硅谷银行：2017年Q3中美风投资本市场态势报告（完整版）（35页）.pdf

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1、State of the Markets Inside views on the health and productivity of the innovation economy THIRD QUARTER 2017 SPECIAL REPORT: Chinas Innovation Economy State of the Markets: Third Quarter 2017 Innovation Innovation Economy Posts Strong Economy Posts Strong PerformancePerformanceEconomy Posts Economy

2、 Posts Heightened Heightened Investor Interest, Options for FoundersInvestor Interest, Options for Founders Through the first half of 2017, U.S. market conditions for IPOs have been favorable: strong investor demand, equities near all-time highs and volatility at historical lows have provided U.S. c

3、ompanies and their investors with ample opportunity for new listings. Despite this, many highly valued companies continue to raise capital on the private markets, delaying their public offering and extending the nearly two-decade trend of staying private longer. In fact, this past quarter recorded t

4、he most $100M-plus financing rounds since Q3 2015, driven by participation from private equity investors who have shown growing interest in the tech sector. China China in Focus: Converging Opportunitiesin Focus: Converging Opportunities China has emerged as a transformative player in the global inn

5、ovation ecosystem, catalyzed through rapid urbanization, an expanding domestic investor base, and an economy that boasts the most mobile-connected consumers in the world. Today, China is home to the second-largest venture capital market in the world, with access to talent and capital rivaling that o

6、f the United States. This quarter we bring you a special report, produced in partnership with SPD Silicon Valley Bank*, our joint- venture bank based in Shanghai and Beijing, examining the many ways in which Chinas innovation ecosystem reflects the U.S. and provides insight into converging future op