New measures to fill the gap in VC market
China DailyChina will unveil a series of new measures aimed at promoting the development of the country's venture capital industry, recognizing its vital role in driving technological innovation, industrial upgrading and high-quality economic growth, the State Council, the country's Cabinet, said on Wednesday. A reform package will be rolled out aimed at addressing the pain points across the VC investment life cycle — from fundraising and financing to post-investment management and capital exit, according to the State Council executive meeting chaired by Premier Li Qiang. Moreover, according to RimeData, a data service provider dedicated to the VC market, 2,063 new private equity and VC funds were launched in the first six months of the year, a 47.5 percent decrease compared to the same period last year. Ever since the new filing regulations for overseas listing took effect on March 31 last year, the China Securities Regulatory Commission has received such filings from 158 Chinese mainland companies as of mid-June, among which 85 floated in the Hong Kong bourse and 73 went public in the United States.
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