The investment direction is also from the niche to the mainstream.
The venture capital industry in China sprouted in the early 1990s. 1992, IDG capital entered the China market, announcing the beginning of the venture capital era in China. At that time, the Shanghai Stock Exchange and Shenzhen Stock Exchange were established less than two years ago.
Since then, for a long time, venture capital has been a game for a few people in China, and it is in a regulatory gray area. It was not until the Interim Measures for the Administration of Venture Capital Enterprises was promulgated in 2005 that venture capital was formally regulated and the industry began to develop in a standardized way. At the same time, the capital market started the reform of non-tradable shares, and A shares entered the era of full circulation. With the launch of small and medium-sized board and the preparation of GEM, the development environment of venture capital institutions is getting better and better. Before 2008, foreign-funded institutions (dollar funds) occupied a dominant position in the venture capital market, and state-owned institutions began to start, and the number of active institutions in the whole market increased to several hundred.
Around 2009, the mobile Internet emerged, and a number of unicorns were born one after another, such as Meituan, Hungry, Didi, WeChat, and Aauto Quicker. Behind every enterprise, there are several venture capital institutions, such as IDG, Qi Ming Venture Capital and Morningstar Capital, which are all active institutions. Growth enterprise market officially opened on June 5438+ 10, 2009, which also provided a new channel for venture capital institutions to withdraw from investment. By 20 14, the number of active venture capital institutions has increased to about 3,000, the early investment has developed rapidly, PE institutions have gradually entered the market, and the activity of local institutions has increased.
Since 20 15, China's economic development has entered a new normal, and emerging industries such as mobile internet, artificial intelligence, big data and semiconductors have flourished. Equity investment institutions have keenly captured a large number of investment opportunities and expanded rapidly while supporting the development of the real economy. At present, there are more than 4,000 active venture capital institutions. According to the statistics of Zero2IPO, by the end of June 2020, the management capital of China's equity investment industry was close to 12 trillion yuan.
In addition, in the first half of 2020, the number of China enterprises listed at home and abroad was 168, of which 1 18 were recommended by venture capital institutions, and the penetration rate of venture capital exceeded 70%. This highlights the important role of venture capital in the process of enterprise development.