多省S基金抢滩，超百亿资金涌入，却卡在“估值七稿”

Core Viewpoint - The article discusses the rapid establishment of S funds in various provinces in China, driven by government policies, and highlights the challenges faced in transitioning from policy-driven growth to market-driven sustainability [1][5][6]. Group 1: S Fund Establishment - The Zhejiang S Fund has a target scale of 5 billion yuan and completed its registration after nearly two years of preparation [2][3]. - Other provinces like Fujian and Henan are also establishing S funds with similar target sizes, indicating a competitive landscape for S fund establishment [3][4]. - The establishment of S funds is seen as a response to the policy guidance from the State Council aimed at promoting high-quality development of government investment funds [4][8]. Group 2: Policy Support - The release of the "Guiding Opinions" by the State Council in January 2025 marked a significant policy shift, encouraging the development of private equity secondary market funds [4][8]. - Local governments are rapidly responding to this policy shift, with multiple regions issuing supportive measures and establishing S funds within weeks of the policy announcement [12][15]. Group 3: Challenges in Pricing Mechanism - The article highlights the difficulties faced by local S fund teams in establishing a clear pricing mechanism for asset transfers, which has led to delays in transactions [18][22]. - There is a lack of unified standards for S fund share valuation across different regions, complicating the transaction process and increasing costs [25][27]. - The article notes that the absence of a standardized pricing model has resulted in significant discrepancies in asset valuations, leading to stalled negotiations [23][24]. Group 4: Talent Shortage - There is a notable shortage of professionals with expertise in S fund transactions, which complicates due diligence processes and hinders the growth of the sector [32][33]. - Efforts are being made to train more professionals in this field, but immediate needs are often met by hiring from other financial institutions at high salaries [33]. Group 5: Market Dynamics - The competition among local governments to establish S funds has intensified, with many regions vying for pilot qualifications in the secondary market [11][17]. - The article indicates that the S fund market is experiencing a "three reductions" phenomenon, with declining discount rates, transaction rates, and trading continuity, reflecting increasing divergence in market expectations [28].