天眼查工商信息显示，近日，北京京国创智算并购股权投资基金（有限合伙）成立，位于北京 海淀区， 出资额 3 0 0亿元人民币 。 | 企业名称 | 北京京国创智算并购股权投资基金(有限合伙) | | | | --- | --- | --- | --- | | 北京 执行事务合伙人 2 原因 | 北京京国创基金管理有限公司 委派代表:何京伟(来源于中基 | 登记状态 2 | 存续 | | 协) | | 成立日期 | 2025-12-01 | | 统一社会信用代码 2 | 91110108MAK25T3X0N | 出资额 | 3000000万人民币 | | 工商注册号 | | 纳税人识别号 2 | 91110108MAK25T3X0N | | 营业期限 | 2025-12-01 至 2035-11-30 | 纳税人盗质 | | | 企业类型 有限合伙企业 | | 行业 | 资本市场服务 | | 参保人数 | | 英文名称 | Beijing Jingguo Chuangzhi Compu | | | | | artnership)(自动翻译) | | 登记机关 | 北京市海淀区市场监管管理局 | 主要经营场所 2 ...

Core Insights - The article highlights the recent surge in the establishment of large-scale funds in the primary market, particularly focusing on social security and strategic emerging industries [1] Group 1: Social Security Innovation Funds - Two major social security innovation funds have been established, each with an initial scale of 500 billion yuan, aimed at supporting strategic emerging industries and high-quality development [2][3] - The Jiangsu Social Security Innovation Fund, initiated on October 31, 2023, will focus on advanced manufacturing, artificial intelligence, integrated circuits, new energy, biomedicine, and new materials [2] - The Zhejiang Social Security Innovation Fund, approved on November 19, 2023, will also target similar sectors, including artificial intelligence and high-end equipment [3] Group 2: Central Enterprise Funds - The Central Enterprise Strategic Emerging Industry Development Fund was launched on October 29, 2023, with an initial fundraising target of 510 billion yuan, focusing on strategic emerging industries aligned with central enterprise development strategies [3] Group 3: National-Level Mother Funds - The establishment of the second phase of the National Small and Medium Enterprises Development Fund has been approved, aiming to guide more social capital into supporting the growth of innovative SMEs [4] - The first phase of this fund, established in 2020, has already set up 46 sub-funds with a total scale exceeding 1.2 trillion yuan, investing in over 2,000 projects [5] Group 4: Trends in Fund Establishment - The article notes a shift in the establishment of mother funds, with a trend towards smaller, more targeted "fund clusters" rather than single large-scale funds, enhancing efficiency and risk management [7][8] - This approach allows for flexibility in adjusting fund sizes and focuses based on industry needs, promoting a more pragmatic and detailed operational strategy [8] Group 5: Future Outlook - The future of fund establishment in the primary market is expected to see increased collaboration between national teams and local governments, with a focus on clearly defined roles and comprehensive funding strategies [9]

Core Viewpoint - The issuance of science and technology innovation bonds (科创债) by private equity investment institutions marks a significant milestone in China's equity investment industry, transitioning from a trial phase to normalization, effectively alleviating fundraising difficulties [2][4]. Group 1: Issuance Details - The second batch of science and technology innovation bonds was issued from November 26 to 28, with four private equity investment institutions participating, raising a total of approximately 930 million yuan [1]. - The issuance scale includes 400 million yuan from 基石资本 (Cornerstone Capital) and 300 million yuan from 同创伟业 (Tongchuang Weiye), both with a 10-year term [1]. - Compared to the first batch, the second batch features upgraded credit enhancement mechanisms and a dual-driven model of "credit enhancement + investment" to lower financing costs and align with technology investment cycles [1][2]. Group 2: Policy Support and Market Impact - The People's Bank of China and the China Securities Regulatory Commission have introduced policies to support the issuance of science and technology innovation bonds, allowing qualified private equity investment institutions to raise funds for establishing and expanding private equity funds [2]. - Local governments are also implementing policies to encourage private equity institutions to issue bonds, enhancing their ability to raise long-term stable funds [3]. Group 3: Industry Challenges and Considerations - The science and technology innovation bond model presents challenges for investment institutions, as it increases financial costs and repayment pressures, conflicting with the traditional "light asset" operational model of relying on management fees and performance rewards [4][5]. - Many small and medium-sized private equity institutions struggle to meet the issuance criteria due to limited management scale and short historical performance, perpetuating fundraising difficulties [5]. - The liquidity risks associated with short debt terms and long asset cycles need to be managed carefully, with suggestions for better investment allocation and collaboration with third parties to address funding exit issues [6]. Group 4: Future Outlook - The successful issuance of science and technology innovation bonds serves as a strong demonstration for equity investment institutions, indicating new fundraising pathways and responding to national support for the development of real enterprises [6]. - There is an expectation for more private equity institutions to successfully issue science and technology innovation bonds, attracting long-term and patient capital into the primary market [6].

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market, promoting the flow of social capital to innovative and entrepreneurial enterprises [1] - The Fujian Provincial M&A Fund has been launched with an initial scale of 1.5 billion yuan, focusing on market-oriented and professional investment operations to support enterprise transformation and technological innovation [2] - The Jiangxia Science and Technology Investment Group is exploring advanced paths for constructing industrial ecosystems, leveraging multi-level capital matrices to provide comprehensive funding support for enterprises [3][5][6] Group 2 - The Datai Artificial Intelligence Seed Fund has officially started operations in Shenzhen, with a total scale of 100 million yuan, focusing on seed-stage projects in strategic emerging industries [7][8] - Datai Capital, the fund manager, has over ten years of experience in hard technology investment and aims to provide integrated post-investment management services to early-stage companies [9][10][11] - The visit by Minsheng Bank's Zhengzhou branch to the Henan Investment Holding Group highlights the collaboration between financial institutions and state-owned capital to support high-quality economic development in Henan [12][14] Group 3 - Fujian Jin Investment's recent trip to Beijing aims to strengthen cooperation with central enterprises, promoting high-quality development and integration of cross-strait economies through fund investments [15][18]

今年，港股 IPO市场的持续升温，让VC/PE迎来期待已久的退出窗口期。 11月2 7日，安永发布2 0 2 5年《中国内地和香港IPO市场回顾及展望》报告。报告显示，2 0 2 5 年中国内地和香港IPO活动在全球呈现增长态势，A股和香港市场全年IPO数量和筹资额占全球 总量的1 6%和3 3%。其中，A股市场整体稳中有进，港交所以全年3 6 0亿美元融资额跃居全球交 易所榜首。 报告介绍， 2 0 2 5年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2 0 0 0亿港元，重 回近五年第二高峰。大型IPO项目上市成为推动港股崛起的关键因素，其中来自内地的A+H及 A拆H企业贡献突出，全年预计超过2 0家A股公司在港首发上市，合计募资超过1 7 0 0亿港元。 " 曾几何时，投资人对上市退出的地点是有 '鄙视链'的，并不看好企业去港股上市。但风水轮 流转，今年以来港股破发率大大降低，消费、科技赛道的企业在港股市场都比较热，表现不 错，所以现在很多投资人都在催着被投企业去港股上市。"北京某VC机构投资总监对母基金研 究中心表示。 今年，新消费公司在港股市场大放异彩，被称作 "港股三朵金花"的蜜雪冰城 ...

Core Viewpoint - The fourth Davos Global FOF Summit will take place in Davos, Switzerland from January 19 to January 23, 2026, hosted by the Global FOF Association, aiming to facilitate multilateral dialogue among global fund leaders and explore future development directions for the fund industry and venture capital cities [1][13][14]. Group 1: Summit Details - The summit will feature over 100 leading figures from global funds and venture capital cities, discussing the secrets of navigating economic cycles and exploring new directions for the future development of the fund industry [13][14]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List" during the summit, continuing its tradition of recognizing top investment institutions for six consecutive years [15][16]. Group 2: Notable Attendees - Jack Perry, Chairman of the 48 Group, has confirmed his attendance and will deliver a speech at the summit, emphasizing the historical trade relations between the UK and China [2][5][6]. - Senior executives from renowned global funds, including Scott Voss from HarbourVest and Arwed Christensen from UBS, have also confirmed their participation [11][12]. Group 3: Industry Impact - The summit is anticipated to provide a rare opportunity for dialogue with leading global LPs, allowing participants to discuss investment logic and engage with both domestic and international RMB/USD LPs [17][20]. - Previous Davos Global FOF Summits have seen Chinese GPs raise over $1 billion, highlighting the significant fundraising potential and interest in the private equity sector [17][20]. Group 4: Unique Experiences - Participants will enjoy scenic experiences, including a train ride in the Alps and a special "Genting Forum" at a restaurant in Davos, enhancing the networking opportunities in a unique setting [22][24].

Group 1 - The 2025 China-Europe Robotics Industry Cooperation Conference was held in Shenzhen, focusing on promoting collaboration and investment in the robotics sector between China and Europe [1][3] - Shenzhen's Vice Mayor emphasized the city's robust robotics ecosystem and invited European companies and research institutions to deepen cooperation [3] - The Deputy Director of the Investment Promotion Bureau highlighted the strengths of both Europe and China in robotics, advocating for a collaborative approach to build a new ecosystem for industrial innovation [3] Group 2 - Wang Peng, a speaker at the conference, discussed the importance of data as the "core fuel" for AI development, emphasizing the need for high-quality, large-scale data [5] - He pointed out the necessity of global data governance for cross-border data flow in robotics, proposing a unified governance model to facilitate data circulation and reduce compliance costs for multinational companies [6] - Wang proposed exploring collaborative paths for China-Europe robotics training factory cooperation, suggesting a "dual compliance" review mechanism for global data cooperation [6]

母基金研究中心创始人、水木资本董事长唐劲草出席会议，并获任全联并购公会中小企业投融 资专业委员会主任。 唐劲草还担任北京市工商联投融资专委会副主任、北京市侨联金融委员会 的专家委员。 2 0 2 5年11月2 7日下午，全联并购公会六届四次理事会在海南海口隆重举行。本次会议正值全 国上下深入学习贯彻党的二十届四中全会精神、全面完成"十四五"规划目标、谋划"十五五"发 展蓝图的关键时期，是一次承前启后、继往开来的重要会议。会议系统总结了2 0 2 5年度工作成 果，科学研判并购行业发展新形势，审议通过了理事会成员调整、届中增补副会长、专业委员 会设立等重要议案，全面部署了2 0 2 6年重点任务，为公会在新起点上实现高质量发展指明了方 向、凝聚了力量。 唐劲草还受邀参加了知名民营企业助力海南自贸港高质量发展大会与 2 0 2 5第二十二届中国并 购年会 ： 2 0 2 5年11月2 8日上午，由全国工商联、海南省人民政府共同主办的知名民营企业助力海南自 贸港高质量发展大会在海口开幕。全国政协副主席、全国工商联主席高云龙，海南省委书记冯 飞出席大会并致辞。海南省委副书记、省长刘小明作海南自由贸易港投资政策及重点投 ...

Core Viewpoint - The investment market in 2025 shows signs of recovery in terms of new fund registrations and investments, but this is misleading as it primarily involves top-tier institutions and large state-owned funds, indicating a superficial recovery rather than genuine market activity [1][2]. Fundraising and Investment Trends - The number of newly established private equity and venture capital funds increased significantly in 2025, with 1,165 funds registered in Q2 (up 38.2% year-on-year) and 1,300 in Q3 (up 37.42% year-on-year) [1]. - Investment professionals are shifting their focus from project investments to fundraising contributions and exits, reflecting a change in KPI assessments [2]. - Many government-guided funds are now engaging in direct investment rather than funding sub-funds, leading to a decline in the establishment of mother funds [2]. Mother Fund Establishment - In the first half of 2025, only 33 new mother funds were established, a significant drop from the previous year, with government-guided funds decreasing by 66% and market-oriented funds by 50% in total scale [3][4]. - The decline in mother funds is attributed to the loss of their role in attracting investments, which may reduce local governments' enthusiasm for establishing new funds [3]. Market Dynamics and Challenges - The investment environment is characterized by a focus on cost-saving measures, with many small and medium-sized General Partners (GPs) adopting shared office spaces to reduce expenses [5][6]. - There is a notable trend of personnel changes within GPs, with a shift towards hiring individuals with industry backgrounds rather than traditional business education to maximize efficiency and resource utilization [8][9]. - The current market conditions have led to heightened competition, with top-tier institutions consolidating resources, making survival increasingly difficult for smaller GPs [5][7]. Future Outlook - The upcoming China Mother Fund 50 Forum in December 2025 aims to gather key industry players to discuss the future of the mother fund sector [10][12].

Core Insights - The total management scale of the mother fund industry in China reached 132.56 billion RMB, with investments covering sectors such as integrated circuits, green low-carbon technologies, and new energy [1]. Group 1: Fund Establishments and Developments - Hebei province has launched a city-level mother fund with a 15-year duration and removed registration restrictions for general partners (GPs) [4][5]. - A 10 billion RMB dual-carbon mother fund is set to be established in Shaanxi province, focusing on hydrogen energy and green technologies [7][8]. - Zhejiang province has initiated a 500 billion RMB social security science and technology innovation fund, targeting key industries like artificial intelligence and biomedicine [9]. - Tianjin has launched a 20 billion RMB innovation mother fund, aimed at supporting strategic emerging industries [10][11]. - Hangzhou plans to create a 500 billion RMB industrial fund cluster to enhance local industrial development [13]. - Chengdu has established its first AIC fund in Jianyang, focusing on advanced manufacturing and artificial intelligence [14]. - Jiangxi province has set up a 4 billion RMB industrial upgrade fund to support key sectors [15]. - Shanghai's integrated circuit investment fund has increased its capital to 24.06 billion RMB, marking a 66% increase [16]. - A 150 billion RMB industrial fund in Shaoxing has completed its registration, focusing on strategic industry projects [17]. - Beijing's Beigong Investment has increased its registered capital to 10 billion RMB, emphasizing high-tech industry investments [18][19]. - Jiangsu province's Yangzhou Shouxihu Guojin New Industry Investment Fund is seeking GPs to support local industry upgrades [21]. - The Linhai City Talent Science and Technology Innovation Fund in Zhejiang is also looking for GPs to manage its 200 million RMB fund [22]. - The Nantong Baoyuehu Science and Technology Innovation Mother Fund has been established with a total scale of 5 billion RMB [24]. - The Nan'an Venture Capital Fund in Fujian is focused on supporting technology-driven enterprises with a planned scale of 300 million RMB [25]. Group 2: Regulatory and Management Frameworks - The newly revised management measures for the Hebei mother fund have eliminated registration requirements and adjusted investment ratios and durations [6]. - The "Liaoning Provincial Government Investment Fund Management Measures" have been published to enhance the management and operation of provincial investment funds [29][30].