Core Viewpoint - The article discusses the first case of a private equity fund acquiring a listed company in the A-share market following regulatory support, highlighting the significance of this transaction in the context of recent policy changes aimed at promoting industry consolidation through private investment funds [1][8]. Group 1: Transaction Details - On May 23, Tianmai Technology announced that its actual controller would change, with Suzhou Qichen Equity Investment Partnership acquiring 26.10% of the company's shares, making it the controlling shareholder [1]. - The acquisition was initiated by Suzhou Qihan, which planned to establish a merger fund to purchase the shares for 452 million yuan, reflecting a 16% discount compared to the company's market value prior to suspension [2]. - Following the transaction, the shareholding structure will change significantly, with the new controlling shareholder being Suzhou Qichen and the actual controller being Kuang Ziping [3]. Group 2: Financial Performance and Conditions - The agreement includes clauses to maintain the company's listing status, requiring the company to ensure that its audited revenue does not fall below 100 million yuan in 2025 and 2026, and that it does not incur losses in 2026 [4]. - Tianmai Technology's revenue for 2023 and 2024 was reported at 220 million yuan and 163.7 million yuan, respectively, with net profits of -54.87 million yuan and -60.83 million yuan [5]. Group 3: Institutional Support and Future Plans - Suzhou Qichen was established with a capital contribution of 460 million yuan, backed by notable investors including Yuanhe Holdings and Kunshan Chuangye Holdings Group [6]. - The new controlling entity aims to enhance the company's operational capabilities and profitability, with plans for potential asset sales, mergers, or partnerships within the next twelve months [8]. - This acquisition marks a significant milestone as the first case of a private equity fund acquiring a listed company under the new regulatory framework aimed at facilitating such transactions [8].

Core Viewpoint - Shaanxi Province is actively promoting the development of mother funds and venture capital to stimulate innovation and entrepreneurship, supporting the growth of venture investments and driving industrial transformation and quality improvement [1][2]. Group 1: Policy Measures - The "Measures for Promoting High-Quality Development of Venture Capital in Shaanxi Province" includes 24 policy measures across seven areas, involving 20 government departments [1]. - The measures focus on the entire cycle of venture capital, addressing key concerns in fundraising, investment, management, and exit [1][2]. - The provincial government has established a guiding fund to attract social capital to key sectors, with 42 sub-funds set up and investments totaling 12.114 billion yuan, leveraging an additional 61.024 billion yuan from other capital sources [1]. Group 2: Fund Management and Performance - The provincial finance department aims to enhance the management of government investment funds, implementing a classification system for venture and industrial investment funds, optimizing fund establishment processes, and increasing fund sizes [2]. - New measures include improving performance evaluation systems and establishing a mechanism for rewarding and exempting due diligence responsibilities, thereby enhancing the market-oriented operation of government investment funds [2][4]. - The measures emphasize a higher tolerance for losses in early-stage funds and explore the cancellation of certain investment return requirements [3]. Group 3: Encouragement of Innovation - The policy environment encourages state-owned capital to take more risks, with a focus on long-term and patient capital to support the real economy [4]. - The government aims to create a supportive atmosphere for innovation and risk-taking, establishing a comprehensive evaluation system that does not solely rely on individual project performance [4][5]. - The initiative seeks to establish more market-oriented mother funds across the country, promoting early-stage investments in technology and strategic emerging industries [5].

中国母基金行业资讯（ 5 . 1 7 - 5 . 2 3） 【资讯解读】 本周资讯涉及的母基金管理规模达 8 8 0 . 0 3 亿元，主要分布在 北京、重庆、湖北、江苏、四 川、福建、河南、新疆 等地区，投资 高端装备制造、生物医药、低空经济等 。以下是内容提 要和具体资讯。 【内容提要】 赵波在致辞中代表市委、市政府向出席发布会的嘉宾表示诚挚欢迎，向长期以来关心支持乐山 发展的各界朋友表示衷心感谢。赵波说，产业是一个城市发展与繁荣的根基，产业基金则是撬 动发展的杠杆、链接资源的桥梁。我们坚持 "工业强市、文旅兴市"发展战略，秉持"筑巢引 凤、互惠共赢"理念，聚力打造覆盖全产业链全生命周期、总规模约6 0 0亿元、以" 1+2 "为主体 的产业投资基金群，赋能转型升级、科技创新、开放合作，必将成为乐山高质量发展的"加速 器"、新质生产力的"孵化池"，必将为广大基金管理机构和产业投资方带来无限商机、畅享发 展红利。热切期盼更多企业家朋友以"基金链"耦合"产业链"，把更好资源引入乐山，把更优项 目落在乐山，携手开创更加美好的明天。 何政表示，乐山此次发布产业投资基金群，是贯彻落实党中央和省委决策部署的具体举措， ...

Core Viewpoint - The current fundraising environment for VC/PE in China is challenging, primarily due to a lack of social LP (Limited Partners) funding, which is exacerbated by the requirement for state-owned investors to have a market-oriented capital ratio of around 50% [1][2]. Group 1: Social LP Funding Challenges - High-net-worth individuals have significantly reduced their allocation to private equity funds, becoming increasingly conservative in their investments [2][3]. - Market-oriented mother funds are running out of capital, with successful managers often shifting to manage local state-owned mother funds instead [2][3]. - Many listed companies are engaging in corporate venture capital (CVC) and collaborating with local governments and state-owned enterprises, but these investments do not contribute to market-oriented funds [2][3]. Group 2: Investment Hesitance Factors - Past experiences with "全民PE" (universal PE) have led many social LPs, particularly individuals, to be cautious after incurring losses due to a lack of understanding of the industry and the long verification cycles of private equity funds [3]. - The long investment cycles and difficulties in exiting investments further deter social LPs, as the typical return period for venture investments can extend to 12-15 years [4][5]. - The high tax burden on private equity investments, particularly for those classified as "private equity investment funds" before 2019, has discouraged many LPs from continuing their investments [5][6]. Group 3: Market Statistics and Trends - In 2024, the number of newly established private equity and venture capital funds dropped by 44.1% year-on-year, totaling 4,143 funds, with total fundraising amounting to 412.14 billion yuan, a decrease of nearly 40% [8]. - The average size of a single fund has fallen to 1.338 billion yuan, marking a ten-year low, while the number of registered private equity fund managers has decreased by 810 compared to 2023 [8]. - Recent government policies aim to broaden the sources of venture capital and establish a "technology board" in the bond market, indicating potential future support for the industry [8].

5月2 2日下午， 国务院新闻办公室举行新闻发布会，介绍科技金融政策有关情况，并答记者 问。 母基金研究中心关注到，发布会上公布了许多与股权投资行业息息相关的重要信息和解 读，为行业进一步释放了重要利好，我们整理了相关重点： 近日，科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政 部、国务院国资委等七部门联合印发了《加快构建科技金融体制 有力支撑高水平科技自立自强 的若干政策举措》。《政策举措》聚焦创业投资、货币信贷、资本市场、科技保险、债券市场 等 7个方面，提出了1 5项政策举措，既有存量政策的迭代升级，也有增量政策的创新供给，可 谓"干货"满满。 据科技部副部长邱勇介绍， 《政策举措》 提出 设立 "国家创业投资引导基金"，引导创业投 资"投早、投小、投长期、投硬科技"。创业投资是支持科技创新的重要生力军。这次《政策举 措》重点围绕畅通创业投资"募投管退"全链条推出一系列新举措，提出扩大金融资产投资公司 股权投资试点范围、支持创业投资机构发债融资等，让创业投资的募资来源更加广泛；鼓励发 展创业投资二级市场基金等，让创业投资的退出渠道更加畅通；特别是提出了优化国有创业投 资的考核 ...

为贯彻落实眉山市委、市政府制造强市战略，进一步聚集创新创业要素，吸引培育优秀中试科 技成果来眉转化，推动眉山产业优化升级，服务经济高质量发展。眉山市产业发展投资引导基 金（以下简称母基金）拟设立眉山中试成果转化子基金（以下简称子基金）。按照"公平公 开、综合评价、优中择优"的原则，遴选子基金管理人。 一、基金方案 （一）基金名称。眉山中试成果转化基金合伙企业（有限合伙）（最终以工商注册为准）。 （二）基金规模。1亿元，设立后可视运作情况扩大规模。 （三）基金期限。存续期限10年。其中，投资期4年，退出期4年；经合伙人一致同意，可延 长退出期两次，每次1年。 （四）出资结构 子基金管理人募集不低于10%（含子基金管理人认缴部分），剩余全部由母基金认缴 。基金 分四期实缴，前三期分别实缴2000万元，第四期实缴4000万元，首期在基金注册后实缴，后 三期均在前期实缴款使用80%后缴付。 （五）投资领域 聚焦眉山市锂电、光伏和化工新材料等产业领域，投资在眉转化的中试成果项目、中试研发项 目和突破关键核心技术的重大创新项目等。 （六）投资方式 1.非上市公司股权投资； 2.以股权投资为目的的可转债。 （七）管理费 投 ...

Group 1 - The core viewpoint emphasizes the importance of RMB funds in nurturing emerging industries in China, particularly in the context of the artificial intelligence era [1] - The chairman of Shenzhen Capital Group, Zuo Ding, highlighted the need for Chinese venture capital to provide ample patient capital for domestic innovation [1] - The upcoming Middle East Investors Summit in Abu Dhabi is set to attract over a hundred participants from sovereign funds and family offices, focusing on investment industry trends [3] Group 2 - The 2025 Mother Fund Research Center has officially launched its special rankings, including the 2025 40U40 Outstanding Young Investors list and the 2024 China Mother Fund Panorama Report [4]

Group 1 - Kaide Investment has established its first onshore mother fund in China with a total commitment of 5 billion RMB (approximately 921 million SGD) [1] - The mother fund has attracted well-known domestic insurance institutions as major investors, aiming to expand Kaide Investment's fund asset management scale in China [1] - Upon completion of investments, the mother fund is expected to contribute 20 billion RMB (approximately 3.7 billion SGD) to Kaide Investment's fund asset management scale [1] Group 2 - The 2025 Middle East Investors Summit (MEIS) will take place in Abu Dhabi, organized by Collab Ventures, with support from various associations including the Global FOF Association and Emirates Family Office Association [2] - The summit has attracted over 100 participants from sovereign funds and family offices, focusing on investment industry development and LP investment strategies [3] Group 3 - The 2025 Mother Fund Research Center's special rankings have been officially launched, including the 2025 40U40 Outstanding Young Investors list and the 2024 China Mother Fund Panorama Report [4]

Core Viewpoint - Zhejiang University has played a significant role in China's higher education and has produced numerous successful entrepreneurs and investors, particularly in the field of technology and innovation [1][2]. Group 1: "Hangzhou Six Little Dragons" - The "Hangzhou Six Little Dragons" are notable for their focus on "hard technology," including artificial intelligence, robotics, and brain-computer interfaces, aiming to reshape industry logic and break technological barriers [2]. - Zhejiang University has been at the forefront of artificial intelligence since establishing its computer science department in 1978, becoming one of the first universities in China to offer an undergraduate program in AI in 2019 [2][3]. - Founders of several "Hangzhou Six Little Dragons" companies, such as DeepSeek and Cloud Deep Technology, are alumni of Zhejiang University, showcasing the university's influence on entrepreneurship [2][3]. Group 2: Alumni Achievements - As of May 17, 2024, 351 alumni from Zhejiang University hold key positions in 313 listed companies, indicating the university's strong entrepreneurial ecosystem [4][5]. - The "Future Entrepreneurs Cultivation Project," initiated in 1999, has produced 128 startups with a total market value exceeding 100 billion yuan, highlighting the university's commitment to fostering innovation [5]. - Zhejiang University's innovation culture emphasizes the integration of technological and industrial innovation, creating a vibrant ecosystem that supports startups at various growth stages [5]. Group 3: Notable Investors - Notable investors from Zhejiang University include Duan Yongping, known as the "father of industry" and "Chinese Buffett," who has made significant contributions to the tech industry and value investing [6][7]. - Duan Yongping has made substantial donations to Zhejiang University, supporting its development and infrastructure, reflecting his commitment to giving back to his alma mater [7]. - Other prominent investors include Chen Yuemeng, founder of Zhejiang Merchants Venture Capital, and Wang Huai, founder of Linear Capital, both of whom have made significant impacts in their respective fields [8][9][10].

为推进宜昌市猇亭区产业发展，加快产业转型创新，湖北长江（猇亭）创业投资基金合伙企业（有限 合伙）(以下简称"猇亭基金")现就做好猇亭基金申报相关工作发布本征集公告。欢迎符合条件的优秀 创投机构及投资团队申请。 1、基本情况 湖北长江（猇亭）创业投资基金合伙企业（有限合伙）是长江产业投资集团下属湖北科创公司、长江 创投母基金与猇亭区平台公司-宜昌新创产业投资有限公司联合发起设立。该基金实缴规模2.03亿 元，通过"子基金+直投"的形式，联动地方国资平台和产业龙头发起设立系列产业链基金及专项基 金，围绕新能源产业、现代化工产业、生态环保产业、新一代信息技术产业、汽车及零部件产业、生 物医药产业等战略新兴产业，对有转化潜力的科技项目、招商引资项目等企业进行投资、可转换债权 投资、开展并购投资、SPV（专项直投项目）、参股设立子基金，以专业投资管理带动产业稳健发 展。基金采用股权投资的方式运作，可通过新设、增资等方式参股市场化基金，通过撬动各类社会资 本，引导社会资本投资、支持猇亭区重点产业、战略性新兴产业、科技创新等领域发展。 2、投资方式 基金将以母基金形式，即联合产业头部企业共同设立子基金或参与项目直接投资等方 ...