Group 1 - Multiple local government funds have been established focusing on sectors such as semiconductors, new materials, advanced manufacturing, medical and pharmaceutical, artificial intelligence, new consumption, high-end equipment manufacturing, new energy, and next-generation information technology [1][3][7] - The total scale of the newly established funds includes a 50 billion RMB fund in Guangxi, a 50 billion RMB fund in Yunnan, and a 10 billion RMB biopharmaceutical fund in Fujian [5][7][19] - Tianjin has introduced a policy allowing local government contributions to reach up to 80% for venture capital funds, emphasizing support for early-stage investments in hard technology [2][28][29] Group 2 - Shenhua Co. has invested 12 billion RMB in a high-quality industrial development fund, focusing on upstream and downstream industries in strategic emerging sectors [22][23] - Keshun Co. has participated in establishing a merger and acquisition fund with a total commitment of 4.81 billion RMB, targeting advanced manufacturing and new materials [24][25] - Sichuan's Bo Rui Rong Ben Fund aims to support technology companies in early to growth stages, with a total scale of 7 billion RMB [10][11] Group 3 - The establishment of the Guangxi Technology Achievement Transformation Fund aims to support seed to growth-stage technology companies, with a total scale of 20 billion RMB [8] - Chengdu has launched a future industry fund exceeding 100 billion RMB, focusing on nurturing future industries and facilitating capital connections [15][16][17] - The Longjiang Special Vehicle Investment Fund has been established with a total scale of 50 billion RMB, focusing on specialized vehicles and components [21]

Core Viewpoint - The establishment of the Yunnan Dianzhong New District Industrial Guidance Fund, with a scale of 5 billion yuan, aims to promote high-quality economic development in the region by investing in non-listed enterprises and leveraging various types of capital [1]. Group 1 - The Yunnan Dianzhong New District Industrial Guidance Fund has successfully completed registration with the Asset Management Association of China, marking its official establishment [1]. - This fund is the first comprehensive guiding mother fund within the Yunnan Dianzhong New District industrial investment fund system, focusing on equity investments in growth and mature stage non-listed enterprises [1]. - The fund will primarily adopt a sub-fund investment approach to attract quality industrial capital and resources, while also addressing some direct investment needs [1]. Group 2 - The industrial guidance fund will align with the economic and social development plans of the Yunnan Dianzhong New District, focusing on key industries and resource endowments [1]. - It aims to act as a value link and mechanism converter for industrial cultivation, leveraging fiscal funds to attract social, financial, industrial, and human capital [1]. - The fund will concentrate on building, extending, supplementing, and strengthening industrial chains in advantageous sectors, promoting a virtuous cycle among technology, industry, and finance [1].

Core Viewpoint - The company is actively exploring a second growth curve and accelerating its strategic transformation by establishing an industrial merger and acquisition fund in collaboration with professional investment institutions [1][2]. Group 1 - The company approved the establishment of an industrial merger and acquisition fund with a total subscription scale of 481 million yuan, aiming to invest in cutting-edge technology fields such as new generation information technology, new materials, new technologies, and advanced manufacturing [1][2]. - The subsidiary Zhuhai Hengqin Yidong Investment Partnership (Limited Partnership) will contribute 240 million yuan of its own funds to the fund, partnering with related parties including Guangdong Shunde High-tech Venture Capital Management Co., Ltd. and Guangdong Shunde Science and Technology Innovation Management Group Co., Ltd. [1][2]. - The fund's objective is to promote industrial innovation, intelligent transformation, and quality improvement and efficiency enhancement within the company [2].

Group 1 - The Shanghai Baoshan Zhongying Fuyao Venture Capital Fund has been officially established with a total scale of 500 million yuan [1] - The fund is managed by Zhongyin Capital Private Fund Management (Beijing) Co., Ltd. and involves collaboration among multiple parties including Baoshan Guotou Group and West Science Holdings [1] - The successful signing ceremony signifies a deep partnership between Baoshan Guotou Group and Zhongyin Assets, marking a significant step in integrating "technology + finance + industry" in Baoshan District [1]

Core Viewpoint - The article highlights the increasing activity in the merger and acquisition (M&A) market in China, particularly driven by state-owned capital and the establishment of various acquisition funds targeting listed companies [3][4][11]. Group 1: M&A Market Dynamics - Since the beginning of the year, the M&A market has seen significant activity, with various regions like Shanghai, Beijing, and Guangzhou setting up industrial acquisition funds to integrate supply chains and cultivate industry leaders [3][9]. - The Shanghai Biopharmaceutical Industry M&A Fund, established in March 2023 with a scale of 5.01 billion yuan, is a key player in this trend, backed by a strong consortium of state-owned and private enterprises [7][9]. Group 2: Notable Transactions - On July 20, 2023, Kanghua Biotech announced a significant transaction involving the transfer of 28.47 million shares (21.91% of total shares) to Shanghai Wankexin Biotechnology, marking the first acquisition deal for the Shanghai Biopharmaceutical Industry M&A Fund [5][6]. - Following the share transfer, Wankexin will hold 29.99% of the voting rights, effectively changing the controlling shareholder from Wang Zhentao to Wankexin, which will have no actual controller [6][7]. Group 3: Policy and Future Outlook - The Shanghai government has launched initiatives to support M&A activities, including a 10 billion yuan biopharmaceutical industry fund aimed at fostering innovation and restructuring in the sector [9][12]. - The current market environment is seen as a historic opportunity for M&A funds, with expectations of increased activity in the second half of 2023 due to favorable policies and a growing appetite for acquisitions among listed companies [12][14].

Core Viewpoint - The establishment of the Guangxi Technology Achievement Transformation Mother Fund (Phase I) aims to support the transformation and industrialization of technological achievements in Guangxi, focusing on seed to growth-stage technology enterprises [1]. Group 1: Fund Establishment - The Guangxi Technology Achievement Transformation Fund was initiated by the Autonomous Region Science and Technology Department, with contributions from the Guangxi Government Investment Guidance Fund and various market-oriented institutions [1]. - The total scale of the Guangxi Technology Achievement Transformation Mother Fund (Phase I) is set at 2 billion yuan, approved for establishment on July 15, 2025, with CITIC Construction Investment Fund Management Co., Ltd. as the fund management institution [1]. - The fund will primarily invest in strategic emerging industries and future industries, including artificial intelligence [1]. Group 2: Transition to Fund Ecosystem - The successful launch of the fund marks a transition from a "single-point subsidy" model to a "fund ecosystem" development phase for technology achievement transformation [1]. - The next steps involve accelerating the establishment of sub-funds for technology achievement transformation in Guangxi, injecting financial "vitality" into the closed-loop chain of "basic research - technological breakthroughs - industrial application" [1].

Core Viewpoint - Sichuan Borui Rongben Equity Investment Partnership (Limited Partnership) is actively seeking to recruit sub-fund management institutions to promote investment in strategic emerging industries in Ya'an City and Yucheng District, with the aim of supporting the incubation, cultivation, and development of technology-based enterprises in the region [1][2]. Group 1 - The total scale of the Borui Rongben Fund is 700 million RMB, focusing on supporting early, mid, and growth-stage technology enterprises through the establishment of sub-funds and equity investments [1][2]. - The sub-funds are expected to be registered in Yucheng District, Ya'an City, and must comply with national regulations for registration and supervision [1]. - The mother fund's contribution to any single sub-fund will not exceed 50% of the sub-fund's total scale, and investments in a single sub-fund will not exceed 20% of the mother fund's total committed capital [2]. Group 2 - The investment focus of the fund includes strategic emerging industries such as high-end equipment manufacturing, new materials, and new energy, providing strong support for the incubation and development of technology-based enterprises in Ya'an City and Yucheng District [2].

Core Viewpoint - The article discusses the establishment of a fund of funds in Dangtu County, focusing on investments in smart home appliances and related industries, with specific guidelines for the management and investment of sub-funds [1][2]. Group 1: Fund Structure and Management - The Dangtu County Smart Home Appliance Venture Capital Fund (referred to as "mother fund") is publicly soliciting sub-fund management institutions [1]. - The mother fund can participate in the establishment of new sub-funds or increase its stake in existing sub-funds, with a maximum holding of 30% unless unanimously approved by the investment decision committee [1]. - The management of the mother fund is handled by Anhui Chuanggu Equity Investment Fund Management Co., Ltd., which focuses on investments in smart home appliances and their supply chain [2]. Group 2: Investment Guidelines - Sub-funds are required to invest at least 1.5 times the amount contributed by the mother fund in enterprises registered in Dangtu County [2]. - Specific scenarios that qualify as investments in Dangtu County include: 1. Companies relocating their registered offices to Dangtu County with a commitment to remain for at least five years [2]. 2. Investments that establish headquarters or production bases in Dangtu County [2]. 3. Additional investments by the management company or related entities in Dangtu County enterprises [2]. 4. Other scenarios recognized by local government that meet investment requirements [2]. - If the sub-fund fails to meet the return investment requirements, the management institution must compensate the mother fund based on the shortfall in return [2].

Core Viewpoint - Chengdu is emerging as a significant investment hub, attracting global capital with the launch of a future industry fund exceeding 100 billion yuan and a comprehensive policy package aimed at fostering innovation and investment in key sectors [3][5][19]. Group 1: Future Industry Fund and Policy Initiatives - The future industry fund, with a total scale of over 100 billion yuan, was officially launched in Chengdu, accompanied by a "double hundred" list featuring 100 product and 100 scenario initiatives [5][6]. - The fund aims to drive industry cultivation, resource mobilization, track leadership, and ecosystem construction through a dual approach of angel and venture capital [7]. - A policy package titled "Stand Up the Park, Invest in the Future" was released, providing a one-stop investment navigation for investors [8]. Group 2: Investment Environment and Ecosystem - Over a hundred leading investment institutions participated in the "Invest in Chengdu" future industry investment alliance, indicating a strong interest in the region [8][9]. - Chengdu's investment environment is characterized by supportive policies, abundant talent from universities, and a complete industrial ecosystem, making it attractive for startups and investors [8][9]. - The Chengdu High-tech Zone has established over 160 funds with a total scale exceeding 340 billion yuan, forming the largest district-level cooperative fund cluster in Central and Western China [9][14]. Group 3: Policy Changes and Market Dynamics - Recent measures in Sichuan aim to enhance the quality of venture capital, including a tolerance for investment losses of up to 80% for early-stage projects [11][12]. - The government has introduced incentives for venture capital firms, including tax benefits and direct financial rewards, to attract more general partners (GPs) to the region [12][13]. - The rapid rise of the Sichuan venture capital market is evident, with significant activity in fund establishment and project investments throughout the year [14][15]. Group 4: Future Outlook - Chengdu is positioned as a key player in China's western investment landscape, with a focus on innovation-driven development and regional coordination [15][16]. - The collaboration between government-led funds and industry players is expected to inject new vitality into the venture capital market [17]. - The ongoing development of the future industry fund is anticipated to attract more industries and investments, solidifying Chengdu's status as a rising investment hotspot [19].

Core Viewpoint - The development of the new materials industry is crucial for enhancing new productivity and fostering new growth momentum, as highlighted by the joint issuance of the "New Materials Big Data Center Overall Construction Plan" by the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Bureau of Statistics [3][4]. Financing Overview - In 2024, there were a total of 237 financing events in the new materials industry, including 61 seed/angel rounds, 128 A rounds, 40 B-C rounds, and 8 D-Pre-IPO rounds, indicating a strong focus on projects with mass production potential after completing technology prototypes [5]. - The financing activity is concentrated in specific regions, with Jiangsu Province leading with 57 financing events, followed by Zhejiang (46), Guangdong (41), and Shanghai (27), with the Yangtze River Delta accounting for 59% of the total [7]. Project Segmentation - Financing distribution by project type shows that electronic information materials account for 25%, structural materials for 22%, functional materials for 16%, biomedical materials for 16%, and energy materials for 11%, driven by demand from semiconductor localization and AI, as well as new energy vehicles [9]. GP Selection Process - The first screening identified 33 GP institutions from 1,523 investment institutions that are relevant to the new materials sector, based on investment activity and focus [11]. - The peak period for the establishment of GPs in the new materials sector was between 2015 and 2016, indicating a significant increase in investment institutions during that time [13]. GP Background Analysis - Most GPs in the new materials sector are privately funded, with 20 being fully privately owned, 2 state-owned, 4 industry-related, and 7 mixed ownership [15][16]. Investment Focus - The final selection of GPs resulted in 18 institutions that are highly focused and specialized in the new materials industry, following a rigorous two-round screening process [17]. - The management scale of these GPs is balanced across various ranges, with 3 in the 500-1,000 million range, 5 in the 1,000-2,000 million range, 5 in the 2,000-5,000 million range, and 5 in the 5,000-10,000 million range, indicating a diverse management scale [19]. Investment Stage Focus - The GPs primarily focus on early-stage investments, with a significant portion of their investments in seed and A rounds, reflecting a strategy aimed at early-stage project development [22]. Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, follow-up rates, and IPO counts, which are essential for assessing the investment and exit capabilities of these institutions [24][26][30][32]. Conclusion - The report aims to assist LPs in quickly understanding the active GPs in the new materials industry, narrowing down potential investment institutions, and providing comparative insights into their positions within the sector [36].