盘点·2024丨新起点新局面：创投行业十大新闻出炉！

AIC Expansion and Long-term Capital Entry - AIC (Asset Investment Companies), established by the five major state-owned banks, is expanding into the broader equity investment field, focusing on market-oriented debt-to-equity conversions and supporting businesses [1] - The pilot program for AIC equity investment has expanded to 18 cities, with the total intended fund size exceeding 250 billion yuan [31] - AIC's on-balance-sheet equity investment scale is expected to increase from 23.3 billion yuan to 58.3 billion yuan, potentially driving total equity investment to between 194.2 billion yuan and 291.5 billion yuan [32] Hong Kong IPO Market Trends - In 2024, the Hong Kong IPO market saw a surge, with 123 new listing applications received by the Hong Kong Stock Exchange as of November [2] - The Hong Kong market's transparent and well-established system aids companies in managing IPO expectations, making it a key exit strategy for venture capital and private equity firms [3] - Despite a decline in the number of IPOs compared to the previous year, the total fundraising amount in 2024 increased significantly, with 95% of Hong Kong IPOs achieving oversubscription [26] State-Owned Enterprises and Venture Capital - The State-owned Assets Supervision and Administration Commission (SASAC) issued guidelines encouraging central enterprises to establish venture capital funds, focusing on major strategies, key fields, and important technologies [4] - Central enterprise venture capital funds can have a maximum duration of 15 years, nearly double that of typical equity investment funds, with new mechanisms to address issues like reluctance to invest [5] - Local governments, such as Guangdong and Hubei, have introduced policies to allow greater tolerance for errors in state-owned venture capital, encouraging bold investment [25] AI Industry Investment Boom - The AI industry saw 644 investment and financing events in 2024, surpassing the 633 events in 2023, with a total investment amount of 82.129 billion yuan, up from 63.676 billion yuan in 2023 [6] - Investment in AI has become more focused on specific applications, such as robotics, AI social platforms, AI programming, and AI healthcare, with significant funding rounds like the 3 billion yuan raised by ZhiPu AI [6] Policy Support for Venture Capital - The State Council issued the "17 Measures for Promoting High-Quality Development of Venture Capital," addressing five key areas: cultivating venture capital entities, broadening funding sources, strengthening guidance and differentiated regulation, improving exit mechanisms, and optimizing the market environment [17] - The concept of "patient capital" was highlighted in a Politburo meeting, emphasizing long-term investment and support for technological innovation [10] - Local governments, such as Shanghai, have introduced measures to evaluate state-owned enterprise private equity funds holistically, avoiding negative assessments based on single project failures [11] Challenges in Exit Strategies - The primary market faces significant exit challenges, with private equity and venture capital funds totaling 14.28 trillion yuan and over 55,000 funds nearing their liquidation phase [14] - To address exit difficulties, the industry is advocating for healthier IPO systems, improved M&A processes, and the development of secondary funds (S funds) to provide liquidity solutions [14] M&A Activity and Policy Encouragement - In 2024, M&A activity in the A-share market increased, with more companies and venture capital firms considering M&A as a viable exit strategy [15] - The "Opinions on Deepening the Reform of the M&A and Restructuring Market of Listed Companies" expanded the scope of M&A to include cross-industry deals and acquisitions of unprofitable assets in non-Sci-Tech Innovation Board companies [15] Long-term Capital and Structural Reforms - The shortage of long-term capital in the primary market necessitates the cultivation of patient capital and structural reforms in capital supply [18] - The financial industry, with total assets nearing 500 trillion yuan, is urged to transform financial assets into industrial capital through venture capital and equity investment [18] Local Government Initiatives - Local governments, such as Chengdu High-Tech Zone and Guangdong, have introduced differentiated assessment mechanisms for various types of funds, including seed, angel, venture, and M&A funds, to encourage investment [19] - These initiatives aim to provide greater tolerance for losses and reduce the emphasis on capital preservation in state-owned venture capital [19] Industry Self-Regulation and High-Quality Development - The "17 Measures for Venture Capital" reflect three major changes in the industry: a shift towards high-quality development, increased policy support, and the need for industry self-regulation and self-strengthening [21] - The industry is expected to rely more on self-help and self-discipline to address its challenges, in addition to government support [21]