Chang Jiang Shang Bao·2025-12-17 00:29Core Viewpoint - Changfei Fiber is actively exploring diversified growth paths beyond its core optical communication business by establishing a private equity investment fund focused on high-end manufacturing and integrated circuits, aiming to enhance its long-term competitiveness [1][2]. Group 1: Investment Details - The total scale of the Shanghai M&A Private Equity Fund Phase III is 830 million yuan, with Changfei Fiber's subsidiaries contributing a total of 100 million yuan [1][2]. - Changfei Capital plans to invest 60 million yuan, accounting for 7.23% of the fund, while Changxin Bochuang plans to invest 40 million yuan, representing 4.82% [2]. - The investment focus includes high-end manufacturing, integrated circuits, new materials, new energy, and information technology, aligning with national policy support [2][3]. Group 2: Strategic Implications - This investment allows Changfei Fiber to build a "sensitive industry radar," enabling early access to quality projects in cutting-edge fields like integrated circuits and new materials [3]. - The fund's structure includes an 8-year duration with a 2-year extension option, and investment decisions require a two-thirds majority from a five-member committee [3]. Group 3: Collaborative Ecosystem - The fund is managed by Haitong M&A (Shanghai) Private Equity Fund Management Co., which is backed by Haitong Kaiyuan Investment Co., a subsidiary of Haitong Securities, providing robust investment management experience [4]. - The fund includes contributions from various entities, such as 290 million yuan from Haitong Kaiyuan and 260 million yuan from Shanghai Yiliu Industrial Co., enhancing the fund's resource backing [4]. - Changfei Fiber's participation reflects a dual-driven strategy of "industry + capital," aiming to consolidate market position through professional institutional resources [4]. Group 4: Future Prospects - The investment strategy aims to mitigate direct acquisition risks while allowing financial investment to share in industry growth dividends [5]. - Changxin Bochuang's involvement in the fund may reserve project resources for future technological collaborations or acquisitions in the semiconductor field [5].