最高容亏100%，3000亿基金，这个省会城市放大招

Core Viewpoint - The Wuhan Municipal Government has released an action plan aimed at promoting high-quality development of technology finance and establishing a national technology finance center by 2027, with a target of exceeding 3 trillion yuan in equity investment fund scale [1]. Group 1: Key Measures in the Action Plan - The plan encourages government investment funds to collaborate with listed companies and key enterprises in the industry chain to establish merger and acquisition funds, with a maximum government investment ratio of 1:1 [2][11]. - It proposes practical measures across all stages of fund management, including increasing the contribution ratio of sub-funds to over 50% and extending the maximum duration of funds to 15 years [2]. - The plan allows government investment funds to invest up to 20% of the new investment amount in seed and angel funds, enhancing the role of government investment funds [2][4]. Group 2: Tolerance for Losses - The action plan introduces a groundbreaking tolerance for losses, allowing seed funds and angel funds to incur losses of up to 80% and 60% respectively, with single projects allowed to incur losses of up to 100% [4][7]. - This tolerance mechanism is seen as a significant breakthrough in the national context, as it allows for a higher overall loss tolerance at the fund level compared to individual project levels [4][6]. - The plan reflects a broader trend where local state-owned assets are increasingly accepting full loss tolerances, indicating a shift towards a more risk-tolerant investment environment [6][8]. Group 3: Fund Evaluation and Management - The action plan emphasizes the need for a scientific evaluation system for funds, stating that individual fund or project profits and losses should not be the sole basis for assessment [5][10]. - It aims to create a favorable environment for innovation and risk tolerance, encouraging the establishment of a comprehensive evaluation system that aligns with the characteristics of the venture capital industry [9][10]. - The plan also highlights the importance of a flexible and market-oriented approach in the management of mother funds, with low return requirements and fewer restrictions on fund management teams [18][19]. Group 4: M&A Fund Development - The action plan outlines a strategic focus on the establishment of merger and acquisition funds, which is expected to stimulate activity in the primary market following the recent regulatory changes [12][15]. - The introduction of the new merger and acquisition regulations is anticipated to facilitate private equity fund participation in significant transactions, enhancing the overall market dynamics [13][16]. - The plan positions Wuhan as a hub for mother fund development, with multiple funds established to support the growth of equity investment in the region [17][18].