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March 30, 2017

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PE, VC deals in TMT reach new high

THE number of private equity and venture capital investments in China’s technology, media and telecommunications companies hit a new high in the second half of 2016, but the value of deals fell amid a cautious market over the companies’ high valuation, a survey by PwC showed yesterday.

The second half of last year saw 1,478 deals valued at US$25.02 billion poured into the TMT industry, with capital going to Internet companies taking up 73 percent of total amount, according to PricewaterhouseCoopers.

“For 2017, more investors will be looking ahead for the next potential unicorn companies with the hope of reaping a hefty gain,” said Gao Jianbin, China TMT leader of PwC.

“We shall see investment volume remain high on TMT.”

PE and VC firms chose to exit their investments through initial public offerings in the second half of 2016, as the China Securities Regulatory Commission accelerated approval of IPOs in the mainland market, the survey showed.

In the six months through December, there were 50 exits through listings, up from 30 exits in the first half of last year.

“Exiting through listings on A-share market will become the mainstream for investors and the trend will last for quite a long time,” said Alvin Bao, transaction service partner at PwC.


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