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1、 PricewaterhouseCoopers Zhong Tian LLP MoneyTreeTM China TMT Report Q1/Q2 2014 Data source: Zero2IPO Research Technology Institute This MoneyTreeTM China Telecommunications, Media and Technology (TMT) Report includes information on private equity and venture capital (PE/VC) investment in the TMT in
2、dustry for Q1/Q2 2014, as well as 2012 and 2013. Table of contents 1. Overview 3 2. PE/VC investments in the TMT industry 4 TMT industry investments compared to all industries 4 Investments by quarter6 Investments by TMT sector 7 First-time funding compared with follow-on funding 10 Investments by s
3、tage of development 12 Investments by region 15 3. PE/VC exits in the TMT industry 16 Exits by quarter 16 Exits by type17 Exits by sector 19 4. Sector focus: Technology, Internet, Telecommunications20 Investments in Technology 20 Investments in Internet 26 Investments in Telecommunications 32 5. A c
4、lose look at investments in Mobile36 6. Methodology and definitions39 7. Contacts 41 3 MoneyTreeTM China TMT Report Q1/Q2 2014 Welcome to the MoneyTreeTM China TMT Report for Q1/Q2 2014. In this report, you will frequently read the phrase reaching a historical high, indicating that Chinas private eq
5、uity and venture capital (PE/VC) investment in the Telecommunications, Media and Technology (TMT) industry is now in full swing. In the first half (H1) of 2014, overall PE/VC investment fell in Q1 and then rose sharply in Q2, seeing a big leap in investment growth. In Q2 2014, came a historical brea
6、kthrough, with the total PE/VC investment figure across all industries hitting an unprecedented peak of US$17,612 million. Total PE/ VC deal volume in Q2 2014 rose 23% quarter on quarter (QoQ), while the total deal size climbed 200% QoQ. Looking at overall investment in the TMT industry, deal volume
7、 in H1 2014 continued in the same vein as H2 2013, with solid figures. A total of US$2,304 million in investments were made in 245 deals in Q1. In Q2, the industry saw US$5,346 million of investments in 214 deals, a two and half year high, which was equal to the total investment figure for the TMT i
8、ndustry in H1 2013 and the equivalent to the overall PE/VC deal size across all industries in Q1 2014. The TMT industry performed very well in H1 2014, however, which sector was most favoured by investors? Investment statistics show that in H1 2014, the biggest single deal occurred in the Technology
9、 sector. However, single deals exceeding US$100 million in size mainly took place in the Internet sector (E-commerce) and the Telecommunications sector (Mobile). Although the Internet sector did not perform as outstandingly well as the Technology and Telecommunications sectors, there were strong ove
10、rall investments in this sector as well. Only the Entertainment and Media sector was relatively weak. Although that sectors total deal volume increased marginally, its single deal size was down. To analyse investments from all perspectives, it is necessary to take a close look at investments at vari
11、ous stages of development. Overall deal size saw a significant growth in the early stage. In the expansion stage, deal value hit a historical high in Q2. PIPE deal size also witnessed an unprecedented growth. However, the late stage was the weakest performer. 1. Overview Marcel Fenez Global Leader E
12、ntertainment and Media PwC China TMT Leader Jianbin Gao PwC China Technology Industry Leader Exit strategy is another crucial aspect for investments. Investment statistics clearly showed that in H1 2014, IPOs were very attractive to private companies. If conditions allow, IPO is seen to be the prima
13、ry exit method. Secondly, statistics also indicate that the number of Chinese TMT companies listed in the US hit a peak. However, for Chinese TMT companies, mainland Chinese capital markets were actually equally attractive compared to overseas ones. With this very strong investment data, we cant hel
14、p asking: Is this a rational return to fund raising or a short-term frenzy of investment? Is this the rise of single deal sizes or a wave of large investments in individual deals? Should investors continue as normal or make a big bet now? Is the success of an investment embodied by a successful part
15、nership with a company or in a fruitful exit? All these questions will be answered in this report by interpreting three categories of data in H1 2014: Overall PE/VC investments and exits, the TMT industry and its three sectors. If you would like to discuss the findings and how they may impact your b
16、usiness, please contact us. 4MoneyTreeTM China TMT Report Q1/Q2 2014 In Q1, overall investment saw a small decline while the TMT industry was intact In H2 2013, Chinas PE/VC field performed well. Investment volume and value returned to near peak levels since 2012. However, figures didnt follow the u
17、pward trend in Q1 2014. In part because of the long Chinese New Year holiday, total deal volume and value fell as expected in Q1 2014 compared to Q4 2013. Although overall investment saw a brief fall, PE/VC investment in the TMT industry was not greatly affected. The investment total in the TMT indu
18、stry accounted for 73% of the total figure for the quarter, its highest figure since 2012. The big leap in total investments in Q2 2014 was mainly attributed to the three following reasons: First, the resumption of A share IPOs expanded exit channels for private investment. The valuation of Chinese
19、enterprises in the A-share market was higher than those in overseas markets, which strengthened their determination to remain there. Smoother domestic exit channels also increased PE investors confidence. Second, the increase in deal value was not because of an increase in deal volume, but because o
20、f an increase in the single deal value, demonstrating an increase in buyout type of investments. Third is timeliness. Investments backlogged in Q1 due to the Spring Festival holidays took place in Q2. Q2s performance was truly representative of H1 2014. In Q2, the total deal value made an unpreceden
21、ted leap In Q2 2014, PE/VC deal volume rose only 23% QoQ. However, the investment value made an unprecedented leap; it was 19% higher than the total deal value for H2 2013 and up 200% QoQ. The average amount for a single investment reached as high as US$43 million, hitting a record high for three ye
22、ars. Although the TMT industry performed well in Q2, compared to total PE/VC investment it was relatively low. In summary, in H1 2014, PE/VC investment started slowly but then surged ahead, marking a good start for overall trends in 2014. TMT industry investments compared to all industries 2. PE/VC
23、investments in the TMT industry PwC Viewpoints 5 MoneyTreeTM China TMT Report Q1/Q2 2014 PE/VC investments in TMT In Q1 2014, there were 245 PE/VC transactions in the TMT industry, accounting for 73% of total volume. The total investment amount US$2,304 millionrepresented 39% of PE/VC deal value. In
24、 Q2 2014, the number of TMT investments reached 214, accounting for 52% of total PE/VC volume. Meanwhile, deal size was US$5,346 million comprising 30% of the total PE/VC deal size. Figure 1: Comparison of PE/VC investments and TMT investments 2012- 2014 (Deal value) Q112Q212Q312Q412Q113Q213Q413Q114
25、Q214Q313 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 $9,034 $927 $6,335 $1,578 $10,360 $3,448$4,214 $1,281 $3,240 $1,167 $6,675 $752 $7,531 $1,908 $7,284 $3,449 $5,868 $2,304 $17,612 $5,346 PE/VC funding in all industries US$m PE/VC funding in TMT industry Figure 2 : Comparison of P
26、E/VC investments and TMT investments 2012- 2014 (Deal volume) 600 500 400 300 200 100 0 244 454 243 487 255 496 192 314 157 257 190 259 230 476 269 463 336 245 214 412 Q112Q212Q312Q412Q113Q213Q413Q114Q214Q313 PE/VC deal volume in all industriesPE/VC deal volume in TMT industry Overall PE/VC investme
27、nts In Q1 2014, China saw a total of 336 PE/VC investments across all industries totalling US$5,868 million. This was an increase of 31% by volume and 81% by value compared to Q1 2013. In Q2 2014, there were a total of 412 PE/VC investments, which represented a rise of 59% over the same period in 20
28、13. The deal valueat US$17,612 milliongrew by a steep 164% over the previous year. The deal volume and the deal size in Q2 2014 increased by 23% and 200% respectively compared with the previous quarter. 6MoneyTreeTM China TMT Report Q1/Q2 2014 In the first quarter of 2014, there were 245 deals in th
29、e TMT sector, an increase of 56% over the same period in 2013. Meanwhile, deal value amounted to US$2,304 million, an increase of 97% year-on- year. In the second quarter of 2014, there were 214 deals, an increase of 13% over the same period in 2013. The rise in value was even more significant, with
30、 deals totaling US$5,346 million, up 611% YoY. The second quarter of 2014 saw a 13% decrease in deal volume and a 132% increase in deal size, in comparison to the previous quarter. Figure 3: Investments by quarter 2012-2014 (Deal volume/Deal value) 6,000 5,000 4,000 3,000 2,000 1,000 0 300 200 100 0
31、 Q112 Q212 Q312 Q412 Q113 Q213Q413 Q114 Q214Q313 $927$1,578$3,448 $1,281$1,167$752$1,908$3,449$2,304$5,346 244243 192 157 190 230 269 245 214 255 Deal valueDeal volume US$m The biggest single investment took place in the Technology sector in H1 2014. However, single investments exceeding US$100 mill
32、ion mainly occurred in the E-commerce and Mobile sectors. Typical of an emerging economy, China saw a rapid development in its E-commerce sector, and, at present, China has about 600 million netizens and 300 million online shoppers. Based on Chinas population, E-commerce still has lot of scope for d
33、evelopment. The Mobile sector also saw more investment in H1 2014, a change from the previous trend of high deal volumes with low figures for single investments. PwC Viewpoints Investments by quarter In Q2, deal value reached a historical high Deal volume in the TMT industry of H1 2014 continued an
34、upward trend that started in H2 2013. The overall deal size for Q2 2014 reached a two and half year high, equal to the total investment figure for the TMT industry in H1 2013, and equivalent to the overall PE/VC deal value. In Q2, the average single deal size leapt ahead to double the previous histo
35、rical high The average deal size for Q1 2014 was US$11.41 million. The average deal size of US$28.90 million for Q2 2014 reached a historic high; it also saw an increase of 153% compared to the previous quarter and a YoY increase of 477% compared to the average deal size of US$5.01 million in Q3 201
36、3. In Q1, there were six deals with a deal size over US$100 million. There were 11 in Q2, of which the top single deal value was US$1,793 million, which broke the record for the largest single deal size since 2012. 7 MoneyTreeTM China TMT Report Q1/Q2 2014 Investments by TMT sector Figure 5: Deal vo
37、lume comparison in TMT sectors 2012-2014 120 100 80 60 40 20 0 Q112Q212Q312Q412Q113Q213Q313Q413Q114Q214 92 95 77 66 37 75 69 67 7574 94 112 87 75 40 12 48 76 9 76 68 31 67 22 57 45 13 38 36 16 50 48 25 71 60 17 79 45 28 Telecommunications Technology Internet Entertainment and Media Figure 4: Deal va
38、lue comparison in TMT sectors 2012-2014 6,000 5,000 4,000 3,000 2,000 1,000 0 Q112 $927 $3,448 $1,578 $1,281 $1,167 $752 $1,908 $3,449 $2,304 $5,346 Q212Q312Q412Q113Q213Q313Q413Q114Q214 Telecommunications Technology Internet Entertainment and Media US$m In Q1 2014, the Telecommunications sector saw
39、a rapid growth in deal size with the figure growing 546% from Q1 2013. Deal size in the Technology sector maintained its growth, with the single deal value rising. Deal size in the Entertainment and Media sector fell, far more than the deal volume figure, indicating a sharp decrease in the single in
40、vestment figure. Although deal volume in the Internet sector rose significantly, the single investment figure fell year on year. In Q2 2014, the deal value of four sectors saw a sharp increase compared with the same period in 2013. The Technology sector performed outstandingly, with year-on-year gro
41、wth reaching 1,123%. However, it was the only sector in which deal volume fell, indicating a huge single investment figure. In Q2 2014, deal value in the Technology sector rose 1,190% from the previous quarter, and deal volume decreased 17% QoQ. The Telecommunications sector performed well, with dea
42、l value climbing 700%, breaking the trend of small investments. Deal value for the Telecom- munications sector rose rapidly QoQ, but deal volume was flat. The single investment amount for the sector continued to rise. QoQ growth for the Internet sector was lower than that of the Telecom- munications
43、 sector, but with a similar pattern. In Q1 2014, among the six deals in which the amount exceeded US$100 million, the Internet and Telecommunications sectors accounted for 67% and 33% of the total respectively. In short, in H1 2014, the success of the Technology sector attracted large-scale investme
44、nt, and the Telecommunications sector also saw a breakthrough in financing. Although the Internet sector did not perform as outstandingly well as the Technology and Telecommunications sectors, it performed well overall. Only the Entertainment and Media sector was relatively weak. Although that secto
45、rs total deal volume increased, the single investment amount was down. PwC Viewpoints In Q2 2014, among the 11 deals in which the amount exceeded US$100 million, the Internet sector accounted for 46%, the Telecommunications sector took up 36% and the Technology sector accounted for 18%. 8MoneyTreeTM
46、 China TMT Report Q1/Q2 2014 YoY comparison for Q1 2014 Deal volume Deal value Telecommunications100% 546% Entertainment and Media 4%82% Technology33%70% Internet67%65% Q1 2014 Total deal volume for the TMT industry reached 245 deals with a total value of US$2,304 million. Figure 7: Deal value in TM
47、T sectors Q114 (US$m) $848 44% $504 26% $295 16% $261 14% Telecommunications Technology Internet Entertainment and Media Figure 6: Deal volume in TMT sectors Q114 112 46% 76 31% 48 20% 9 3% Telecommunications Technology Internet Entertainment and Media Deal volume by sector Internet: 112 deals, 46%
48、of the total. Telecommunications: 76 deals, 31% of the total. Technology: 48 deals, 20% of the total. Entertainment and Media: 9 deals, 3% of the total. Deal value by sector Internet: US$1,468 million, 64% of the total. Telecommunications: US$478 million, 21% of the total. Technology: US$218 million
49、, 9% of the total. Entertainment and Media: US$140 million, 6% of the total. 9 MoneyTreeTM China TMT Report Q1/Q2 2014 QoQ comparison between Q2 2014 and Q1 2014 Deal volume Deal value Telecommunications1%81% Entertainment and Media 33%41% Technology17%1,190% Internet22%8% YoY comparison for Q2 2014 Deal volume Deal value Telecommunications32%700% Entertainment and Media 8%149% Technology11%1,123% Internet16%317% Q2 2014 Total deal volume for the TMT industry was 2