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Globally, from 2020 onwards, Developing Asia will be more favored by international capital. In addition to industries such as tourism, which have been affected by the epidemic, the investment injected into the fields of science and technology, finance and consumer goods has grown gratifyingly. It is clear that the high-growth economies led by China have withstood the storm of the epidemic and have recreated the amazing charm of the primary market in the investment and financing activities in 2021.
As far as the domestic situation is concerned, the investment logic of the three carriages with enterprise services, medical health and consumption remains basically unchanged. In the titanium media TMTBase database, this logic is also confirmed. For investors in the primary market, many institutions pay significantly more attention to the above three areas than other industries.
However, due to the shocks of foreign capital markets and the preference of domestic capital markets for "hard", independent innovation and domestic substitution, investment in the primary market is developing in a harder, more industrial and more landing direction.
2021 TMTBase database primary market project distribution
In the second half of 2021, investment in the consumer industry was cold, and it experienced a "double day of ice and fire" for the whole year, so that the proportion of medical health and corporate services in the overall project sample did not exceed that of medical health and corporate services. On the other hand, the investment in artificial intelligence has come to the fore and once again won the position of top5 in the hot field of investment.
In terms of specific industries, the institutional investment style in 2021 is also quietly changing, especially in corporate services and healthcare.
Enterprise services to the industry more vertical and more landing
In 2021, Sequoia China will invest in the corporate services sector. According to the TMTBase database of titanium media, in that year, Sequoia China sold a total of 14 times and won a number of well-known companies in the industry. Among them, there are companies such as full-stack intelligent business operation and maintenance solution provider Cloud Intelligence, middle-office solution service provider Cloud Migration Technology for consumer digital experience, and cloud-native data warehouse even number technology.
Sequoia China's layout in the field of enterprise services in 2021
Similar to Sequoia China, GGV Jiyuan Capital is also more optimistic about SaaS. In its 2021 investment cases, it includes companies such as Moka, a saaS human resources service provider, a smart SaaS sales platform, and Lingmao SCM, a saaS service provider in the apparel supply chain.
Different from the "general-purpose SaaS" investment logic in previous years, at present, startups in the field of enterprise services are moving closer to the industries they serve, and it can be seen from the investment projects within each institution that the trend of enterprise services embracing the industry has become obvious. Among them, security, medical, logistics, law, construction, industrial energy and insurance finance are favored by the enterprise service industry.
In 2021, low-code/no-code becomes a fad. In this wave, there are companies that provide applications, AI solutions, and so on. According to relevant research, the total value of the market has reached 13.2 billion US dollars, and it is expected that the total value can be further increased to 455 US dollars by 2025.
Due to the inherent platform attributes of the enterprise service industry, only in terms of circulation, enterprise service management software will gradually replace the domestic past agent scenarios at various levels, and the pyramid-type distribution structure has become a single-layer network structure.
In addition, the enterprise service industry is developing in the direction of AI+ big data empowerment. Enterprise service companies that combine specific industries have shown new growth momentum, which can help traditional enterprises further solve customer needs and create more value. Supplemented by big data and artificial intelligence, a series of product matrices from data sources, data connection layers, data models to data products have been built, and the service radius of enterprise service companies has been greatly expanded.
With the popularization of 5G technology, cloud computing technology, and hardware and sensors, all the infrastructure construction from data terminals to cloud infrastructure has been basically completed, and the rise of a new generation of software companies has become inevitable. In the enterprise service investment and financing data in 2021, Titanium Media sees such a trend, and it can be said that more intelligent and more vertical has become the main theme of the enterprise service industry.
Artificial intelligence continues to evolve Strategic value emerges
From an international perspective, the digital revolution in emerging markets can further promote the economic progress of that market, and such progress can also reduce the cost of business, so that emerging market goods have a better advantage in international competition. And as we've seen, such ideas are being turned into reality by entrepreneurs.
From the perspective of the artificial intelligence industry itself, the advanced nature of algorithms and frameworks is still lacking. As a strategic gateway, many investors believe that China needs a deep learning framework and model with completely independent intellectual property rights.
But around data acquisition, transmission and processing, as well as around improving decision-making efficiency and intelligence are the strengths of many domestic artificial intelligence companies. Among the primary market investors that Titanium Media understands, the majority of investors pay more attention to the degree of combination of technology and subdivision tracks, and how data and algorithms can be reflected. If it forms a link between digital and intelligence, it will certainly further stimulate further economic growth.
In 2021, Matrix Partners' layout in the field of artificial intelligence
In the investment circle, investment in artificial intelligence has always been one of the strategic highlands. Judging from the investment cases of Matrix Partners China in China, except for a few projects in 2021, most of the AI projects are still early projects. This is largely the same in other mainstream institutions. As far as the industry is concerned, there has not yet been an investment institution of the "dark horse-level" artificial intelligence vertical track. That is to say, in terms of project capacity, it has been divided up by the head mainstream agency.
In 2021, Titanium Media saw that with the deep integration of artificial intelligence in various industries, users' habits of using AI have been formed. In terms of marketing tools, some artificial intelligence companies can already provide users with solutions to find potential customers; in the engineering field, AI is embedded in repairs, reminders and other links. In terms of specific industries, AI tools have become very powerful in knowledge-intensive industries such as law, and can already do some work such as data classification and specific functions.
In 2020, OpenAI released the GTP-3 model. Although some in the industry believe that the gtP-3's potential ceiling has been exhausted. Therefore, in the artificial intelligence industry, it is extremely expected that the new model will be launched, and this will also play a key role in the progress of artificial intelligence.
In short, as mentioned by Ali Damo Institute, there are two directions for the future of AI: one is AI for Science, which may open up a considerable number of scientific segments; the other is that AI for Industry, in short, this requires ai as a technology platform and a specific industry combination.
In 2021, we see startups in the field of AI as all-encompassing, including but not limited to the co-evolution of size models, silicon light chips, green energy AI, flexible perception robots, high-precision medical navigation, global privacy computing, star-to-earth computing, cloud-network integration, and the expansion of the XR Internet field.
The healthcare industry continues to thrive
Looking back at 2021, Hillhouse Capital continues to be optimistic about the medical field. According to the TMTBase database of Titanium Media, Hillhouse Capital has invested about 30 in the medical industry, covering both innovative drugs and medical devices.
Looking at the investment round, from the seed round to the Pre-IPO almost throughout the full settlement. It is worth mentioning that there are fewer early and late projects, and medium-term projects "contract" most investment projects. These include Kewang Pharmaceutical, a biomedical company that innovates and develops tumor immunotherapy, Yinuo Micro, a biotechnology company for tumor therapy, Jiunuo Medical, an innovative diabetes detection technology company, Pushikang Biologics, a POCT testing company, and Ningbo Jianshi Technology, an innovative enterprise in heart valve interventional therapy.
Hillhouse Capital's layout in the field of healthcare in 2021
With the acceleration of the aging trend in the mainland, people's demand for medicine has increased sharply in the era of the epidemic. In 2021, medical health will become the "industry in the spotlight" Capital, enterprises, and practitioners will have doubled their confidence in the medical and health industry.
In mid-May 2021, the results of the seventh census were released, and the proportion of China's population aged 60 and over in the total population of the country was 18.7%, of which 13.5% were 65 years old and over, and the data showed that China has entered an aging society, followed by the need for diagnosis and treatment of geriatric diseases, chronic diseases, cardiovascular diseases, etc.
Pharmaceutical innovation and medical technology innovation are crucial to improving people's health. At this time, a large number of returnees started businesses, and a large number of innovative pharmaceutical companies ushered in development opportunities.
For example, Bodong Medicine's innovative FFR technology for coronary heart disease can accurately assess the anatomy and physiological function of coronary vessels within 1 minute without any additional intervention consumables and vasodilation drugs, preoperatively and accurately diagnose whether stent implantation is required for narrow lesions, intraoperative guidance on the selection of stents and virtual stent implantation, and postoperative judgment of treatment effect. Compared to traditional FFR, it is faster, more convenient and easier to operate.
For another example, The CGMS product technology of Jiunuo Medical for diabetic patients realizes bloodless collection, which can automatically collect up to 14 days of continuous dynamic blood glucose profile, which can be described as a revolutionary breakthrough in the field of blood glucose detection. At present, in the global market, dekang, Abbott, Medtronic three American giants account for almost 100% of the share, and in the Chinese CGM market due to the relatively backward product technology, almost unable to compete with these international giants. Jiunuo Medical decided to take dekang's "strong technology" development route of independent research and development, and set up an overseas sales headquarters in Amsterdam, the Netherlands, based on overseas vision, so that it has the possibility of matching international giants.
Standing in the context of the new era of the country's transformation from a medical power to a medical power, providing more reliable diagnosis and treatment for doctors and patients through technological innovation is the only way for medical enterprises.
New consumption cools down, but it's not too cold yet
Financing of some new consumer sectors in 2021
In the past 2021, new consumption can be described as a roller coaster change.
In fact, in terms of timeline, consumer industry investment has come to the fore with the appearance of new consumption or consumption upgrading. After many years, the industry has experienced many rounds of waves such as new catering brands, beauty, new e-commerce and Internet celebrity brands. Perfect Diary and Yuanqi Forest are the hot and spicy chickens in the industry recently. Perfect Diary has seized the little red book grass dividend, three and a half meals have seized the recommendation of the kitchen KOL, yuanqi forest has seized the expansion of convenience stores, and there is a big reason behind the popularity of every cutting-edge consumer product.
In 2021, in addition to continuing to follow the hot scene of the new consumer industry in the first half of the year, in the second half of the year, the majority of consumer investors are in a state of official wait-and-see in the specific track. "New consumer brands catch fire for a while and then be replaced by other waves" has become the norm.
In the industry, due to the rise of live broadcasting, some new consumer brands have caught fire through the value depression brought by live broadcasting, and when the value depression brought by media, channels, logistics, etc. is filled in and becomes cost-effective, the industry seems to be waiting for the next structural opportunity. Judging from the financing case of the titanium media TMTBase consumer industry in 2021, the coffee industry in the first two years is quite quiet, which further confirms the essence of the "cycle" fluctuation of new consumption.
Titanium Media remains optimistic about the consumer industry in 2022, and also hopes that many newly established brands can continue to innovate in packaging, social play, channels, and advertising, and give the latest answers to new consumer entrepreneurship innovation in the new year.
Changes from the capital markets
At the beginning of 2022, the capital market can be described as having experienced "multiple rounds of critical hits". Among the Chinese stocks, many companies are still hovering at a low level, and the future prospects are not very clear. At present, 33 US stock companies have been rumored to transfer to Hong Kong stocks, but it is certain that there are still certain risks in this.
In 2022, the domestic capital market will continue to deepen reform, and the main board market will also usher in the baptism of the registration system, and the approval system will completely become the dust of history. For the main board market, there is no longer a limit of not exceeding the 23 times price-earnings ratio. But in any case, in terms of the maturity of the A-share market, it is presumably that in the market in 2022, there will still be discussions about the price-earnings ratio of newly issued companies.
The good news is that the technology stocks that Titanium Media has been paying attention to are still the fragrant food of the primary and secondary markets, and in the science and technology innovation board and the ChiNext board, such heat will continue in 2022. In the newly established Beijing Stock Exchange, because the maturity of the market has yet to be strengthened, the outside world is not very clear about its future direction. As far as the history of the establishment of the Beijing Stock Exchange is concerned, at present, it has not yet shaken off the shackles of the New Third Board.
How to expand the influence of the Beijing Stock Exchange, attract many investors, and then accumulate the wealth effect, presumably is the key to the most concerned about this sector in 2022.