March Electric Business Industry received 6 investment VC to reduce enterprise valuation sharply

VC is still enthusiastic about electric dealers but valuations are being pushed down sharply

Last year, the venture, once a silent venture because of the crisis, was once again active. Capital Research Institute of the Clearing Research Center released the latest research figures show that March, Shenzhen, Beijing and other capital surging. From the IPO enterprise to retire from the PE, reached 47 pens. However, some insiders pointed out that although the VC/PE has not been quiet, but the return on investment is not ideal, especially in the field of electricity, last month, only goods will be "bleeding listing", so that VC significantly lower the value of the electric business enterprises.

March, the domestic disclosure of VC cases reached 62, mainly distributed in Beijing, Shenzhen, Jiangsu, Shanghai and other 18 provinces and cities. Beijing took the top 13 investment cases, accounting for 21%, and Shenzhen followed by 10 investment cases, accounting for 16.1%. It is noteworthy that Beijing disclosed the amount of 8 investment cases, involving about 199 million U.S. dollars, accounting for up to 28.3%, in contrast, Shenzhen disclosed the amount of 8 investment cases, involving only 50.18 million U.S. dollars, accounting for only 7.1%.

Over the past few years, the VC has a unique power market, but the ultimate realization of the IPO only Mai Lin, Dangdang and only 3 companies, and after the market has been a loss, the only product will be listed after break, the stock price fell 30%. Capital market indifference, let VC in the past few months in the face of the enthusiasm of the electricity business fell to the trough. However, the data show that in March, the Internet industry still exclusive VC/PE market TAU, a total of 15 investment, accounted for 24.2%, its subdivision area, E-commerce has 6 investment, accounting for about 10% of the overall.

It is understood that VC/PE exit methods include IPOs, mergers and acquisitions, and by investors repurchase, but at present, domestic IPOs are still the most mainstream way. A person in Shenzhen, who declined to be named, said that in the two-tier market in the United States, the shares continued to be depressed, and now VCs have become more cautious, the main performance is that the valuation of the investment companies have been greatly depressed, especially the electricity business. He points out that it is not without merit that VCs are holding down valuations because the book return on IPOs has fallen to an all-time low.

According to the statistics of the Qing Branch database, China venture capital and private equity investment Market in March 2012 a total of 49 exit transactions, of which the IPO exit of 47, and another 2 for the transfer of equity. But the IPO exit book exit returns multiples continue to lower, only 3.68 times times. According to Chinaventure's statistics, the average book return was 7.22 Times times the 393 IPO cases in 2011.

Reporter Pan: South reporters