Core Insights - The successful IPOs of Guangzhou Bibetter Pharmaceutical Co., Ltd. and Xi'an Yicai New Materials Technology Co., Ltd. on the Sci-Tech Innovation Board mark a significant milestone for the capital market and highlight the investment strategy of Yuexiu Industrial Fund in the "hard technology" sector [2][3] Investment Strategy - Yuexiu Industrial Fund has adopted a strategy of "early investment, small investment, and hard technology," focusing on nurturing new productive forces and empowering technological innovation through a unique model of "industry + capital" [3][4] - The fund has invested in nearly 200 technology innovation enterprises across key sectors such as integrated circuits, biomedicine, and artificial intelligence, emphasizing the importance of early-stage projects and specialized small and medium-sized enterprises [4][6] Company Profiles - Bibetter is a biopharmaceutical company focused on innovative drug research and development for major diseases, with its core product being the world's first approved dual-target inhibitor for PI3K/HDAC, addressing significant unmet clinical needs [3][4] - Xi'an Yicai is a leading manufacturer in China's semiconductor materials sector, specializing in the research, manufacturing, and sales of 12-inch silicon wafers, aimed at enhancing the competitiveness of the domestic electronic-grade silicon wafer industry [3][4] Capital Empowerment - The fund's investments in Bibetter and Xi'an Yicai have provided essential financial support for clinical research, commercialization, and capacity enhancement, demonstrating a commitment to deepening empowering investments for technology companies [5][6] - Yuexiu Industrial Fund leverages its diversified industrial resources to create an ecosystem that supports enterprise growth through management, industry, and capital empowerment [5][6] Future Outlook - The establishment of the Sci-Tech Growth Layer opens new opportunities for hard technology enterprises, and Yuexiu Industrial Fund aims to continue its focus on financial services for the real economy, supporting national and regional strategies while fostering new productive forces [8]

以下文章来源于创投星球联萌 ，作者萌老师 带你从另外一个角度观察最真实的PE/VC，洞察创投行业水面之下的暗涌。 导读： 全国范围内的政府基金大整顿、大优化，已经拉开序幕。 作者丨萌老师 来源丨创投星球联盟 创投星球联萌 . 1. 增量严控，不准"乱设基金"了。 过去，不少区、甚至乡镇，为了招商引资，一拍脑袋就设个基金，你设我也设，结果一堆同质化基 金在抢项目，内卷严重。现在不行了——**"同一政府原则上不在同一行业或领域重复设立基 金"**，而且**"乡镇政府原则上不得设立基金"**。更狠的是，财政"三保"（保民生、保工资、保 运转）都保不住的地方，**别想新设基金**。这直接掐断了"为设而设"的冲动。 2. 分类管理，GP的日子也不好过了。 近日，上海市政府悄悄发了一份文件：《上海市政府投资基金管理办法（试行）》，行业关注度不 高。 别看名字平平无奇，但萌萌老师认为大家都低估了这个文件对于创投行业的影响。 一句话总结：上海，正式进入政府基金强监管、严控增量的新时代，地方政府通过政府基金进行科 技大基建大幕开启，其他地方都可能将跟进。 一、上海这次，到底"狠"在哪？ 先说重点： 这份管理办法，不是小修小补， ...

Core Viewpoint - The establishment of the Huatai Zhanxin (Changzhou) New Energy Investment Partnership marks a significant investment initiative in the new energy sector, with a total fund size of 1 billion yuan and a focus on various innovative technologies and industries related to new energy [1] Group 1: Fund Overview - The Huatai Zhanxin New Energy Fund has a total scale of 1 billion yuan and a duration of 10 years [1] - Investors in the fund include the Liyang Zhanxin Industrial Investment Fund, Nanjing Huatai Phoenix Equity Investment Fund, Eastern Airport Group Investment Co., Ltd., and Jiangsu Hongwei Technology Co., Ltd. [1] - The fund is managed by Huatai Zijin Investment Co., Ltd. and aims to leverage the advantages of the Changzhou new energy industry cluster [1] Group 2: Investment Focus - The fund will primarily invest in advanced manufacturing of new energy vehicles, new power system IoT, next-generation photovoltaic technology, hydrogen energy, and new energy storage [1] - Additional investment areas include deep-sea and deep-space industries, low-altitude economy, aerospace industry, and next-generation communication technologies, including optical communication [1] Group 3: Strategic Goals - The fund aims to utilize Huatai Securities' comprehensive financial service capabilities and the advantages of the Changzhou new energy industry to attract social capital for innovative development in the new energy sector [1] - The initiative is expected to provide strong support for building a more competitive new energy industry cluster in Jiangsu Province [1]

Core Viewpoint - The establishment of a strategic emerging industry development fund by the State-owned Assets Supervision and Administration Commission (SASAC) aims to accelerate the growth of strategic emerging industries in China, with a focus on enhancing the core competitiveness of state-owned enterprises (SOEs) [1][2]. Group 1: Fund Overview - The initial scale of the fund is 51 billion yuan, with China Reform Holdings Corporation Limited contributing approximately 15 billion yuan [2]. - The investment period for the fund is set at 5 years, with a management and exit period of 8 years, which can be extended by up to 2 years, totaling a maximum of 15 years [2]. Group 2: Investment Focus - The fund will primarily support strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, quantum technology, as well as future energy, future information, and future manufacturing sectors [2]. - The fund's strategy is aligned with national strategic needs, focusing on strengthening and supplementing the industrial chain to enhance the scale and quality of SOEs in emerging industries [2].

Core Viewpoint - The establishment of the Xiangwang Mother Fund by Hunan Energy Group's Xiangtou Private Fund Management Co., Ltd. marks a significant step in integrating capital and industrial chains in Changsha's Wangcheng District, focusing on advanced manufacturing and new energy sectors [1]. Group 1: Fund Structure and Strategy - The Xiangwang Mother Fund targets five key industrial chains: smart terminals (including next-generation semiconductors), advanced energy storage materials, medical devices, new alloys, and green food, aligning with Hunan Energy Group's strategic focus on "energy + new materials + intelligent manufacturing + new generation information technology" [1]. - The fund adopts a three-tier structure: "1 mother fund + X direct investment or special funds + N subsidiary funds," which supports technology enterprises directly while leveraging subsidiary funds to enhance resource integration, with a return ratio of no less than 1.2 times the invested amount [1]. Group 2: Development and Impact - The Xiangwang Mother Fund is a crucial component of the Wangcheng "2+1+8+N" fund matrix, indicating a new phase in the integration of regional capital and industrial chains, aiming to inject strong momentum for high-quality development in Changsha Wangcheng [1]. - The fund will utilize the company's experience in project recruitment to attract flagship enterprises and replicate successful cases like Jintian Titanium Industry to assist local enterprises in expanding and upgrading their production capabilities [1].

Core Viewpoint - Bayer AG has agreed to sell its antibiotic drug Avelox to Sequoia China for an estimated transaction value between €160 million and €260 million, reflecting the growing investment value in off-patent branded drugs in China [1][2]. Group 1: Transaction Details - The sale includes Avelox's intellectual property, brand ownership, and global commercial rights [1]. - HSBC acted as the exclusive financial advisor for Bayer, while Shanghai Pudong Development Bank provided loan financing support to Sequoia China [1]. Group 2: Market Context - Avelox, a broad-spectrum antibiotic, was approved by the FDA in 1999 and peaked in sales in 2012, but has seen a decline since then [1]. - In 2021, Avelox's global sales were reported at $72 million, with Bayer's original brand holding a 40% market share in China despite competition from 22 local generic manufacturers [2]. Group 3: Industry Trends - The transaction highlights the investment opportunities in the market for off-patent branded drugs, as multinational pharmaceutical companies focus on innovative drug pipelines [2]. - The period from 2025 to 2029 is expected to see a new wave of patent expirations, with an estimated annual sales value of $180 billion for expiring drugs [3]. - Chinese capital is becoming a key player in the transaction of expired patent drug assets, as exemplified by Sequoia China's acquisition of Avelox [3].

Core Viewpoint - The establishment of the Jiangsu Wuxi Low-altitude Economy and Aerospace Industry Special Fund aims to promote the development of strategic emerging industries in Jiangsu Province, with a total scale of 2 billion yuan [2]. Group 1: Fund Overview - The fund focuses on new quality productivity, emphasizing low-altitude economy, commercial aerospace, and related industries such as design, manufacturing, equipment, materials, and system integration [2]. - Key investment areas include low-altitude aircraft manufacturing, flight control systems, composite materials, sensors, battery systems, aviation materials, components, engine manufacturing, rocket engines, materials, satellite payloads, and complete satellites [2]. Group 2: Fund Requirements - The fund must comply with relevant laws and regulations, and must be registered in Jiangsu Province with a minimum scale of 500 million yuan, encouraging funds of 1 billion yuan or more [3]. - The fund's duration is generally not to exceed 10 years [4]. Group 3: Investment Geography - At least 70% of the fund's direct investments must be in enterprises located in Jiangsu Province, with specific criteria for recognizing investments in local companies [5]. - Investments in Wuxi City must be at least 1.5 times the actual contribution from the special mother fund [9].

Core Viewpoint - Industry giants are returning to the market, investing to seize opportunities in the next technological transformation [2][3] Group 1: Investment Activities - Aima Technology announced its investment of 32.4 million RMB in a venture capital fund, becoming a limited partner (LP) with a 29.9861% stake [6][8] - The fund will focus on equity investments, particularly in low-altitude economy sectors, indicating Aima's strategic positioning in short-distance electric mobility [6][8] - Aima's previous LP involvement in 2022 with Chen Dao Capital also targeted sectors like new energy and semiconductors, showcasing a consistent investment strategy [8] Group 2: Market Trends - The primary market is experiencing a revival, with LP investment activity reaching a peak in September, showing a 40.3% month-on-month increase and a 38.3% year-on-year increase [11] - In Q3, LP investment activity grew by 9.9% quarter-on-quarter and 11.9% year-on-year, indicating structural improvements driven by policy support [11][12] - The number of newly registered private equity and venture capital funds in September surged by 51.4% month-on-month and 84.4% year-on-year, reflecting a significant recovery in market activity [11] Group 3: Strategic Shifts - Major tech companies like Tencent, Alibaba, and JD.com are increasing their investment pace in the primary market, signaling a consensus on market recovery [12] - Companies in the technology sector, including CATL and Kanglong Chemical, are actively investing in funds that focus on robotics and artificial intelligence, highlighting a shift towards hard technology sectors [12][13] - The urgency in investment stems from a deep-seated industry anxiety, with companies aiming to secure positions in critical technological areas to mitigate supply chain risks and seize strategic opportunities [13] Group 4: Future Outlook - The industry is entering a phase of "quality improvement and quantity reduction," with a more rational approach to investments following recent market cycles [13] - The dual drivers of industrial capital and policy benefits suggest that 2025 could be a pivotal year for the venture capital industry, marking a transition to high-quality development [13][15] - Despite ongoing challenges, the consensus among industry players is that the wave of technological innovation is bringing positive market signals [15][16]

Group 1 - The Zhejiang Social Security Science and Technology Innovation Fund has officially launched in Zhejiang, marking a significant step in supporting innovation-driven development strategies in China [1] - The fund is jointly established by the Zhejiang Provincial Government, the National Social Security Fund Council, and Agricultural Bank of China, reflecting a strong collaboration between industry and finance [1] - The initial scale of the fund is 50 billion yuan, aimed at leveraging social capital to invest in key areas of scientific and technological innovation [1] Group 2 - The fund's establishment is aligned with the spirit of the 20th National Congress of the Communist Party of China, emphasizing the importance of patient capital in fostering new productive forces [1] - The fund aims to accelerate the construction of a modern industrial system unique to Zhejiang, promoting localized development of new productive forces [1]

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. successfully listed on the Sci-Tech Innovation Board, marking a significant milestone for unprofitable companies in the semiconductor sector, with a peak market value of 160 billion yuan and a 461% increase on opening day, which will enhance the domestic production rate of 12-inch silicon wafers to over 20% and strengthen China's semiconductor industry competitiveness [2] Group 1: Company Overview - Xi'an Yiswei is the first unprofitable company to go public after the "Science and Technology Eight Articles" policy, showcasing a successful model for other tech companies [2] - The company has established itself as a leader in the domestic 12-inch silicon wafer market, with a production capacity of 710,000 wafers per month, accounting for over 30% of the total domestic capacity of 2.35 million wafers per month by 2024 [3] Group 2: Investment Journey - The investment journey began in early 2019 when Sun Dafei and his team from Sanhang Capital and Zhonghang Capital invested in Yiswei Technology, which later evolved into Xi'an Yiswei, focusing on the domestic production of 12-inch silicon wafers [2][4] - Over the course of eight years, the company has raised over 10 billion yuan in financing, with a total investment exceeding 20 billion yuan, navigating through various challenges including capacity ramp-up and industry cycles [5] Group 3: Industry Context - The 12-inch silicon wafer market has been dominated by five international giants, holding a 92% market share, highlighting the significance of Xi'an Yiswei's entry into the market [3] - The demand for 12-inch silicon wafers has surged due to the growth of AI computing power and the popularity of electric vehicles, creating a favorable environment for domestic players like Xi'an Yiswei [3]