久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

  Home>News Center>Bizchina>Review & Analysis
       
 

VC market bounces back in 2003
(China Daily)
Updated: 2004-04-02 13:38

Editor's note: The Hong Kong-based China Venture Capital Research Institute (CVCRI) has released its first report on the development of China's venture capital (VC) sector. The report is based on a survey, conducted between July 2003 and January 2004, among 190 VC companies in 25 provinces, municipalities, autonomous regions and the Hong Kong Special Administrative Region. The report says the VC industry began to recover in 2003 after several years of depression and adjustments and the total capital under management reached 3.72 billion yuan (US$449 million).

Here are some extracts from the report.

On the whole, the VC industry bounced back in 2003. According to responses to our survey, we believe the industry displays the following significant characteristics.

Geographical distribution of VC business was very uneven, mainly being concentrated in big cities and developed regions.

Shenzhen, Shanghai and Beijing lead the nation both in terms of the number of newly invested projects, investment volume, the average investment value of every project, and the newly increased capital under management.

VC companies in Beijing, Shanghai and North China were the most active in the country. Around 40 per cent of VC firms invested in Beijing last year, while the proportions in Shanghai and Shenzhen were 33 per cent and 30 per cent.

VC institutions' managed capital focused on Shenzhen, Beijing and Shanghai accounting for 26 per cent, 15 per cent and 10 per cent of the total.

Newly increased capital under management was 3.70 billion yuan (US$447 million) last year, with more than 20 per cent of that being made in Beijing, 17 per cent in Shenzhen and 5 per cent in Shanghai.

Over 1.16 billion yuan (US$140 million) was invested in Shenzhen and 455 million yuan (US$54.95 million) in Shanghai and 324 million yuan (US$39 million) in Beijing. Investment in the three cities accounted for 52 per cent of the national total.

The number of projects in the East China region excluding Shanghai reached 115, while Shenzhen ranked second with 51 projects, while Beijing had 31 projects and Shanghai had 23.

Electronics and information technology, biotechnology and medicine, medical equipment, and network and telecommunications attracted a great deal of investment in 2003.

The survey showed 170 VC companies invested in 341 projects and the CVCRI collected detailed information on 184 projects made by 83 VC institutions.

About one quarter or 44 projects were in the electronics and information industry and 38 projects were in biotechnology, medicine and medical equipment. The two sectors were followed by the manufacturing and financial sectors, both with 18 projects invested.

Out of the 341 projects, 325 projects revealed the amounts of investments and 139 also provided information about the industry they were involved in.

Total investments in the 325 projects were 3.71 billion yuan (US$448 million).

More than 611 million yuan (US$79.83 million) of investment went to the electronics and information industry, while biotechnology, medicine and the medical equipment sector attracted 210 million yuan (US$25.36 million).

VC institutions were dominated by State-owned companies or organizations; enterprises and governments were the major sources of capital.

According to the CVCRI report, 92 VC firms were controlled by the State or State-owned organizations; 52 by private capital; 26 were wholly owned by the State; and 20 were controlled by foreign investment.

The CVCRI survey also shows that enterprises and governmental organizations contributed 49 per cent and 25 per cent of capital managed by VC companies respectively.

Investments were mainly made in later-stage projects.

With the depression of the VC sector since 2000, the focus of investments shifted to the later stage of a company's development.

According to the survey, 73 per cent of VC companies said they prefer to invest in later-stage projects, while 53 per cent and 31 per cent chose the expansion and initial stages respectively.

In addition, among the 341 projects with new investment, 156 provided information about the stage of their development. More than 50 per cent of the projects were in their later stages, while 28 per cent and 11 per cent in seed and expansion stages respectively.

Project financing was the main business of VC companies and melon-cutting revenue was their common source of income.

VC companies' major business was in project financing, investment consulting and management consulting last year. Out of the 190 respondents to the survey, 172 regarded project financing as one of their core businesses, while 67 participants chose investment consulting and management consulting as some of their main businesses.

The survey also shows venture capital controlled by foreign investors mainly focuses on the above three businesses, but the other VC companies were also engaged in other businesses like investment banking and guaranty.

Melon-cutting revenues from invested projects, incomes from exits of projects and charges on management consulting were the major sources of income for the domestic VC sector.

Stake transfer was the major exit channel for VC companies, which were satisfied with the profits from the exits.

The CVCRI survey indicates 38 VC firms wholly or partly exited out from 64 projects last year. Out of the 64 projects, 61 provided information about the amount of their exits, which stood at 423 million yuan (US$51 million).

A total of 62 projects also provided the forms of exits and 51 were made through stake transfer, five through management buy-out, three from overseas public offerings, and three through bankruptcy clearing.

The result of the survey also shows the returns of VC companies were good. More than 60 per cent of the projects generated 1 to 100 per cent of returns and 27 per cent projects with above 100 per cent returns, while VC firms said they just broke even or suffered from losses in 10 per cent of projects.

The data indicates the VC sector had made some progress and the profitability of companies improved.

Diversification of means of management and supervision of invested projects.

Management and supervision of invested projects is a key to the success of an investment.

The survey shows the management of invested projects was mainly conducted through project managers, but the means of management was diversified.

About 100 VC companies adopted the project manager model, but 50 VCs also chose to set up special management organizations and 39 per cent assigned staff to invested firms.

Supervision is an important aspect of work after making an investment, with supervisory models being varied.

Among the 179 effective responses to the question, 155 companies chose to have directors or supervisors, 81 appointed chief financial officers in invested companies, and 76 named other executives in invested companies.

VC institutions and intermediaries improved.

According to the survey, China's VC sector was still dominated by the State, but the stakeholding structure had shown a trend of diversification.

In March 2003, the first Sino-foreign joint investment fund management company the Sino-Swiss Partnership Fund was founded. Especially in large funds with more than one billion dollars, government-related capital still had a large proportion. Limited partnership and VC units in large companies, two popular forms internationally, still could not be applied in China.

Related industries with the VC sector and supporting organizations were also being improved. More equity exchanges like the Zhongguancun Technology Equity Exchange were founded. Industrial organizations such as the Guangdong Venture Capital Promotion Association and the Shaanxi Venture Capital Association were set up.

However, the political environment for the VC industry still needs further improvement.

After strenuous efforts in the past years, the legal and political environment for China's VC industry has been improved, but the progress still fails to fully meet the requirement of the industry's development.

The survey shows 38 per cent of the respondents say there is still much work to be done in the regulatory structure and 19 per cent say the industry needs some policies to encourage its development.



 
  Story Tools  
   
  Related Stories  
   
Venture capitalists want better environment
   
VC firm sets up digital media fund
Manufacturers, Exporters, Wholesalers - Global trade starts here.

 

Advertisement
         
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    久久99久久精品欧美| 亚洲免费观看高清完整版在线观看熊| 亚洲欧美影音先锋| 国内成人自拍视频| 在线不卡免费欧美| 亚洲六月丁香色婷婷综合久久 | 久久精品亚洲麻豆av一区二区| 午夜精品视频在线观看| av电影天堂一区二区在线观看| 精品奇米国产一区二区三区| 亚洲一区免费视频| 色哟哟国产精品免费观看| 中文字幕第一区二区| 国产乱对白刺激视频不卡| 日韩精品中午字幕| 日本不卡123| 制服丝袜av成人在线看| 亚洲一区二区三区四区在线免费观看| 欧美喷潮久久久xxxxx| 亚洲在线视频网站| 欧美成人综合网站| 99久久免费视频.com| 17c精品麻豆一区二区免费| 欧美日韩亚洲综合一区二区三区 | 久久精品国产精品亚洲红杏 | 欧美一区二区网站| 日韩精品免费视频人成| 欧美性xxxxx极品少妇| 一区二区成人在线| 欧美午夜精品一区| 国产在线精品一区二区不卡了| 精品伦理精品一区| 91丨九色丨国产丨porny| 亚洲品质自拍视频| 日韩欧美在线不卡| 激情都市一区二区| 亚洲精品亚洲人成人网在线播放| 日韩美女在线视频| 色哟哟国产精品| 久久成人久久爱| 亚洲综合视频在线| 国产女人aaa级久久久级| 99久久久久久| 麻豆精品一区二区av白丝在线 | 欧美精品一区二区三区很污很色的 | 亚洲男人的天堂在线aⅴ视频| 日韩视频一区二区三区在线播放| 99精品一区二区| 经典一区二区三区| 亚洲一区二区三区三| 国产欧美日韩另类视频免费观看| 欧美高清视频一二三区 | 日本一区二区三区四区| 欧美三区在线视频| 成人午夜在线播放| 国产精品人妖ts系列视频| 91美女在线观看| 精品一区二区精品| 亚洲成人激情自拍| 精品电影一区二区三区| 中文成人综合网| 欧美电视剧在线看免费| 欧美三级视频在线| av在线一区二区三区| 国产精品中文字幕一区二区三区| 性欧美疯狂xxxxbbbb| 亚洲欧美日韩精品久久久久| 久久精品人人做| 91精品国产免费| 欧美视频第二页| 色呦呦日韩精品| 成人国产免费视频| 亚洲成人免费看| 亚洲三级视频在线观看| 欧美福利视频一区| 在线精品视频免费观看| 精品一区二区在线看| 日韩avvvv在线播放| 欧美亚洲另类激情小说| 99re8在线精品视频免费播放| 国产激情精品久久久第一区二区| 国产精品二三区| 欧美精品自拍偷拍| 欧美日韩在线免费视频| 日本黄色一区二区| 久久99精品久久久久久国产越南 | 欧美韩国日本不卡| 久久久国产午夜精品| 色综合色狠狠天天综合色| 成人ar影院免费观看视频| 国产成人免费在线视频| 国产精品资源网| 国产很黄免费观看久久| 韩国欧美国产1区| 久久国产婷婷国产香蕉| 美女看a上一区| 奇米一区二区三区| 免费成人在线视频观看| 青青草97国产精品免费观看| 日本欧美在线看| 男人操女人的视频在线观看欧美| 日本美女视频一区二区| 青青草原综合久久大伊人精品 | 国产a精品视频| 亚洲午夜在线电影| 国产精品美日韩| 国产精品久久久久aaaa| 一区在线观看视频| 亚洲精品欧美激情| 亚洲午夜在线观看视频在线| 亚洲国产日韩精品| 视频一区国产视频| 美女在线视频一区| 国产一区三区三区| 国产成人av一区二区三区在线 | 五月婷婷激情综合| 日韩av一级电影| 激情都市一区二区| 成人影视亚洲图片在线| 91在线国产福利| 在线观看日韩毛片| 欧美日韩免费高清一区色橹橹| 8v天堂国产在线一区二区| 日韩一区二区三区在线观看| 26uuu精品一区二区| 日韩欧美激情在线| 国产三级精品三级| 国产精品盗摄一区二区三区| 亚洲品质自拍视频| 婷婷六月综合亚洲| 韩国v欧美v亚洲v日本v| 日韩精品一区二区三区四区视频| 精品国产免费人成电影在线观看四季 | 日本欧美加勒比视频| 韩国精品免费视频| a级精品国产片在线观看| 欧美主播一区二区三区| 日韩视频免费直播| 中文无字幕一区二区三区| 亚洲自拍都市欧美小说| 免费成人你懂的| 国产白丝网站精品污在线入口| 91麻豆免费观看| 日韩亚洲国产中文字幕欧美| 久久久久国产精品人| 亚洲精品国久久99热| 蜜桃精品视频在线| 不卡av免费在线观看| 欧美精品一二三| 国产日韩欧美在线一区| 亚洲一区二区三区小说| 国内久久婷婷综合| 色狠狠综合天天综合综合| 日韩欧美激情一区| 亚洲三级在线免费| 老色鬼精品视频在线观看播放| 成人综合婷婷国产精品久久| 欧美日韩午夜在线| 国产欧美一区二区三区鸳鸯浴| 亚洲一区影音先锋| 国产精品系列在线观看| 日本高清视频一区二区| 久久综合久久综合久久| 一区二区欧美视频| 国产乱码精品一区二区三区av| 91美女视频网站| 亚洲精品一区二区在线观看| 亚洲精品中文在线| 国产寡妇亲子伦一区二区| 欧美日韩一级黄| 国产精品美女一区二区三区 | 在线精品视频一区二区| 久久精品亚洲精品国产欧美kt∨| 亚洲国产精品久久不卡毛片| 粉嫩av一区二区三区粉嫩| 制服丝袜激情欧洲亚洲| 亚洲视频网在线直播| 韩国一区二区视频| 欧美裸体一区二区三区| 国产精品久久久久久久久快鸭| 看电视剧不卡顿的网站| 欧美性受极品xxxx喷水| 久久精品视频一区| 男女激情视频一区| 在线亚洲一区观看| 国产精品理论片在线观看| 久久99精品久久久久久久久久久久| 色综合天天综合在线视频| 欧美色综合网站| 中文字幕一区免费在线观看 | 欧美亚洲丝袜传媒另类| 国产精品美女www爽爽爽| 看国产成人h片视频| 欧美日韩国产影片| 亚洲乱码国产乱码精品精的特点| 国产成人在线影院| 精品久久久久久久一区二区蜜臀| 亚洲一区二区欧美| 91视频在线看| 国产精品丝袜91|