Venture(US:VEMLY) Sou Hu Cai Jing·2025-12-26 10:17Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to attract a wide range of participants to form a fund scale of trillions of yuan, with a focus on early-stage investments and hard technology sectors [1][5]. Group 1: Fund Structure and Operation - The fund adopts a three-tier structure: "Fund Company - Regional Fund - Sub-fund," which is described as a "mother fund of mother funds" [6][8]. - The National Venture Capital Guidance Fund will operate under a company system, with a 20-year duration, allowing for a more patient investment approach [7][5]. - Sub-funds will operate under a market-oriented model, with an average scale not exceeding 1 billion yuan, and at least 70% of investments directed towards seed and early-stage enterprises [9][10]. Group 2: Investment Strategy - The fund emphasizes a "four investment" approach: investing early, investing small, investing long-term, and investing in hard technology [3][4]. - At least 70% of the fund's capital will be allocated to seed and early-stage companies, with individual investments capped at 50 million yuan for companies valued below 500 million yuan [4][5]. - The fund will have a 20-year lifespan, breaking away from the traditional 7-10 year investment cycle, which is particularly beneficial for long-cycle sectors like innovative pharmaceuticals [5]. Group 3: Regional Funds - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [1][16]. - The Beijing-Tianjin-Hebei fund will be managed by China Investment Corporation's subsidiary, focusing on mobilizing central financial enterprises [13][14]. - The Yangtze River Delta fund will be managed by State Development Investment Corporation, aiming to gather various social capital to empower regional tech enterprises [14][15]. - The Guangdong-Hong Kong-Macao Greater Bay Area fund will be managed by Shenzhen Capital Group, encouraging diverse market participants to engage [15]. Group 4: Investment Focus - The funds will target key sectors such as integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [17]. - The investment strategy aligns with national planning documents, focusing on strategic emerging industries and future industries [5][12].