Venture Capital in China. The Impact of the RMB Internationalisation and the Launch of ChiNext on Foreign VC Exit Strategies in China

      Аннотация: Venture Capital (VC) in China is the fastest growing investment market. Relevant research found appropriate divestment strategies for foreign VC investors to be missing. This dissertation introduces an analysis of the impact of RMB internationalisation and launch of ChiNext in 2009 on foreign VC exit strategies in China. A data set comprising research conducted by the China Venture Capital Association and Zero2IPO, two leading VC research institutes in China, is considered. The data set encompasses the number of VC-backed IPOs and M&As, the most frequently used exit channels, in domestic and overseas markets between 2001 - 2012 Q1. Supplementary, the return on investment (ROI) is investigated and the China Venture Capital Confidence Index (CVCCI) is consulted. The data indicate that the VC industry in China is maturing as exit strategies could be improved and extraordinary returns are outbalancing. The core result is that the euphoria about improved exit channels is depressed by macroeconomic uncertainties. Pre 2009 the number of IPOs and M&As developed constantly. In 2009 Q3 and early 2010 the exits boosted and IPOs peaked at a level of 220. The upward trend reversed late 2010 and exit since then are declining.

Ключевые слова: China, Foreign Venture Capital, Exit Strategies, M&A, IPO, CVCCI