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1、State of the Markets Inside views on the health and productivity of the innovation economy THIRD QUARTER 2017 SPECIAL REPORT: Chinas Innovation Economy State of the Markets: Third Quarter 2017 Innovation Innovation Economy Posts Strong Economy Posts Strong PerformancePerformanceEconomy Posts Economy
2、 Posts Heightened Heightened Investor Interest, Options for FoundersInvestor Interest, Options for Founders Through the first half of 2017, U.S. market conditions for IPOs have been favorable: strong investor demand, equities near all-time highs and volatility at historical lows have provided U.S. c
3、ompanies and their investors with ample opportunity for new listings. Despite this, many highly valued companies continue to raise capital on the private markets, delaying their public offering and extending the nearly two-decade trend of staying private longer. In fact, this past quarter recorded t
4、he most $100M-plus financing rounds since Q3 2015, driven by participation from private equity investors who have shown growing interest in the tech sector. China China in Focus: Converging Opportunitiesin Focus: Converging Opportunities China has emerged as a transformative player in the global inn
5、ovation ecosystem, catalyzed through rapid urbanization, an expanding domestic investor base, and an economy that boasts the most mobile-connected consumers in the world. Today, China is home to the second-largest venture capital market in the world, with access to talent and capital rivaling that o
6、f the United States. This quarter we bring you a special report, produced in partnership with SPD Silicon Valley Bank*, our joint- venture bank based in Shanghai and Beijing, examining the many ways in which Chinas innovation ecosystem reflects the U.S. and provides insight into converging future op
7、portunities. Steve Allan, CFA Head of External Analytics The Wall Street Journal; S Early Holds Steady State of the Markets 1313 Following three straight quarters of Following three straight quarters of subsub- -$10B venture funding for U.S$10B venture funding for U.S. . tech, tech, private market f
8、inancings private market financings swelled back swelled back to levels seen during the unicorn boom of 2014to levels seen during the unicorn boom of 2014 2015. 2015. Steady Steady activity in the earlier activity in the earlier stages, stages, coupled with the return coupled with the return of the
9、of the megamega- -round, round, brought $brought $13B of new investment in 13B of new investment in Q217.Q217. Source: PitchBook. $0B $2B $4B $6B $8B $10B $12B $14B $16B $18B Q1Q1Q2Q2Q3Q3Q4Q4Q1Q1Q2Q2Q3Q3Q4Q4Q1Q1Q2Q2Q3Q3Q4Q4Q1Q1Q2Q2Q3Q3Q4Q4Q1Q1Q2Q2Q3Q3Q4Q4Q1Q1Q2Q2 2001520162017 Split by Ro
10、und Size: $100999M$1B+ $2549M$5099M $09M$1024M $100M+ Rounds Venture Capital Invested in U.S. Information Technology: 2012Q217 0 5 10 15 20 25 30 Private IPOs Bounce Back After Muted 2016 State of the Markets1414 U.S. tech firms raised U.S. tech firms raised 21 $100M21 $100M+ rounds in + rounds in Q
11、217 the second most active quarter on record. The activity was due Q217 the second most active quarter on record. The activity was due in large part to reengaged asset in large part to reengaged asset managers and burgeoning managers and burgeoning demand from private equity.demand from private equi
12、ty. *Led the round of financing. Source: PitchBook. U.S. Tech PIPOs ($100M+ Rounds): Q112Q217PIPOs with PE Ad Spend Yet to Catch Up State of the Markets2929 *Next Five includes Microsoft, Verizon, Snap, Amazon and Twitter. Sources: CNNIC and eMarketer via The Wall Street Journal. 24% 95% 0% 10% 20%
13、30% 40% 50% 60% 70% 80% 90% 100% 0M 100M 200M 300M 400M 500M 600M 700M 800M 2007201020132016 China Mobile Internet Users: 20072016 Percentage of Internet Users on Mobile: Worldwide Digital Ad Revenue Market Share: 20112016 China has 2.5x the number of U.S. internet users, and 95% of Chinas users con
14、nect regularly through a mobile China has 2.5x the number of U.S. internet users, and 95% of Chinas users connect regularly through a mobile device. Despite this massive connected audience, Chinas advertising platforms capture just a fraction of the global device. Despite this massive connected audi
15、ence, Chinas advertising platforms capture just a fraction of the global digital advertising market.digital advertising market. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2001420152016 China Google Facebook Next Five* Smaller Players Chinas Strengths Breed Innovative Biz Models State of
16、the Markets3030 Figures from 2016. In May 2017, Inke sold a 50% stake to Shunya International for an undisclosed amount. *Reported valuation sought during fundraising, per Bloomberg. Round closed in early July 2017. Sources: China Money Network, Bloomberg, PitchBook and SVB analysis. Live StreamingB
17、icycle SharingDigital Education Chinas homegrown strengths mobile ubiquity, the emergence of Chinas homegrown strengths mobile ubiquity, the emergence of microtransactionsmicrotransactions and the migration to urban and the migration to urban centers centers have allowed local consumer companies to
18、scale without relying on advertising. However, as seen with have allowed local consumer companies to scale without relying on advertising. However, as seen with heightened regulatory scrutiny over liveheightened regulatory scrutiny over live- -streaming this year, there are limits to the advantages
19、China presents.streaming this year, there are limits to the advantages China presents. Valuation: $3.0B* Raised: $1.4B* Valuation: $3.0B Raised: $1.0B Kuaishou Valuation: $3.0B Raised: $360M Valuation: $980M Raised: $13M Inke Yuanfudao Valuation: Undisclosed Raised: $118M Valuation: $1.0B Raised: $2
20、44M China Outlook Predicting 2017 State of the Markets3131 ThemesThemesPredictionsPredictions With abundant capital, valuations remained stable in early and growth stages. Late stage high-fliers managed to raise unprecedented rounds in 2017. ValuationsValuations The valuation level wont decrease dra
21、stically for the rest of year. AI and enterprise companies will enjoy higher valuations given investor demand. Valuations in Chinas public market (particularly GEM) did drop, but domestic IPOs quadrupled in 1H17 despite stricter rules on stock sales. IPOsIPOs The pace of IPOs in China in 2H 2017 wil
22、l likely slow down with the whole-year number totaling 320 or more. Overseas M&A experienced significant challenges, and many acquisitions made by public companies in previous years turned sour. However, tech giants are still proactively looking for new targets. M&AM&A Overall M&A activity will cool
23、 down, but strategic buyers wont be deterred. Venture fundraising in China has fallen from the 2016 high, but interest from LPs remains high. FundraisingFundraising GPs will focus their capital-raising efforts on institutional LPs and government guidance funds. Top VCs will meet their fundraising go
24、als easily. The mega-rounds seen in 2017 are increasingly funded by PE and unconventional tech investors. Some sophistated VCs have contributed as well. CrossoversCrossovers PE and other crossover investors will remain active for the rest of the year. The overall The overall market market outlook fo
25、r 2017 is outlook for 2017 is quite bullish, quite bullish, particularly given abundant capital and particularly given abundant capital and a a growing supply growing supply of of quality entrepreneurs. quality entrepreneurs. Domestic Domestic IPOs are particularly IPOs are particularly encouraging
26、and could lead encouraging and could lead to a to a strong strong year for exitsyear for exits. . State of the Markets3232 Appendix Report Authors State of the Markets3333 Steven PippSteven Pipp Senior Associate, SVB Analytics Steve Allan, CFASteve Allan, CFA Head of External Analytics & Insights Se
27、an Sean LawsonLawson Senior Manager, SVB Analytics Steve Allan is the Head of SVB Analytics and SVB Securities Strategic Advisory, responsible for the three areas of information services provided to the innovation economy, Strategic Advisory Services, Compliance Valuations, and Insights. Strategic A
28、dvisory Services provides consultative guidance around valuations, benchmarking and inorganic growth strategies. Sean Lawsonis a Senior Manager with SVB Analytics, responsible for leading research and insights spanning early and growth stage venture-backed technology companies. Steven Pippis a Senio
29、r Associate with SVB Analytics, responsible for research, valuations and strategic advisory engagements for venture-backed technology companies. SVB in China State of the Markets3434 SVB in China Since the early 1990s, SVB has been building relationships with technology companies, entrepreneurs and
30、venture capital investors to help our clients work with businesses in Asia and China. Through our China subsidiaries and joint venture bank, SPD Silicon Valley Bank*, we provide China and US-based innovation companies and investors with in- market support and advisory services to help them expand an
31、d grow in China. SPD Silicon Valley Bank Established in 2012, SPD Silicon Valley Bank is the first technology bank in China focused on innovation companies, enterprises and investors. A joint venture between Shanghai Pudong Development Bank and Silicon Valley Bank, SSVB aims to redefine the banking
32、experience for innovation companies of all sizes as well as help build the innovation ecosystem in China. From its offices in Shanghai and Beijing, SSVB offers onshore commercial banking products and services including USD and RMB denominated bank accounts, flexible lending solutions and trade finan
33、ce services.Carolyn ChenCarolyn Chen Managing Director, SVB China Dave JonesDave Jones President of SVB Asia and President of SPD Silicon Valley Bank Hao WuHao Wu Managing Director, VCRM Tim HardinTim Hardin Head of Corporate Banking, SPD Silicon Valley Bank thardinspd- *SPD Silicon Valley Bank is a
34、 Sino-U.S. joint-venture bank of Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group, and Shanghai Pudong Development Bank. SPD, SHANGHAI PUDONG DEVELOPMENT BANK, and 浦发银行有限公司 are trademarks, separately and in combination, of Shanghai Pudong De
35、velopment Bank, Ltd. in China, and are used under license. About Silicon Valley Bank For more than 30 years, Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation
36、 centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on i
37、nformation from third- party sources that we believe to be reliable, but which have not been independently verified by us and for this reason we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to
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43、nk is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). CompID-713 About SVB Analytics SVB Analytics, a non-bank affiliate of Silicon Valley Bank, serves the strategic business needs of entrepreneurs, corporates and investors in the global innovation economy. For more than a decade, SVB Analytics has helped global business leaders make informed decisions by providing market intelligence, research, and consulting services. Powered by proprietary data, SVB Analytics has a unique view into the technology and life science sectors.