无锡新尚资本茹华杰：构建国资创投新生态 赋能产业和国有资产双成长

Core Insights - Wuxi Xingshang Capital aims to build a local state-owned capital investment platform driven by an "ecological" approach to industry investment, focusing on nurturing competitive enterprises in technology innovation and industrial transformation [2][3] Group 1: Company Overview - Wuxi Xingshang Capital was established to support the development of Wuxi's economic zone, with a mission to convert quality urban construction resources into talent attraction, thereby fostering technological innovation and industrial upgrades [3] - The company has invested in 91 direct projects, with 41 classified as specialized and innovative enterprises, including 18 national-level "little giant" companies [3] - The firm emphasizes a "early and small" investment strategy, with 44 of its portfolio companies recognized as high-tech enterprises, contributing to a clear growth trajectory in alignment with the economic zone's development logic [3] Group 2: Financial Instruments and Market Position - Wuxi Xingshang Capital issued its first phase of technology innovation bonds on July 23, with a scale of 500 million yuan and a record low interest rate of 2.24% for AA+ rated bonds in Jiangsu province [4] - Despite a downturn in the Chinese private equity market from 2024 to mid-2025, Wuxi Xingshang Capital reported growth, with 37 portfolio companies securing new financing and 16 entering the IPO process [5] Group 3: Investment Strategy and Ecosystem - The company employs a unique "one axis, three pillars" business structure, focusing on direct equity investment while also engaging in fund of funds (FOF) business, investment banking services, and industrial services [7] - Wuxi Xingshang Capital adopts a "陪跑" (accompanying) strategy throughout the entire lifecycle of enterprises, investing at various stages from angel rounds to pre-IPO, fostering a self-sustaining cash flow [7][8] - The firm has developed a dynamic "GP circle," categorizing partners into seed investment groups, industry empowerment groups, and top brand groups, creating a collaborative ecosystem that supports enterprise growth and innovation [8] Group 4: Long-term Vision - The ultimate goal for Wuxi Xingshang Capital is to cultivate resilient industrial forces that can thrive across economic cycles and compete globally, emphasizing the importance of building a sustainable and innovative ecosystem [8]