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证券时报社党委书记、社长兼总编辑程国慧:持续发挥创投科技创新“引擎”作用
Zheng Quan Shi Bao·2025-07-30 19:02

Core Insights - The venture capital industry is showing signs of recovery, with significant improvements in fundraising and investment activities compared to previous years [1][2] - The industry is undergoing profound changes, with a focus on nurturing high-quality projects and adapting to new policies that encourage long-term investments [1][2] Fundraising - In the first half of this year, the amount pledged by institutional LPs increased by 50% year-on-year, ending a continuous decline since 2020 [1] - The overall scale of investment and financing saw a reduction in decline from 50% in the same period last year to just 5% [1] Investment - A total of 131 Chinese companies went public in A-shares, Hong Kong, and US markets in the first half of 2025, with 56% receiving support from VC/PE [1] - The Hong Kong IPO market has shown strong performance, and diverse exit strategies such as mergers and acquisitions are becoming more mature [1] Industry Transformation - The emergence of high-quality projects like DeepSeek, Yushu Technology, and Yingshi Innovation highlights the international competitiveness of Chinese technology brands [1] - Policies such as "Venture Capital Seventeen Articles" and "State Council No. 1 Document" are being introduced to attract long-term capital from banks, insurance funds, and social security [1] Value Creation - The venture capital industry is encouraged to adopt a long-term perspective, moving beyond short-term financial models to discover and nurture value [2][3] - There is a call for venture capital firms to extend their value beyond mere funding, acting as long-term partners to startups and enhancing post-investment support [2] Ecosystem Development - The industry is urged to foster an open and inclusive innovation ecosystem, collaborating with research institutions, industry resources, and local governments to support the growth of innovative technologies [3] - The focus is on creating a vibrant and resilient technological innovation ecosystem that supports the entire lifecycle of innovative enterprises [3]