On July 28th, Shenzhen Private Equity Association published a report on the development of Shenzhen private equity industry in 221. The report shows the situation of Shenzhen private equity fund industry last year from four aspects, including the quality and quantity of industry development, the function of service entities, the development of characteristic businesses and the good ecology of the industry.
in recent five years, the scale of private equity fund industry in Shenzhen has maintained an upward trend, with the average annual growth rate of the number of surviving private equity funds and the management scale reaching 13.% and 8.% respectively. By the end of 221, 4,38 private equity fund managers in Shenzhen managed 19,783 private equity funds, with a management scale of 2.27 trillion yuan, up by 2.8% and 15.1% respectively compared with the end of 22, accounting for 15.9% and 11.5% of the number and management scale of private equity funds in the same period in China, ranking second and third in the country.
By the end of 221, there were 47 private fund managers with a scale of over 1 billion in Shenzhen, with a total management scale of 971.1 billion yuan, up by 51.6% and 47.% respectively compared with the end of 219, accounting for 42.9% of all private fund managers in Shenzhen, up by 6.5 percentage points compared with the end of 219.
Among them, the number of private equity investment fund managers above 1 billion has grown by leaps and bounds to 13, with a total management scale of 31.3 billion yuan, up by 333.3% and 686.7% respectively compared with the end of 219; The management scale of 31 private equity venture capital fund managers above 1 billion yuan totaled 614.3 billion yuan, up 4.9% and 2.6% respectively from the end of 219.
According to the report, in 221, Shenzhen Securities Regulatory Bureau, in accordance with the decision-making arrangements of the CPC Central Committee and the State Council and the work requirements of the China Securities Regulatory Commission, with the guidance and support of the municipal party committee and municipal government, thoroughly implemented the new development concept, actively served the overall situation of the national strategy, seized the development opportunities of the pilot projects of dual-zone construction and comprehensive reform, grasped the risk disposal on the one hand and the development of the industry on the other, and pushed the private equity fund industry in Shenzhen to make continuous progress towards standardized development.
in the past year, the ability of Shenzhen private equity fund industry to serve the real economy has been enhanced, the industry scale and institutional quality have been improved, the characteristic businesses have blossomed, the risk base has been basically clarified, the incremental risks have been controlled, the overall risks have tended to converge, and a positive industry ecology has gradually taken shape.
I. The development of private equity industry is qualitative and quantitative in Shuang Sheng
(I) The scale of the industry has steadily increased
In recent five years, the scale of the private equity fund industry in Shenzhen has maintained an upward trend, with the average annual growth rate of the number of surviving private equity funds and the management scale reaching 13.% and 8.% respectively. By the end of 221, 4,38 private equity fund managers in Shenzhen managed 19,783 private equity funds, with a management scale of 2.27 trillion yuan, up by 2.8% and 15.1% respectively compared with the end of 22, accounting for 15.9% and 11.5% of the number and management scale of private equity funds in the same period in China, ranking second and third in the country. Among them, there are 6,914 private equity venture capital funds with a management scale of 1,471.1 billion yuan, up by 7.8% and 6.2% respectively compared with the end of 22; There are 12,476 private equity investment funds with a management scale of 649.4 billion yuan, up by 31.9% and 56.3% respectively compared with the end of 22; There are 3 private asset allocation funds with a management scale of 16 million yuan, up by 5.% and 45.5% respectively compared with the end of 22. In 221, private equity investment funds achieved explosive growth, with 4,536 new filing funds and a scale of 16 billion yuan, increasing by 4.% and 59.7% respectively compared with the end of 22.
Figure 1: The trend of the existence of private equity funds in Shenzhen in recent five years Source: asset management association of china (AMAC)
(II) The management strength has been continuously enhanced
After decades of development, the comprehensive strength of private equity fund managers in Shenzhen has been significantly enhanced. The capital strength has improved steadily. By the end of 221, the paid-in capital of Shenzhen private equity fund managers totaled 178.3 billion yuan, an increase of 27.9% compared with the end of 22. Among them, the paid-in capital of 191 private fund managers exceeded 1 million yuan, totaling 131.1 billion yuan, an increase of 45.1% compared with the end of 22. The ownership forms are increasingly diverse. Although the ownership types of private fund managers in Shenzhen are mainly private, the proportion of state-owned and foreign-funded backgrounds is gradually increasing. 3,91 private fund managers with private background, down 3.7% from the end of 22; There are 189 state-owned private fund managers, up 1.6% from the end of 22; There are 78 private fund managers with foreign holding background, up 1.3% from the end of 22. The professional ability of employees has been greatly improved. The number of employees who have obtained the qualifications of private equity fund managers in Shenzhen has reached 25,3, accounting for 87.5%, an increase of 24.2 percentage points compared with the end of 22.
(III) Continued expansion of 1 billion institutions
In the past three years, the number of private fund managers with a management scale of over 1 billion yuan in Shenzhen has continued to grow, and the expansion of the head camp has accelerated. By the end of 221, there were 47 private fund managers with a scale of over 1 billion in Shenzhen, with a total management scale of 971.1 billion yuan, up 51.6% and 47.% respectively compared with the end of 219, accounting for 42.9% of the management scale of all private fund managers in Shenzhen, up 6.5 percentage points from the end of 219. Among them, the number of private equity investment fund managers above 1 billion has grown by leaps and bounds to 13, with a total management scale of 31.3 billion yuan, up by 333.3% and 686.7% respectively compared with the end of 219; The management scale of 31 private equity venture capital fund managers above 1 billion yuan totaled 614.3 billion yuan, up 4.9% and 2.6% respectively from the end of 219.
Figure 2: Changes of managers of tens of billions of private equity funds in Shenzhen in recent three years Source: asset management association of china (AMAC)
(IV) Industry structure has been optimized
Figure 3: Changes of industry structure of private equity funds in Shenzhen in recent three years Source: asset management association of china (AMAC)
(V) Sources of fund-raising tend to be diversified
Figure 4: Private equity in Shenzhen by the end of 221. P > Source: asset management association of china (AMAC)
II. The functions of service entities have been continuously enhanced
(I) Direct financing of service enterprises
The private equity venture capital industry in Shenzhen is playing an increasingly important role in supporting direct financing of enterprises and promoting their listing. By the end of 221, Shenzhen Private Equity Venture Capital Fund had invested in 17,96 projects, with a total investment of 13, enterprises nationwide, including more than 8, small and medium-sized enterprises and more than 4,3 local enterprises. The principal invested is 976.9 billion yuan, of which nearly 4 billion yuan is invested in small and medium-sized enterprises and nearly 3 billion yuan is invested in high-tech enterprises, and high-quality enterprises such as Contemporary Amperex Technology Co., Limited, Huada Gene, Yiheda, Western Superconductor and Huada Jiutian have been continuously cultivated. By the end of 221, Shenzhen private equity venture capital industry had helped nearly 5 companies to go public at home and abroad, among which 175 companies were listed in 221, an increase of 68.3% over 22.
(II) Promoting industrial transformation and upgrading
Shenzhen's private equity venture capital industry focuses on early investment and small investment in technology, actively deploys strategic emerging industries, and has achieved remarkable results in promoting industrial transformation and upgrading. By the end of 221, Shenzhen private equity venture capital fund had invested in 1,934 projects in small and medium-sized enterprises, accounting for 63.9% of all investment projects of Shenzhen private equity venture capital fund, and the principal invested was 33.9 billion yuan, accounting for 31.1% of the total principal invested by Shenzhen private equity venture capital fund; Among them, there are 7,38 projects invested in seed stage and initial stage, accounting for 43.2%, and the principal invested is 244.2 billion yuan, accounting for 25.%. There are 7,939 investment projects invested in high-tech enterprises, accounting for 46.4% of all investment projects of Shenzhen private equity venture capital fund, and the investment principal is 269.6 billion yuan, accounting for 27.6% of all investment principal of Shenzhen private equity venture capital fund; Among them, 3,537 projects were invested in start-up technology-based enterprises, accounting for 2.7% of the projects invested by Shenzhen private equity venture capital fund, and the principal invested was 59.7 billion yuan, accounting for 6.1% of the principal invested by Shenzhen private equity venture capital fund. In 221, the investment of Shenzhen Private Equity Venture Capital Fund in strategic emerging industries such as semiconductors, pharmaceuticals, biotechnology and communication equipment grew rapidly, with the cumulative investment rounds reaching 1,55,569 and 232 respectively, up by 82.%, 5.5% and 42.3% respectively compared with the end of 22.
Figure 5: Distribution of investment projects of Shenzhen private equity venture capital fund by the end of 221 Source: asset management association of china (AMAC)
(III) Accelerating two-way opening to the outside world
Under the background of dual-zone driving and dual-zone superposition, Shenzhen private equity fund industry firmly grasps the pilot of qualified foreign limited partners (QFLP), the pilot of qualified domestic limited partners (QDIE) and the managers of wholly foreign-owned private equity investment funds. By the end of 221, 171 private equity fund managers in Shenzhen * * * had obtained the qualification of QFLP pilot business (Hong Kong-funded enterprises accounted for 66.7%), and managed 53 QFLP private equity funds, with a management scale of 7.55 billion US dollars, up by 8.9%, 39.5% and 3.2% respectively compared with the end of 22. 69 private equity fund managers obtained the qualification of QDIE pilot business, with a total approved quota of 1.99 billion US dollars, and managed 85 QDIE private equity funds, increasing by 43.8%, 28.% and 19.7% respectively compared with the end of 22. Four private equity fund managers obtained the qualification of WFOEPFM pilot business, and managed three WFOEPFM private equity funds, with a management scale of RMB 4 million, increasing by 3.%, 5.% and 9.4% respectively compared with the end of 22.
(IV) Actively practicing social responsibility
Shenzhen private equity fund industry gives full play to its own advantages and fulfills its social responsibility with practical actions. In terms of party building, Shenzhen Venture Capital made great efforts to build a brand of party building with the characteristics of a party branch by investing in a private enterprise, empowered private enterprises to innovate and develop with party building, and promoted 55 invested enterprises to set up party branches, and won the demonstration project of Shenzhen Party Building leading grassroots governance and party struggle. In terms of serving the green industry, companies such as Shenzhen Venture Capital and China Guangdong Nuclear Power Co., Ltd. actively practice the ESG investment concept and increase investment in green and low-carbon fields, with a total investment of over 2 billion yuan in green industries. In terms of supporting social welfare, Oriental Harbor was named as the annual public welfare enterprise of the 221 China Public Welfare Annual Meeting by Public Welfare Times, and the company's accumulated donation exceeded 13 million yuan; Shenzhen Venture Capital actively assisted rural revitalization and student aid projects, and invested a total of 6.5 million yuan to complete 16 assistance projects, providing medical assistance to help more than 4 sick villagers and providing education subsidies to help more than 1 poor students. Tongchuang Weiye donated 2 million yuan to help fight the epidemic; Chengqi Assets donated 1 million yuan to support flood control and disaster relief in Henan; Kaifeng Investment, Songhe Capital and other companies set up special foundations, with various donations totaling over 1 million.
III. Featured businesses lead the development of the industry
(I) Guidance fund boosting layout
In recent years, the Shenzhen Municipal Government has strengthened policy support, increased capital investment, fully played the role of guidance fund, and accelerated the development of 2+8 strategic emerging industries and future industries. By the end of 221, 14 government guidance funds had been established by the two levels of government in urban areas, with a total scale of 156.7 billion yuan, and the paid-in financial contribution exceeded 98%, with a scale of 154.5 billion yuan. Among them, the scale of guiding funds in Shenzhen exceeds 1 billion yuan, and * * * shares 143 sub-funds, with a total scale of over 47 billion yuan, which nearly quadruples the proportion of social capital; The direct investment sub-funds have invested more than 3, projects, and the projects in seven strategic emerging fields have exceeded 2,6, accounting for about 86% of the projects invested by the direct investment sub-funds, and the investment amount has exceeded 18 billion yuan, accounting for about 84% of the investment amount of the direct investment sub-funds; Among the projects that have been invested, more than 7 enterprises have obtained follow-up financing, including more than 19 listed enterprises, more than 17 state-level specialized new giant enterprises and more than 18 unicorn enterprises.
(II) Venture Capital Fund Helps Innovation
The scale of Shenzhen Venture Capital Fund has grown steadily, constantly playing the role of innovation accelerator and actively helping the industrialization of scientific and technological achievements. By the end of 221, there were 2,133 venture capital funds in Shenzhen, with a management scale of 266.7 billion yuan, increasing by 37.1% and 33.6% respectively compared with the end of 22. In 221, there were 662 newly registered venture capital funds in Shenzhen, and the management scale of newly registered venture capital funds was 36.6 billion yuan, up by 58.4% and 21.3% respectively compared with 22. The investment participation of venture capital funds has been continuously improved, with 9,967 investment rounds, an increase of 38.% compared with the end of 22. Venture capital funds actively deploy strategic emerging industries. The top five industries in the number of investment projects are information technology services, semiconductors, electronic equipment, Internet services and machinery manufacturing, with a total of 3,868 projects, accounting for 49.9% of all the projects invested by Shenzhen Venture Capital Fund. The top five industries in terms of investment capital are information technology services, semiconductors, electronic equipment, biotechnology and machinery manufacturing, with a total investment capital of 74.3 billion yuan, accounting for 45.7% of the total investment capital of Shenzhen Venture Capital Fund.
(III) Optimization of M&A fund structure
In recent two years, the scale of M&A funds has declined, but the overall structure tends to be optimized. By the end of 221, 426 private fund managers in Shenzhen * * * were engaged in M&A fund business, and 852 M&A funds were under management, with a management scale of 265 billion yuan, which decreased by 5.3%, 5.1% and .8% respectively compared with the end of 22. From the development trend, the development of M&A funds in Shenzhen presents three characteristics: the head effect is more obvious, and there are 16 M&A funds with a management scale of more than 3 billion yuan, with a management scale of 97.1 billion yuan, up by 6.7% and 16.9% respectively compared with the end of 22; The main body is more concentrated. By the end of 221, the proportion of institutional investors' investment in Shenzhen M&A fund investors' investment increased to 91.4%, and the proportion of natural person investors' investment decreased to 8.6%. Play a more active role, M&A funds increased investment in strategic emerging areas, and invested in 888 industrial projects in emerging areas such as information technology services, electronic equipment and medical care, with a principal of 66.9 billion yuan, accounting for 51.7% and 32.5% of all investment projects of Shenzhen M&A funds respectively, and the cumulative investment rounds increased by 18.2% compared with the end of 22. Among them, the growth rate of semiconductors is the most obvious, and the cumulative investment rounds have increased by 7.7% compared with the end of 22.
Figure 6: Distribution of M&A fund investment industries in Shenzhen by the end of 221 Source: asset management association of china (AMAC)
(IV) Rapid growth of quantitative funds
(V) Multi-point flowering of characteristic tracks
In recent years, private equity fund managers in Shenzhen have accelerated their penetration into sub-sectors and featured tracks have blossomed. Among the managers of private equity venture capital funds, various specialized institutions focusing on sub-sectors have emerged, such as focusing on