Core Viewpoint - The "Action Plan" aims to promote high-quality development of venture capital in Shandong Province, targeting an annual growth of over 10% in venture capital investment by the end of 2027, with a management scale exceeding 4 trillion yuan and a focus on early-stage and technology investments [1][2]. Group 1: Action Plan Highlights - The plan includes comprehensive measures for fundraising, investment, management, and exit strategies, with notable incentives for venture capital institutions [2]. - A risk subsidy of 20% on actual investment losses will be provided to venture capital institutions investing in early-stage technology companies for over two years, with a maximum subsidy of 3 million yuan per project and 600 million yuan per institution annually [2][3]. Group 2: Risk Mitigation and Evaluation - The initiative aims to alleviate the investment hesitation of institutions by sharing investment risks, thus supporting early-stage companies in overcoming challenges [3]. - A differentiated evaluation system for state-owned venture capital funds will be established, focusing on the overall performance of funds rather than individual project outcomes, and encouraging a higher risk tolerance [3][4]. Group 3: Current Industry Challenges - The article highlights the pressing issue of buyback agreements in the venture capital industry, which have become a significant concern amid economic downturns [5][6]. - There is a growing trend of startups triggering buyback clauses, leading to legal disputes and financial strain on both founders and investors [6][10]. Group 4: Innovative Solutions and Industry Practices - Some regions have begun to explore legislative measures to encourage venture capital funds to avoid mandatory buyback clauses for founders [7]. - Certain venture capital firms are adopting flexible approaches to handling buybacks, including negotiating alternative solutions that do not rely on traditional buyback agreements [8][9]. Group 5: Systemic Issues and Collaborative Solutions - The current buyback situation is described as a systemic issue that requires collaborative efforts from all stakeholders to find effective solutions [11][12]. - The call for rational restraint and mutual understanding among parties involved in the buyback crisis is emphasized, along with the need for systemic reforms to address these challenges [13][14].

Core Insights - The total management scale of the mother fund industry in China reached 2,300 billion RMB, with investments primarily in biomedicine, emerging industries, and semiconductors [1] Group 1: Guangdong - The annual evaluation of a 100 billion RMB mother fund revealed that some sub-funds achieved a return of 28 times [4] - Two major mother funds in Guangzhou have established around 50 sub-funds, investing in over 150 projects, with a total scale of approximately 700 billion RMB [5] - Six sub-funds received an A rating, focusing on strategic emerging industries such as biomedicine and semiconductors [5][6] Group 2: Hebei - The Xiong'an AI Industrial Park has officially opened, focusing on next-generation AI and creating a comprehensive industry cultivation system [7] - The park is supported by a 100 billion RMB investment guide fund and a 100 billion RMB technology innovation equity investment fund [8] Group 3: Zhejiang - Caitong Capital won a bid for a 300 billion RMB government industry mother fund, which includes incubation, innovation, and merger funds [9] Group 4: Hubei - Hubei's government investment guide fund is seeking GP applications to support market-oriented operations [10][11] Group 5: Chongqing - The West (Chongqing) Science City High-tech Startup Investment Fund focuses on smart connected vehicles, semiconductors, and biomedicine [18] Group 6: Jiangsu - Jiangsu Wuxi has established a 20 billion RMB mother fund for low-altitude economy and aerospace industries, seeking sub-fund management institutions [25] - Jiangsu Xuzhou has set up a 30 billion RMB mother fund for intelligent manufacturing, targeting various high-tech sectors [28] - Jiangsu Wuxi has also launched a 50 billion RMB mother fund for integrated circuits, focusing on semiconductor-related fields [30][31] Group 7: Anhui - The Wuwei Fucheng equity investment mother fund is seeking sub-fund management institutions, emphasizing support for high-tech and innovative enterprises [37] Group 8: Fujian - The Xiamen Marine High-tech Industry Development Fund has been established with a scale of 20 billion RMB, focusing on marine biotechnology and high-end equipment manufacturing [38][39] Group 9: Henan - The Zhengzhou Economic Development Zone has successfully registered its first industry venture capital mother fund with a total scale of 50 billion RMB [41][42] Group 10: Guangxi - The management measures for the Guangxi Technology Achievement Transformation Fund have been published to promote the application and industrialization of technological achievements [43][44]

Core Viewpoint - The article discusses the increasing trend of private equity firms and state-owned enterprises acquiring publicly listed companies in China, highlighting significant transactions and regulatory support for such activities [1][3][12]. Group 1: Recent Mergers and Acquisitions - Qiming Venture Partners plans to establish a merger fund to acquire a 26.10% stake in Tianmai Technology for 4.52 billion yuan, becoming the controlling shareholder [1]. - Suzhou Qichen, the acquiring entity, is backed by notable investors including Yuanhe Holdings and state-owned Kunshan Chuangye Holdings Group [2]. - The acquisition of Tianmai Technology could mark the first case of a pure investment institution acquiring a listed company since the implementation of the "924 New Policy" by the CSRC [3]. Group 2: Involvement of State-Owned Enterprises - In March, Shankai Intelligent announced a transfer of 5% of its shares to Jiaxing Linchang Equity Investment Partnership, indicating state-owned capital's interest in enhancing the company's investment landscape [4]. - *ST Changyao signed a restructuring investment agreement with Sichuan Jiadaobowen Ecological Technology and other institutions, with Jiadaobowen investing 5.93 billion yuan for a significant stake [5]. - The restructuring process of *ST Kaiyuan also involved state-backed investment, showcasing the trend of state capital participating in corporate restructuring [5]. Group 3: Regulatory Support and Market Trends - The CSRC's new regulations encourage private equity funds to participate in mergers and acquisitions, aiming to facilitate industry consolidation [3][12]. - The recent issuance of the "Major Asset Restructuring Management Measures" has sparked a wave of merger discussions in the primary market, with private equity funds actively seeking acquisition opportunities [12]. - The establishment of numerous state-owned merger funds across various regions indicates a growing trend in merger and acquisition activities, with over ten regions releasing supportive policies [13]. Group 4: Market Dynamics and Future Outlook - The article notes that over 60% of listed companies on the main board have a market capitalization of less than 10 billion yuan, suggesting significant potential for merger and acquisition activities [13]. - The emergence of "merger招商" (merger investment attraction) as a new strategy for state-owned enterprises reflects a shift towards more certain investment opportunities [14]. - The establishment of dedicated merger departments within private equity firms indicates a strategic pivot towards mergers as a viable exit route for investments [16][17].

Group 1 - The core viewpoint of the article is that the China International Science and Technology Promotion Association has successfully obtained special consultative status from the United Nations, which allows it to participate in UN affairs and provide professional advice [1][3]. Group 2 - The special consultative status granted by the UN Economic and Social Council (ECOSOC) allows non-governmental organizations to engage in UN activities, submit reports, and participate in policy discussions [3][4]. - Organizations with special consultative status can attend UN meetings, submit recommendations, participate in policy formulation, make statements, and enhance international cooperation [4]. Group 3 - The Mother Fund Research Center has officially launched the 2025 special list evaluation, aiming to encourage outstanding institutions and talents in the private equity fund industry [5]. - The 2025 special list will be released in July, based on existing data and research analysis, to promote the healthy development of the equity investment industry [5]. Group 4 - The 2025 40U40 Outstanding Young Investors list has been announced, along with the 2024 China Mother Fund Panorama Report [9].

2025母基金研究中心专项榜单评选正式开启 2025年6月18日，在2025陆家嘴论坛开幕式上， 中国证监会、民政部和上海市人民政府联 合举办了中国资本市场学会揭牌仪式 。中共中央政治局委员、上海市委书记陈吉宁，中央金融 办分管日常工作的副主任王江，中国证监会主席吴清，上海市市长龚正，民政部副部长胡海 峰，共同为中国资本市场学会揭牌。 中国资本市场学会定位于打造资本市场理论研究、学术交 流、决策咨询高端智库平台 ，广泛团结和凝聚行业机构、上市公司、高校和科研院所、政府部 门等各方面研究力量，围绕资本市场战略性基础性前瞻性重大课题开展研究交流和宣传。下一 步，中国证监会将会同民政部和各方一道，共同推动将中国资本市场学会建设成为深化金融发 展特点和规律认识的重要基地、加强资本市场国际交流合作的开放平台、促进资本市场高质量 发展以及上海国际金融中心建设的强大推动力量。 来 源 / 证 监 会发 布 2025 40U40优秀青年投资人榜单揭晓 2024中国母基金全景报告 ...

" 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 ...