工银投资董事长冯军伏：四维度构建适配科技型企业的股债结合全生命周期服务矩阵

Core Viewpoint - The Financial Asset Investment Company (AIC) plays a unique role in supporting high-level technological self-reliance and strength, emphasizing the need for a comprehensive service matrix that combines equity and debt throughout the lifecycle of technology enterprises [1][2]. Group 1: AIC's Role and Strategic Importance - AIC is expected to contribute to the national strategy of diversified equity financing and the growth of patient capital, responding to the regulatory expansion of equity investment trials and the financial needs of technology enterprises [2]. - The chairman of ICBC Investment, Feng Junfu, highlighted the importance of AIC in providing capital support for the full lifecycle financial needs of technology enterprises, as well as the necessity for AIC to offer new momentum for the accelerated comprehensive layout of commercial banks [2]. Group 2: Four Principles for AIC's Functionality - AIC's functionality should be strengthened by adhering to four principles: focusing on core business while unifying equity and debt, promoting functional orientation alongside commercial sustainability, coordinating between central and local entities, and combining long-term support with development safety [2]. - The proposed service matrix for technology enterprises should be optimized through four dimensions: full business chain, product diversification, relay-style service, and institutional gradient [2]. Group 3: Implementation Strategies - The "full business chain" approach emphasizes creating an asset portfolio guided by national strategies, integrating funding sources, asset allocation, governance empowerment, and exit strategies [3]. - The "product diversification" strategy aims to establish a comprehensive system of equity and debt through collaboration among various banking levels, integrating different financial tools to provide holistic financial solutions [3]. - The "relay-style service" focuses on enhancing cross-cycle governance and risk control capabilities, supported by research, preemptive risk management, and digital empowerment [3]. - The "institutional gradient" collaboration seeks to build a multi-layered, synergistic capital ecosystem, connecting national funds, state-owned enterprises, local investment platforms, and leading private equity or venture capital [3][5].