一诺致远汪弘：S交易决策重在资产质量，市场正走向专业化分工

Group 1 - The 15th 21st Century Innovation Capital Annual Conference was held in Guangzhou, focusing on the evolution of strategies in mergers and acquisitions, S transactions, and securities investments [1] - Wang Hong, founder and chairman of Yinuo Zhiyuan, emphasized that the core of S investment lies not in the size of the discount but in the quality of the underlying assets and that the RMB S market is moving towards a phase of professional deep division of labor [3] - Yinuo Zhiyuan has invested in over 20 well-known domestic and foreign private equity funds, covering secondary market investments and direct equity investments in sectors like artificial intelligence, high-end manufacturing, new energy, and health care [3] Group 2 - The S investment strategy of Yinuo Zhiyuan focuses on three main aspects: prioritizing the quality of underlying assets over discounts, balancing IRR and DPI, and concentrating investments in specific industries [4] - The company believes that as the exit environment for equity investments improves, the trading activity in the S market will naturally increase [4] - The RMB S market is experiencing structural changes, with state-owned enterprises accelerating their entry and a unique S fund ecosystem forming in China, driven by various factors including the demand for uncalled capital transfers [4][5] Group 3 - The book "Interpreting S Funds," co-authored by Wang Hong, highlights that China's economy is undergoing transformation and that the private equity investment market is entering a phase of steady and high-quality development [5] - The private equity secondary market is seen as a new opportunity for significant development, receiving high attention from the state [6] - The role of the private equity secondary market in value discovery and liquidity realization is becoming increasingly important, with S funds being key participants in this market [6]