TMT deals fall, but value steady in H1
Print Edition
Private equity and venture capital investment in the telecommunications, media and technology sector over the first half in China鈥檚 mainland saw their value remain steady, despite a drop in the number of deals, a report by PricewaterhouseCoopers released yesterday showed.
The number of PE/VC deals fell 17 percent from the second half of last year to 2,096 as investors became increasingly cautious, the PwC MoneyTree report said.
But the TMT sector continued to play a key role in the economy, accounting for about half of all PE/VC investments over the six months, excluding one-off cases.
鈥淎s the government has been encouraging innovation and entrepreneurship with a series of supportive industry policies, private equity and venture capital investors boosted investment in opto-electronics, integrated circuit and IC design, and digital content, as well as the Japanese manga graphics, animation, and game sectors,鈥 said Gao Jianbin of PwC China.
The number of large deals 鈥 over US$100 million 鈥 was 56, little changed from the second half of last year. The average value per deal of large-sized deals exceeded US$400 million.
In the first half of 2018, PE/VC deals involving startups accounted for 54 percent of the total for TMT, the highest among all categories.
All four sub-sectors in the TMT industry saw a decline in the number of PE/VC deals amid the weakening overall environment. The Internet and mobile Internet sub-sector was still the favorite among investors, attracting 47 percent of total first-round investments.
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