Zheng Quan Shi Bao·2025-10-27 18:18Core Viewpoint - China Life Asset Management Co., Ltd. (referred to as "Guoshou Asset") has been actively supporting technological innovation through innovative investment strategies, particularly via Secondary Funds, addressing the challenges of investing insurance capital in high-risk technology sectors [1][3]. Group 1: Policy and Industry Resonance - The focus on technological innovation aligns with national policies, emphasizing the importance of insurance capital in supporting new productive forces as outlined in recent government documents [2][3]. - The "New Quality Productive Forces" concept was introduced in September 2023 and is prioritized in the 2024 government work report, highlighting the role of insurance funds in fostering long-term investments in technology and entrepreneurship [2][3]. Group 2: Innovative Investment Strategies - Guoshou Asset has developed innovative investment strategies, such as S Shares, to address the structural contradictions between cautious insurance fund management and the inherent risks of technological innovation [3][4]. - The total scale of private equity and venture capital funds in China has reached 14 trillion yuan, providing various stages of funding support for entrepreneurial enterprises, despite challenges in fundraising and exit strategies [3][4]. Group 3: Long-term Capital Support - The implementation of S Shares has alleviated the "dam" issue in the equity investment market, providing differentiated capital to support technology innovation and creating a stable financial environment for industry development [4]. - Guoshou Asset's approach balances the cautious use of insurance funds with the risks associated with technological innovation, identifying new growth areas for long-term capital allocation [4]. Group 4: Progress in Technological Finance - Over the past three years, Guoshou Asset has gradually improved its strategies in technological finance, achieving incremental progress each year [5]. - In 2022, Guoshou Asset established the "China Life - Electronic Mixed Reform No. 1 Equity Investment Plan," raising 1.99 billion yuan to support critical technology sectors, particularly in the information technology field [6]. - In November 2023, Guoshou Asset initiated the "China Life - Shanghai Development No. 1 Equity Investment Plan," with an investment scale of approximately 11.8 billion yuan, focusing on the semiconductor industry and addressing early-stage risks and later valuation issues [7]. Group 5: Focus on Entrepreneurship - Guoshou Asset has made strides in the venture capital sector, launching a 5 billion yuan "China Life - Beijing Science and Technology Innovation Equity Investment Plan" in December 2024, targeting hard technology investments [8]. - This fund is the first government-backed mother fund focused on hard technology, demonstrating Guoshou Asset's commitment to bridging insurance capital with venture investments and supporting the development of new productive forces [8].