china-deal-sourcing

china-deal-sourcing

Purpose

Identify and evaluate A股及中国市场投资机会 — both listed and pre-IPO opportunities for China-focused investment strategies.

Data Sources

Primary: AkShare MCP

get_market_overview()                     → Market movers
get_industry_stocks(industry="...")        → Industry peer lists
get_quote(ticker)                         → Valuation snapshot
get_financials(ticker, "income")          → Financial health check

Secondary Sources

Source	Use
巨潮资讯	Company filings, financials
上交所/深交所	Announcements, listing data
企查查 / 天眼查	Corporate structure, shareholders
清科 / 投中数据	Private equity deal flow
券商直投 / 投行	Deal pipeline
行业展会/论坛	Networking, deal sourcing

Workflow

Step 1: Define Investment Criteria

Strategy parameters:

Parameter	Options	Notes
Stage	Pre-IPO / Growth / Buyout / Distressed	阶段
Sector	新能源, 半导体, 医药, 消费, etc.	行业偏好
Size	市值区间 / 营收区间	投资规模
Geography	华东, 华南, 华北, etc.	区域偏好
Ownership	国企 / 民企 / 混合	所有制偏好
Growth	Revenue growth threshold	成长性要求

Step 2: Screen the Universe

Screening approaches:

Approach 1: Market-based screen (A-share)

# Use AkShare to pull market data
get_market_overview()  # Top gainers/losers/volume
get_industry_stocks(industry="半导体")  # Sector peers

Screen filters:

• Market cap range
• Revenue growth threshold
• Margin profile
• Valuation multiples
• Trading liquidity
• Ownership structure

Approach 2: Industry research

• Identify growing sectors (行业景气度)
• Map value chain
• Find category leaders
• Identify consolidation opportunities

Approach 3: Network sourcing

• 产业资源 (Industry network)
• 券商/投行 deal flow
• 地方政府招商 (local government promotion)
• 行业协会 connections
• 创始人 network

Step 3: Evaluate Targets

Initial screening criteria:

Criterion	Threshold	Assessment
Market size	>XX亿 TAM	Growing market
Company position	Top 5-10 in segment	Leadership potential
Revenue scale	>X亿	Minimum viable
Growth rate	>XX%	Growth trajectory
Margin profile	Gross >XX%, Net >XX%	Profitability
Cash generation	Positive FCF	Sustainability
Management	Experienced, aligned	Execution capability
Competitive position	Moat / differentiation	Sustainability

Step 4: Assess Investment Thesis

Thesis framework:

1. Why this company?

   • Unique positioning
   • Competitive advantage
   • Growth runway

2. Why now?

   • Timing catalyst
   • Market inflection
   • Valuation entry point

3. How to win?

   • Value creation levers
   • Operational improvements
   • Financial engineering
   • Strategic additions

4. What could go wrong?

   • Key risks
   • Downside scenarios

Step 5: Build Target Profile

Profile template:

【项目初筛】[Company]（[Ticker]）

一、基本信息
   行业：[Industry]
   板块：[Main / ChiNext / STAR / BJSE]
   市值：[XX亿]
   上市时间：[YYYY]

二、业务概览
   主营业务：[Description]
   收入结构：[Segments]
   核心客户：[Type / concentration]
   竞争优势：[Bullets]

三、财务快照
   Revenue: [X亿] (YoY: [X%])
   Gross Margin: [X%]
   Net Margin: [X%]
   ROE: [X%]
   Net Debt/EBITDA: [Xx]

四、估值快照
   Market Cap: [XX亿]
   PE (TTM): [Xx]
   PB: [Xx]
   vs Sector Median: [Premium/Discount X%]

五、投资逻辑
   [3-5 bullets]

六、初步风险
   [2-3 key risks]

七、下一步
   [Management meeting / DD / Pass]

Step 6: Track & Nurture

Deal tracking:

Target	Status	Owner	Next Action	Deadline
	Prospect → Intro → Active → DD → Closed

Relationship management:

• Founders / management contact cadence
• Industry event attendance
• 券商/FA relationship maintenance
• Local government / 招商关系

China-Specific Sourcing Considerations

Market Structure

Segment	Description	Sourcing Approach
A股上市	Already public	Secondary buyouts, 私有化
Pre-IPO	Late-stage private	券商直投, 产业基金
北交所	SME innovation	Sector-specific funds
H股/A股 dual	HK + A-share	Premium capture
并购退出	M&A exit	Corporate buyers

Common Sourcing Channels

Channel	Description	Quality
券商投行部	Investment banking deal flow	High quality, warm
FA (财务顾问)	Independent advisors	Medium-high quality
产业网络	Industry connections	High quality, relationship-based
地方政府	招商引进	Mixed quality, relationship-dependent
展会/论坛	Industry events	Medium quality, volume
上市公司并购	Public M&A	High quality, structured

Industry Hotspots (2024-2025)

Sector	Dynamics	Sourcing Angle
半导体	国产替代, 产能扩张	Equipment, materials, design
新能源	产能过剩, 出清	distressed/bankruptcy opportunities
医药	创新药, CXO	R&D-driven, global expansion
高端制造	国产化, 出海	Industrial automation, components
消费	分化, 品牌化	Premium brands, distribution
AI应用	落地加速	Enterprise AI, industry solutions

Quality Checks

Before advancing target:

• Investment criteria alignment verified
• Market opportunity quantified
• Competitive position assessed
• Financial health checked
• Management quality evaluated
• Investment thesis articulated
• Risk factors identified
• Next steps defined