新加坡LP出手，参投上海科创三期基金

Core Viewpoint - The article highlights the renewed interest of foreign LPs in China's primary market, contrasting with the relative quietude of 2023-2024, indicating a positive shift in fundraising, talent acquisition, and institutional arrangements [4]. Group 1: Foreign Investment in Shanghai - On November 23, Shanghai Kechuang Fund signed a QFLP cooperation and investment intention agreement with Singapore's Yonglong Xinghe, planning to establish a QFLP fund with a scale of 500 million yuan to invest in the Shanghai Kechuang Phase III Fund [7]. - This collaboration aims to broaden financing channels for Shanghai's tech enterprises, particularly those in growth stages and high-tech sectors, providing stable and patient funding support [8]. - The international investment perspective and industrial resources from firms like Yonglong Xinghe will help connect invested companies with global markets, enhancing their international operational capabilities [8]. Group 2: Return of Foreign LPs - The primary market in 2025 is showing signs of new opportunities, with positive changes in fundraising trends and talent demand, indicating a warming sentiment among dollar funds [10]. - There has been a noticeable increase in recruitment for dollar IR positions, reflecting a shift in strategy as institutions prepare to restart fundraising or expand overseas operations [10]. - Various regions are actively working to attract foreign capital, exemplified by Shenzhen's recent announcement of a plan to attract global sovereign funds, aiming to deepen cross-border capital cooperation [11]. Group 3: Policy Signals and Market Sentiment - The Shanghai Stock Exchange has emphasized its commitment to expanding institutional openness and cross-border financing channels, signaling a shift from short-term trading to long-term value investment based on industrial competitiveness [12]. - The change in foreign attitudes towards Chinese assets is driven by a rediscovery of asset value, with a clear preference for investing in sectors like AI, reflecting a new recognition of China's innovative capabilities [12][14]. - The re-evaluation of the value of Chinese assets by international capital is influenced by policy benefits, technological innovations, supply chain resilience, and improved exit channels [14].