Venture(US:VEMLY) Jin Rong Shi Bao·2025-12-29 02:05Core Viewpoint - The establishment of the National Venture Capital Guidance Fund aims to mobilize over one trillion yuan in funding to support strategic emerging industries and future industries through a three-tiered investment structure [1][2][5]. Group 1: Fund Structure and Objectives - The National Venture Capital Guidance Fund features a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," designed to leverage central government funds to attract social capital [2][3]. - The fund aims to achieve a market "blood production" of one trillion yuan by effectively utilizing central funds to stimulate private investment [2]. - The fund will focus on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [3]. Group 2: Investment Strategy - The fund emphasizes four investment principles: investing early, investing small, investing long-term, and investing in hard technology [3]. - Investments will be limited to companies with valuations below 500 million yuan, ensuring funds reach the grassroots level of various industries [3]. - The fund will have a 20-year lifespan, allowing for longer investment horizons, particularly in sectors like innovative pharmaceuticals that require extended return periods [3]. Group 3: Management and Oversight - A management model combining online monitoring and offline observers will be established to identify and mitigate risks early [4]. - The fund will implement a diversified exit strategy to ensure that investments can be recouped effectively, reducing reliance on IPOs [4][6]. - Performance evaluation will focus on overall effectiveness and post-investment support rather than the success of individual projects [4][6]. Group 4: Regional Funds and Initial Operations - 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 [7][8]. - These regional funds are designed to implement national strategies and facilitate the flow of capital into local innovation and technology sectors [7][8]. - As of December 26, the regional funds have signed investment intentions with 49 sub-funds and 27 direct investment projects, indicating readiness for operational deployment [8].