以湖北长江经济带产业基金为例 堕落禁书

Ten prediction: registration system, A round of death, VC PE arena curtain double inflection point moment of 2015 has fallen. The "double first", this was never in the Chinese capital market played a main role in the industry began to frequent exposure in the spotlight. After the "ice and snow days" in 2015, 2016 for the VC PE industry will be more worth looking forward to. The investment community takes stock of the ten major predictions of the VC PE industry in 2016 to see what new opportunities will emerge. 1, registration system open, VC PE ushered in the peak, if the new board opened for the VC PE market injected new vitality, then registration system for VC PE, it means epoch-making significance. As we all know, the continuous vitality of the stock market in the United States, one important point is the implementation of the registration system, enterprises can more freely choose the listing market, listed companies will also accept more market-oriented test. Of course, whether China’s registration system can be carried out is still a question mark. 2, the RMB fund will become the standard three new board expansion, strategic emerging board set up, the privatization of stocks in the return, registration system may open…… All this points to the renminbi fund. There is no doubt that the dollar fund unrivaled arena time has gone. In the face of the improvement of domestic multi-level capital market and the return of a large number of stocks, the RMB fund will become the standard of institutions. It is foreseeable that a large number of dollar funds will begin to raise more and more RMB funds for the domestic market layout. 3, 80% companies will not live A wheel, from the B round of death, C round of death to now A round of death, which is the status of the industry. Valuations are too high and bubbles are too large, which is the current situation of early investment. 2015 is undoubtedly the peak period of early investment, but there is no doubt that the mixed good and bad. Due to the lack of effective early stock circulation channels, coupled with early overvalued, 90% of the early investment projects will not be able to get the subsequent financing to die, and this figure will not be less than 85% (80% companies have been A round of financing). 4, BAT will become VC PE outside the third pole, if there is no way to finally listed, how should this enterprise do? The answer is "hold the thigh."". China’s Internet giants represented by BAT are forming an oligopoly effect". Even if it can’t be listed, it’s also a good choice to be bought by BAT. With the layout of BAT investment strategy department, almost all kinds of cycle project investment from angel to mature period will be believed. More and more enterprises will be under BAT door. 5, valuations inflection point, fear when greed. This is the constant principle of business investment. After the boom of the valuation bubble, the valuations of the one or two markets are becoming more reasonable. "City dream rate" will not become the industry norm. Compared with 2015, the second half of 2016 will likely usher in the inflection point of valuation. 6, the guidance fund will play a leverage role, with the scope of investment extends and in-depth, more and more capital into the primary market. For government guidance fund.

十大预测:注册制、A轮死,双拐点时刻到来   2015年的VC PE江湖大幕已经落下。“双创元年”下,这个曾经从未在中国资本市场扮演过主流角色的行业开始频繁曝光在“聚光灯”下。在经历了“冰火两重天”的2015年后,2016年对于VC PE行业来说将更加值得期待。《投资界》盘点2016年VC PE行业十大预测,看看哪些新的机会将会出现。   1、注册制开启,VC PE迎来退出高峰   如果说新三板的开启为VC PE市场注入了新的活力,那么注册制对于VC PE而言就意味着划时代的意义。众所周知,美国股票市场源源不断的活力其中重要一点就是注册制的实行,企业可以更加自由地选择挂牌市场,上市公司也将接受更加市场化的检验。当然,中国的注册制实行究竟能够进行到哪一步还是个问号。   2、人民币基金将成标配   新三板扩容、战略新兴板组建、中概股私有化回归,注册制可能开启。。。。。。这一切都指向了人民币基金。毋庸置疑,美元基金独步江湖的时代已经远去。面对着国内多层次资本市场的完善和大批中概股的回归,人民币基金将成为机构标配。可以预见,大批的美元基金将开始募集越来越多的人民币基金进行本土市场布局。   3、80%公司将活不过A轮   从B轮死、C轮死到现在A轮死,这就是行业的现状。估值过高、泡沫过大,这就是当前早期投资的现状。2015年无疑是早期投资的高峰期,但毋庸置疑其中鱼龙混杂。由于缺乏有效的早期股权流通通道,加之早期估值过高,90%的早期投资项目将因无法拿到后续融资死去,而这一数字将不会低于85%(已经拿到A轮融资的80%企业)。   4、BAT将成VC PE外第三极   如果没有办法最终上市,这家企业应该怎么办?答案是“抱大腿”。以BAT为代表的中国互联网巨头们正在形成“寡头效应”。即使无法上市,被BAT收购也是不错的选择。随着BAT投资战略部门的布局,几乎已经可以囊括从天使到成熟期的各种周期项目投资,相信越来越多的企业将会被BAT收归门下。   5、估值拐点到来   恐惧的时候贪婪。这是不变的商业投资法则。在经历了由盛转衰的估值泡沫后,不论一二级市场的估值都正在趋于合理。“市梦率”将不在成为行业常态。与2015年相比,2016年的下半年将很有可能迎来估值的拐点。   6、引导基金将发挥杠杆作用   随着投资的范围延伸和深入,越来越多的资本进入到一级市场中。对于政府引导基金来说,以政府资金为基础撬动越来越多的民间资本投资将愈发现实。以湖北长江经济带产业基金为例,400亿的政府引导基金撬动了2000亿的民间资本,这一模式将在更多地方政府引导基金中被复制。   7、移动互联网投资进入拐点   从2012年开始,移动互联网投资成为行业最大的“风口”,小米正是这一风口中的代表。然而,伴随着智能手机装机量趋于饱和,移动端的应用将进入拐点。想要在移动互联网端口获得新的机会愈发困难,而针对移动互联网的投资也将逐步减弱。当然,这并不意味着移动互联网投资消退,还是那句话,优秀的企业永远不缺乏资本市场关注的目光。   8、天使投资机构化进一步加剧   天使投资从不乏神奇投资人,但组合拳的天使投资机构将在未来市场中发挥更加重要的作用。以个人品牌打造起的天使投资机构将逐步机构化,从融资到投后管理再到退出,麻雀虽小五脏俱全将成为天使投资机构未来的“群像”。   9、VC自立门户加剧   2014年开始,越来越多的VC PE开始自立门户。可以预见,随着越来越多的资本涌入一级市场,项目的增加,VC PE自立门户将成为一种常态。与传统VC PE不同的是,这些独立的VC PE很可能更加垂直和细分,可以预见越来越多的细分行业基金将设立。   10、品牌媒介将成为机构不可或缺的一部分   投后管理将成为机构中不可或缺的一部分,而品牌媒介将成为机构中重要一环。此前经纬创投创始合伙人张颖曾坦言,品牌推广是VC机构中必须重视的一块。伴随着越来越多新基金的独立以及项目的早期延伸,如何树立起为业界认可的品牌形象,是每个机构都应当考虑的问题。相关的主题文章: