China's investment industry encounters Countercurrent mobile internet rarely lasts bright

Forbes Chinese version of the 7th consecutive year launched the "Best venture capitalists in China" list, in the "China's best venture capitalists" list, the Sequoia Capital China Fund's founding and implementing partner Shen still occupies the top spot, wing Xuan Investment Management partner Feng Tao, IDG Capital partner Zhangsuyang ranked second and third place.

Forbes Chinese version follows the Forbes principle of investing in venture capitalists: to study the exit projects of venture capitalists over the past 5 years (July 1, 2007), and to evaluate the 50 best venture capitalists of the year based on their exit performance and their participation and contribution in the investment project.

This year, Forbes Chinese version again launched the "Best venture capital China" List of the top 30. Forbes Chinese version of the approach to venture capital is basically the same as the list of VC people, but the object of the study is a VC body. Haitao led the Shenzhen innovation investment to win the throne of China's best venture capital, Feng Tao leader of the Yong Xuan Investment, Shen led the Chinese fund of Sequoia funds followed.

The Chinese version of Forbes, like last year, did not include some of its leaders in the list of "China's best venture capitalists", but instead listed them as "the best VC institution in China". This is because, they spend more energy in the venture capital organization's strategic planning, fund-raising, brand building, risk control, talent echelon construction and so on. The leading figures of these institutions include the haitao of Shenzhen's innovative investment, Liu Day of Fortune, the shong of IDG Capital and the Shaw of German capital.

In addition, Forbes Chinese version this year for the first time to China's outstanding PE (private equity) investment institutions to conduct research, launched the first "China's best PE investment institutions" list of the top 30. Similar to the ranking method of China's best venture investment institutions, the Forbes Chinese version focuses on the performance of these institutions ' exit projects over the past 5 years, and on the sustainability of these projects (Forbes only examines China's projects in the selected institutions). In the Forbes Chinese version of the list, Wu led the Ding Hui Investment, Xiangshuang dual-led China branch investment, Yu Jianyue led the New Horizon Capital ranked top three.

As a result of the traditional venture capital ("VC" hereinafter referred to as "VCs") began to meddle in PE projects, and the traditional PE investment agencies are not on the VC project, then will produce a body is "do VC" or "Do PE" confusion. The Forbes Chinese version distinguishes them from their main business (or major investment projects) and avoids their simultaneous presence on two lists.

For individual investment projects, it is becoming increasingly difficult to classify them as "VC projects" or "PE projects". The investment amount, the investment stage, the industry attribute and so on are the means of judgment, but they are not the basis of judgment. In the eyes of Sequoia Capital China Fund partner Shen, the limits of VC investment and PE investment are sometimes ambiguous and sometimes depend on investors ' judgment and expectation of the project.

China's venture capital industry has made great strides in recent years, becoming the world's second largest market after the United States. However, data from the investment group shows that since the third quarter of 2011, China's VC investment and PE investment funds and plans to raise funds are gradually declining trend, showing the industry cooling. In the last quarter (third quarter of 2012), China's VC/PE Investment Market completed a total of 23 funds, raising the completion scale of 3.33 billion U.S. dollars, compared with the same period last year respectively, down 84.9% and 67.5%.

The reasons are manifold, and the narrowing down of the exit channel may be an important reason. In the three quarter of 2012, the number of Chinese companies with VC/PE background was 89, and the number of IPOs and the amount of IPO financing declined. The enthusiasm of Chinese companies to list overseas has slowed after the shares in the US, Hong Kong and other markets in China have been shorting. And China's grand, Alibaba and other benchmark companies to privatize, but also temporarily weakened the enthusiasm of some companies listed.

The continued slide in the return on the VC/PE investment agency's IPO is another reason. According to the investment group, its average book return has fallen to 2.73 times times the third quarter of 2012 from 7.42 Times times the third quarter of 2010. The ample upfront capital, on the one hand, caused the VC/PE investment Organization to scramble for the project, driving up the cost of investment, on the other hand, it is also easier for VC/PE investment institutions to make investment decisions, of course, including a part of unwise decision-making.

VC/PE investment is not a good thing. Flourishing retreat, investment vision, industry research and other traditional investment means of value began to appear. A cool environment brings calm thinking, and good investors are more likely to achieve relatively superior performance.

Despite the poor overall venture capital, the Internet and health care are still hot spots. Mobile Internet is a rare and bright color in the winter, with about 30 disclosures in the first 3 quarters of 2012. In the future, mobile platform games, mobile social networks, mobile E-commerce, mobile payments, mobile search, and so on will be the industry's continuing hotspot.

The key industries of PE investment are the

chain operation, energy mining and health care. More than 30 years of development, Chinese enterprises have entered a relatively mature stage, China's economic restructuring will inevitably lead to the transformation of related industries and upgrading. The integration of PE investment is becoming more and more important. The integration of the investment of China branch into the agricultural projects and the integration of Hong Yi into the pharmaceutical industry are the trend of the industry. and 2011 set off in the United States listed in the Sino-stock proposed privatization wave, including the media, 7 days hotel, flying Crane Dairy, and so on, behind the body of PE bodies.