Heavyweight｜The 2020 China New Economy Unicorn TOP100 and “Value Index” report are jointly released!

Is the secondary market still a validator of the true value of unicorns?

Text｜Huang Zhuxi

Report writing｜Yao Xuelei Liu Yan

Production｜Venture Investment Research Institute

Late night on July 30, the long-silent VCPE industry was like an instant “resurrection”: the Ideal car rose about 52% as soon as the market opened, and its current market value is as high as 19.1 billion US dollars-more than double its D round of financing a month ago. Mingshi Capital, Jingwei Venture Capital, and Source Capital and other institutions have made a lot of money. Shell housing search now has reached a high market value of 78.7 billion US dollars. In the upcoming 2020, there are also landmark IPO events: Tumor Precision Medicine Unicorn Burning Rock Medicine and Xiaopeng Motors. Since their listing, their share prices have increased by 78% and 38% respectively.

This does not include the upper domestic capital market. The fintech giant Ant Group, which is preparing for the simultaneous listing of “A+H”, is even triggering a battle for IPO share: it has increased from US$250 billion to US$280 billion. For example, the share price of Ant Group’s IPO in Shanghai is 69Meta calculation, the company’s overall valuation can reach 2.1 trillion yuan ($314 billion), and IPO funds will be raised in Hong Kong and Shanghai The scale will reach 35 billion U.S. dollars, and it is very likely to become the world’s largest IPO in history.

The data also showed that the stock prices of 191 companies listed on the Science and Technology Innovation Board rose by an average of 161% on the first day of listing. Resounding names include: once innovative drug unicorns, biotech unicorns Huaxi Bio, Data security unicorn Qi Anxin, AI chip unicorn Cambrian.

Going back to two years ago, the third wave of IPOs in the mobile Internet era corresponds to a different picture: a series of phenomena such as the inverted valuation of the primary and secondary markets, the break on the first day of listing, and the substantial shrinking of the company’s valuation. Staged.

The secondary market has always been regarded as a value verifier that is closer to the true value of unicorn companies, but today’s IPO scene is “like a world away.” However, it is foreseeable that under the severe impact of the new crown epidemic, the global economic growth will slow down, the world interest rate environment will decline as a whole, and the era of low interest rates will be fully opened. The “Matthew effect, the stronger the stronger” will run through the entire capital market. The direct manifestation is: large unicorns with high-growth attributes are considered to be more current A value target worth investing——listingImmediately it was fully recognized by the secondary market, even far exceeding expectations, and the valuation growth rate was crazy.

This is undoubtedly an excellent time to re-examine and highly focus on the value of unicorns.

Based on this, 36 Krypton Venture Capital Research Institute dynamically followed up and observed unicorn companies in the new economy market, based on academic and primary market participants’ research on the growth mechanism and valuation of unicorn companies, combined with questionnaires Research, desktop research, data sorting and other methods have reviewed the performance of each unicorn company since its establishment, and established a [value index model] to score unicorns. We believe that in the growth process of unicorn companies In addition to industry attractiveness, market competitiveness, technological innovation, and brand influence that affect the endogenous power of a company, capital driving force is an important exogenous driving force for the growth of unicorn value.

According to the “value index model”, we found the TOP100 of China’s new economic unicorns. These unicorns not only stand out from the wave of the new economy and attract attention, but in the long run, their value growth will run through the entire first and second levels The market ultimately leads the direction of future business development. According to the statistical analysis of the overall development, financing situation, industry and other dimensions of the unicorn companies on the list, they have concentrated on the following six characteristics:

“The Matthew effect, the stronger the stronger”, the valuation continues to concentrate on the leading companies, 16 super unicorns contributed more than 70% of the valuation;
The “value growth” of unicorns is getting faster and faster, and it takes an average of 5.5 years from establishment to maturity;
The speed and scale of financing have increased from the early stage to the later stage, and the degree of capital participation has increased. The unicorns on the list have experienced 6 rounds of financing on average;
In 2018, the “capital winter” became the “golden year” for unicorns, and the number of new unicorns exploded;
Unicorn companies still gather in North, Shanghai, Hangzhou, and Shenzhen. In the future, the number of unicorns in the Yangtze River Delta and the Greater Bay Area is expected to narrow the gap with Beijing ;
Online education unicorn financing has soared,National Chaoxin Brand unicorns have quietly risen, and various emerging technology segments have become the soil for the rise of unicorns.