当前，S基金交易到底难在哪？

Group 1 - The core viewpoint of the article is the discussion on the valuation challenges and liquidity issues faced by S funds in the VC/PE industry, emphasizing the need for improved valuation methods and market mechanisms [5][9][10] - The 2025 Sixth China Mother Fund Summit was successfully held in Beijing, gathering over 300 representatives from government departments, industry associations, and leading investment institutions to discuss the development of the mother fund industry [1] - A roundtable forum titled "How S Funds Can Solve Valuation Difficulties and Liquidity Dilemmas" featured discussions among industry leaders on valuation methods, differentiated valuation systems, and improving liquidity in the S trading market [2][4] Group 2 - S funds have rapidly risen in the VC/PE industry, but valuation challenges remain a key bottleneck for healthy development, with a lack of public market pricing and limited asset transparency [5] - The valuation process for S funds is complex, requiring a combination of scientific methods and artistic judgment, as emphasized by industry experts [5][6] - Deepening the understanding of valuation logic involves considering who is valuing, what is being valued, and the reasons behind the valuation, as highlighted by various speakers [6][7] Group 3 - Liquidity issues in the S trading market stem from valuation discrepancies and a scarcity of quality assets, with initiatives like the launch of a standardized valuation framework by the Shanghai Equity Custody Trading Center aimed at addressing these challenges [9][10] - The maturity of core S fund buyers has significantly increased, allowing for more efficient market transactions as they engage closely with GPs and conduct thorough research on key projects [9] - The need for a more robust ecosystem and improved participation from GPs is crucial for overcoming liquidity challenges, as highlighted by industry leaders [10][11]