Core Insights - The overall trend in China's private equity investment market continued to decline in Q1 2025, but the rate of decline has narrowed, indicating signs of recovery [2][4] - The AI sector experienced counter-cyclical growth in investment and financing activities [2][7] Fundraising - In Q1 2025, the number of newly raised funds was 992, with a total amount of 3470.84 billion RMB, both down by 2.9% year-on-year [3] - Excluding real estate and infrastructure investment funds, the new fund size was 3261.05 billion RMB, showing a year-on-year increase of 17.6% [3] - Foreign currency fundraising remained low, with only 4 foreign currency funds completing new rounds, raising approximately 4.5 billion RMB, a decline of over 70% year-on-year [3] Investment Activity - The number of investment cases in Q1 2025 rebounded to 2329, up 12.2% year-on-year, while the disclosed investment amount was 1398.24 billion RMB, down 27.9% [4] - The hard technology sector remained a market hotspot, with significant investment activity in semiconductors, electronic devices, IT, healthcare, and mechanical manufacturing [4] Exit Activity - There were 500 exit cases in Q1 2025, a decrease of 33.8% year-on-year [4] - The number of IPO cases for invested companies was 239, reflecting a year-on-year increase of 22.6%, indicating a slight improvement in the listing environment for Chinese companies [4] AI Sector Insights - In Q1 2025, the AI sector recorded 351 financing cases with total investments exceeding 20 billion RMB, down 20.5% year-on-year [7] - Excluding specific high-profile cases, the investment amount in the AI sector was nearly 19 billion RMB, showing a year-on-year increase of 29.1% [7] - Over the past five years, more than 5400 AI companies have received support from VC/PE institutions, with nearly 70% completing their first round of financing [7] - From 2024 to Q1 2025, there were over 1700 investment cases in the AI sector, with a total investment amount of approximately 120 billion RMB, although there remains a valuation and financing gap between Chinese and US AI companies [7]
清科研究:2025年一季度VC/PE市场降幅收窄 AI投融资逆势增长
Sou Hu Cai Jing·2025-04-26 06:56