无锡新尚资本茹华杰：构建国资创投新生态 赋能产业和国有资产双成长

Core Viewpoint - The true success of Wuxi Xinshang Capital lies not in a few star project exits, but in cultivating industry forces that can withstand cycles and compete globally [2][12]. Group 1: Company Strategy and Vision - Wuxi Xinshang Capital aims to strengthen local innovation ecosystems through patient capital, nurturing future enterprises that can compete globally while achieving good financial returns on state-owned assets [3]. - The company has adopted a strategy of "investing early and investing small," with 41 out of 91 direct investment projects being specialized and innovative enterprises, including 18 national-level "little giant" companies [5][10]. Group 2: Market Position and Performance - Despite a downturn in the Chinese private equity market from 2024 to mid-2025, Wuxi Xinshang Capital reported growth, with 37 portfolio companies securing new rounds of financing and 16 entering the IPO process [8]. - The company has successfully supported the development of "Che Lian Tian Xia," a company focused on smart cockpit technology, by providing significant funding and facilitating its growth in the automotive sector [9]. Group 3: Financial Instruments and Innovations - Wuxi Xinshang Capital issued its first phase of sci-tech bonds in July 2023, raising 500 million yuan with a subscription multiple of 2.43 and a record low interest rate of 2.24% for similar bonds in Jiangsu Province [6]. Group 4: Ecosystem Development - The company has developed a unique business structure termed "one axis and three pillars," which includes direct equity investment, fund of funds (FOF) business, investment banking services, and industrial services, creating a vibrant ecosystem [10][11]. - Wuxi Xinshang Capital emphasizes a "陪跑" (accompanying) strategy throughout the entire lifecycle of enterprises, investing at various stages from angel rounds to pre-IPO, fostering a positive cycle of growth and cash flow generation [10].