Scriptures 丨 Investment institutions have slowed in the pace of investment, how to find OK in uncertainty?

Cover reporter Xiong Yingying Ma Mengfei

As an important part of the multi -level capital market, venture capital plays an important role in cultivating new momentum of economic growth, promoting the development of strategic emerging industries, and promoting high -quality economic development. However, in the first half of this year, the venture capital market frequently came out of the sound of "capital cold winter".

On July 8th, the venture capital data service provider IT Orange released the "2022 Q2 China New Economy Entrepreneurship Investment Data Analysis Report". Affected by the new crown pneumonia's epidemic and international situation, the new economic financing in the second quarter of this year was again cold, and domestic investment trading events and total amount fell for three consecutive quarters. In addition, the large manufacturers have also slowed down the investment. The number of Q2 investment in 7 heads of the heads is less than Q1.

In the first half of the year, what is the state of the domestic venture capital market? In the face of the impact of the external environment, what changes have taken place in investment logic? In this issue of "Scripture" program, Xu Xiang, general manager of Shenzhen Venture in Southwest Region, and Hong Le, a senior expert lecturer in the Shenzhen Stock Exchange, discussed this.

In the first half of the year, the number of investment declined significantly?

Investors are watching under the epidemic situation

Some market voices believe that the domestic VC/PE has ushered in the severe moment in recent years. The market fundraising and investment amount have fallen sharply, and the number of investment cases has fallen beyond imagination. Is this really the case? At the beginning of the show, Hong Le thrown out the problem.

Xu Xiang said that the reason why everyone feels such a feeling is that on the one hand, because the base was too high last year, this year was actually gradually returning to normal. "Including the number and amount we invested last year, compared with the previous two years, it has increased significantly."

This can also be confirmed from the relevant industry reports. The "Global White Paper (2022)" by the China Securities and Fund Association and other institutions and other institutions showed that the total global risk investment in 2021 reached US $ 643 billion, an increase of 91.94 % year -on -year, which was more than ten times in 2012. Among them, there were 15,716 investment cases in China's entrepreneurial investment market, an increase of 53.06 % year -on -year, and the total investment scale exceeded 407.112 billion yuan, an increase of 49.95 % year -on -year.

Secondly, there were more market investment projects in the entire market last year, and some potential high -quality projects may have been captured by investment institutions in advance, so everyone found that there are fewer and fewer projects on the market.

In addition, various factors such as Russia and Ukraine's conflict, repeated epidemic, and the Fed's interest rate hikes have brought different degrees of impact on various industries. "Especially the uncertain factors brought by the epidemic increase, everyone does not dare to shoot." Xu Xiang said that everyone dare not invest easily for industries with the impact of the epidemic. In the industry, the industry's prosperity is already at a high point, and it is difficult to judge how to develop after the epidemic. Therefore, many investors are currently in a state of hesitation and watching.

The industry's probability of shrinking in the second half of the year

"Precise Di Irrigation" high -quality project

Hong Le believes that the prosperity of the venture capital market mainly depends on two aspects: one is sufficient funds, and the other is a good target. But in the face of the current complex external environment, it seems that the financing of entrepreneurs seems to be more and more difficult.

In this regard, Xu Xiang analyzed that the channel fundraising channels are generally divided into the following types: first, local governments guide funds; second, large -scale central enterprises with capital strength and state -owned enterprises led by the market -oriented parent funds; third, traditional industry enterprises pass The transformation and upgrading of cross -border new tracks, especially in the past few years, many real estate companies have participated in venture capital; fourth is that some listed companies have sufficient cash flow. I hope to explore new performance growth points through foreign investment. Risk investment). In addition, some high -net -worth individuals are actively participating in equity investment. At present, due to the epidemic, some local governments are in financial tension. After the "Three Red Line" policies are introduced, the capital chain of real estate enterprises is also facing severe tests. Therefore, the supply of venture capital market funds is relatively small as a whole.

"But when the sea is flowing, the heroic character is revealed. The more difficult it is, the better the project can stand out." Xu Xiang believes that truly high -quality companies do not have to worry about the money.At the same time, it is also a process of metabolism for the venture capital industry.Although there are many difficulties, investment institutions that are really willing to support the development of SMEs will continue to invest.Looking forward to the market prospects in the second half of the year, Xu Xiang said that "the probability of the venture capital industry will be reduced", but this is not necessarily a bad thing. Venture capital cannot always engage in "large water irrigation" or "accurately irrigation".

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