Sou Hu Cai Jing·2025-12-26 23:35Core Viewpoint - The emergence of high-tech "unicorn" companies like Moore Threads and Muxi Co., Ltd. has created wealth effects for primary market investors, with listed companies increasingly participating in industry investment funds through corporate venture capital (CVC) models, focusing on hard technology sectors closely related to their main businesses [2][4]. Group 1: Industry Investment Trends - In 2023, 341 events of listed companies participating in the establishment of industry funds occurred, remaining stable compared to the previous year [4]. - Key sectors attracting investment include "new materials," "new energy," "artificial intelligence," "semiconductors," and "intelligent manufacturing," with these terms appearing nearly 150 times in the context of industry fund investments [4]. - The IPO count in advanced manufacturing reached 43, leading the market, followed by electronic information and healthcare sectors [5]. Group 2: Corporate Venture Capital (CVC) Insights - CVCs are increasingly favored by limited partners (LPs) due to their strategic depth and ability to integrate investments with corporate strategies, contrasting with traditional financial investments [6]. - CVCs accounted for 11.24% of total investment events in the primary market this year, with 33.07% of "unicorn" companies receiving CVC investments, indicating a high success rate [6][8]. - Approximately 410 A-share listed companies have established CVC institutions, representing about 7.5% of the total number of listed companies, a figure comparable to the U.S. market [9]. Group 3: Impact on Market Dynamics - The increasing maturity of CVC capabilities among listed companies is expected to deepen their influence in the primary market [10]. - Companies like Huagong Technology are establishing funds to strengthen their competitive edge in key sectors and to foster innovation in emerging industries [10][11]. - The shift in fundraising dynamics is evident, with a trend towards local state-owned assets becoming dominant LPs, reflecting a broader strategy of aligning with local industrial goals [11].