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4Q 16 VS China Report Venture Capital Report China | 4 Q | 2016 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 4Q 2016 include: • Both the venture capital fundraising amount and the number of funds in China dropped from the previous quarter; • Venture capital investment into Chinese companies climbed slightly from 3Q 2016, while the number of deals declined; • Amount raised through mergers and acquisitions (M&As) experienced a significant decrease from last quarter, while capital raised via initial public offerings (IPOs) increased dramatically. VENTURE CAPITAL REPORT 2 CHINESE VENTURE CAPITAL FUNDRAISING DECREASES IN 4Q 2016 FUNDRAISING Chinese VC Fundraising (2013–2016) Based on multiple closings 25 $6.00 Chinese venture fundraising reached $0.59 billion across 6 funds in 4Q 2016. Compared with 3Q 2016, total capital raised $5.00 dropped significantly by 69%, while the number of fund closings 20 declined by 25%. $4.00 • In comparison with the same period last year, dollars raised 15 dropped by 47%, the number of funds closed declined by $3.00 50%. This quarter reached the lowest amount in 2016 for 10 Chinese VC Fundraising. $2.00 5 • Qiming RMB Fund IV LP was the largest China-based $1.00 venture fund of 4Q 2016, raising $217.56 million and accounting for 37% of the total amount raised in funds 0 $0.00 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 during the quarter. Amount Raised ($B) $1.22 $0.79 $4.07 $0.84 $1.21 $2.78 $1.66 $1.80 $1.10 $1.92 $1.46 $1.92 $0.59 Number of Funds 16 10 19 12 17 18 23 14 12 9 12 8 6 VENTURE CAPITAL REPORT 3 LARGEST VC FUNDS RAISED IN 4Q 2016 FUNDRAISING Amount ($M) Firm Name Fund Name Location Offering Status Fund Type Fund Category Closing Type Closed in 3Q Multi-stage venture Qiming Venture Partners Qiming RMB Fund IV LP $217.56 Shanghai Closed Venture Capital Final capital Multi-stage venture CMC Capital Partners CMC Capital Partners II $182 Beijing Open Venture Capital First capital Early-stage venture Long Hill Capital Management Long Hill Capital Venture Partners 1 LP $125 Shanghai Closed Venture Capital Final capital Multi-stage venture CanWell Fund CanWell Fund $29.98 Beijing Open Venture Capital First capital Multi-stage venture Huiyin Blockchain Ventures Huiyin Blockchain Venture Capital Fund $20 Shanghai Closed Venture Capital Final capital Multi-stage venture Wuhu Iflytek Investment Venture Capital Anhui Iflytek Venture Capital LLP $13.08 Hefei, Anhui Open capital First Management LLP VENTURE CAPITAL REPORT 4 VENTURE CAPITAL INVESTMENT INCREASES IN CHINA DURING 4Q 2016 FINANCING Equity Financings into China-based, VC-backed Companies (2013–2016) In 4Q 2016, equity financings into China-based companies raised 18.00 700 16.00 more than $7 billion across 464 deals. Compared to 3Q 2016, the 600 capital raised climbed by 1%, while the number of deals decreased by 14.00 4%. 500 12.00 • Compared with the same period last year, both dollars invested 10.00 400 and the number of deals went down, 33% and 16% respectively. 8.00 300 • Consumer Services remained the strongest sector in terms of 6.00 attracting investment and deal flow. 200 4.00 100 2.00 0.00 0 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 Amount Raised ($B) 1.69 2.73 5.04 4.20 7.54 9.24 11.24 16.43 11.24 12.32 12.97 7.42 7.50 Number of Deals 189 202 248 365 441 409 544 583 554 439 500 481 464 VENTURE CAPITAL REPORT 5 EQUITY FINANCINGS INTO CHINA-BASED, VC- BACKED COMPANIES, BY ROUND CLASS (2013– 2016) FINANCING Number of Deals 350 300 250 200 150 100 50 0 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 Seed 20 38 39 49 59 70 52 75 57 43 42 76 46 First 110 108 118 207 235 202 289 288 272 204 224 209 209 Second 21 29 53 60 77 67 105 130 125 101 119 93 84 Later 31 20 23 40 44 48 64 56 63 68 85 64 65 Restart 1 1 1 VENTURE CAPITAL REPORT 6 EQUITY FINANCINGS INTO CHINA-BASED, VC- BACKED COMPANIES, BY ROUND CLASS (2013– 2016) FINANCING Amount Raised ($M) 12,000 10,000 8,000 6,000 4,000 2,000 0 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 Seed 19 26 52 44 55 75 52 79 41 55 37 84 40 First 568 574 788 954 1,439 1,538 1,656 3,774 2,283 1,391 1,326 1,516 1,667 Second 229 632 998 1,200 1,781 1,843 4,047 3,355 1,723 1,580 1,519 1,950 1,297 Later 854 539 2,132 1,925 3,801 5,529 4,347 8,665 5,111 8,700 9,622 3,219 3,088 Restart 20 2 58 VENTURE CAPITAL REPORT 7 EQUITY FINANCINGS INTO CHINA-BASED, VC-BACKED COMPANIES, MEDIAN DEAL SIZE [$M] (2013–2016) FINANCING Median Equity Deal Size ($M) $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 Median Equity Deal Size ($M) $3.75 $4.00 $5.94 $4.51 $5.00 $5.00 $4.99 $5.00 $5.50 $6.29 $4.84 $4.52 $5.00 VENTURE CAPITAL REPORT 8 EQUITY FINANCINGS INTO CHINA-BASED, VC- BACKED COMPANIES, BY INDUSTRY GROUP (4Q 2016) FINANCING 4Q'16 Industry Breakdown Business and Financial Services 21% By Number 26% Consumer Goods Consumer Services companies remained the strongest sector during 4Q 2016. It of Deals Consumer Services attracted $2.5 billion via 194 deals. Compared to last quarter, amount raised is down 1% by 10% while the number of deals dropped by 6%. The sector attracted a 33% share 6% Energy & Utilities 0% 3% of total deals invested for the quarter. Healthcare Business and Financial Services ranked second. The sector garnered $2.3 billion Industrial Goods & Materials 42% across 122 deals, a 6% increase in dollars raised and a 5% increase in deal flow Information Technology compared to the prior quarter. Information Technology placed third, receiving nearly $1.9 billion across 96 deals. 4Q’16 Industry Business and Financial Services Sector investment climbed from 3Q 2016 by 7%, while the number of deals increased Breakdown Consumer Goods By Amount by 1%. 25% Consumer Services Raised 31% Energy & Utilities 1% Healthcare Industrial Goods & Materials 1% 9% 0% Information Technology 33% VENTURE CAPITAL REPORT 9 TOP 5 DEALS INTO CHINA-BASED VC-BACKED COMPANIES (4Q 2016) FINANCING Industry Raised Round Investors Co. Name Location Industry Code Industry Group Brief Description Close Date Round Type Segment ($M) (* denotes lead) Advantech Capital Partners Ltd., Axiom Asia Private Capital Pte Ltd., Beijing Weiyingshidai Xuanyixia (Beijing) Communications Provider of video playing and Technology Co. Ltd., China Everbright Ltd., Technology Co. Ltd. Beijing Software Information Technology 11/21/2016 5th 500.00 Software sharing software for mobile phones. Fenghuang Investment, iDreamSky Capital, (Miaopai) Shanghai Media Group Broadband, Shanghai Television, Sina Weibo Fund* Zhuhai Yinlong New Beijing Yanzhao Huijin International Investment Electronics and Manufacturer of lithium-ion Co. Ltd., China International Marine Containers Energy Ltd. (Yinlong Zhuhai Power Supplies Information Technology 12/15/2016 Corporate 435.98 Computer Hardware batteries. Co. Ltd., Individual Investor(s), JD.com Inc., Group) Wanda Group CCB International Holdings Ltd., Taiping Asset Shouqi Rental Co. Ltd. Transportation Provider of online-to-offline (O2O) Management Co. Ltd.*, Tianan Property Insurance Beijing Travel and Leisure Consumer Services 12/27/2016 Later 312.45 (Izuche) Services car rental services. Co. Ltd., Zimu (Beijing) Fund Management Co. Ltd. CapitaLand Fund Investment, Chongqing Aviation Yisheng Financial Service Investment Tourism Development Fund, H Capital Personal / Holding Group Co. Ltd. Financial Institutions Business and Financial Online, Jining Culture & Tourism Development Beijing Commercial Provider of travel financial services. 12/29/2016 3rd 276.12 (Easylife Financial and Services Services Fund Ltd., Shandong Binhai Investment Banking Services; Easypay) Management Co. Ltd., Sinolink Dingxing Investment Co. Ltd. China Life Investment Holding Co. Ltd., Hillhouse Capital Management Ltd., Legend Capital Co. Biotechnology Ltd., Ping An Insurance Co. of China Ltd., SDIC Innovent Biologics Inc. Suzhou Biopharmaceuticals Healthcare Provider of monoclonal antibodies. 11/28/2016 First Round 260.00 Therapeutics Fund Management (Beijing) Co. Ltd., Shanghai Smilestone Assets Management Co. Ltd., Taikang Life Insurance, Temasek Holdings Pvt. Ltd. VENTURE CAPITAL REPORT 10 MOST ACTIVE INVESTORS FOR CHINA-BASED, VC-BACKED COMPANIES (4Q 2016) FINANCING Number of Deals 14 12 11 11 10 10 9 8 7 7 7 6 4 2 0 Shenzhen Oriental IDG Capital Partners Matrix Management Zhen Fund Northern Light Qifu Capital Shunwei Capital Fortune Capital Co. Corp. Venture Capital Partners Ltd. VENTURE CAPITAL REPORT 11 VENTURE M&A MARKET ACTIVITY IN CHINA (4Q 2016) LIQUIDITY China VC-backed M&A Activity (2013 – 2016) 3 M&As were completed by venture-backed companies 6.00 25 in China during 4Q 2016, garnering a total of $ 0.31 5.00 billion.
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