Core Viewpoint - Increasing attention from primary market institutions towards the secondary market due to challenges in fundraising and investment exits [1][4][10] Group 1: Market Trends - Many primary market investors are now actively participating in the secondary market, with a notable increase in the number of General Partners (GPs) engaging in this strategy [3][11] - The liquidity of the secondary market and the potential for higher short-term returns are key reasons for this shift, especially as fundraising in the primary market becomes increasingly difficult [4][5] Group 2: Fundraising Challenges - In 2024, the number of newly established private equity and venture capital funds dropped by 44.1% year-on-year, with total fundraising amounting to 412.14 billion yuan, a decrease of nearly 40% compared to 2023 [5] - The average size of individual funds has fallen to 133.8 million yuan, marking a ten-year low, indicating significant challenges in the fundraising environment [5] Group 3: Management and Regulatory Landscape - In 2024, only 116 private equity fund managers completed registration, while 928 institutions were deregistered, highlighting a significant contraction in the number of active fund managers [6][7] - Over 100 private equity and venture capital fund managers have been deregistered due to not having any managed funds for 12 months, emphasizing the critical nature of fundraising for survival in the industry [7][8] Group 4: Investment Environment - The investment landscape has shifted away from the rapid valuation increases seen in the internet and model innovation era, with a focus now on hard technology requiring patience for longer-term returns [9][10] - Many investment institutions are currently facing a "zero investment" scenario, not due to a lack of desire to invest, but because of fierce competition and high valuations in strategic emerging industries [10]

Core Viewpoint - The article highlights the recent developments in China's mother fund industry, focusing on the establishment and management of various funds across different provinces, with a total management scale of 426.5 billion yuan, targeting sectors such as biomedicine, green industries, and cultural tourism [1][2]. Summary by Sections Fujian - Fujian province is collaborating with a national-level mother fund to establish a cultural tourism sub-fund with a target scale of 30 billion yuan, aiming for a minimum initial subscription of 20 billion yuan [3][4]. - The fund will focus on investments in cultural, technological, and tourism sectors, with at least 60% of the investment directed towards "cultural+" related industries [4]. Hubei - Hubei province has officially established a government seed fund to attract venture capital and support innovation projects, with a focus on creating a comprehensive seed investment fund system [5][6]. - The first batch of seed funds includes partnerships with local universities and key industry sectors, aiming to foster a robust investment ecosystem [7]. Jiangsu - Jiangsu province is launching a 20 billion yuan green low-carbon industry special mother fund to promote strategic emerging industries [11][12]. - The fund will invest primarily in green technologies, including renewable energy and smart energy sectors [12]. Sichuan - Chengdu's investment group has signed a cooperation agreement for a 1 billion yuan satellite internet industry chain fund, aiming to leverage local industry leaders to create a collaborative ecosystem [13]. Beijing - Beijing is set to issue 10 billion yuan in special government bonds for its investment guidance fund, marking a significant innovation in fundraising for government-led investment initiatives [14][16]. Anhui - Wuhu city has established a 30 billion yuan mother fund to support the "Jiuzi Innovation Bay" project, focusing on high-tech industries and aiming to attract over 2,000 high-tech enterprises by 2027 [17][18]. Hunan - The Liuyang Economic Development Zone has launched a 30 billion yuan industrial investment mother fund, targeting strategic emerging industries such as electronic information and biomedicine [20][21]. Shanxi - Shanxi province's first angel investment sub-fund has been established, focusing on technology innovation and supporting early-stage enterprises in strategic emerging sectors [23]. Jiangsu (Nanjing) - Nanjing's talent development fund aims for a total scale of 20 billion yuan, focusing on technology innovation and talent-driven projects [24][25]. Yunnan - Yunnan province has released management guidelines for a 30.01 billion yuan agricultural equity investment fund, aimed at supporting high-quality agricultural development [29][30]. Guangdong - The "1+1" industrial fund system in Foshan's Chancheng District aims to create a total fund scale of at least 80 billion yuan over eight years, combining government and enterprise investments to foster new industrial growth [33][34].

作为全球科创领域最具公信力和影响力的年度盛事之一，2 0 2 5 福布斯中国科创人物评选已正 式拉开帷幕，该评选旨在发掘中国科创领域的标杆人物，展现其卓越贡献，激励更多人才投身 科创事业。 中国国际科技促进会母基金分会会长、母基金研究中心创始人、水木资本董事长唐劲草获聘出 任本届福布斯中国科创人物评委。 福布斯官方微信公众号于6月2 6日发布的文章如下： 福布斯中国科创人物评选作为科创领域年度权威标杆评选，致力发掘以全球化、颠覆性视野重 塑产业格局的商业领袖、科学先锋、跨界定义者。在这里，中国企业家领袖、世界 5 0 0强掌舵 者、独角兽缔造者及科学巨擘共铸"环球科创核心圈"，掌握技术革命话语权，贯通万亿级创新 生态，引领人类新纪元。 回顾 2 0 2 4年福布斯中国科创人物评选，"影响力"类别 入选者旗下企业总市值突破 1 0万亿元， 累计专利超万项 ；" 革新力"类别 入选企业总市值达千亿级，融资规模数百亿 ， 几乎都是已 上市公司、拟上市公司、独角兽或准独角兽企业。 过去一年，中国科技创新呈现蓬勃发展态势，各领域领军企业取得突破性进展。 2 0 2 4年入选 的企业类代表横跨 人工智能、智能制造、航空航 ...

Core Viewpoint - The article highlights the active role of Jiangsu's mother funds in the current market environment, with over 10 specialized mother funds recently announcing GP recruitment, indicating a robust investment landscape in the region [1][2]. Group 1: Jiangsu's Mother Fund Dynamics - Jiangsu's strategic emerging industry mother fund has launched multiple specialized mother funds, including those focused on artificial intelligence, low-altitude economy, new energy, biomedicine, and high-end equipment [2][3]. - The mother fund, established last year with a total scale of 500 billion yuan, aims to accelerate investment and has already signed contracts for 14 specialized funds totaling 506 billion yuan [5][6]. - The second batch of 22 specialized funds, signed in February, has a total scale of 408 billion yuan, further expanding the investment capacity in the region [6]. Group 2: Investment Incentives and Structures - New selection announcements for the mother fund include favorable return investment requirements, such as recognizing 80% of actual investment amounts for related funds and 150% for investments in national-level specialized small giant enterprises [3][4]. - The mother fund's structure is designed to create a collaborative investment environment, with three types of specialized funds that enhance provincial and municipal cooperation [7][10]. - The long duration of these funds, typically 10 to 12 years, aligns with the "patient capital" strategy of Jiangsu's mother fund, distinguishing it from other national guiding funds [10][11]. Group 3: Evolution of Fund Management - The article discusses the evolution of guiding funds in China, transitioning from a single fund approach to a cluster of guiding funds, exemplified by Jiangsu's model [11][12]. - The emergence of specialized fund clusters indicates a trend towards more focused and professional investment strategies, catering to specific sectors [13]. - By 2025, it is anticipated that regions establishing fund clusters will expand, with government guiding funds acting as catalysts for industry transformation and technological innovation [14].

Core Viewpoint - The recent report from the Shenzhen Securities Regulatory Bureau highlights the increasing prevalence of private equity funds engaging in activities unrelated to their core business, raising concerns about compliance and ethical standards in the industry [1][2]. Summary by Sections Violations Identified - The report identifies six typical violations among private equity fund managers, including selling pseudo-gold exchange products, providing consulting services, selling equity of investment target companies, assisting non-employees in obtaining fund practitioner qualifications, and conducting unrelated activities in office spaces [1][8]. Specific Cases - A private equity firm was found promoting a real estate company's receivables transfer plan through a pseudo-gold exchange, earning over 1.5 million yuan in consulting fees [3]. - Another firm signed multiple financing service agreements to help companies secure funding from outside channels, charging fees based on the financing amount [4]. - A firm managed two funds and acquired shares from a company’s controlling shareholder at zero cost, later selling them to third-party investors, profiting over 200,000 yuan [5][6]. - A firm assisted non-employees in obtaining fund practitioner qualifications, disrupting industry order by facilitating unauthorized registrations [7]. - Some firms operated in shared office spaces without proper identification, engaging in unrelated activities such as fortune-telling and paid knowledge services [8]. Industry Trends - The private equity industry is undergoing a rapid cleansing process, with 598 private fund managers deregistered as of June 24, 2024, including many well-known institutions [9][10]. - The number of private equity fund managers has decreased significantly, with 1,2083 registered as of 2024, down by 810 from 2023 [10]. - The industry is witnessing a survival of the fittest, as fundraising becomes critical for private equity and venture capital firms, with over 100 firms deregistered due to inactivity [11][12].

为贯彻落实党中央、国务院决策部署，完善扩大消费长效机制，更好满足消费领域金融服务需 求，近日中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六 部门联合印发《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》） 。 值得关注的是， 《意见》指出，积极发展股权融资。 支持生产、渠道、终端等消费产业链上 符合条件的优质企业通过发行上市、 "新三板"挂牌等方式融资 。 引导社会资本加大对服务消 费重点领域投资，通过 "长期资本" "耐心资本"满足长周期消费产业融资需求。 积极发挥私募 股权投资基金和创业投资基金作用，加大对处于种子期、初创期企业的股权投资 。鼓励有条件 的地方利用政府投资基金，以市场化方式参与康养、文旅等消费重点项目和数字、绿色等新型 消费领域。 点击文末链接：" 阅读原文 "获取 《关于金融支持提振和扩大消费的指导意见》全文。 2025母基金研究中心专项榜单评选正式开启 2025 40U40优秀青年投资人榜单揭晓 欢迎有意者扫描以下二维码，联系咨询母基金研究中心进行申报（ 请备注姓名 +机构名称， 以便通过验证 ）。 母基金研究中心（ www. china -f o ...

Core Viewpoint - Non-Xi Technology has completed a Series C financing round, marking a significant milestone in its growth trajectory as a leading player in the adaptive robotics sector [1][5]. Group 1: Financing and Growth - The Series C financing was led by Yonggui Fund and Guangfa Xinde, with participation from various investors including Hongtai Fund and Huakong Fund, as well as existing shareholders [1]. - Following a successful Series B+ round in 2022, Non-Xi Technology has established itself as a unicorn, recognized for its innovative capabilities and market performance in the adaptive robotics field [1]. - The funds raised will be utilized for the production of core products in the Xuzhou Economic and Technological Development Zone, focusing on applications in the engineering machinery and new energy sectors [5]. Group 2: Technological Advancements - Non-Xi Technology has been dedicated to the development of general-purpose intelligent robots for nearly a decade, creating a comprehensive technology system that includes adaptive robot bodies, hierarchical intelligence, and operating system ecosystems [4]. - The company has pioneered the concept of "adaptive robots," emphasizing human-like capabilities and enhancing the versatility and adaptability of robots in complex operational environments [7]. - Non-Xi has actively participated in industry standardization, leading the establishment of national standards for adaptive robot capabilities, thereby filling a significant gap in both domestic and international contexts [9]. Group 3: Market Applications and Collaborations - The company has served numerous top global clients across various industries, including 3C electronics, automotive, food agriculture, biomedical, aerospace, and new energy, achieving significant upgrades in core processes [11]. - Non-Xi collaborates closely with system integrators and academic research institutions, establishing a solid and scalable commercial foundation [12]. - With the acceleration of AI integration into production, Non-Xi leverages its capabilities to build cross-industry robotic infrastructure, continuously providing innovative solutions and industry value to global partners [12].

Core Viewpoint - The establishment of the Green New Pioneer Fund, with a total scale of 1.5 billion yuan, marks a significant step in promoting green low-carbon investment in Hubei province, focusing on energy conservation, environmental protection, and renewable energy sectors [1][2]. Group 1: Fund Structure and Collaboration - The Green New Pioneer Fund is the first in Hubei to involve capital from provincial, municipal, and district levels, along with two national-level mother funds, creating a new model of deep collaboration among central, provincial, municipal, and district capitals [2]. - The dual participation of national-level mother funds is unprecedented and demonstrates a growing trend of "central-local cooperation" in fund establishment, which is expected to increase in the future [2]. Group 2: Policy Environment and Government Initiatives - Hubei province has recently issued a work plan to restructure its government-guided fund system, focusing on solving investment willingness and capability issues, and proposing 21 measures to enhance the investment ecosystem [3]. - The restructuring aims to create a more effective collaboration between government-guided funds and state-owned capital, facilitating social capital investment in innovation and entrepreneurship [3]. Group 3: Mother Fund Development - The Chutian Fengming Fund has been established as Hubei's mother fund for venture capital, focusing on seed investments and collaborating with state-owned funds for angel investments [4]. - The Chutian Fengming Science and Technology Angel Fund, launched in March 2023, has a total scale of 10 billion yuan, with an initial phase of 3 billion yuan, aimed at early-stage investments in hard technology [5]. Group 4: Investment Performance and Capacity - Over two years, the Chutian Fengming Fund has committed to 26 sub-funds, exceeding 9.2 billion yuan in total scale, and has invested over 1.05 billion yuan in more than 60 projects, attracting over 4 billion yuan in social capital [6]. - The establishment of a seed fund by the Hubei provincial government aims to support early-stage R&D for startups, with a focus on long-term capital and a 15-year fund duration [6][7]. Group 5: Loss Tolerance Mechanisms - Hubei has become the first province in China to allow a 100% loss tolerance for individual investment projects, reflecting a significant shift in the risk tolerance of government-guided funds [7][8]. - Other regions, such as Sichuan and Shenzhen, are also adopting similar loss tolerance policies, indicating a broader acceptance of full loss in government capital investments [7][8]. Group 6: Investment Ecosystem in Wuhan - Wuhan is positioning itself as a hub for venture capital, with multiple mother funds established, including the Wuhan Industrial Development Fund and the Wuhan Urban Circle High-Quality Development Fund, contributing to a multi-level investment matrix [9][10]. - The city's mother funds have favorable regulations, such as high contribution ratios and flexible return requirements, enhancing the market-oriented nature of its investment environment [10]. Group 7: Future Outlook - The series of initiatives in Hubei and Wuhan is expected to stimulate a new wave of development in mother funds and venture capital, promoting industrial growth and innovation [11].

为更好地对母基金在中国资本市场里所发挥的重要作用进行系统研究，发挥政府出资产业投资 基金等的资源和战略优势，加强政府对社会资本的管理和引导，促进社会资本流向创新创业型 企业和实体经济，推动中国投资行业特别是母基金行业的健康发展， "中国国际科技促进会母 基金分会"（简称"科促会母基金分会"）成立。科促会母基金分会领导班子所在机构及参会机 构共 8 2 家，科促会母基金分会于每周二更新相关机构的一周资讯。 【内容提要】 01 这支绿色低碳产业母基金招GP 为贯彻落实江苏省委省政府部署要求，发挥长期资本、耐心资本、战略资本作用，促进江苏省 战略性新兴产业发展，着力打造发展新质生产力的重要阵地，江苏省战略性新兴产业母基金 （以下简称 "省级母基金"）与盐城市共同出资设立江苏盐城绿色低碳产业专项母基金（有限合 伙）（以下简称"产业专项母基金"），规模2 0亿元。现公开遴选产业子基金管理机构，有关事 项公告如下： 一、遴选基本原则 1 . 这支绿色低碳产业母基金招 GP 2 . 光大控股携手厦门国资等设立厦门海洋高新产业发展基金 3 . 长沙市岳麓区政协一行到访苏州天使母基金 4 . 豫资控股携手郑州大学共建环郑大科创 ...

Core Viewpoint - The issuance of the 2025 Beijing government special bonds for the investment guidance fund represents an innovative fundraising approach for government guidance funds, marking a first in the nation [3][5]. Group 1: Bond Issuance Details - The 2025 Beijing government special bonds (Phase 35) aim to raise funds for the "Beijing Government Investment Guidance Fund" with a proposed issuance amount of 10 billion yuan and a maturity of 10 years [1]. - The issuance of special bonds is aligned with recent policy explorations, allowing for broader applications of special bonds in funding projects [4][5]. Group 2: Fundraising and Investment Trends - The bond issuance is seen as a new channel for fundraising for government guidance funds, especially as the bond market has gained attention from venture capital and private equity firms [3]. - As of May 2023, over 200 billion yuan in technology innovation bonds have been issued or are pending issuance by various equity investment institutions [3]. Group 3: Government Guidance Fund Activities - Beijing has over 50 mother funds, showcasing a significant clustering effect in the venture capital and private equity landscape [6]. - District-level mother funds in Beijing are actively seeking sub-funds, with many having scales in the range of 10 billion yuan [7]. - The Beijing government investment guidance fund has established eight major industry funds, each with a scale of 10 billion yuan, focusing on sectors such as robotics, artificial intelligence, and healthcare [8]. Group 4: Recent Developments - The Beijing government investment guidance fund recently increased its capital from 1 billion yuan to 2.5 billion yuan, reflecting a growth of approximately 150% [10]. - The fund has completed investment decisions for 167 projects, totaling around 17 billion yuan, exceeding its annual investment plan by 120% [9]. Group 5: Future Outlook - The collaboration between city-level and district-level funds is expected to drive a new wave of investment in Beijing, fostering innovation and entrepreneurship [11].