Private equity market is low in the first half of the year

China's private equity market continued to slump in the first half of the year, raising its lowest level since 2009, as institutional investment continued to fall and trading volumes continued to decline.　　Among them, the first half of the new fund to raise funds on average only 7667.840,000 U.S. dollars, the lowest level since 2008. Investors are very cautious about the new fund. Private equity fund-raising activities in the first half of the year were rather sluggish. A total of 71 private equity investment funds that could be invested in mainland China were collected in the first half of 2012, down nearly 40% from the same period in 2011, according to the research Center for the Qing branch, with 68 of the total disclosed amounts raising 52.1.4 billion U.S. dollars, down 77.1%, and 67.6% per cent,　　The amount raised in the past four years has only been more than 2009 in the first half of the year, at a three-year low.　　It is worth noting that the first half of the new fund to raise funds on average only the size of the 2008 since the lowest level of history, only 76.6784 million U.S. dollars. "When it comes to financing, investors are very cautious about funding the new fund, and even there is no way to follow up on the original promised funding." Li Yimin, partner of China Venture Capital Co., said that after the rapid development in 2008 and 2009, the original financing, the commitment to the investors, has now been four years, but did not cash, making the current investors on the industry has a certain suspicion.　　Some scholars have recently done a statistic, VC investment enterprise 80% less than two years on the market, but after the listing of three years or so the VC investment enterprise instead of VC investment is OK. Average return levels continued to fall while institutional exit rates rebounded and average returns continued to fall. In the first half of 2012, 68 of the 75 IPOs in China's private equity market took place in the domestic market, 32 of which occurred in the Shenzhen gem, involving 18 companies, The average exit return is 3.46 times times; 22 withdrawal occurred in Shenzhen SME board, involving 13 companies, the average exit return 3.52 times times; Shanghai exchange occurred 14, involving 5 companies, the average exit return 2.48 times times.　　Overseas exit part, a total of 5 withdrawal occurred in the first half of the Hong Kong motherboard, involving 3 companies, the average exit return 0.93 times times, in addition to the Hong Kong Gem and the Frankfurt Stock Exchange have a withdrawal. The lower average return of the IPO shows that the valuation of the two-tier market is gradually rational return under the new policy of the SFC, but for PE institutions, the low return multiples will affect their enthusiasm to adopt the IPO exit mode.　　"The Qing Ke Research center thinks. Exit difficult to become a recent dilemma of PE, the new exit channel is brewing. Yesterday, the Beijing financial assets Exchange and Beijing Property Exchange, Beijing Equity Investment Fund Association, Beijing Equity Registration Management Center jointly launched the establishment of the "China PE two-level Market development alliance", PE two-tier market trading rules system also issued in the same period. It is reported that the alliance will provide a platform for investors with exit needs, and in the admissibility of the transferTo provide services for applications, solicitation of intention, registration of applications, organization of transactions, etc.　　According to the introduction, the current domestic private equity market most institutions in fund-raising, investment, exit links are under different degrees from the internal and external pressure, the two-tier market can provide investors exit channels to ease the liquidity pressure of assets. Interview: South reporters Xiaixiaoting intern Huang Jilian This version of the view, only for reference, the operation, the risk of conceit