" 6 "即在科创板创新推出6项改革措施 ，包括对于适用科创板第五套标准的企业，试点引入资 深专业机构投资者制度；面向优质科技企业试点 IPO预先审阅机制；扩大第五套标准适用范 围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用；支持在审未盈利科技 企业面向老股东开展增资扩股等活动；完善科创板公司再融资制度和战略投资者认定标准；增 加科创板投资产品和风险管理工具等。同时，证监会也将在创业板正式启用第三套标准，支持 优质未盈利创新企业上市。 吴清表示，当前，适应创新规律的资本形成机制不完善。与科技创新 "十年磨一剑"的坚守相 比， 我们的金融供给仍存在资金短期化、风险容忍度低等问题，长期资本、耐心资本远远不够 。 他指出，完善更加适配科技创新和产业变革的金融服务体系，资本市场大有可为。资本市场具 有独特的风险共担、利益共享的激励相容机制，能够提供从风险投资到上市融资、并购重组的 全链条、接力式服务，满足初创期、成长期、成熟期等不同阶段企业需求。 从近年国内外实践看，无论是大而强的科技巨头，还是小而美的科创新秀，都离不开资本市场 的有力支持，创新始于科技、兴于产业、成于资本的特点越来越明显。创新需要科 ...

Core Viewpoint - The article discusses the recent changes in the management fee structure for private equity funds in Guangdong Province, highlighting a shift towards a "management fee reconstruction era" where fees are primarily sourced from fund earnings or interest rather than principal [1][33]. Group 1: Fund Organization Forms and Management Fees - Private equity funds are primarily organized in three forms: limited partnership, corporate, and contractual [2]. - Limited partnership funds are the most common, involving general partners (GP) and limited partners (LP), with management fees typically deducted from the fund's assets [2]. - Corporate funds may be self-managed or externally managed, with management fees either internalized as operational costs or paid to external managers based on agreements [3]. - Contractual funds are less common due to regulatory concerns but have flexible operational characteristics, with management fees usually defined in the fund contract [4]. Group 2: Management Fee Calculation Methods - Management fees are calculated based on three dimensions: base, rate, and time, with a simplified formula: Management Fee = Base × Rate × Time [5]. - The industry standard for direct investment funds is a "2+20" model, where management fees are around 2% of fund size, and performance fees are 20% of profits [6]. - Different types of funds have varying management fee rates based on their investment focus, with industry funds typically having lower rates compared to early-stage funds [7][8]. Group 3: Management Fee Sources - Management fees can be categorized as "internal" (deducted from fund assets) or "external" (paid separately by investors), with the former being more common and operationally convenient [26][27]. - The recent guidelines emphasize that management fees should be sourced from fund earnings, not directly from investors, to enhance fund performance accountability [33][28]. Group 4: Trends in Management Fee Structures - The article notes a trend towards linking management fees to performance metrics, with some funds adopting a dual structure of base and performance fees to balance operational costs and investment goals [32]. - New regulations in Guangdong Province stipulate that management fees should primarily come from fund earnings, marking a significant shift in industry practices [33].

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 and promote healthy development in the investment industry, particularly in mother funds [1][40][42] - The Hubei Provincial Government Investment Guidance Fund is a policy-oriented mother fund established by the Hubei provincial government, which is now inviting applications for GP selection [3][4] - The "West (Chongqing) Science City High-tech Startup Investment Fund" is being launched to strengthen financial services for the real economy in Chongqing, focusing on sectors like smart connected vehicles and biomedicine [12][22] Group 2 - The latest "Global Private Capital Barometer" by Coller Capital indicates that 45% of LPs plan to increase allocations to private credit assets, reflecting a shift towards more defensive investment strategies amid macroeconomic uncertainties [21][22][23] - The Nanjing Innovation Investment Group successfully issued a technology innovation corporate bond worth 1 billion yuan, marking a historical low interest rate for similar bonds [24][26][27] - Guangdong Hengjian Investment Holding Co., Ltd. successfully issued a 5 billion USD three-year senior fixed-rate bond, achieving the lowest issuance yield for local state-owned enterprises since 2023 [30][31] Group 3 - The UAE delegation visited Futian Capital to explore international capital cooperation opportunities, focusing on technology innovation and industry development [32][34][35] - China Resources Henan Pharmaceutical Co., Ltd. engaged in discussions with Yuzi Holdings Group to explore collaboration in the pharmaceutical sector [36][38][39]

Core Viewpoint - The Wuhan Municipal Government has released an action plan aimed at promoting high-quality development of technology finance and establishing a national technology finance center by 2027, with a target of exceeding 3 trillion yuan in equity investment fund scale [1]. Group 1: Key Measures in the Action Plan - The plan encourages government investment funds to collaborate with listed companies and key enterprises in the industry chain to establish merger and acquisition funds, with a maximum government investment ratio of 1:1 [2][11]. - It proposes practical measures across all stages of fund management, including increasing the contribution ratio of sub-funds to over 50% and extending the maximum duration of funds to 15 years [2]. - The plan allows government investment funds to invest up to 20% of the new investment amount in seed and angel funds, enhancing the role of government investment funds [2][4]. Group 2: Tolerance for Losses - The action plan introduces a groundbreaking tolerance for losses, allowing seed funds and angel funds to incur losses of up to 80% and 60% respectively, with single projects allowed to incur losses of up to 100% [4][7]. - This tolerance mechanism is seen as a significant breakthrough in the national context, as it allows for a higher overall loss tolerance at the fund level compared to individual project levels [4][6]. - The plan reflects a broader trend where local state-owned assets are increasingly accepting full loss tolerances, indicating a shift towards a more risk-tolerant investment environment [6][8]. Group 3: Fund Evaluation and Management - The action plan emphasizes the need for a scientific evaluation system for funds, stating that individual fund or project profits and losses should not be the sole basis for assessment [5][10]. - It aims to create a favorable environment for innovation and risk tolerance, encouraging the establishment of a comprehensive evaluation system that aligns with the characteristics of the venture capital industry [9][10]. - The plan also highlights the importance of a flexible and market-oriented approach in the management of mother funds, with low return requirements and fewer restrictions on fund management teams [18][19]. Group 4: M&A Fund Development - The action plan outlines a strategic focus on the establishment of merger and acquisition funds, which is expected to stimulate activity in the primary market following the recent regulatory changes [12][15]. - The introduction of the new merger and acquisition regulations is anticipated to facilitate private equity fund participation in significant transactions, enhancing the overall market dynamics [13][16]. - The plan positions Wuhan as a hub for mother fund development, with multiple funds established to support the growth of equity investment in the region [17][18].

科创债新政落地以来，正显现出积极成效。据不完全统计，截至5月26日，已有多家股权投资 机构发布公告，合计发行和待发科技创新债券的规模超过200亿元。同时，有君联资本、启明 创投、东方富海、毅达资本、金雨茂物、泰达科投、中科创星等12家股权投资机构处于发行注 册过程中。 最新的标志性进展是，5月27日，君联资本收到中国银行间市场交易商协会《接受注册通知 书》，同意在银行间市场发行科技创新债券，与东方富海、江苏毅达共同成为全国首批民营股 权投资机构科技创新债券试点单位。据悉，此次依托央地协同增信机制，君联资本拟发行5亿 元科技创新债券，用于自有资金在所管理的科创基金出资及投资科创企业。 东方富海也获中国银行间市场交易商协会《接受注册通知书》，同意在银行间市场发行科技创 新债券。据悉，该"科创债"项目计划发行总规模15亿元、期限15年，募集资金将用于创投基 金出资及置换等科技创新领域，重点投向人工智能与数字经济、新能源与新材料、半导体、生 物医药等战略性新兴产业。 "过去，民营创投机构发行债券的积极性并不高。科创债新政的推出在一定程度上降低了发行 门槛，并且提供了更清晰的指引和支持，激发了头部民营创投机构的尝试意愿 ...

Core Viewpoint - China Construction Bank (CCB) is launching a 100 billion yuan technology innovation fund cluster to support national technology innovation strategies and enhance financial services in the technology sector [1][4]. Group 1: Fund Structure and Objectives - CCB's equity investment management subsidiary, Jianxin Equity Investment, is responsible for managing the national strategic emerging industry development fund, known as the "War New Fund," which aims for a target scale of 300 billion yuan [2]. - The War New Fund focuses on eight key areas: new generation information technology, high-end equipment, new materials, biotechnology, new energy vehicles, renewable energy, energy conservation and environmental protection, and digital creativity [3]. Group 2: Role of Banking in Private Equity - Bank funds are becoming increasingly important participants in China's private equity investment landscape, with banks being the largest financial institutions in the country [5]. - Recent policy changes have encouraged banks to invest in venture capital and private equity funds, removing previous barriers to entry [6][7][8]. Group 3: Regional Developments in Shanghai - Shanghai is actively promoting venture capital and private equity, with significant fund launches such as the 500 billion yuan Shanghai Industrial Transformation Upgrade Fund and the China Pacific Insurance's 500 billion yuan fund [9][10]. - The city has a strong track record in private equity, particularly in the mother fund sector, with over 40 mother funds and a leading position in managed fund scale [10][11].

2 0 2 5已然接近过半，下行周期中，许多GP的人员正在经历一场" 大换血 "。 "今年， 我们裁掉了一半的年轻投资人、三分之一的传统商科背景投资人，新招了产业背景或 者是硬科技企业背景出身的员工 。原因无他，控制成本，效用最大化：现在已经没有更多精力 和成本去培养和等待年轻投资人成长了，谨慎放缓出手的大环境下本身成长速度就相对慢，这 是节流；至于把传统商科背景投资人换成产业背景的，则是出于业务上的考虑，一方面能找一 些看得懂硬科技的，另一方面，也是因为招引项目、关注并购机会等都需要产业资源和经验， 这是开源。 "华东地区某投资机构合伙人告诉母基金研究中心。 多位投资人告诉母基金研究中心，其所在机构均有类似的计划 。 9 5后投资人小李表示："对年 轻投资人来说，现在这个时期可能是'地狱模式'，我们刚入行就赶上寒冬，出不了手也没积累 起来实战经验和业绩，资源也不丰富，我司有几位和我同龄的员工已经被裁了。我现在也只能 做一些执行的工作，还没被裁掉是因为工资成本低，而且机构还是需要留下几个干基层工作的 人的。在裁员时公司优先保留的还是比较有核心资源的员工。" 除了员工背景的转变， GP内部的部门人员设置也在改变 ...

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the establishment of various funds across different provinces, with a total management scale of 1,445.88 billion yuan, focusing on sectors such as new materials, biomedicine, and future industries [1]. Group 1: National Developments - A national-level mother fund with a total commitment of 10 billion yuan has been established, with contributions from various partners including the Ministry of Finance and listed companies [4][6]. - The National SME Development Fund has completed the establishment of its seventh batch of sub-funds, totaling four sub-funds aimed at supporting small and medium enterprises [10][12]. Group 2: Provincial Developments - In Hubei, a 1,000 billion yuan highway development fund has been signed, with a mother fund of 300 billion yuan aimed at infrastructure investment [7][9]. - Jiangsu has seen the establishment of multiple funds, including a 5 billion yuan angel investment fund and an 85 billion yuan strategic emerging industry fund [13][14]. - A 100 billion yuan fund has been registered in Wuhan's Jiangxia District, focusing on the semiconductor industry [15][16]. - Shandong has increased its provincial fund's contribution to angel funds to 40%, aiming to support private enterprises [17][18]. Group 3: Specific Fund Initiatives - The Heilongjiang province is seeking general partners for its 5 billion yuan entrepreneurship investment fund, targeting strategic emerging industries [19]. - A 30.01 billion yuan high-quality industrial development fund has been established in Jiujiang, focusing on private equity investments [21]. - The Lhasa city has launched a 1.5 billion yuan mother fund, emphasizing cultural tourism and digital economy investments [29][31]. - The Hangzhou Qianjiang Century City Industrial Development Fund is seeking fund managers for its 3 billion yuan fund, focusing on innovative industries [32][33].

Core Viewpoint - The article discusses the high-quality development of strategic emerging industries and future industries in Beijing, emphasizing the importance of supporting these sectors in alignment with national policies and directives from the leadership [2]. Group 1: Conference Overview - The conference was held to implement the spirit of Xi Jinping's speech at the private enterprise symposium and to promote the development of new productive forces and a modern industrial system [2]. - Key leaders, including the Vice Chairman of the All-China Federation of Industry and Commerce and the Chairman of the Beijing Municipal Political Consultative Conference, attended and spoke at the event [2][6]. Group 2: Establishment of Specialized Committees - The Beijing Federation of Industry and Commerce announced the establishment of a "4+1" specialized committee system, focusing on four industries: artificial intelligence, pharmaceutical health, embodied intelligence, and new energy materials, along with a financing committee [7]. - The committee appointments included various leaders from financial institutions and investment firms, highlighting a collaborative approach to industry development [9]. Group 3: Financing Committee Objectives - The Financing Committee aims to leverage the resources and influence of its member units to create a cooperative investment and financing ecosystem, facilitating information sharing and resource integration [11].

Core Viewpoint - The article discusses the increasing responsibilities and risks associated with being a director in investment projects, particularly in light of recent legal changes and the rising issues surrounding buyback agreements in the venture capital (VC) industry [2][5][12]. Group 1: Legal Changes and Responsibilities - The new Company Law, effective from the second half of last year, has heightened the responsibilities of company directors, leading to unexpected legal consequences for many investors [2][3]. - Directors are now more likely to face legal actions related to buyback issues, which were previously overlooked during economic upswings [4][7]. Group 2: Buyback Issues - The article highlights a significant increase in buyback-related lawsuits, with over 90% of projects facing buyback claims involving founders as defendants [7][8]. - Many venture capitalists are now exploring flexible solutions to manage buyback obligations, including negotiating alternative agreements with founders [6][10]. Group 3: Systemic Problems in the VC Industry - The current wave of buyback demands is characterized as a systemic issue, influenced by market fluctuations and historical practices, necessitating collaborative solutions rather than blaming individual parties [12][13]. - The pressure from limited partners (LPs) on general partners (GPs) to resolve investment failures has intensified, leading to a cycle of litigation and forced liquidations [8][11]. Group 4: Legislative and Practical Responses - Some regions, like Hunan, are taking legislative steps to encourage investment without mandatory buyback clauses, aiming to alleviate the pressure on startups [6][13]. - The VC industry is witnessing a shift towards more transparent negotiations and better investment conditions, as some firms choose to forgo buyback clauses altogether [6][10].