929 $2,077 $1,789 $2,124 $2,860 $4,928 Second $4,213 $3,131 $2,351 $2,073 $2,014 $2,178 $1,655 $2,049 $2,584 $2,057 $2,673 $3,687 $3,395 Later $6,335 $9,571 $13,847 $16,826 $16,682 $6,349 $8,823 $28,193 $10,886 $9,099 $20,491 $18,843 $31,547 Restart $20 $2 $60 $0 $128 $48 $4 VENTURE CAPITAL REPORT 7 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, MEDIAN DEAL SIZE [$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 $0.00 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Median Equity Deal Size ($M) $4.84 $3.87 $4.55 $4.00 $3.14 $3.00 $4.21 $7.23 $4.40 $5.90 $7.56 $10.00 $10.00 VENTURE CAPITAL REPORT 8 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, BY INDUSTRY GROUP [2Q 2018) FINANCING Business and Financial 2Q'18 Industry Services 21% Breakdown 26% Consumer Goods By Number During 2Q 2018, Business and Financial Services ranked the first in terms of deal of Deals Consumer Services value. This sector grabbed $24.33 billion through 202 deals, taking a 54% share of 5% Energy & Utilities the total investment flowed into Chinese companies during the quarter. By 1% comparison with the last quarter, the deal value is more than doubled, with the 12% Healthcare transaction number dropped by 17%. 0% 33% Industrial Goods & Consumer Services placed the second, collecting $9.54 billion through 319 deals. Materials Information Technology This sector’s investment figure takes a 21% share of the total amount raised during 2Q 2018, and it attracted the highest number of transaction. Business and Financial 2Q’18 Industry Services Information Technology sector won third place, receiving $6.29 billion across 255 Breakdown 14% Consumer Goods By Amount 0% deals. Compared to 1Q 2018, both capital raised and deal volume climbed, by 47% Raised Consumer Services and 18% respectively. 0%8% Energy & Utilities 54% Healthcare 21% Industrial Goods & Materials 3% Information Technology VENTURE CAPITAL REPORT 9 TOP 3 DEALS INTO CHINA-BASED VC-BACKED COMPANIES (2Q 2018) Industry Round Raised Round Investors Co. Name Location Industry Code Industry Group Brief Description Close Date Segment Type ($M) (* denotes lead) Warburg Pincus LLC, The Carlyle Group, Temasek Holdings Pvt. Ltd., T. Rowe Price Group Inc., Silver Lake Management LLC, Financial Primavera Capital Group, Business and Provider of financial services Ant Financial Payment/Transaction Institutions Khazanah Nasional Berhad, Hangzhou Financial to individuals and micro and 6/7/2018 VC 4th 14,000.00 Services Group al Processing and Janchor Partners, GIC Private Ltd., Services small businesses. Services General Atlantic LLC, Discovery Capital Management Corp., Canada Pension Plan Investment Board, Boyu Capital Advisory Co. Ltd., Baillie Gifford & Co. Ltd. Walnut Street Consumer Group Holding Consumer Operator of an online group Tencent Holdings Ltd.*, Sequoia Shanghai Shopping Facilitators Information 4/11/2018 VC 3rd 3,000.00 Ltd. Services purchasing platform. Capital Services (Pinduoduo) Financial Business and Provider of a lending platform TPG Capital LP*, The Carlyle Du Xiaoman Institutions Beijing Lending Financial based on artificial intelligence 4/28/2018 VC 1st 1,900.00 Group*, Taikang Life Insurance, Financial and Services (AI). ABC International Services VENTURE CAPITAL REPORT 10 MOST ACTIVE INVESTORS FOR CHINA-BASED, VC-BACKED COMPANIES (2Q 2018) FINANCING Number of Deals 35 33 30 26 24 25 23 20 18 18 15 10 5 0 Sequoia Capital GSR Ventures IDG Capital Partners ZhenFund Legend Capital Co. Ltd. Shenzhen Capital Group Co. Ltd. VENTURE CAPITAL REPORT 11 VENTURE M&A MARKET ACTIVITY IN CHINA (2Q 2018) LIQUIDITY China VC-backed M&A Activity (2015 - 2018) 14 mergers and acquisitions (M&As) for venture-backed $18.00 25 Chinese companies occurred in 2Q 2018, accumulating $16.00 USD 15.45 billion. $14.00 20 Compared with the prior quarter, the amount increased $12.00 four-fold, though the deal volume is only four more. 15 $10.00 • The largest M&A was Shanghai Lazhasi Information $8.00 Technology Co. Ltd. (Ele.com), which was acquired 10 $6.00 by Alibaba Group Holding Ltd. (NYSE: BABA) on April 1, 2018 for USD 9.5 billion. $4.00 5 $2.00 $0.00 0 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 Amount Paid ($B) $16.69 $1.30 $3.42 $0.49 $2.40 $2.86 $1.26 $3.75 $2.74 $2.99 $3.23 $2.88 $15.45 Number of M&As 21 7 14 4 6 14 6 12 11 10 13 10 14 VENTURE CAPITAL REPORT 12 TOP 3 CHINA M&As (2Q 2018) LIQUIDITY Post Value Close Company Name Location Brief Description Industry Code Industry Segment Industry Group Acquirer Round Type through M&A Date ($M) Shanghai Lazhasi Information Operator of an online food Food / Drug Alibaba Group Shanghai Retailers Consumer Services 4/1/2018 M&A $9,500.00 Technology Co.
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