2023年上半年中國股權投資市場發(fā)展概況-2023.08

2023年N半年o國股權投資`發(fā)]概況China

VC/PE

Market

Review

2023H1研

究

創(chuàng)

造清

科

研

究

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2023.07Researchcreatesvalueo美對比：y球股權投資`O行態(tài)勢延續(xù)，o美VC/PE`募1投雙降美國?VC/PEāo國?í期/VC/PEā募資?額?￥7,341.45?

\比

23.5%投資數(shù)??3,638?

\比

37.5%投資?額?￥2,929.65?

\比

42.0%退出數(shù)??

1,326筆

\比

32.6%募資?額?$

1,862.72

?

\比

37.4%投資數(shù)??

12,533

?

\比

7.5%投資?額?$

5,039.60

?

\比

29.1%退出數(shù)??

1,157

筆

\比

14.9%27,64124,74933,356.7934,014.0821,582.55103,525.4927,502.0918,50918,18225,971.1984,258.0517,46122,085.1962,758.8812,53316,996.3213,317.4158,477.3558,960.2710,65012,32714,228.7012,444.0411,972.1413,459.657,341.4510,02110,788.0636,415.127,5598,2347,630.948,871.499,076.792,929.653,6382023H1201820192020202120222023H120182019202020212022美國VC/PE投資?額?t民_?元)美國VC/PE投資數(shù)???āo國股g投資`投資?額?t民_?元)美國VC/PE募集?額?t民_?元)數(shù)據(jù)來源?美國w{數(shù)據(jù)來源?

Pitchbook，o國w{數(shù)據(jù)來源?清科研究o?私募通Max注?美國PE數(shù)據(jù)包含ggw購?Buyout/LBOā1

PEo持的企業(yè)并購?Add-onā1r?資本(PE

Growth/Expansionā和ā并購?Platform

Creationāo國股g投資`募集?額?t民_?元)o國股g投資`投資數(shù)???āpage2募資總?：o國股權投資`?募資總規(guī)模超7,300?，行業(yè)邁u規(guī)范發(fā)]?臺階?

2023?P半?，s國股g投資`q計3,289只ā?完r?一輪募集，募資í模達7,341.45?元t民_，依舊t持Q降趨勢，分別同比O降0.3%123.5%

22023?P半?募資í模在50?及以P額ā?僅16只，約~??\期的64.0%ā受額ā?設立緩影響，P半?單只ā?的均募資í模Q滑至2.23?元，\比降幅~23.3%2\時，監(jiān)?層持?完善私募ā?法í體系，審°通過:私募投資ā?監(jiān)督?理h例;，è進私募ā?行業(yè)í范?作22013-2023H1o國股權投資基?募集情況?募ā?數(shù)?3,289只，\比O降0.3%?募ā?í模?7,300?，\比O降23.5%22,085.196,97921,582.557,06117,888.7213,317.413,63711,972.143,47812,444.0413,712.053,2897,341.453,5742,9707,849.482,7102,4385,117.987452,514.5054820132014201520162017201820192020202120222023H1ā?募集?額?t民_?元)ā?募集數(shù)??只ā注?1ā清ù研究o心每n季度均對本年度y部數(shù)據(jù)進行調(diào)整，本?告o<\比=?無特{說n，均根據(jù)調(diào)整^數(shù)據(jù)計?ā2ā本?告的募資事件是g在統(tǒng)計時間內(nèi)擬投向o國陸的股g投資ā?募集資?行~2page3募資_y：外_基?募集規(guī)模O滑幅度達35.4%?

2023?P半?外_基?募資步伐延續(xù)O降趨勢，q計23只外_ā?完rs賬，\比Q滑54.9%ā募資í模約422.28?元t民_，\比降幅達35.4%2?

t民_ā?的募資節(jié)奏則相對穩(wěn)定，2023?P半?q3,266只t民_ā?完r?一輪募集，\比小幅P升0.5%ā募資í模達6,919.17?元t民_，\比Q降22.7%22013-2023H1o國股權投資`基?募資_y分a?包含í期投資1VC1PEāt民_ā?募資?6,900?，\比O降22.7%6,9476,787外_ā?募資?420?，\比O降35.4%19,019.3619,086.5016,743.2011,855.343,54110,976.262,65610,086.303,4123,2666,919.1710,814.123,5022,8506,298.172,3323,686.943,065.842,503.291,802.991,856.701061,885.852,496.061,431.031,551.311201,467.78541,145.53722017外_ā?募集?額?t民_?元)711.5167174422.28232023H1511371922021962018662020114202220132014201520162019t民_ā?募集?額?t民_?元)t民_ā?募集數(shù)??只ā外_ā?募集數(shù)??只āpage4LP分a：國有背o出資t占比超過70%?

2023?P半?，?府構(gòu)&?府出資ā&?府引導ā?1產(chǎn)業(yè)資本1富有家族及nt?是s國股g投資`t民_ā?的?出資y，O者的\計?·認繳出資?額à5,000?元t民_，占比達r80.1%2?資與?融構(gòu)的\計出資次數(shù)達165筆，認繳出資總?額à500?元t民_2?

D?募t民_ā?的LP國資^性來看，以?府構(gòu)/?府出資ā1國企/央企1?府引導ā?{~代表的國資背景LP依舊是s國募資`的重?o撐，2023?P半?，國有?股和國有參股LP的\計?·出資?額占比達71.2%22023H1o國股權投資`?募t民_基?LP出資分a2023H1o國股權投資`?募t民_基?LP國資^性分a?府構(gòu)/?府出資ā/?府引導ā?1,4042,6342,272.701,779.21產(chǎn)業(yè)資本?含P`公?和非P`公?ā16,905795.15353.80LP認繳出資?額富有家族及nt?資28.8%9.8%61.4%594054361063280.04168.66143.400.22`W?ā?私募ā??理t?融構(gòu)3.4%LP認繳出資次數(shù)86.5%10.0%捐贈ā?0%20%40%非國資60%國有參股

國有?股80%100%537260.04其他認繳出資次數(shù)?筆ā認繳出資?額?t民_?元āpage5投資概況：2023年N半年投資活ú緩慢恢復，投資數(shù)?和規(guī)模降幅約40%?

2023?P半?，s國股g投資`投資端?]?低活躍周期，案例數(shù)和?額分{\比Q降37.5%和42.0%2?

其o，投資í模在10?元t民_及以P的投資案例數(shù)占比由2022?P半?的1.0%P升至1.3%，投資?額占比由32.4%P升至41.1%22013-2023H1o國股權投資`投資情況?包括í期投資機構(gòu)1VC1PEā2023H1o國股g投資`投資案例數(shù)

3,638?，\比O降37.5%14,228.702,929.65?元，\比O降42.0%12,327投資總?額12,111.4910,788.0610,02110,6509,1249,076.798,0928,871.497,5599,0188,3658,2347,630.9410,1448,1977,449.106,6355,9343,6385,254.964,376.743,6261,886.781,8082,6652,929.6520132014201520162017201820192020202120222023H1投資?額?t民_?元ā案例數(shù)?k`ā案例數(shù)?k企業(yè)ā注?11清科研究o??季度對本?度投資數(shù)據(jù)進行調(diào)整，本?告o<\比=?無特{說n，均根據(jù)調(diào)整^數(shù)據(jù)計?ā21本?告?g投資事件是在統(tǒng)計時間內(nèi)總部在o國的企業(yè)?發(fā)生的股g融資?含?轉(zhuǎn)債ā活動231本頁<案例數(shù)?按`ā=?g\一投資構(gòu)類型對一家企業(yè)的\一輪投資統(tǒng)計~1?投資案例，?非特{提示，本?告投資案例數(shù)均k照<案例數(shù)?k`ā=統(tǒng)計2<案例數(shù)?按企業(yè)ā=?~此?告?增的統(tǒng)計t度，未{分投資構(gòu)類型，即一家企業(yè)的\一輪融資統(tǒng)計~1?投資案例2page6行業(yè)分a：ù技創(chuàng)?仍~投資題，?能源1?材料獲`s注2023H1o國股權投資`投資行業(yè)分a2023H1o國股權投資`投資部分行業(yè)同比變化投資案例數(shù)??ā

投資?額?t民_?元ā813752706631.63半導體及電子設_生物技o/|療健康IT行業(yè)數(shù)?同比?額同比435.48285.25176.21半導體及電子設_生物技o/|療健康IT-33.6%-31.5%-49.1%-15.0%-20.7%-24.3%-57.3%-18.7%-49.3%-59.9%-45.5%-39.3%-61.3%-48.0%-18.8%-11.9%-38.6%3.8%369械v造W工?料及ò工清潔技o21815914111369187.92212.26193.39236.76223.48à聯(lián)網(wǎng)汽車食品&飲料連鎖及零售能源及礦產(chǎn)電信及增值業(yè)ó?融械v造55464517.18123.12W工?料及ò工清潔技o18.3440.7110.1720.027.702826252017物流à聯(lián)網(wǎng){樂傳ú農(nóng)/林/牧/漁建{/工程教育與?ˉ紡織及服裝w產(chǎn)汽車43.220.827食品&飲料連鎖及零售74.3%-73.0%6520.648.890.20廣播電?及數(shù)字電?其他1656.27注?食品及飲料行業(yè)?額較高?由o糧福臨y戰(zhàn)略融資拉升page7w區(qū)分a：江蘇1N海分列案例數(shù)及?額首位，前五w合計占比超七成2023H1o國股權投資`投資w區(qū)分a2023H1o國股權投資`投資部分w區(qū)同比變化投資案例數(shù)??ā

投資?額?t民_?元ā726567.22642.11江?P海X京深圳浙江503w域數(shù)?同比?額同比493417.88432425182.52263.06江?P海-25.8%-42.9%-47.2%-39.4%-28.5%-45.4%2.4%-15.5%-28.6%-60.7%-58.3%-17.9%-55.1%-2.1%194171166.39202.9867.44廣東??深圳ā安?10687?Y}東湖X陜?福建湖南y津重慶河南江?河X遼寧?南}?貴T]林37.7521.3835.1829.2434.3917.9221.4711.2518.6947.4217.7541.3612.22736453515136272322181111X京深圳浙江廣東??深圳ā安?11

5.4210

8.297633322119.081.124.114.050.364.111.058.440.0127.99內(nèi)蒙古廣?海南黑龍江寧夏?疆甘肅×海?藏?Y-46.5%-46.3%-45.9%-41.3%-66.8%-83.4%}東湖X12其他page8IPO：N半年o企N`數(shù)?同比N升，其o境外`數(shù)?同比回升95.7%?

2023?P半?，境內(nèi)外P`o企q218家，\比P升13.5%ā首發(fā)融資額約\t民_2,238.95?元，\比Q降29.1%2其o，A股P`企業(yè)q173家，數(shù)?\比P升2.4%，環(huán)比Q降32.2%ā涉及總募資額2,069.03?元，\環(huán)比分{Q降32.0%124.5%ā境外`隨著o美雙y監(jiān)管政策明p明~升溫，N半年q45家o企赴境外N`，數(shù)?同比回升95.7%，環(huán)比O降26.2%ā首發(fā)融資總額約\t民_169.92?元，\比P升46.8%，環(huán)比Q降75.7%22013-2023H1o國企業(yè)境內(nèi)外N`數(shù)?及融資總?額6455761,475.11660.321,795.365085042,012.852,151.162,517.48308332824.27291232221218648.44853.358,426.308,562.106,599.1720224,737.884,156.374,299.883,541.4520153,232.75661,267.523,120.342016科創(chuàng)板融資額?t民_?元ā2,238.9520132014201720182019202020212023H1總?cè)谫Y額?t民_?元ā創(chuàng)業(yè)板融資額?t民_?元āP`數(shù)??家āpage9退出：被投企業(yè)IPO仍oVC/PE要退出渠道，境內(nèi)ù創(chuàng)板IPO回報較高?

2023年N半年，o國股權投資`q發(fā)生

1,326筆

退出案例，同比O降32.6%，被投企業(yè)IPO?~VC/PE構(gòu)的?退出y式，占比77.8%2?

就IPO來看，境內(nèi)外`的均發(fā)行賬面T?水趨à2A股貢獻較高T?n案的有裕z微和南芯科技，均~科創(chuàng)板P`220