创投市场的「贫富分化」：头部 3% 的公司拿走市场一半资金

Core Insights - The Chinese primary market is experiencing a significant "Matthew Effect," where less than 5% of leading companies attract over half of the market's funding, while more than 75% of companies compete for less than one-sixth of the funds [2][4] - This funding distribution has evolved from the traditional "80/20 rule" to a more extreme "90/10 rule," indicating a severe imbalance in capital allocation [2][4] Funding Distribution - 75.9% of companies received less than 100 million yuan, collectively securing only 15.67% of the total market funds, approximately 130 billion yuan [4] - In contrast, only 3.22% of companies, around 245 firms, that raised between 500 million to over 1 billion yuan, captured 51.14% of total funding, exceeding 420 billion yuan [4] - Companies that raised over 1 billion yuan, making up just 1.43% of the total, acquired 40.48% of the funds, approximately 330 billion yuan, highlighting that each top-tier company received over 140 times the investment of those with less than 100 million yuan [4] Dominance of State-Owned Enterprises - State-owned enterprises (SOEs) are leading large financing rounds, with all five companies that raised over 10 billion yuan in 2025 being SOE-related [5][7] - Notable examples include State Grid's subsidiary, which raised 36.5 billion yuan, and China Ping An's life insurance arm, which secured 20 billion yuan [5][6] - These five companies collectively raised nearly 91.4 billion yuan, accounting for 11% of the total financing in the year [5] Structural Issues in the Market - Despite an overall recovery in the primary market, with a monthly average of 755 transactions and a year-on-year increase of 27.7%, the concentration of funding remains a structural issue [9] - The growth in transaction numbers does not equate to balanced capital distribution, as larger funds are increasingly directed towards a few leading companies, particularly those with SOE backgrounds [9][10] Future Outlook - The trend of "90/10" funding distribution is expected to persist in the short term, with cautious investment strategies from institutions and a continued dominance of state capital [10] - Long-term concerns include the risk of excessive differentiation, which could stifle innovation and reduce market diversity if smaller companies do not receive adequate support [11][12] - A more balanced investment ecosystem is needed, where large funds continue to support strategic projects while also providing necessary resources for smaller and early-stage companies [12]