戈壁创投庄汉彬：从“时、地、人”维度评估项目 坚定担任领投方

Core Insights - Gobi Partners emphasizes its role as a lead investor in early-stage projects, particularly in the context of a challenging funding environment where many market institutions are hesitant to lead due to risk considerations [1][6] - The newly established Gobi-RIF fund focuses on investing in early-stage startups in biotechnology, AI, and robotics, collaborating with Hong Kong University of Science and Technology and Hong Kong Investment Company [1][3] - The Hong Kong IPO market has seen a significant increase, with total fundraising exceeding HKD 210 billion in 2025, marking a four-year high, which enhances market activity and provides better exit opportunities for venture capital [1][10] Investment Strategy - Gobi Partners has raised 25 funds and invested in over 400 startups, with a notable focus on the circular economy, and has successfully incubated 8 unicorns since entering the Hong Kong market in 2016 [2] - The firm evaluates early-stage projects based on three dimensions: time, location, and team, assessing the technology's readiness for commercialization, the suitability of the geographic market, and the founders' learning capabilities [7][8] Collaboration and Support - The collaboration with Hong Kong University and the government is aimed at enhancing the commercialization of university-incubated projects, providing essential support and resources for startups [3][4] - Gobi Partners offers differentiated support beyond funding, including facilitating connections between founders and providing strategic advice on government funding applications [8] Exit Strategies - The active IPO market in Hong Kong is seen as a favorable exit channel for venture capital, with specific regulations like 18A and 18C providing clearer pathways for biotech companies to go public [10][11] - Gobi Partners emphasizes the importance of planning for exit strategies well in advance, aligning company development with market conditions to enhance the attractiveness of financial metrics at the time of IPO [11]