启明创投，正式入主A股上市公司！

Core Viewpoint - Qiming Venture Partners has officially acquired a controlling stake in Tianmai Technology, marking a significant move in the private equity landscape in China [2][6]. Group 1: Acquisition Details - On January 6, 2026, Tianmai Technology announced the completion of the transfer of 17.75 million shares, representing 26.10% of the company's total equity, from its controlling shareholders to Suzhou Qichen, a fund managed by Qiming Venture Partners [2][5]. - The total price for the share transfer was finalized at 541 million yuan, after several adjustments from the initial agreement of approximately 452 million yuan [5][6]. Group 2: Market Implications - The acquisition has sparked speculation about Qiming Venture Partners' intentions, with expectations that they may inject assets from their portfolio companies into Tianmai Technology to create a closed-loop of fundraising, investment, management, and exit [6]. - Suzhou Qichen has stated that there will be no immediate changes to Tianmai Technology's core business in the next year, but there may be potential adjustments to enhance the company's development and asset quality within 12 months [6]. Group 3: Industry Context - Qiming Venture Partners is not the first venture capital firm to acquire a publicly listed company, as several private equity funds have entered the market following the release of the "M&A Six Guidelines" by the China Securities Regulatory Commission [7]. - The evolving role of general partners (GPs) in private equity is highlighted, shifting from merely selecting investments to becoming orchestrators of mergers and acquisitions, emphasizing the importance of asset integration capabilities [7].