2024年小巨人企业融资事件减少超四成，IPO数量减少超五成，并购事件数量翻倍丨2024专精特新小巨人企业资本市场发展报告

Core Insights - The number of specialized and innovative "little giant" enterprises in China exceeded 14,000 by the end of 2024, with Jiangsu leading at 2,163 companies, followed by Guangdong and Zhejiang [3][5]. - Financing events for these enterprises in the primary market decreased significantly, with a 41.2% drop in the number of events and a 49.3% decline in disclosed financing amounts compared to the previous year [10][12]. - The proportion of "little giant" enterprises among new IPOs in the A-share market increased to 55.0%, up from 43.8% in 2023 [26]. Financing Overview - In 2024, there were 806 financing events for specialized and innovative "little giant" enterprises, a decrease of 41.2% year-on-year, with disclosed financing amounting to 48.506 billion yuan, down 49.3% [10][12]. - The most active financing regions included Beijing, Zhejiang, Shanghai, Jiangsu, and Guangdong, with Beijing leading in both financing amount (11.58 billion yuan) and event count [12][16]. - A total of 1,236 institutions participated in financing events, with 90% being VC/PE firms, and Shenzhen Capital Group being the most active investor [16]. IPO Trends - The number of IPOs for "little giant" enterprises dropped significantly in 2024, with only 64 IPOs, a decrease of 57.3% year-on-year, primarily due to tightened regulatory scrutiny [23][26]. - Among the 100 new IPOs in the A-share market, 55 were "little giant" enterprises, marking a notable increase in their representation [26][29]. - The majority of "little giant" IPOs occurred on the ChiNext board, with 25 companies listed there, while the STAR Market had a 50.7% representation of "little giant" enterprises [29]. M&A Activity - The number of disclosed M&A events involving "little giant" enterprises surged to 62 in 2024, a 121.4% increase year-on-year, with total disclosed transaction amounts reaching 18.254 billion yuan, up 107.4% [33]. - The favorable policy environment, including various regulatory measures aimed at enhancing the capital market, contributed to this increase in M&A activity [33]. New Third Board Listings - In 2024, 137 "little giant" enterprises were listed on the New Third Board, reflecting a 6.2% year-on-year growth, bringing the total to 1,678 [19][21]. - Jiangsu and Zhejiang led in the number of new listings, each contributing 34 companies, while Guangdong added 15 [21]. Company Age and Distribution - The average age of "little giant" enterprises is 17.7 years, with over 81.6% established for more than 10 years [8]. - The distribution of these enterprises shows a concentration in major cities, with Beijing, Shenzhen, Shanghai, Suzhou, and Hangzhou having the highest numbers [5][8].