Core Insights - The global primary market is undergoing significant changes in 2025, driven by disruptive technologies led by artificial intelligence and reshaped capital flows due to geopolitical factors, leading to new investment themes in defense technology, aerospace, and quantum computing [1][20]. Group 1: Market Overview - From January 1 to December 31, 2025, there were 112 new registrations of private equity and venture capital fund managers in China, remaining roughly flat year-on-year, while 662 fund managers were deregistered, a decrease of 28.7% [1][20]. - A total of 1,696 new private equity investment funds were registered, marking a year-on-year increase of 12.2%, with significant growth concentrated in the second quarter and after August [1][20]. - The number of newly registered venture capital funds reached 3,208, reflecting a year-on-year growth of 22.4%, maintaining positive growth since March [1][20]. Group 2: Fundraising and Investment Activity - In 2025, 12 funds raised over 3 billion yuan, with a total fundraising amount of 55.806 billion yuan. Eight institutions raised funds more than twice during the year, including Kangqiao Capital and Jiayu Capital [1][20]. - The domestic primary market saw 5,599 companies complete 6,343 investment events, representing year-on-year growth of 2.6% and 7.5%, respectively. The total disclosed investment amount reached 440.099 billion yuan, a decrease of 20.5% compared to 2024 [2][20]. - Eleven investment institutions participated in over 40 events, showing a year-on-year increase of 37.5%. Among VC institutions, Shenzhen Innovation Investment Group (Deep Venture Capital) led with 93 participations, a slight increase of 4.5% year-on-year [2][20]. Group 3: Deep Venture Capital's Activities - Deep Venture Capital registered six new funds in 2025, with a total registered capital of 10.622 billion yuan. The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund aims for a total scale of 5 billion yuan, with 3.6 billion yuan already raised [5][25]. - The fund focuses on key areas such as general and specialized computing power, new architecture storage, and optical electronics, aiming to build a self-controlled and efficient integrated circuit industry supply system [5][25]. - Deep Venture Capital's seed fund, Shenzhen Hongtu Seed No. 1, has a total scale of 300 million yuan and focuses on early-stage innovative technology concepts in fields like smart terminals and robotics [5][25]. Group 4: Investment Trends and Focus Areas - Deep Venture Capital's investment events predominantly involved amounts of 100 million yuan and below, with 64.3% of events in this range. The highest investment was 800 million yuan in a D-round financing for a medical isotope and drug developer [9][29]. - Approximately 40% of Deep Venture Capital's investments were in A-round funding, with B-round investments accounting for 24.7%. Early-stage investments (angel and Pre-A rounds) made up 18.3%, indicating a clear trend towards early and smaller investments [11][31]. - The industry distribution of investments showed that about 29% were in advanced manufacturing, particularly in the integrated circuit sector, while investments in artificial intelligence accounted for 15.1%, up from 11.2% in 2024 [13][33]. Group 5: Regional Focus and Unicorn Investments - Shenzhen remains the primary focus for Deep Venture Capital, with about 28% of investment events occurring there. The city is advancing its "20+8" industrial cluster policy, which aligns with Deep Venture Capital's investment strategy [15][35]. - In 2025, Deep Venture Capital invested in four unicorn companies, including a regenerative medicine materials firm and a modular integrated chip design company. Additionally, 16 projects from Deep Venture Capital went public, with significant representation in the semiconductor and hardware sectors [17][37].
2025一级市场回顾 | 深创投：3亿种子基金与训练营同时落地 加码推动“20+8”产业集群
Xin Lang Cai Jing·2026-01-09 05:41