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China’s telecommunications, media draw more venture capital
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CHINA’S telecommunications, media and technology industry saw a significant rise of their share of overall private equity and venture capital investment in the first half of this year, a new industry report showed.
The industry’s share of such overall private investment cases accounted for an average of 59 percent in the first and second quarter this year, higher from the 46 percent of the same period a year earlier, according to the China MoneyTree report on the sector released by accounting and consulting firm PwC.
“The industry has proved relatively robust in a generally unfavorable investment environment with an increasing number of traditional enterprises trying to raise their competitiveness,” said Gao Jianbin, PwC’s China Technology Industry Leader.
The number of investment cases in the sector in the second half of this year is expected to climb higher due to improvement in the macroeconomic situation, Gao estimated.
The amount of venture capital injected in the industry totaled US$1.65 billion in the first half of this year, the report shows, as the capital in each single case was not that huge.
Initial funding deals contributed to 60 percent of the total number of deals in the sector in the first quarter of this year, with an increase to 65 percent in the second quarter.
Gao attributed that to the healthy environment in the industry and a boom of start-up firms in the sector.
The report also suggested that strategic sales will be an important exit channel for private equity and venture capital investment in the sector and the number of IPO deals is also likely to climb higher with the resumption of initial offerings on the domestic stock exchange.
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