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China VC and PE funds raise less money in April
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CHINA-FOCUSED venture capital and private equity funds raised less money last month while new funds continued to pop up amid optimism over China’s over-the-counter equity market.
Sixty VC/PE funds raised an aggregated US$1.68 billion in April, falling 34.4 percent from March and decreasing 48.2 percent year on year, the Beijing-based Zero2IPO Research said in a report released today.
Among them, 56 were yuan-denominated funds which raised US$1.26 billion, or 74.7 percent of the total, while foreign currency-denominated funds took up the rest of the proceeds, data showed.
“The decrease reflected a sluggish in fundraising market since January,” Yang Mei, researcher with Zero2IPO wrote in the report, “While fundraisers’ enthusiasm continued to run high with increasing number of new funds being set up.”
The number of newly-established PE/VC funds totaled 74 in April, a 160 percent increase from a month earlier, according to the report. The averaged fundraising target was US$1.48 billion, more than doubled from an average of US$579 million in March, data showed.
Of the new funds, 50 are planning to invest in firms traded on China’s over-the-counter (OTC) equity market, a national equity trading system that provides an alternative funding source for non-listed small businesses.
The rise of the off-exchange market is catching the eyes of PE/VC firm as it provides a new fund exit channel after a market maker system was introduced last year to boost trading activity on the market
By the end of April, a total of 2,343 companies are traded on the OTC board, with a total market capitalization of 1.1 trillion yuan (US$177.4 billion), according to data from the National Equities Exchange and Quotations, operator of the board. In the first four months of the year, companies traded on the OTC market received 13.2 billion yuan in total investment, exceeding the total amount raised last year.
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