Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-26 04:20Core Viewpoint - The National Venture Capital Guidance Fund will utilize 100 billion yuan of special long-term bonds funded by the Ministry of Finance to encourage social capital participation in venture investments, focusing on strategic emerging industries and early-stage innovative enterprises [1][2]. Group 1: Fund Structure and Objectives - The National Venture Capital Guidance Fund is fully funded by the Ministry of Finance at the national level, serving as an important vehicle for leveraging fiscal policy effectiveness [1]. - The fund aims to support "hard technology" by directing investments towards strategic emerging industries as outlined in the 14th Five-Year Plan, promoting projects that enhance total factor productivity and have high social benefits [1]. - The fund will adopt an "early investment" strategy, primarily targeting high-growth seed-stage, startup, and early to mid-stage innovative small and micro enterprises, acting as an "angel investor" to alleviate market funding shortages [1]. Group 2: Post-Investment Management - The Ministry of Finance will fulfill its responsibilities as the national investor by conducting performance evaluations and ensuring compliance with legal and regulatory standards [2]. - A comprehensive evaluation system will be developed to assess the effectiveness of policy goals and fund operations, rather than relying solely on individual project profitability [2]. - The fund will enhance its risk management framework to cover the entire lifecycle of fundraising, investment, management, and exit, thereby improving the efficiency of fund utilization [2].