快报！兆易创新 4 亿认购集成电路基金 25.87% 份额

Core Viewpoint - The company, Zhaoyi Innovation, is investing 400 million yuan in a venture capital fund focused on the integrated circuit industry, becoming the largest limited partner in the fund, which aims to support early-stage and high-tech enterprises in this sector [1][3][6]. Group 1: Investment Details - Zhaoyi Innovation will invest 400 million yuan to acquire a 25.87% stake in the Shanghai Shixi Zhaoyi Zhixin Venture Capital Partnership, which has a total subscription amount of 1.546 billion yuan and a cap of 2 billion yuan [1]. - The fund will focus at least 70% of its investments on the integrated circuit sector, targeting early-stage, small, and high-tech companies [3]. - The fund has an 8-year lifespan, with the first 4 years designated for investment and the latter 4 years for exit, allowing for a potential extension of the exit period [3]. Group 2: Fund Management and Decision-Making - Zhaoyi Innovation will appoint a representative to the fund's investment decision committee, which consists of four members, ensuring significant influence over investment decisions [3]. - The management fee structure varies by phase, with a fee of 2% per year during the investment period and 1.9% during the exit period [4]. Group 3: Profit Distribution - The fund follows a principle of returning capital to partners before profit distribution, with an 8% preferred return for limited partners [4]. - After returning the capital, any excess profits will be distributed in an 80:20 ratio between limited and general partners [4]. Group 4: Strategic Implications - This investment is seen as a strategic move to leverage industry expertise and resources, enhancing Zhaoyi Innovation's position in the integrated circuit sector and supporting its long-term business development goals [5][6]. - The company reported a revenue of 6.832 billion yuan and a net profit of 1.083 billion yuan for the first three quarters of 2025, indicating strong financial backing for this investment [5].