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_SLIDE_1_
�뀪. History of Venture Capital in Korea and China
�뀪. History of Korean venture capital
venture capital�뇭 institution that could assist the nation by funding technology development. Not a mechanism for creating individual wealth.
Recent
Evolution
Birth
1981(KTDC)
Industry R&D projects
1986-1996
Permit and fax treatment
changed some regulations
_SLIDE_2_
�뀪.History of Venture Capital in Korea and China
�뀫.History of Chinese venture capital
Recent
Evolution
Birth
end of 1980s to the middle of 1990s
1998~2004
most active
And rapid growth
Science and Technology �뇭 critical part of search for economic development and national security
1985, Reform of the science and technology system
_SLIDE_3_
2.Comparison of VC between Korea and China
�뀪. General comparison
KOREA
CHINA
No. VC firms
146
246
Total VC(billion $)
5.69
3.6
Total investment(billion $)
2.51
0.6
Average return rate of VC
20���(�깮�왂)
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nt types
Equity investment
Convertible bond
Project investment
others
% of total
80%
7%
3%
10%
2001
_SLIDE_8_
�뀼. Distribution of investment by industry
_SLIDE_9_
Korea
-Interestingly, prior to 2009, IT companies received the lion��셲 share of VC investment.
Why IT is receiving less attention from VCs:
-Korean VCs lack of familiarity with emerging technology
-the low cost of developing technologies �뇭less investment
_SLIDE_10_
�뀭. Comparison of VC exiting
Korea
Capital recovery through IPO 52%
Acquisition and second sale 45%
Others 3%
China
IPO 6%
Acquisition 43%
Buy back 16%
Write-Off 18%
Others 17%
China had much less IPO exit than Korea
Main exit strategy
_SLIDE_11_
Behind the difference of venture capital in two countries
3. Analysis of VC-direted policy
_SLIDE_12_
3.1 Investment regulation and its influence on venture capital
�뀪. The different investment regulation between Korea and China
Institutional investors to invest in the venture
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