2022 Shenzhen private placement scale 2.27 trillion favorable which industries?

July 28, Shenzhen Private Equity Association published a report on the development of the private equity industry in Shenzhen in 2021 So today I'm here to organize the knowledge of Shenzhen private equity funds, let's take a look together!

I, private equity industry development quantity and quality of double rise

(a) industry scale steadily increased

In the past five years, Shenzhen private equity industry scale to maintain the upward trend, the number of surviving private equity funds and the average annualized growth rate of the scale of management of 13.0%, 8.0%, respectively. As of the end of 2021, 4,308 private equity fund managers*** in Shenzhen managed 19,783 private equity funds with a management scale of 2.27 trillion yuan, an increase of 20.8% and 15.1% respectively compared with that of the end of 2020, accounting for 15.9% and 11.5% of the country's number of private equity funds and management scale during the same period, ranking the second and the 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, representing an increase of 7.8% and 6.2% respectively compared with the end of 2020; there are 12,476 private securities investment funds with a management scale of 649.4 billion yuan, representing an increase of 31.9% and 56.3% respectively compared with the end of 2020; and there are 3 private asset allocation funds with a management scale of 160 million yuan, representing an increase of 50.0% and 50.3% respectively compared with the end of 2020; and there are 3 private asset allocation funds with a management scale of 160 million yuan, representing an increase of 50.0% and 15.1% respectively compared with the end of 2020. year-end growth of 50.0%, 45.5%. 2021, private securities investment funds to achieve explosive growth, new filed 4,536 funds, new filed fund size of 160 billion yuan, compared with the end of 2020, an increase of 40.0%, 59.7%.

(II) Increasing Management Strength

After decades of development, the comprehensive strength of Shenzhen's private equity fund managers has increased significantly. The capital strength is steady and progressive. As of the end of 2021, the total paid-in capital of Shenzhen private equity fund managers amounted to RMB 178.3 billion, representing an increase of 27.9% from the end of 2020. Among them, 191 private equity fund managers had paid-in capital of more than RMB 100 million, with total paid-in capital of RMB 131.1 billion, representing an increase of 45.1% from the end of 2020. The forms of ownership are increasingly diversified. Although the ownership type of Shenzhen private equity fund managers is mainly private, the proportion of state-owned and foreign-funded backgrounds is gradually increasing. There are 3,910 private fund managers with private background, down 3.7% from the end of 2020; there are 189 private fund managers with state-owned background, up 1.6% from the end of 2020; and there are 78 private fund managers with foreign-controlled background, up 1.3% from the end of 2020. The professional ability of employees has been significantly improved, the number of employees of Shenzhen private equity fund managers who have obtained fund practitioner qualifications reached 25,300, and the percentage of licensed personnel was 87.5%, up 24.2 percentage points from the end of 2020.

In the past three years, the number of private equity fund managers in Shenzhen with a management scale of more than ten billion yuan has continued to grow, and the head camp has accelerated its expansion. As of the end of 2021, there were 47 private equity fund managers in Shenzhen with a management scale of more than 10 billion yuan, with a total management scale of 971.1 billion yuan, an increase of 51.6% and 47.0% respectively compared with that of the end of 2019, accounting for 42.9% of the total management scale of all the private equity fund managers in Shenzhen, and an increase of 6.5 percentage points compared with that of the end of 2019. Among them, private equity securities investment fund managers above 10 billion yuan in size realized leapfrog growth to 13, with a total management scale of 301.3 billion yuan, representing an increase of 333.3% and 686.7% respectively compared with that at the end of 2019; and 31 private equity venture capital fund managers above 10 billion yuan in size had a total management scale of 614.3 billion yuan, representing an increase of 40.9% and 20.6% respectively compared with that at the end of 2019.

(IV) Industry structure has been optimized

In recent years, the private equity fund industry has entered a virtuous cycle of survival of the fittest, with the scale of the stronger managers further expanding, the private equity fund managers lacking the ability of sustained operation and other types of managers with insignificant private equity attributes accelerating the clearing out of the industry, and the industry structure continuously optimized. From the distribution of management scale, as of the end of 2021, there are 96 private equity fund managers in Shenzhen*** with a management scale of more than 5 billion yuan, with a total management scale of 1.3 trillion yuan, an increase of 14.3% and 21.9% respectively compared to the end of 2020; in the past three years, the management scale of private equity fund managers with a scale of more than 5 billion yuan has continued to expand the proportion of management scale of all private equity fund managers in Shenzhen , from 53.25% in 2019 to 58% in 2021; 2,554 private equity fund managers with a management scale of less than 50 million yuan and a total management scale of 29 billion yuan, down 9.2% and 3.2% from the end of 2020, respectively; and 629 private equity fund managers with a management scale of close to zero[0], down 8.3% from the end of 2020. From the point of view of the number of private fund managers to be cleared, in 2021, Shenzhen newly canceled 211 private fund managers, basically the same as in 2020, of which 112 were canceled by the China Securities Investment Fund Association (hereinafter referred to as the CIFA) due to loss of association and other reasons, a decrease of 25.8% compared with 2020; 89 surviving other types of private fund managers, with a management scale of 145.5 billion yuan, a decrease of 28.2% compared with the 28.2% and 13.5% respectively at the end of 2020.

(E) Fund-raising sources tend to be diversified

In recent years, the participation of investors in Shenzhen's private equity fund industry has been increasing, and the sources of fund-raising have become more diversified. As of the end of 2021, all types of private equity fund investors combined contribution of 2.17 trillion yuan, an increase of 12.4% over the end of 2020; among them, foreign direct investors, QFII, RQFII, etc. as the representative of the most significant growth in foreign funds, the contribution of 9.48 billion yuan, an increase of 57.8% over the end of 2020; institutional investors[1] for the Shenzhen private equity fund's main Funding sources (accounting for nearly 80%), the contribution scale of 1.68 trillion yuan, compared with the end of 2020, an increase of 10.4%. Among the fund-raising sources of private equity and venture capital funds, 85% come from institutional investors, with a contribution scale of 1.28 trillion yuan; 11.7% come from medium- and long-term funds[2], with a contribution scale of 176.1 billion yuan, of which insurance funds are growing faster, with a contribution scale of 84.9 billion yuan, an increase of 11.9% compared with that of the end of 2020. Among the sources of fund-raising for private securities investment funds, offshore funds have grown significantly, with the scale of contribution amounting to 914 million yuan, an increase of 900 million yuan from the end of 2020.

II. Continuous enhancement of the function of serving entities

(I) Serving direct financing of enterprises

Shenzhen's private equity VC industry is playing an increasingly important role in supporting direct financing of enterprises and promoting their listing, etc. The private equity VC industry in Shenzhen is also playing an increasingly important role in supporting direct financing of enterprises and promoting their listing. By the end of 2021, Shenzhen private equity VC funds had 17,096 projects in investment, with a cumulative investment in 13,000 enterprises nationwide, of which more than 8,000 were invested in small and medium-sized enterprises (SMEs), and more than 4,300 were invested in local enterprises; and the invested principal amounted to RMB 976.9 billion, of which nearly RMB 400 billion was invested in SMEs, and nearly RMB 300 billion was invested in high and new-tech enterprises, and the industry continued to incubate and nurture the following enterprises The company has continuously incubated and nurtured high-quality enterprises, such as Ningde Times, Huada Gene, Yihoda, Western Superconductor and Huada Jutian. By the end of 2021, Shenzhen's private equity VC industry*** helped nearly 500 enterprises go public both domestically and internationally, of which 175 enterprises were helped to go public in 2021, a 68.3% increase from 2020.

(2) Promoting industrial transformation and upgrading

Shenzhen private equity VC industry focuses on investing in early and small investment and technology, and actively lays out strategic emerging industries, with remarkable results in promoting industrial transformation and upgrading. As of the end of 2021, Shenzhen private equity VC funds invested in 10,934 projects in small and medium-sized enterprises (SMEs), accounting for 63.9% of all investment projects of Shenzhen private equity VC funds, with an invested capital of RMB 303.9 billion, accounting for 31.1% of all invested capital of Shenzhen private equity VC funds; among them, a total of 7,380 projects were invested in the seed stage and the start-up stage, accounting for 43.2% of all projects, with an invested capital of RMB 2,000 million, which is the highest among all projects of Shenzhen private equity VC funds. The invested capital amounted to RMB 244.2 billion, accounting for 25.0%. There were 7,939 projects invested in high-tech enterprises, accounting for 46.4% of the total number of projects invested by Shenzhen Private Equity Venture Capital Funds, with an invested capital of RMB 269.6 billion, accounting for 27.6% of the total invested capital of Shenzhen Private Equity Venture Capital Funds; among them, there were 3,537 projects invested in start-up science and technology enterprises, accounting for 20.7% of the total number of projects invested by Shenzhen Private Equity Venture Capital Funds, with an invested capital of RMB 59.7 billion, accounting for 25.0% of the total invested capital of Shenzhen Private Equity Venture Capital Funds. RMB59.7 billion, accounting for 6.1% of the invested capital of Shenzhen private equity venture capital funds. 2021, Shenzhen private equity venture capital funds invested in semiconductors, pharmaceuticals and biotechnology, communications equipment and other strategic emerging industries at a faster rate of growth, with the cumulative number of investment rounds amounting to 1,505, 569, and 232 respectively, representing an increase of 82.0%, 50.5%, and 42.3% over that at the end of 2020, respectively.

C) Accelerating two-way opening-up

In the context of "dual-zone" drive and "dual-zone" superposition, Shenzhen private equity industry firmly grasped the pilot Qualified Foreign Limited Partner (QFLP), Qualified Domestic Limited Partner (QDIE) and the pilot Qualified Domestic Limited Partner (QDIE), and the pilot Qualified Domestic Limited Partner (QDIE). (QDIE) pilot, and Wholly Foreign-Owned Private Equity Fund Manager (WFOEPFM) pilot and other policy opportunities, accelerating the expansion of cross-border business. As of the end of 2021, there are 171 private equity fund managers in Shenzhen*** who have obtained the QFLP pilot business qualification (Hong Kong-funded enterprises accounted for 66.7% of the total), managing 53 QFLP private equity funds with a management scale of USD 7.55 billion, representing an increase of 8.9%, 39.5%, and 30.2% respectively compared with that at the end of 2020. 69 private equity fund managers have obtained the QDIE pilot business qualification, with a cumulative approved quota of 19%, and a total approved quota of 19%, which is the same as that at the end of 2020. 69 private equity fund managers were qualified for QDIE pilot business, with a cumulative approved quota of USD 1.99 billion and 85 QDIE private equity funds under management, representing an increase of 43.8%, 28.0% and 19.7% respectively compared with that of the end of 2020. 4 private equity fund managers were qualified for WFOEPFM pilot business, with 3 WFOEPFM private equity funds under management, and the management scale of which amounted to CNY 0.4 billion, representing an increase of 300.0%, 50.0%, 90.0% and 1.4% respectively compared with that of the end of 2020. , 50.0% and 90.4% respectively.

(IV) Actively practicing social responsibility

Shenzhen private equity industry gives full play to its own advantages and fulfills its social responsibility with practical actions. In terms of party building, SZVIC has made great efforts to build a special party building brand of "investing in a private enterprise leads to a party branch", and empowered the innovation and development of private enterprises with party building, promoting the establishment of party branches in 55 invested enterprises, and obtaining the "Struggle with the Party Demonstration Project" in Shenzhen's party building-led grass-roots governance. The company has won the "Model Project of Striving with the Party" of Shenzhen Party Building Leading Grassroots Governance. In terms of serving the green industry, SZCIC, CGNPC and other companies have actively practiced the concept of "ESG investment", increased investment in green and low-carbon areas, and invested a total of more than 20 billion yuan in the green industry. In terms of supporting social welfare, Dongfang Harbor was awarded "2021 China Public Welfare Annual Conference Public Welfare Enterprise of the Year" by the Public Welfare Times, and the company has made a cumulative donation of more than 130 million yuan; SZCIC has actively assisted in rural revitalization and schooling projects, with a cumulative total of 6.5 million yuan of funds invested in helping the villagers and completing 16 projects, and has provided medical assistance for more than 400 sick villagers and educational assistance for more than 400 sick villagers. More than 400 villagers, to provide educational assistance to help more than 100 poor students; Tongchuang Weiye donated 2 million yuan to help fight the epidemic; Cheng Qi assets donated 1 million yuan to support the flood relief in Henan; Kefeng Investment, Songhe Capital and other companies to set up a special foundation, all kinds of donations accumulated more than 10 million.

Characteristic Business Leads Industry Development

(A) Guiding Fund Boosts Layout

In recent years, the Shenzhen Municipal Government has strengthened its policy support, increased its capital investment, and given full play to the role of the guiding fund in accelerating the development of "20+8" strategic emerging industries and future industries. strategic emerging industries and future industry development. As of the end of 2021, the urban and rural governments **** set up 14 government guidance funds, with a total fund size of 156.7 billion yuan, and more than 98% of the financial contribution, with a size of 154.5 billion yuan. Among them, the size of the Shenzhen Municipal Guiding Fund exceeded 100 billion yuan, *** participation in 143 sub-funds, the total size of the participating funds exceeded 470 billion yuan, the proportion of social capital nearly four times; the direct investment sub-fund has invested in more than 3,000 projects, the seven strategic emerging areas of the project more than 2,600 projects, accounting for about 86% of the sub-fund has been invested in the investment of the project, the investment amount of more than 180 billion yuan, accounting for about 86% of the sub-fund has been invested in. The investment amount is over 180 billion RMB, accounting for 84% of the investment amount of each direct investment sub-fund. Among the invested projects, more than 700 enterprises have obtained follow-up financing, with more than 190 listed enterprises, more than 170 national specialized, special and new small giants, and more than 180 unicorn enterprises.

(2) Venture Capital Fund Helps Innovation

Shenzhen Venture Capital Fund has been steadily growing in size, continuously playing the function of "gas pedal" for innovation, and actively assisting in the industrialization of scientific and technological achievements. As of the end of 2021, Shenzhen Venture Capital Fund **** has 2,133 only, the management scale of 266.7 billion yuan, compared with the end of 2020, respectively, an increase of 37.1%, 33.6%. 2021, Shenzhen new filed Venture Capital Fund 662, new filed Venture Capital Fund management scale of 36.6 billion yuan, compared with the 2020, respectively, an increase of 58.4%, 21.3%. The investment participation of VC funds has been increasing, with the number of investment rounds amounting to 9,967, representing an increase of 38.0% compared with the end of 2020. Venture capital funds actively laid out strategic emerging industries. The top five industries in terms of the number of projects invested were information technology services, semiconductors, electronic equipment, internet services and machinery manufacturing, with a total of 3,868 projects, accounting for 49.9% of the total number of projects invested by Shenzhen Venture Capital Funds; the top five industries in terms of principal invested were information technology services, semiconductors, electronic equipment, biotechnology and machinery manufacturing, with a total of 3,868 projects, accounting for 49.9% of all the projects invested by Shenzhen Venture Capital Funds. The top five industries in terms of invested capital are information technology services, semiconductors, electronic equipment, biotechnology and machinery manufacturing, with a total invested capital of RMB 74.03 billion, accounting for 45.7% of the total invested capital of Shenzhen Venture Capital Funds.

Since the past two years, the scale of M&A funds has declined, but the overall structure tends to be optimized. As at the end of 2021, there were 426 private equity fund managers conducting M&A fund business in Shenzhen***, with 852 M&A funds under management and a management scale of RMB265 billion, representing a decrease of 5.3%, 5.1% and 0.8% respectively compared with the end of 2020. From the development trend, the development of Shenzhen M&A fund presents "three characteristics": the head effect is more obvious, the management scale of more than 3 billion yuan of mergers and acquisitions fund total 16, the management scale of 97.1 billion yuan, compared with the end of 2020, respectively, an increase of 6.7%, 16.9%; formation of the main body is more centralized, as of 2021 As of the end of 2021, the proportion of institutional investors' capital contribution to the capital contribution of Shenzhen merger and acquisition fund increased to 91.4%, and the proportion of natural person investors' capital contribution shrunk to 8.6%; play a more active role in merger and acquisition fund to increase investment in strategic emerging fields, and invested in information technology services, electronic equipment, medical care, and other emerging areas of the industry 888 projects, the investment in the principal of 66.9 billion yuan, which accounted for 51.7% of all investment projects of Shenzhen merger and acquisition fund, and the total amount of investment projects of Shenzhen merger and acquisition fund. 51.7% and 32.5% of all investment projects of Shenzhen M&A Fund, and the cumulative number of investment rounds increased by 18.2% compared with the end of 2020. Among them, semiconductor has the most obvious growth rate, with cumulative investment rounds increasing by 70.7% compared with the end of 2020.

(D) quantitative fund growth is rapid

2021, quantitative private equity ushered in the rapid development of the year, the country *** there are tens of billions of quantitative private equity institutions 27, compared with the end of 2020, an increase of 145%, of which, 2 Shenzhen. In terms of management scale, according to private placement network data, as of the end of 2021, Shenzhen management scale of more than 2 billion yuan of quantitative private equity institutions[3] 9, an increase of 5 over the end of 2020, management scale 104.5 billion yuan, an increase of 347% over the end of 2020. The head of the quantitative private equity institutions scale growth rate is significant, to Chengqi assets, for example, the scale increased to 58 billion yuan in 2021, compared with the end of 2020, an increase of nearly five times. In terms of strategy distribution, shenzhen quantitative private equity institutions to multi-strategy, including quantitative long, stock long-short, quantitative CTA, etc.; in terms of system construction, shenzhen quantitative private equity institutions technology level continues to improve, 8 management scale of more than 2 billion yuan of quantitative private equity institutions have built their own trading system.

(E) characteristics of the track blossomed

In recent years, Shenzhen private equity fund managers to segmentation accelerated penetration, characteristics of the track blossomed. Among the private equity fund managers, various kinds of specialized institutions focusing on niche fields have emerged, such as Pine Harvest Capital and China Resources Capital focusing on the hard science and technology track, Gaotejia and Sharing Growth focusing on the biomedical track, Tiantu Capital and Black Ant Capital focusing on the field of consumer upgrading, and Keystone Capital and China Merchants Venture Capital focusing on the field of artificial intelligence. Among the private securities investment fund managers, Lin Yuan Investment and Xin Si Zhe Investment, which uphold long-term value investment, Kefun Investment, which focuses on macro strategy, and Cheng Qi Asset and Shenzhen Fan Er, which focus on quantitative strategy, have all demonstrated comparative advantages in their respective fields. In addition, Shenzhen private equity fund managers continue to develop innovative businesses, such as 2021 SZCI issued the first public REITs product for logistics and warehousing on the Shenzhen Stock Exchange, and initiated the establishment of the first domestic restructuring and succession fund with a RMB structure.

Four, the industry good ecological gradually formed

(A) industry risks tend to converge

Faced with the "pseudo-private placement", "chaotic private placement", "class private placement", "private placement", "private placement", "private placement", "private placement", "private placement", "private placement", "private placement", "private placement", "private placement", "private placement" and "private placement". More than 170 regulatory measures have been taken, criminal clues and abnormal situations have been notified in accordance with the law, private equity criminal cases have been publicly notified, blacklisted organizations have been announced, and 12 regulatory briefings have been issued. With the further strengthening of daily supervision, the further transmission of regulatory pressure, and the further optimization of central and local collaboration, the number of yellow institutions in Shenzhen has shown a continuous downward trend, and the percentage of green institutions has increased from 58.3% by the end of 2020 to 80.1% by the end of 2021, and the number of new complaints and reports of private equity funds in 2021 has decreased by 54.32% compared with the end of 2020, and the chain of mutual transmission of industry risks has been blocked, and the momentum of risk spreading has been reduced. can be blocked, the momentum of risk spreading has been curbed, the incremental risk has been effectively controlled, the bottom line of the risk of private equity funds in Shenzhen is basically clear, and the industry risk as a whole tends to converge.

(2) efficient integration of scientific and technological supervision

In recent years, the Shenzhen Securities Regulatory Bureau closely relies on the power of local government resources, in cooperation with the Shenzhen Qianhai Management Bureau, the first to try, ***build*** to enjoy, the creation of private equity fund regulatory system. Construct risk monitoring indicator system, summarize the formation of private equity fund risk monitoring indicator system, "pseudo-private equity" risk identification rate of up to 80%; enhance the effectiveness of risk monitoring, refining the overdue risk, disconnected risk, self-financing and self-use, outside the body, such as 14 risk themes, automatic scanning and early-warning analysis, and effectively identify the risk of private equity institutions; innovative Innovative private placement supervision model, embedded with one-click generation of off-site inspection reports, statistical data reports, quarterly industry supervision reports, self-inspection and self-correction reports of more than 4,000 private placement institutions, one-click issuance of risk verification tasks, one-click feedback on the results of self-inspection and self-correction, and other modules, realizing the efficient integration of science and technology and supervision business.

In August 2020, under the promotion of the Shenzhen Securities Regulatory Bureau, 14 industry-head institutions, including SZVIC and Qianhai Mothers Fund, initiated the establishment of the first local private equity industry association in China, with the China Securities Regulatory Commission (CSRC) dispatching organization as the business guidance unit. As of the end of 2021, the number of members of Shenzhen Private Equity Fund Industry Association reached 672 (persons), of which 631 are ordinary members[4], with total assets under management of RMB 2.13 trillion, accounting for more than 80% of the total assets under management of private equity funds under the jurisdiction of Shenzhen, and the special members include 41 organizations, such as law firms, accounting firms, fintech companies, banks and brokerage firms. Shenzhen Private Equity Funds Association has organized 20 professional trainings covering more than 26,000 person-times, held 8 forums and symposiums in various forms, visited 555 institutions, and built a training and communication system covering personnel at all levels of private equity institutions. The ecosystem of the private equity industry in the jurisdiction is basically formed.

(4) Effective synergy of self-regulation

Shenzhen Securities Regulatory Bureau guided Shenzhen Private Equity Fund Association to effectively play the function of "regulatory assistant", "service helper" and "development helper". Fulfillment of self-regulatory responsibilities, carry out self-examination and self-correction telephone notification of more than 2,000 people, participate in the self-regulatory inspection of nearly 300 private equity institutions, multi-channel investment in education; promote the standardized development of the industry, exploring the establishment of a "white list" mechanism, the development of a model fund contract and the necessary terms and conditions, to carry out special research projects, and actively approach local resources. The new breakthrough is the realization of the effective synergy between the self-discipline and regulation of the private equity industry in Shenzhen.