多地加快布局 S基金迎来政策风口

Core Viewpoint - The recent joint announcement by seven government departments aims to accelerate the development of a technology finance system, particularly encouraging the growth of secondary market private equity funds (S Funds) to support high-level technological self-reliance and strength [1] Group 1: Policy Initiatives - The policy measures include evaluating the effectiveness of pilot programs for private fund share transfers in regions like Beijing, Shanghai, and Guangdong, with an emphasis on optimizing transfer processes and pricing mechanisms [1] - The Shanghai Equity Custody Trading Center has released guidelines for fund share valuation, which will enhance transaction efficiency and transparency in the S Fund market [2] Group 2: Regional Developments - Various regions are actively establishing S Funds to alleviate exit pressures in the venture capital market, particularly due to a slowdown in IPOs and mergers [3] - The Fujian provincial government has initiated a 10 billion yuan provincial S Fund to support quality technology enterprises, while Zhejiang has launched its first government-led S Fund with a 20% contribution from the provincial industrial fund [2][3] Group 3: Market Dynamics - The S Fund is increasingly recognized as a tool for revitalizing existing capital and supporting industrial upgrades, allowing for the release of funds tied up in early-stage investments [3] - As of May 18, the Shanghai Equity Custody Trading Center has completed 121 fund share transactions totaling approximately 252.44 billion yuan, indicating a robust market activity [4] Group 4: Financial Institution Participation - The S Fund is seen as a means to improve liquidity and exit channels for private equity funds, addressing the long exit cycles and low liquidity issues prevalent in the current market [5] - The introduction of S Funds is expected to attract more long-term capital into the market, with policies encouraging participation from insurance funds and bank wealth management subsidiaries [5]