7yue22ri，shangjiaosuochuanchulekechuangbandiyidaoluosheng。zheijianghuishibeizairushicedeyimu：kechuangbankaishi，zhengshiyinglaishoupi25jiaguapaishangshigongsi!
touzijiecongxianchanglejiedao，shoupishangshide25zhigegujitishangzhang，duozhigeguzhangfufanbei，qizhong，anjikeji、lanqikeji、zhongweigongsidengzhangfuchao200%，shengkuangrutongdangniandechuangyebankaizha。
shinianyilunhui。2009nianchuangyebandengchang，zhongguobentuchuangtouyinglaiipofengshou，rujinkechuangbankaishi，bentuchuangtouzaiciyinglaituichushengyan。tongguogongkaiziliaoshulifaxian，cicikechuangban25jiagongsizhong，chulesuzhouhuaxingyuanchuangkejizhiwai，qiyu24jiabeihoujunyouchuangyetouzijigoudeshenying。jubuwanquantongji，zhishaosheji61jiavc/pejigou，chuangtoushentoulvda96%!
惊心动魄：
上市首日，25只个股开盘集体上涨
zheishizhongguozibenshichanglichengbeishideyimu。
kaipan25zhigeguquanxiandazhang，pingjunzhangfu141%，qizhonganjikejibaozhang287.85%zhangfujushou，lingwailanqikeji、zhongweigongsi、xinmaiyiliaozhangfutongyangchaoguo200%，gong18zhigupiaozhangfuchao100%，qizhong6zhigupiaogujiayijingchaoguobaiyuan。
danshi，kaipanhou，kechuangbanchuxianlejiaodabodong，jiyoujiaokaipanjiashangzhang30%lintingde，yeyoujiaokaipanjiaxiadie30%lintingde，qiezaichixu。
congyikaishi，kechuangbanjiudingweimingque，zhongdianzhichixinyidaixinxijishu、gaoduanzhuangbei、xincailiao、xinnengyuan、jienenghuanbaoyijishengwuyiyaodenggaoxinjishuchanyehezhanlvexingxinxingchanye。
jutouzijie(id：pedaily2012)tongji，shoupishangshide25jiagongsizhong，jisuanji、tongxinheqitadianzishebeizhizaoyeyou9jia，zhuanyongshebeizhizaoyeyou8jia，liangdaxingyezhanbigaoda68%。tielu、chuanbo、hangkonghangtianheqitayunshushebeizhizaoye3jia，ruanjianhexinxijishufuwuye2jia，tongyongshebeizhizaoye、yiqiyibiaozhizaoye、yousejinshuyelianheyayanjiagongyegeyou1jia。
shenchuangtoudongshizhangnizewangfenxi，2009nian28jiachuangyebanshangshigongsidexingyefenbujiyoukejileiqiye，yeyoumoshichuangxinleiqiye;ercicikechuangbanshangshiqiyewuyiliwaidoushikejichuangxinleiqiye，tuxiankechuangbanduikejichuangxindezhichi。
congfaxingjialaikan，muqianfaxingjiagezuigaodeshilexinkeji，gaoda62.6yuan/gu，fangbanggufenyi53.88yuan/guweiliedier，nanweiyixuejinsuiqihou，wei52.45yuan/gu。touzijietongjifaxian，25jiagongsipingjunfaxingjiayuewei29.2yuan/gu，you68%qiyefaxingjiadiyujunzhi，zhongguotonghao5.85yuan/guweizuidi。
zheicishoupishangshide25jiagongsi，faxingshiyinglvpubianyaobizhongxiaobanhechuangyebangao。“womendagaitongjileyixia，zhei25jiagongsidefaxingshiyinglvjunzhizai53.40bei，30beiyixiadezhiyouzhongguotonghaoyijia;30-50beideyou15jia，zhan60%;50-80beideyou8jia，zhan32%;80beiyishangdeyouyijia，zhongweigongsi。”xigaotoufangmianbiaoshi，chulezhongguotonghao、tianyishangjia、hangtianhongtusanjiazhiwai，qiyude22jiaguzhidoubisuoshuxingyepingjunpegao。
“zheikenengshiyinweikechuangbanbutongyuzhongxiaobanhechuangyeban，iposhishichanghuadingjia，buxianzhifaxingjiahefaxingguimo。”xigaotoufenxi，shoupikechuangbangongsikejihanliangpubianjiaogao，tongshijuyouyidingdexiquexing，yebufahuatixing，yincishichangjichulebijiaogaodefaxingdingjia。ciwai，kechuangbangongsiyinweiqisuochudefazhanjieduanheyewumoshideyuangu，qichengzhangqianliheyinglinenglihaiweinengchongfentixian，yinerxianzaipeguzhijiaogaojuyouyidingdehelixing。
退出盛宴来了
超300家投资方，本土创投成大赢家
zheishiyichangshiwuqianlidetuichushengyan。touzijietongjifaxian，zhei25jiagongsibeihouchao300jiatouzifangqianfu，shejivc/pe、guoyouchuangtou、mujijin、chanyejijin、shangshigongsi、quanshanghexianziqixiaguquantouzipingtaidengzhuduolaiyuan。
zhidezhuyideshi，cicikechuangbankaishichuangtoujigoudecanyudufeichanggao。genjuqingkeyanjiuzhongxintongjishuju，2018nianzhongguoqiyeipodechuangtoushentoulvzhiyou60%zuoyou。ertongguogongkaiziliaoshulifaxian，cicikechuangban25jiagongsizhong，chulesuzhouhuaxingyuanchuangkejizhiwai，qiyu24jiabeihoujunyouchuangyetouzijigoudeshenying。jubuwanquantongji，zhishaosheji61jiavc/pejigou，chuangtoushentoulvda96%。
jutibiaoxianshang，renminbijijinhengsaoshoupishangshiqiye，youqishishenzhenbentuchuangtoujigoubiaoxianqiangyan，birushenchuangtou、songheziben、dachencaizhi、tongchuangweiye、qifuziben、jiaqiaozibendengdoukebadetouchou。
qizhong，shenchuangtoushouhuolanqikeji、guangfengkeji、ruichuangweina、xibuchaodao4jia，songhezibenshouhuoguangfengkeji、hongruankeji、fangbangdianzi、tianyishangjia4jia，“yazhong”shuliangzuiduo。qifuzibentouzhonglehangtianhongtu、tianyishangjia2jiashoupiqiye，jiaqiaozibenyeshouhuorongbaikeji、hangtianhongtu2jia。
ciwai，dachencaizhishouhuowoerde1jia，tongchuangweiyeyeshouhuolanqikeji1jia，guozhongchuangtoutouzilejiayuankeji，fenxiangtouzitouzhonglewoerde。danxuyaozhichudeshi，jiezhi2019nian6yue17ri，touziqiyehuokechuangbanshoulishuliangdechuangtoujigouzhong，dachencaizhishouhuole7jiagongsi、songhezibenshouhuole5jia、tongchuangweiyeshouhuole5jia、dongfangfuhaishouhuole4jia、jishizibenshouhuole4jia。
ersuzhouyuanhekongguchuyushenchuangtou、tongchuangweiyegongtongtouzilanqikejiwai，haishitianzhunkeji、rongbaikejidetouzifang，gonghuodeshoupi3jiagongsi，chengjikequankedian。
lingwai，saifushouhuoguangfengkejihelexinkeji2jia，beijiguangchuangtoushouhuowoerde、anjikeji2jia，lidingzibenyishouhuotianyishangjiahehangkekeji2jia，huaxingxinjingjijijintouzilenanweiyixue，huaxingyiliaochanyejijintouzilexinmaiyiliao。
haiyouzhongduovc/peshouhuo1jiaqiye，yekeshoupi“changxian”。biruyidazibentouzilehanchuanzhineng，jingweizhongguo、yulaizibenletouzirongbaike，puhuazibentouzilenanweiyixue，jinshajiangzibentouzhongrongbaikeji，jinshajianglianhezibentouzhongtianzhunkeji，zhongxinchanyejijintouzileguangfengkeji，qingkongyinxingtouzilewoerde，lianchuangyongxuantouzilexinguangguangdian，fuxingruizhengtouzilexinkeji，langmafengchuangtoutouzilehongruankeji;lingwai，qingkemujijinsuotouzijijin——huakongjijintouzileruichuangweina。ruichuangweinashiqingkemujijinkechuangbandiyijia，muqianqingkemujijinkechuangbanyiguohuiqiye3jia，yujijinnianjiangyoubudiyu10jiaguohui。
chuvc/pewai，chanyetouzijijindebiaoxianpoweiliangyan。birubeiqichantoushouhuorongbaikeji、tianyishangjia2jia，xiaomikejiqixiajijintouzhonglexinkeji、fangbanggufen2jia，yingteertouziyeshouhuolexinkeji、lanqikeji2jia。
25jiaqiyebeihou，guozibeijingdechuangtoujijinyeshifenhuoyue。yianjikejiweili，beihouzifangyouguojiajichengdianlujijinhezhangjiangkechuang，erhangtianhongtubeihouchuxiandejunminronghechanyejijin，yechengweiliangdianzhiyi。ciwai，bushaoqiyebeihoutouzifangjuyouzhengfubeijing，ruhongruankeji，qigudongcaitongzhengquanshizhejiangshengzhengfuzhishuqiye，hangzhouqianhaichuangtou、hainingdongzhengyejuyouzhejiangguozibeijing。
guoyouchuangtoupingtaiduiyukechuangqiyedezhichilidujiaoda，youqishizaijungong、hangtiandengzhongdianlingyu。zhongguodianzitouzirugulelanqikeji，bolitebeihouyouxigongda、xigaotou，beigongtoutouziletianyishangjia，xibeiyouseyuantouzilexibuchaodao，tianjinchuangtoutouzilehangtianhongtu，zhangjiangkechuangruguleanjikejihexinmaiyiliao，shanghaichuangtoutouzilezhongweigongsi，jiangsugaotoutouzilehanchuanzhineng，jungongqiyexinguangguangdianbeihouyouhachuangxintouzideng。
dangran，chulezhimingtoubujigou，haiyouyixiejiaoshaopuguangdedifangchuangtoujijin，yeyouwangchengweikechuangbandeshouyizhe。
科创板时代
留给创投机构这些启示
congchuangyebandaokechuangban，shinianlunhuisicengxiangshi。2009nian10yue30ri，bansuizhechuangyebankaishizhongshengdeqiaoxiang,zhengjianhuihaoshi10nianmolidazaode“zhongguonasidake”——chuangyeban”huorechulu。dangrichuangyebanshoupi28jiagongsijitishangshi，pingjunzhangfudadao106%，zheiyimuchengweijingdian。
10nianzhihou，kechuangbanxunsudengchang。shenchuangtoudongshizhangnizewangbiaoshi，kechuangbankaishisuduzhikuai，tuxianguojiaduizibenshichanggaigedejuexin，“chuangyebancongtichudaokaishizhongjianjinglile10niandekuadu，kechuangbancongtichudaokaishizhiyongle8geyue。”
haowuyiwen，kechuangbanjiangshenkedigaibianzhongguochuangtoushengtai。jinnianlai，yixiemoshichuangxinxiade“zaofushenhua”，xiyinledaliangtouzijigoujinchang。“zheizaochengleduifengkoudeguoduzhuizhu，yehuidaozhishehuiziyuandejidalangfei，”songhezibenchuangshihehuorenliweigankai，“suoyijiuyouleguoqujinian，o2o、gongxiangdanche、p2pdengmoshichuangxinlingyude‘yidijimao’。”
zaikechuangbanshoupiguapaishangshigongsizhong，guangfengkeji、hongruankeji、fangbangdianzi、tianyishangjiasijia，doushisonghezibentouziguodeqiye。qizhong，guangfengkejiweitianshijieduantouzide，fangbangdianziweivcjieduantouzide，hongruankejihetianyishangjiaweipejieduantouzide。liweitanyan，“womenzhishiyunqibiqitajigoushaoweihaoyixie，gengzhongyaodeshitashanglekechuangbandedongfeng，zheiyeshuomingsonghezibenyizhiyilaidejianchi，heguojiadezhanlvexuyaobumouerhe。”
liweikouzhongde“jianchi”，zhideshiyingkejichuangxin。zaisonghezibendetouziluojizhong，youhexinjishu、nengjiejuekabozinantishixiangmupanduandebiyaotiaojianzhiyi。“zaishangeryan，hexinjishuyiweizhejingzhengbilei，zhaoshizheqiyezaishichangshangnenggouyoumingxiandebijiaoyoushi;zaiguoeryan，qiabozinantinengfouyouhaoyoukuaidijiejue，jiangjuedingzhezhongguodeguolizouxiang。”
kejixingzeguoxing。qingkemujijinguanlihehuorenfuxinghuabiaoshi，kechuangbandekaibanweichuangyetouzijisimuguquantouzishichangdegaojingjianqiyeshangshihejijintuichuzengjialezhongyaodetuichutongdao。tongchuangweiyedongshizhangzhengweiheyejiangtouzicelvezuolediaozheng——yihoutouxinxingchanye“gaolengyinghei”。
nizewangtixing，kechuangbankaibanhou，youjiazhideqiyejiuhuidedaoshichangderenke，meiyoujiazhideqiyezekenengbeishichangpaoqi。qiyeshifouyoujiazhijiuluojiaodaotouzijigouzhendaozhenqiangdezhuanyepanduan，ruguojinshifuzaipimaodelejie，ermeiyoushenkedexingyedongchanengliyuguorendezhuanyepanduannengli，touzijigouzewufazaikechuangbanshidaishengcun。