After being questioned data fraud, an acre of land in job losses. For a while, the startup was pushing on the air waves. In the 21st century business Herald reporter interview a number of people, which may finance environment-related, that is, "money is not so hot, not so well financed." With the O2O collapse of large enterprises, many investors became worried. "Winter on" began flying over the capital markets.
For a subtle change in capital markets, venture touched the most sensitive. Number of start-ups in the charge in an interview with the 21st century business Herald said the recent financing environment than ever before. "Last year a lot of venture financing, as long as the stories are good then no problem. But investors more cautious of the project, more than half a month, only three investors to consider the project. "Ongoing financing home O2O start-up CEO Zhang (not his real name) to the 21st century business Herald reporter said.
On September 1, finance in the age of great change and transition in Xiamen in the salon, Group Executive Vice President and Qing dynasties Qing dynasty Fu Xinghua, a Managing Director of investment noted that "in the coming June-December, all financing window for about 2 months, in November-December this year, financing in the market as a whole will be in a tight area. "However, Fu Xinghua admits is not short of money. Mobile medical venture company core technology COO wangheran confidently explained that profitable companies not financed winter.
Capital winter coming?
Not long ago, in the circle of friends around a death list O2O reveals O2O venture behind the scenery "corpses" of the status quo. The list outlined the collapse projects involving the O2O 16 fields, take-away food, car wash, education, tourism and other areas bear the brunt, and catering O2O is the hardest-hit areas.
As a B2B venture a acres of fields, following earlier involvement in false data after the incident, late on August 29, was suddenly exposed sharply cut 1500 jobs. Reports said, triggering job cuts mainly because of investor withdrawals.
In industry people seems, regardless of is those list Shang has die of O2O enterprise also is a acres field, encountered of dilemma, are and capital has close of associated, in capital tide Shi, venture Enterprise story told have successfully, various financing will can easily get; and in financing tighter, and investors more caution of trend Xia, venture enterprise itself business and products enough excellent of words, hard again found Xia a round financing.
A home Internet startup company CEO who is being financed to the 21st century business Herald said Chang Ching-in 2014, finance more easily, since many investors are afraid of missing the track, do not exercise caution when making investment decisions, which is why many start-up enterprises ' financing mode than to b or c, to direct than to VC, as long as the story well can raise funds.
However, this lie will be able to raise capital or will end.
Group Executive Vice President and Qing dynasties Qing dynasty Fu Xinghua said, Managing Director of investment for the next 6 months to 12 months of financing situation is very serious, only about 2 months of financing window, in November-December this year, the entire tightening of financing will be in a large area of the market.
Future or will satisfy the situation.
Fu Xinghua analysis, from January 1, 2014 to now, full China new registered of enterprise for 12 million, which 2015 years Qian 6 months new registered enterprise number is 6 million, and last year annual China added Enterprise only 6 million; 2014 annual active of Angel institutions 52 home, altogether voted has not to 800 a project, average each home institutions voted has 15 a project, this year first half of active of angel investment institutions number is 248 a, not to 1000 a project, Average 3.7 in the vote of each institution item.
The emergence of capital "cold case", besides "monk" 's sake, but Chang Ching-think influence secondary market is a very important factor. Since late June, stock market crash, a lot of money evaporates, this has a direct impact on all kinds of fund raising.
"Another aspect of VC and PE investment exit or were acquired or the tone of the new Board or listing, but the secondary market downturn, less exits, the nodes break even Alibaba, who can easily try NASDAQ-listed?" Zhang to the 21st century business Herald reporter said.
According to the Group's data, the second quarter of 2015, actually the average domestic fund raising size reached only raised a small part of the plan, the remainder 80%. 2015 second-quarter Internet industries VC/PE raised 37.89% billion US dollars, fell 50.36%; financing case number 222, fell 10.84%.
"The venture capital market is squeezed at both ends, end tensions lead to funds of funds ' reluctance to vote ', we prepare for a new round of financing and investors access to more than half a month later, there are only three said to consider. If it was last year or early this year, the financing situation will be much better. "Zhang but said.
Capital will tend to cool
As early as a year ago, partner of longitude and Chris wrote a letter to the CEO of longitude systems, Zhang warned that heat of the capital markets will turn cold, regardless of whether the bubble coming, be prepared, contrarian punches.
Zhang pointed out that when 2012 capital markets by cold thermal changes occurred only in a few months. When it comes to adjustment, can be millions of dollars financing companies at that time cut in half, cut two-thirds financing into less, there will be a lot of melting the start-ups will fall short in the dark. Cai Wensheng Hangzhou why Ma and Ali
While the current situation is not optimistic, an industry-wide consensus is reached in the primary market investments tend to be cautious, capital winter Eve is coming. In this regard, vanke, former Senior Vice President, superior customer workshops founder Mao Daqing to the 21st century business Herald reporter agrees, funding and less "hot".
However, although funds from the secondary market and other factors, but that this does not mean that the market was short of money.
Fu Xinghua explains, for example, as in 2014 is the most hot and crazy time Fund investments, but the overall investment amount is still only a year to raise the amount of 30%, which means that they have a lot of money can be cast out in 2015, 2016. In addition, for some time to come while funding is limited, but the Fund raising will not be interrupted, but volume will be reduced.
In this regard, a securities investment bankers agree, and points out to the 21st century business Herald journalists, eager to cash in on investment is capital of winter has come, but the quality of entrepreneurial companies, investors will be given a relatively high valuation. From his contact situation, private capital at present is still very rich, many funds are looking for export.
Mobile medical venture company core technology COO wangheran is confident that, companies can make money without financing winter, but "will probably die a number of startups."
In fact, according to the 21st century business Herald reporter, core technology from the beginning of 2015 in preparation for a new round of financing, is also very early "smelling" capital market or cat winter flavor. At the beginning of April, core technology CEO Yang Hongqiao said: "the current overheating of capital is not a good thing, starting a new round of financing is going to have enough capital in winter when it comes to reserves, fell not in cold weather. "It is understood that the core technology has raised a new round of funding in June.
In the Investment Bank, winter comes, for starters you can squeeze bubbles by allowing the market to return to reason, makes a lot of really good companies have more access to investment, and better growth.
No comments:
Post a Comment