Fundraising Analysis - In February 2025, the VC/PE market saw a total of 187 funds complete new rounds of fundraising, representing a year-on-year decrease of 24.0% and a month-on-month decrease of 43.7% [4] - The disclosed fundraising amount reached 683.521 billion RMB, down 21.9% year-on-year and down 62.0% month-on-month [4] - The highest single fundraising amount was 7 billion RMB, directed towards the new energy vehicle industry [6][7] Investment Activity - A total of 217 investment cases were recorded in February 2025, reflecting a month-on-month decrease of 26.9% and a year-on-year decrease of 59.6% [15] - The disclosed investment amount for 147 cases was 113.24 billion RMB, which is a month-on-month decrease of 77.1% and a year-on-year decrease of 78.8% [15] - The average investment amount per case was 0.77 billion RMB, down 67.2% month-on-month [15] Industry Focus - The semiconductor and electronic equipment sector led in both investment amount and case numbers, with 47 cases accounting for 21.7% of total cases and an investment amount of 29.19 billion RMB, representing 25.8% of total disclosed amounts [17] - Other notable sectors included biotechnology/healthcare and IT, with 41 and 39 cases respectively [17] Regional Distribution - Jiangsu province recorded the highest number of investment cases at 37, while Beijing led in investment amount with 27.17 billion RMB, accounting for 24.0% of total investments [20] - The top three regions by fundraising amount were Zhejiang, Jiangsu, and Sichuan, totaling 284.95 billion RMB, which is 41.7% of the total [10] Fund Management Trends - As of the end of February 2025, there were 57,105 registered equity investment funds in China, with 311 new registrations in February, while 448 funds were canceled, indicating a net decrease [12] - The number of registered fund managers decreased significantly, with only 3 new registrations and 10 cancellations in February [15]

以下文章来源于清科研究 ，作者创造价值的 清科研究 . 清科创业（01945.HK）旗下清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以 及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信息、数据、研究和咨询服 务。 年度盘点。 作者 | 清科研究 来源 | 清科研究 （ID：pedata2017） 01 整体回顾 02 市场分布 A股IPO总量同比收缩近七成，创业板上市企业数量相对较多 2024年中企IPO市场总体呈现出阶段性收缩态势，但下半年IPO活跃度环比有所回升。 根据清科创业（01945.HK）旗下清科研究中心统计，2024年中企境内外上市195家 【1】，同比下降51.1%，首发融资额约合人民币1442.66亿元【2】，同比下降 63.6%，上市企业数量和融资金额为近10年新低；其中，下半年有113家中企IPO，首 发融资额约合人民币973.53亿元，环比分别上升37.8%、107.5%。 分市场来看，2024年 A股 共有100家企业上市，同比下降68.1%； 境外市场 共95家 中企上市，同比上升10.5%，其中今年全市场首发融资额前三大中企IPO均于港股 ...