3.5
4
4.5
5
2005
Q2
Q3 Q4 2006
Q1
Q2 Q3 Q4 2007
Q1
Q2 Q3 Q4 2008
Q1
Time
Confidence
Index fo
first quart
2008, based
an April 2008
survey of 15
Mainland China
and Hong Kong
venture
capitalists,
registered 3.53
on a 5
scale (with
Confidence Index
1 The venture capital industry in China is in a relatively early stage, and significant change is likely to occur in it in the near
to mid term. These reports and index readings are intended to provide a base-line from which to compare the relative gain or
loss of local professional investor confidence in the environment for investment in high-growth ventures in China.
1
indicating high confidence and 1 indicating low confidence). This quarter's reading fell from last
quarter's index of 3.85, suggesting a declining trend of China based venture capitalist confidence in
the future high-growth entrepreneurial environment in China. Please see Graph 1 for trend data.
This report's commentary and index reading are based on a sample of fifteen venture capitalists in the
The decline in the 1st quarter index reading reflects China venture capitalists' growing concerns
Increasing inflation and the U.S. sub-prime crisis also affected venture capitalists' confidence.
Despite the rising caution many VCs pinned their hopes on overall strong economic growth, a stable
The pending establishment of China's 'Growth Enterprise Market' buoyed confidence as it would
China region. All of the Index respondents' names and firms for this report are listed in Table 1, save
those who wished to remain anonymous. Some of the responding venture capitalists also provided

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