chinext a touch of warm sunshine after the cold winter

8/14/2019 ChiNext a Touch of Warm Sunshine After the Cold Winter

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Zero2IPO Insight

ChiNext:

A Touch of Warm Sunshine after the Cold Winter

On Oct. 30th, 2009, with the long-waiting ChiNext finally setting sail, the first batch of 28 ChiNext-listed companies will go public together on the

Shenzhen Stock Exchange. After the cold winter of financial crisis, the launch of ChiNext brings a touch of warm sunshine to Chinese VC/PE industry.

All of the Stock Prices of ChiNext-listed Enterprises in First Batch Soared at the Opening with Their Average Opening Price Rising 76.5%

from Issue Price.

From Oct. 30th, 28 stocks have been officially listed on ChiNext. In the first trading day, all of stock prices surged. There was an average increase of

76.5% in opening prices compared with issue prices, among which Huayi Brothers topped the competition with an opening price of RMB63.66, 122.7%

higher than its issue price. In addition, five stocks enjoyed an increase of more than 100.0% in opening price, including Anke Biotechnology, Toread,

EVE Battery, Lepu Medical and Huaxing Chuangye; five stocks saw opening price rising by 80.0%-100.0%, accounting for 17.9% of all, which were

respectively Shenyang Siaxun, Dayu Water-saving, Gifore, Geeya Technology and Beijing Dinghan Technology; 15 stocks enjoyed an increase of

50.0%-80.0% in opening prices, accounting for 53.6%; and only two stocks were up below 50.0%.

Table 1 First Batch of 28 ChiNext-listed Enterprises

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StockCode

Company Name Headquarters Grade-1Industry

IssuePrice

P/ERatio

SharesIssued(10,000shares)

Opening Price

GrowthRate

VC/PE Institution

300027 Huayi Brothers Beijing Services 28.58 69.71 4,200 63.66 122.74% China Equity

300009 AnkeBiotechnolgoy

Anhui Bio/Healthcare

17.00 46.83 2,100 37.00 117.65% Good VC

300005 Beijing Toread Beijing Traditional 19.80 53.10 1,700 42.00 112.12% LeadingInvestment

300014 Eve Battery Guangdong(ExcludingShenzhen)

Clean-tech

18.00 54.56 2,200 38.00 111.11% CMTECH,Fortune VC

300003 Lepu Medical Beijing Bio/Healthcare

29.00 59.56 4,100 61.00 110.34% Warburg Pincus

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300025 Huaxing Chuangye Zhejiang Broad IT 19.66 45.18 1,000 40.00 103.46%

300024 Shenyang Siaxun Liaoning Broad IT 39.80 62.90 1,550 74.00 85.93% Gold StoneInvestment

300021 Dayu Water-saving Gansu Traditional 14.00 53.85 1,800 25.60 82.86%

300022 Gifore Sichuan Services 17.75 57.26 2,240 32.25 81.69% Jiuding Capital

300028 Geeya Technology Sichuan Broad IT 11.30 45.20 3,700 20.50 81.42% Xinao VC,Hangyuanfu VC,

Dehui Investment,

Jiaze Investment,

Florin Investmen,

Fengze

Investment,

Jiuding Capital

300011 Beijing DinghanTechnology

Beijing Broad IT 37.00 82.22 1,362 66.70 80.27% China VentureCapitalXingye VC

300001 TGOOD Electric Shandong Traditional 23.80 52.76 3,500 42.00 76.47% Qingdao LaoshanTechnologyInvestment

300015 Aier Ophthalmology

Hunan Bio/Healthcare

28.00 60.87 3,350 48.86 74.50% IFC

Fortune VC

300017 ChinaNetCenter Shanghai Broad IT 24.00 63.16 2,300 41.50 72.92% CDF-Capital,Fortune VC, VIC,Fuwei VCSZVC, FortuneVC

300002 Ultrapower Beijing Broad IT 58.00 68.80 3,160 100.10 72.59% Huijinlifang andGold Stone

300006 LummyPharmaceuticals

Chongqing Bio/Healthcare

16.50 47.83 2,300 27.45 66.36% ChongqingTechnology VC

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300023 Bode EnergyEquipment

Shaanxi Traditional 19.60 81.67 1,500 32.56 66.12%

300019 Chengdu Guibao Sichuan Traditional 23.00 47.96 1,300 38.01 65.26%

300007 Henan HanweiElectronics

Henan Traditional 27.00 60.54 1,500 44.00 62.96% Ningbo JunrunInvestment

300016 Beilu Beijing Bio/Healthcare

17.86 47.89 1,700 29.00 62.37% Beijing VentureCapitalInfotech

300026 Chase Sun Tianjin Bio/Healthcare

60.00 49.18 1,259 97.15 61.92% TJVC

300013 Xinning Logistics Jiangsu Traditional 15.60 45.48 1,500 24.50 57.05% JinrongInvestmentTaihe Investment,Yiwen VentureCapital, NingheInvestment

300010 Lanxum Beijing Broad IT 18.00 51.49 2,650 28.10 56.11% China-Belgium

Fund300008 Bestway Marine Shanghai Services 27.80 40.12 1,260 43.15 55.22% Shanghai Zichen

Investment300020 Silver River Zhejiang Broad IT 20.00 52.63 2,000 31.00 55.00% ZVC, Haitong

Kaiyuan, ZhejiangLanshanIntel Capital

300004 Nanfang Veni lator Guangdong(ExcludingShenzhen)

Traditional 22.89 46.24 2,400 35.00 52.91% Tongying VC

300012 Center TestingInternational

Shenzhen Traditional 25.78 59.95 2,100 38.00 47.40%

300018 ZhongyuanHuadian

Hubei Traditional 32.18 52.62 1,635 47.00 46.05% China-BelgiumFund

Source: Zero2IPO Research Center 2009.10 www.zero2ipo.com.cn

A Total of 46 VC/PE Institutions Once Invested in the 23 of the First-batch ChiNext-listed Enterprises.

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The statistics of Zero2IPO Research Center show that in the 28 first-batch ChiNext-listed companies, 23 were supported by a total of 46 VC/PE

institutions. Among them, four foreign VC/PE institutions accounted for 8.7%. They are Intel Products which had invested in Silver River, Warburg

Pincuss subsidiary Brook which had invested in Lepu Medical, IFC which had invested in Aier Ophthalmology; two joint venture VC/PE institutions

taking up 4.3% of the total are respectively China Equity which had invested in Huayi Brothers, and China-Belgium Fund which had invested in

Zhongyuan Huadian; A total of 40 local VC/PE institutions accounted for as high as 87.0%. Among them, Jiuding Capital and Gold Stone performed

more prominently each with two investees landing on ChiNext in the first batch, while Fortune VCs performance was undoubtedly the most eye-

catching one with 3 investees initially listed on ChiNext.

Table 2 46 VC/PE Institutions with Investment in First Batch of ChiNext-listed Enterprises

VC/PE Type No.of EnterprisesBacked

Company Name Stock Code Headquarters

Industry(Grade 1)

Industry(Grade 2)


Am. Financedin

PlanRMB100M

IssuePrice

P/ERatio

Fortune VC Domestic 3 Eve Battery 300014 Guangdong(ExcludingShenzhen)

Clean-tech CleanEnergy

2,200 2.06 18.00 54.56

Aier Ophthalmology 300015 Hunan Bio/Healthcar e

MedicalServices

3,350 3.40 28.00 60.87

ChinaNetCenter 300017 Shanghai Broad IT IT Services 2,300 2.42 24.00 63.16

Jiuding Capital Domestic 2 Gifore 300022 Sichuan Services Retail 2,240 1.98 17.75 57.26

Geeya Technology 300028 Sichuan Broad IT Broadcasting(DTV)

3,700 1.85 11.30 45.20

Gold Stone Domestic 2 Ultrapower 300002 Beijing Broad IT IT Services 3,160 5.03 58.00 68.80

Shenyang Siaxun 300024 Liaoning Broad IT Other ElectronicsProducts

1,550 2.79 39.80 62.90

QingdaoLaoshan

Domestic 1 TGOOD Electric 300001 Shandong Traditional ElectronicEquipment

3,500 4.00 23.80 52.76

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TechnologyInvestmentHuijinlifang Domestic 1 Ultrapower 300002 Beijing Broad IT IT Services 3,160 5.03 58.00 68.80

Guangdong

Tongying VC

Domestic 1 Nanfang Venilator 300004 Guangdong

(ExcludingShenzhen)

Traditional Machinery

Manufacturing

2,400 2.88 22.89 46.24

ShanghaiLeading

Investment

Domestic 1 Beijing Toared 300005 Beijing Traditional Others 1,700 2.20 19.80 53.10

ChongqingTechnology

VC

Domestic 1 LummyPharmaceuticals

300006 Chongqing Bio/Healthcar e

Pharmaceuticals/HealthProducts

2,300 1.44 16.50 47.83

Ningbo Junrun Domestic 1 Hanwei Electronics 300007 Henan Traditional ElectronicEquipment

1,500 1.80 27.00 60.54

JiachuanInvestment

Domestic 1 Bestway Marine 300008 Shanghai Services Consulting 1,260 1.21 27.80 40.12

ZichenInvestment

Domestic 1 Bestway Marine 300008 Shanghai Services Consulting 1,260 1.21 27.80 40.12

Good Capital Domestic 1 AnkeBiotechnology

300009 Anhui Bio/Healthcar e

Bio-engineering

2,100 1.66 17.00 46.83

Gaoxin VC Domestic 1 Lanxum 300010 Beijing Broad IT IT Services 2,650 2.76 18.00 51.49

China VentureCapital

Domestic 1 Beijing DinghanTechnology

300011 Beijing Broad IT Other ElectronicsProducts

1,362 2.16 37.00 82.22

Xingye VC Domestic 1 Beijing DinghanTechnology

300011 Beijing Broad IT Other ElectronicsProducts

1,362 2.16 37.00 82.22

SuzhouJinrong

Investment

Domestic 1 Xinning Logistics 300013 Jiangsu Traditional Logistics 1,500 1.40 15.60 45.48

Yiwen VC Domestic 1 Xinning Logistics 300013 Jiangsu Traditional Logistics 1,500 1.40 15.60 45.48

NingheInvestment


TaiheInvestment


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CMTECH Domestic 1 Xinning Logistics 300013 Jiangsu Traditional Logistics 1,500 1.40 15.60 45.48

BeijingTechnology

VC

Domestic 1 Beilu 300016 Beijing Bio/Healthcar e


1,700 1.83 17.86 47.89

Infotech Domestic 1 Beilu 300016 Beijing Bio/Healthcar e


1,700 1.83 17.86 47.89

LegendCapital

Domestic 1 ChinaNetCenter 300017 Shanghai Broad IT IT Services 2,300 2.42 24.00 63.16

CDF Capital Domestic 1 ChinaNetCenter 300017 Shanghai Broad IT IT Services 2,300 2.42 24.00 63.16

Beijing VisionInvestment


SZVC Domestic 1 ChinaNetCenter 300017 Shanghai Broad IT IT Services 2,300 2.42 24.00 63.16

ShenzhenCareall VC


Zhejiang

TechnologyVC

Domestic 1 Silver River 300020 Zhejiang Broad IT Software 2,000 1.70 20.00 52.63

HaitongKaiyuan


ZhejiangLanshan


CASInvestment

Domestic 1 Shenyang Siaxun 300024 Liaoning Broad IT Other ElectronicsProducts

1,550 2.79 39.80 62.90

ShenyangSengmu

Investment

Domestic 1 Shenyang Siaxun 300024 Liaoning Broad IT Other ElectronicsProducts

1,550 2.79 39.80 62.90

Tianjin VC Domestic 1 Chase Sun 300026 Tianjin Bio/Healthcar e

Pharmaceuticals/Health

Products

1,259 2.68 60.00 49.18

ChangshaXinao

Domestic 1 Geeya Technology 300028 Sichuan Broad IT Broadcasting(DTV)

3,700 1.85 11.30 45.20

HangzhouJiaze

Investment


3,700 1.85 11.30 45.20

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ShenzhenHangyuanFuchuang


3,700 1.85 11.30 45.20

HangzhouDehui

Investment


3,700 1.85 11.30 45.20

ShanghaiFlorin

Investment


3,700 1.85 11.30 45.20

ShanghaiFengze

Investment


3,700 1.85 11.30 45.20

Intel Capital Foreign 1 Silver River 300020 Zhejiang Broad IT Software 2,000 1.70 20.00 52.63

IFC Foreign 1 Aier Ophthalmology 300015 Hunan Bio/Healthcar e

MedicalServices

3,350 3.40 28.00 60.87

Brook Foreign 1 Lepu Medical 300003 Beijing Bio/Healthcar e

MedicalEquipment

4,100 5.17 29.00 59.56

Warburg

Pincus

Foreign 1 Lepu Medical 300003 Beijing Bio/Healthcar

e

Medical

Equipment

4,100 5.17 29.00 59.56

China Equity JVC 1 Huayi Brothers 300027 Beijing Services Media 4,200 6.20 28.58 69.71

China-BelgiumFund

JVC 1 ZhongyuanHuadian

300018 Hubei Traditional ElectronicEquipment

1,635 1.85 32.18 52.62

Source: Zero2IPO Research Center 2009.10 www.zero2ipo.com.cn

The First Batch of Listed Companies Is Best of the Best, in Which Beijings Enterprises Take the Majority.

From the point of view of geographical breakdown, the first batch of 28 ChiNext-listed companies are scattered among 17 provinces and cities

including Beijing, Sichuan, Shanghai, Guangdong (Excluding Shenzhen) and Zhejiang, among which Beijing had the most with seven enterprises--

Ultrapower, Lepu Medical, Toread and so on; Sichuan is also at the forefront, contributing three ChiNext-listed companies, namely, Chengdu Guibao,Gifore and Geeya Technology; Shanghai, Guangdong (Excluding Shenzhen) and Zhejiang have respectively two companies listed on ChiNext; in

addition, Shenzhen, Tianjin, Chongqing, Henan, Anhui, Hunan, Jiangsu, Hubei, Shandong, Liaoning, Shaanxi and Gansu also each have one

enterprise listed.

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Table 3 First Batch of 28 ChiNext-listed Enterprises (By Headquarters)

Headquarters StockCode

CompanyName

Grade-1Industry

IssuePrice

P/ERatio


Amt.Finance

d inPlanRMB100M

GrossProfit

Rate in2008

NetProfit

Rate in2008

NetAssetsIncomeRatio in

2008

VC/PEInstitution

Year Round Investment Stage

Beijing 300002 Ultrapower Broad IT 58.00 68.80 3 ,160 5.03 50.36% 23.21% 51.58% Huijinlifang,Gold Stone

2009 A Expansionstage

300003 LepuMedical

Bio/Healthcare

29.00 59.56 4,100 5.17 78.58% 51.07% 39.35% WarburgPincus

2007 N/A Expansionstage

300005 BeijingToread

Traditional 19.80 53.10 1,700 2.20 45.17% 12.03% 27.95% BeijingLeading

Investment


300010 Lanxum Broad IT 18.00 51.49 2,650 2.76 30.09% 13.69% 32.65% GaoxinInvestmentDevelopment


300011 BeijingDinghanTechnology

Broad IT 37.00 82.22 1,362 2.16 52.16% 21.21% 21.14% ChinaVentureCapital


Xingye VC 2009 B Expansionstage

300016 Beilu Bio/Healthcare

17.86 47.89 1,700 1.83 41.84% 14.71% 19.57% QingdaoLaoshanTechnologyInvestment

1999 A Earlystage

Infotech 2008 B Late stage

300027 HuayiBrothers

Services 28.58 69.71 4,200 6.20 53.74% 16.63% 27.44% ChinaEquity


Sichuan 300019 ChengduGuibao

Traditional 23.00 47.96 1,300 1.63 40.61% 18.81% 34.07%

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300022 Gifore Services 17.75 57.26 2,240 1.98 13.52% 3.68% 29.57% JiudingCapital

2009 A Late stage

300028 GeeyaTechnology

Broad IT 11.30 45.20 3,700 1.85 47.13% 25.47% 20.22% Xinao VC,HangyuanfuVC,

Dehui

Investment,

Jiaze

Investment,

Florin

Investment,

Fengze

Investment,

Jiuding

Capital

N/A N/A Expansionstage

Shanghai 300017 ChinaNetCenter

Broad IT 24.00 63.16 2,300 2.42 35.50% 15.51% 25.98% CDF-Capital,Fortune VC,VIC, FuweiVC

2008 B Late stage

SZVC,Fortune VC


300008 BestwayMarine

Services 27.80 40.12 1,260 1.21 48.30% 32.95% 46.53% ShanghaiZichenInvestment


GuangdongExcluding

Shenzhen

300004 NanfangVentilator

Traditional 22.89 46.24 2,400 2.88 30.30% 15.13% 26.43% TongyingVC

2007 A Late stage

300014 Eve Battery Clean-

tech

18.00 54.56 2,200 2.06 24.78% 15.32% 24.91% CMTECH,

Fortune VC

N/A N/A Expansion

stageZhejiang 300020 Silver River Broad IT 20.00 52.63 2,000 1.70 25.41% 9.02% 19.34% ZVC,HaitongKaiyuan,ZhejiangLanshan

N/A A Expansionstage

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Intel Capital 2009 B Expansionstage

300025 HuaxingChuangye

Broad IT 19.66 45.18 1,000 1.18 45.17% 14.97% 29.60%

Shenzhen 300012 Center TestingInternational

Traditional 25.78 59.95 2,100 2.75 68.10% 21.87% 34.05%

Tianjin 300026 Chase Sun Bio/Healthcare

60.00 49.18 1,259 2.68 76.38% 34.43% 51.30% TJVC, etc. 2008 A Late stage

Chongqing 300006 Lummy Bio/Healthcare

16.50 47.83 2,300 1.44 36.11% 12.40% 23.87% ChongqingTechnologyVC


Henan 300007 HenanHanweiElectronics

Traditional 27.00 60.54 1,500 1.80 59.03% 30.50% 32.53% NingboJunrunInvestment

2008 A Late stage

Anhui 300009 AnkeBiotechnology

Bio/Healthcare

17.00 46.83 2,100 1.66 70.91% 23.05% 24.26% Good VC 2005 A Late stage

Shandong 300001 TGOOD

Electric

Traditional 23.80 52.76 3,500 4.00 35.52% 22.58% 58.65% Qingdao

LaoshanTechnologyInvestment

2009 A Expansion

stage

Jiangsu 300013 XinningLogistics

Traditional 15.60 45.48 1,500 1.40 50.83% 16.45% 23.71% JinrongInvestment

N/A A Expansionstage

TaiheInvestment,YiwenVentureCapital,NingheInvestment

2007 B Expansionstage

Hunan 300015 Aier Ophthalmology

Bio/Healthcare

28.00 60.87 3,350 3.40 55.43% 13.59% 22.78% IFC 2006 A Expansionstage

Fortune VC 2007 B Expansionstage

Hubei 300018 Zhongyuan Huadian

Traditional 32.18 52.62 1,635 1.85 55.77% 39.38% 55.11% China-BelgiumFund


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Gansu 300021 Dayu Water-saving

Traditional 14.00 53.85 1,800 1.53 23.14% 9.27% 14.42%

Shaanxi 300023 Bode EnergyEquipment

Traditional 19.60 81.67 1,500 1.60 21.06% 11.56% 38.72%

Liaoning 300024 STASUN

Robot &Automation

Broad IT 39.80 62.90 1,550 2.79 25.75% 11.93% 15.44% Gold Stone 2008 N/A Expansion

stage

SourceZero2IPO Research Center 2009.10 www.zero2ipo.com.cn

Through the first round of screening and counseling by all those brokerage firms, accountants, law firms before the listing, along with the successive

checks made by the Issuance Examination Committee of China Securities Regulatory Commission for ChiNext, the first batch of 28 listed companies

are of relatively good qualifications. Viewing from the financial indicators of enterprises landed on ChiNext in the first batch, 28 ChiNext-listed

enterprises go even farther than those listed on the Main Board, while they all achieved profits in previous three consecutive years. It fully reflects the

principle of selecting best among the best and prudent and conservative attitudes of regulatory authorities. On the other hand, viewing from the IPO

P/E ratio, the average IPO P/E ratio of ChiNext was 56.6 times, the highest one, Beijing Dinghan Technology, was even 82.22 times. Compared with

the average IPO P/E ratio of 25 times in A-share market and that of 40 times in Shenzhen SME Board, its high P/E ratios not only fully reflect investors

expectation on the high growth of enterprises, but also make people full of worry in excitement.

ChiNexts Future

In the long run, whether the qualifications of listed companies are excellent and the continued growth, innovation and competitiveness of enterprises

can be demonstrated after being listed, as well as what kind of impact will be left on the overall development of ChiNext are affected by the following

factors:

(1) China's economic stability would to some extent affect the scale of ChiNext development. At present, our macro-economy has emerged with trendsof leading the worlds economic recovery and stabilizing upwards. The pace of ChiNext listing progress will be smoother, and ChiNexts scope will

develop at a faster speed based on the favorable economic situation.

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(2) Adequacy of the resources of backup enterprises for listing. As for the successful historical experiences abroad, whether the backup enterprises for

listing are adequate determines the success to a certain extent: Taking NASDAQ as an example, the United States has numerous enterprise resources

which are in line with the conditions of listing in its innovative economic environment, the abundance of its resources determines the success of

NASDAQ; The success factors for KASDAQ of South Korea are similar to those of the United States. After the Asian financial crisis, economic systemreforms and establishments were carried out in South Korea to encourage business startups, hence fostering a batch of excellent enterprise

resources. However, the GEM of Hong Kong was not successful due to a lack of backup enterprise resources, which led to market liquidity shortage

and a weaker confidence of investors.

(3) Risk of excess liquidity. The launch ofChiNext will attract the attention of international speculators, resulting in the improper inflows of foreign "hot

money"; moreover, it is unavoidable that a large number of short-term capital for the purpose of profit-chasing will be poured into the market

domestically, which causes the stock market to rise suddenly and slump sharply, making the developing situation unstable in the overall market scope.

(4) Rigorous and complete supervisory system is the basis for protecting the markets normal operations. Only with the supervisory system of ChiNext

completed step by step, can the sudden rises and slumps, as well as the malignant speculations of share market be prevented effectively. It will also

strictly control the information disclosure of listed companies, preventing false information disclosure and even such problems as major shareholders

occupying the interests of listed companies and so on, to maintain the competition orders of ChiNext.

(5) With the cascade effect of the stock market, the ups and downs of A-share market will also affect the ChiNexts trend more or less. While a bull or

slow bull market appears in A-share market, the issuing and listing speed of ChiNext will be faster, but when A-share market is sluggish, ChiNexts

speed will be slowed down therewith.

(6) Enterprises operations after the listing. ChiNext mainly consists of small and medium high-tech firms, while the high growth of h igh-tech enterprises

accompanied with high risks at the same time, such as operation risk, faith risk, technology risk, market competition risk, financial risk, etc. They will allbe determining factors in the growth of listed companies, thereby influencing the overall development of ChiNext.

In addition, analyzing from the point of view of the stock prices for listed companies, the prices depend primarily on the two aspects, enterprises

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fundamentals and investors confidence. In the initial stage of ChiNext, because of the better qualifications of the first listed companies, investors are

full of confidence and market values are relatively high, while the stock prices fluctuating up and down with the value changes perform powerfully in

this period; Then, as ChiNext gradually steps into maturity and rationality, numerous listed companies will show different growth potentials and

competitiveness, there will be several layers appearing in their stock prices: Share prices for part of the companies with high growth, strongcompetitiveness and favorable fundamentals will gradually move up; other companies which face bottlenecks in development, decreased

competitiveness or severe calamity will be sluggish; while individual listed companies will be knocked out from ChiNext if significant financial problems

or false information disclosure and other incidents occur.

All in all, the timely launch of ChiNext in China has great significance. From the perspective of the development of domestic small and medium-size

enterprises (SMEs), it will shorten the timeframe from startups to listing for many national SMEs, allowing excellent new emerging enterprises which

can hardly obtain financing stand out as soon as possible to achieve independent growth and expansion through breaking the monopoly of big

enterprises. Secondly, as the barometer of innovations in business models and technologies, ChiNext can encourage more firms or individuals to

utilize business opportunities and models similar to those of listed enterprises. From the point of view of domestic and foreign VC/PE institutions, the

launch of ChiNext will bring more flexible and convenient exit options for them, thus motivating the investment enthusiasm of VC/PE agencies in

Chinas market. It will also promote the fund-raising of RMB funds, facilitating the industrial upgrades of VC investment, truly realizing the positive

cycles of internal capital domestically raised, invested and exited. Here we would like to wish ChiNext and Chinese VC/PE industry make further

progress and achieve more!

About Zero2IPO Research Center

Founded in November 2001, Zero2IPO Research Center provides professional research reports and customized industry reports for VC and PE funds,

government organizations, intermediaries and startup enterprises in Greater China Region. The centers research scope covers VC, PE, IPO, M&Aand high-tech industries. It has grown into the most professional and authoritative research institution in China.

Statement on Republication:

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The article is publicly released to media by Zero2IPO Group. Any questions and suggestions on data and research, please contact Ms. Leaf Zhang by

phone or email:

Tel: +86 10 84580476

Email: [email protected] in republication please mail two sample copies to:

Nicole Meng

Rm.1202/03, Tower A, Eagle Run Plaza, No.26, Xiaoyun Road, Chaoyang District, Beijing 100125

Or email the website link of your article to [email protected]. Thank you.

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chinext a touch of warm sunshine after the cold winter

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