Zero2IPO_China M&A and IPO Trends Zero2IPO Research Center [email protected].
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Transcript of Zero2IPO_China M&A and IPO Trends Zero2IPO Research Center [email protected].
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China M&A Market Trends
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Total Number of M&As of Chinese Enterprises in 2006-H1’11
Total Transaction Value of M&As of Chinese Enterprises in 2006-H1’11
Total M&As Surge up 61.2% and Transaction Amount Involved Soars 91.1%
27,023
33,147
27,779
15,255
34,53934,803
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2006 2007 2008 2009 2010 2011H1
Amt. Raised by China M&As(US$M)
469
294
201171 181
622
0
100
200
300
400
500
600
700
2006 2007 2008 2009 2010 2011H1
No. of Total China M&As
4
Comparison of Number of Domestic and Overseas M&As of Chinese
Enterprises in 2006-H1’11
Comparison of Transaction Value of Domestic and Overseas M&As of Chinese Enterprises in 2006-H1’11
Domestic M&As Surge up 68.4% and Transaction Amount Involved Soars 50.3%
5
VC/PE-related M&As Hit New High with Year-on-year Increase of 140%
Comparison of VC/PE-backed Enterprises’ M&As in 2006-H1’11（ By No. of M&As）
Comparison of VC/PE-backed Enterprises’ M&As in 2006-H1’11
（ By M&A Value, US$M ）Year-on-year Comparison: +140%Year-on-year Comparison: +140%
Year-on-year Comparison ： +50%Year-on-year Comparison ： +50%
96
36
30
2442
91
0
20
40
60
80
100
120
2006 2007 2008 2009 2010 2011H1
No. of M&As
673
5,779
7,034
1,4461,015
6,364
0
1000
2000
3000
4000
5000
6000
7000
8000
2006 2007 2008 2009 2010 2011H1
2006 2007 2008 2009 2010 2011H1
6
China IPO Market Trends
7
No. of Domestic
IPOs16781%
No. of Overseas
IPOs40
19%
Chinese Enterprises Claim Most IPOs among Global Total of 339
Comparison of No. and Financing Amt. of Chinese Enterprises’ IPOs in 2006-
H1’11
Comparison of No. of Domestic and Cross-border IPOs in H1’11
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8,534
65,089
27,510 26,472
43,998
39,744
6,922
27,140
33,259
17,114 14,907
72,059
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2006 2007 2008 2009 2010 2011H1
Amt. Raised by Overseas IPOs (US$M)Amt. Raised by Domestic IPOs(US$M)
Overseas IPOs and Financing Amount Steadily Climb up Year-on-year While Domestic IPOs and Amount Raised Drop A Bit
Comparison of No. of Domestic and Overseas IPOs of Chinese Enterprises
in 2006-H1’11
Comparison of Financing Amt. of Domestic and Overseas IPOs of
Chinese Enterprises in 2006-H1’11
Year-on-year Comparison of Domestic IPOs: -4.6%Year-on-year Comparison of Overseas IPOs: +8.1%
Year-on-year Comparison of Domestic IPOs: -4.6%Year-on-year Comparison of Overseas IPOs: +8.1%
Year-on-year Comparison of Domestic IPOs: -16.2%Year-on-year Comparison of Overseas IPOs: +151.3%
Year-on-year Comparison of Domestic IPOs: -16.2%Year-on-year Comparison of Overseas IPOs: +151.3%
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No. of Domestic
IPOs78
83%
No. of Overseas
IPOs16
17%
IPOs of VC/PE-backed Chinese EnterprisesRemain Active
Comparison of No. and Financing Amt. of IPOs of VC/PE-backed Chinese Enterprises in
2006-H1’11
Comparison of No. of Domestic and Overseas IPOs of VC/PE-backed Chinese Enterprises in
H1’11
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Domestic IPOs of VC/PE-backed Chinese Enterprises Climb up 20% Year-on-year
Comparison of No. of Domestic and Overseas IPOs of VC/PE-backed Chinese
Enterprises in 2006-H1’11
Comparison of Financing Amt. of Domestic and Overseas IPOs of VC/PE-backed Chinese
Enterprises in 2006-H1’11
16
33
47
78
29
61
12
30
72
10 23
149
0
50
100
150
200
250
2006 2007 2008 2009 2010 2011H1
No. of Overseas IPOs No. of Domestic IPOs
11
Average ROI of VC/PE-backed Chinese Enterprises in Different Markets Varies from Each Other
Comparison of Book ROI of Domestic and Overseas IPOs of VC/PE-backed Chinese
Enterprises in 2006-H1’11
Comparison of Book ROI of Domestic and Overseas IPOs of VC/PE-backed Chinese
Enterprises in H1’11
Listing Market Average ROI （ X）
Domestic Market
Shanghai Stock Exchange 6.18
ChiNext 8.55
SMEB 8.95
Average 8.48
Overseas Market
NYSE 8.90
HKMB 2.24
FWB 0.69
NASDAQ 5.74
Average6.46
Average 8.15
Note: Average Book ROI is calculated without the involvement of the deal of SINOVEL.
6. 75
2. 88 2. 55
6. 17 6. 46
8. 92
5. 5
9. 1
10. 67
23. 29
0. 00
5. 00
10. 00
15. 00
20. 00
25. 00
30. 00
35. 00
2007 2008 2009 2010 2011H1
Book ROI of Domest i c I POs of VC/ PE- backed Chi neseEnt er pr i sesBook ROI of Over seas I POs of VC/ PE- backed Chi neseEnt er pr i ses
