将投中网设为"星标⭐"，第一时间收获最新推送 俗话说，风水轮流转。这句话，在一级市场中也很受用。 作者丨陈美 来源丨 投中网 最近，我重温了美国电影《华尔街：金钱永不眠》，最直观的感受就是资本市场的潮起潮落、瞬息万变。 特别是主角盯着屏幕上跳动的数据，手指敲击桌面分析资金流向，跟团队强调"不要等风暴完全过去，要在雨停前找到新赛道"的片段，让人印象深刻。 有投资人朋友举例，今年的"妖股"药捷安康（02617.HK）便是典型案例。这家创新药在被媒体质疑0营收、市值却高达2700亿港元市值之后，股价大幅 跳水，于国庆节前夕股跌至140港元附近。但相比13.15港元的发行价，基石投资人仍可赚10倍，更别提早期入局的VC资本了。 投中嘉川CVSource数据显示，在药捷安康的基石投资人名单中，江北医药科技（香港）出手最阔绰，以7000万港元的认购额、53.8%的占比，成为最大 基石投资人。股权穿透后发现，这家投资主体是南京地方国资平台，而药捷安康就注册在南京。 俗话说，风水轮流转。这句话，在一级市场中也很受用。今年，随着港股市场的"逆袭"，一级市场投资人明显感受到回暖。 数据显示，2025年港股市场勇夺两项全球冠军：恒 ...

Core Viewpoint - The article discusses the active participation of pharmaceutical companies, particularly Pianzaihuang, in the primary market as limited partners (LPs) in various investment funds, highlighting their strategies to seek new growth opportunities amid fluctuating performance [4][10][12]. Group 1: Pianzaihuang's Investment Activities - Pianzaihuang has committed to invest RMB 200 million as a limited partner in the CICC (Zhangzhou) Medical Industry Investment Partnership, representing 20% of the fund's target size of RMB 1 billion [4][6]. - This marks Pianzaihuang's third investment as an LP since 2025, following previous investments in the "Zhaoying Huikang Fund" and the "Gaoxin Runxin Fund," both with a scale of RMB 1 billion [4][11]. - The company has a strong cash reserve of nearly RMB 5 billion as of June 2025, allowing it to actively engage in investment activities despite recent declines in revenue and profit [12]. Group 2: Fund Details and Partners - The CICC Medical Fund aims to invest in sectors such as traditional Chinese medicine, biomedicine, medical devices, and health services, with a focus on projects related to Pianzaihuang's industry chain [6][8]. - The fund has seven limited partners, with several having connections to Pianzaihuang, indicating a strategic alignment within the investment ecosystem [8]. Group 3: Broader Industry Trends - Other pharmaceutical companies, such as Taige Pharmaceutical and Jiuzhoutong, are also becoming active LPs in the primary market, reflecting a trend among biopharmaceutical firms to diversify their investment portfolios [4][13]. - Companies like Hengrui Medicine and Kanglong Huacheng are also establishing significant investment funds, indicating a robust interest in the primary market driven by strong financial performance [14][16]. - The trend of pharmaceutical companies acting as LPs is seen as a positive signal for the venture capital and private equity landscape, providing much-needed capital to startups and investment firms [17].

Core Insights - The primary focus of the article is the resurgence of the Hong Kong IPO market, highlighting increased activity from both limited partners (LPs) and companies seeking to list [3][4][7]. Group 1: Market Activity - Since 2025, the primary market has shown significant activity, with LPs' funding willingness rebounding, leading to an 8% increase in total funding scale and a 26% rise in activity compared to July [3]. - Financial institution LPs saw a 36% increase in funding scale, while financial LPs' activity rose by 7% and funding scale surged by 119%, particularly with notable foreign investments [3]. Group 2: IPO Trends - The Hong Kong IPO market is experiencing a strong comeback, with expectations of over 80 new listings in 2025, raising between 2500 million HKD to 2800 million HKD [8]. - In the first three quarters of this year, 66 new stocks are projected to raise 1823 million HKD, a 47% increase in the number of new stocks and a 228% increase in funding compared to the same period last year [8]. Group 3: Institutional Shifts - There has been a notable shift in institutional attitudes towards Hong Kong, with many VC/PE firms now prioritizing Hong Kong in their strategic plans [11]. - The capital market's activity has significantly increased since September of last year, with trading volume, turnover rates, and the scale of listed companies all experiencing substantial growth [12]. Group 4: Ecosystem Development - The local innovation ecosystem in Hong Kong is maturing, supported by various resources such as universities and guiding funds, facilitating deeper integration between mainland and Hong Kong venture capital ecosystems [13]. - Strategic collaborations are being formed to connect mainland tech companies and investment firms with local partners in Hong Kong [13]. Group 5: Future Outlook - The article concludes that the IPO pipeline in Hong Kong is robust, with ongoing listings from sectors like consumer goods and robotics, indicating a sustained market prosperity [15].

Core Viewpoint - XINWANDA ELECTRONICS CO., LTD. is set to launch an IPO on the Hong Kong Stock Exchange, following the footsteps of other major lithium battery manufacturers like CATL and EVE Energy [2][10]. Company Overview - Founded in 1997 by brothers Wang Mingwang and Wang Wei, XINWANDA started with consumer batteries and has expanded into automotive power batteries and energy storage [3][7]. - The company was listed on the Shenzhen Stock Exchange in 2011 and later on the Swiss Exchange in 2022, marking its third entry into capital markets [4][9]. Financial Performance - XINWANDA reported revenues of 521.62 billion RMB, 478.62 billion RMB, and 560.21 billion RMB for the years 2022 to 2024, with profits of 7.63 billion RMB, 3.31 billion RMB, and 5.34 billion RMB respectively [13]. - The company holds a 34.3% market share in the global mobile phone battery market, ranking first, and a 21.6% share in laptop and tablet batteries, ranking second [12]. Business Segments - The business is divided into three main segments: consumer batteries, power batteries, and energy storage systems [11]. - The revenue from power batteries increased from 126.87 billion RMB in 2022 to 151.39 billion RMB in 2024, while energy storage revenue rose from 4.55 billion RMB to 18.89 billion RMB in the same period [13]. Market Strategy - XINWANDA is facing intense competition in the power battery sector, dominated by CATL and BYD, which together hold over 60% of the market share [14]. - The company is expanding internationally, with significant investments in battery factories in Hungary, Vietnam, and Thailand to support its growth strategy [14][15]. Capital Market Activities - In addition to the upcoming IPO, XINWANDA is also planning to spin off its subsidiary, XINWANDA POWER, for a separate listing on the Shenzhen Stock Exchange [16][17]. - The company has made substantial investments in 73 companies, totaling over 6.5 billion RMB, primarily focusing on battery and energy storage technologies [18][19].

Core Viewpoint - The primary conclusion is that the primary market is losing its attractiveness for investment, leading many venture capitalists (VCs) and limited partners (LPs) to shift their focus to the secondary market for better opportunities [2][3][8]. Group 1: Shift from Primary to Secondary Market - Several traditional VC firms are transitioning from primary investments to secondary market opportunities, influenced by LPs who prefer investing in the secondary market [2][3]. - A notable early-stage internet company's corporate venture capital (CVC) has returned funds to LPs and ceased primary investments, indicating a broader trend among institutional investors [3][4]. - Family offices are also moving away from the domestic primary market, focusing instead on the secondary market, including shell acquisitions and mergers [5][8]. Group 2: Market Conditions and Performance - The primary market is facing significant fundraising challenges, with LPs increasingly reluctant to invest, opting instead for more liquid and lower-risk assets like stocks and bonds [8][9]. - The secondary market has recently experienced a bull market, with the Shanghai Composite Index surpassing 3,800 points, creating substantial wealth for investors [9][10]. - The median internal rate of return (IRR) for equity investments has dropped to 6.8%, significantly lower than the 9.2% annualized return of the CSI 300 index, highlighting the comparative advantage of the secondary market [8][9]. Group 3: Investor Behavior and Strategies - Many investors from the primary market are successfully trading stocks, often focusing on companies that align with their investment criteria from the primary market [12][13]. - The flexibility of stock trading is appealing to former primary market investors, allowing them to invest in previously inaccessible companies and exit more easily [13]. - Despite the advantages, there are challenges in transitioning from primary to secondary markets, as the investment philosophies and market dynamics differ significantly [14][15]. Group 4: Perspectives on Market Dynamics - There is a growing sentiment among LPs that the current bull market is different from previous cycles, with many stocks not participating in the rally despite overall market gains [16]. - The perception of risk and investment strategy varies among LPs, with some remaining cautious about primary market investments while actively engaging in secondary market trading [16].

Core Insights - Increasing participation of primary market institutions in the secondary market is observed, with some institutions reporting higher returns from private placements compared to traditional equity investments, achieving IRR between 30% to 90% [2] - The shift towards secondary market investments is driven by the need for survival and profitability, as fundraising in the primary market becomes increasingly challenging [3][4] Group 1: Market Trends - In 2024, the number of newly established private equity and venture capital funds decreased by 44.1% year-on-year, with total fundraising dropping nearly 40% to 412.14 billion yuan [3] - The average size of single funds has fallen to 133.8 million yuan, marking a ten-year low, indicating a tightening fundraising environment [3] - The number of registered private equity fund managers decreased by 810 compared to 2023, highlighting a significant contraction in the industry [4] Group 2: Investment Strategies - Many institutions are now focusing on secondary market investments as a strategy to cope with the difficulties in fundraising and exiting in the primary market [7][8] - The transition to secondary markets is seen as a necessary move for survival, with some institutions reporting substantial short-term gains from these investments [2][3] - The current investment landscape in the primary market is characterized by a lack of viable projects, leading to a cautious approach among investors [7] Group 3: Future Outlook - The year 2025 is viewed as a critical period for many small to medium-sized general partners (GPs), with survival at stake due to ongoing fundraising challenges [5] - The investment focus is shifting from high-growth internet sectors to hard technology, requiring patience for longer-term returns [6]

Core Viewpoint - The article discusses the challenges faced by a startup in the hard technology sector, highlighting the pressures from investors and the importance of perseverance in the face of adversity [4][5][6][7][14][21]. Group 1: Business Performance and Challenges - The founder expresses concerns about recent business performance and difficulties in securing new financing [15][17]. - The investor emphasizes the urgency of meeting commitments to create jobs and the broader implications for the community [6][7]. - The investor reflects on the significant resources invested in supporting the startup, including efforts to secure clients and funding [6][14]. Group 2: Personal Reflections and Motivation - The investor shares examples of successful individuals who achieved significant accomplishments later in life, suggesting that age should not deter ambition [9][10][11]. - The investor encourages the founder to consider their legacy and the impact they can have on the industry [22]. - The investor expresses a strong belief in the potential of the startup, indicating a willingness to wait for success [20][23]. Group 3: Future Events and Industry Engagement - The article mentions the upcoming Fourth Davos Global Fund of Funds Summit, which aims to facilitate dialogue among key figures in the fund industry [28][30]. - The summit will feature discussions on navigating economic cycles and the future of the global fund of funds industry [30][31].

Group 1 - A project has entered the stage of disbursing investment funds, with the company hoping for the funds to be disbursed by the end of the month for an official announcement next month [1] - The fund's custodian bank prefers to disburse the funds at the beginning of next month to meet their monthly deposit requirements [1] - A limited partner (LP) is interested in investing in a company but has concerns about risks, seeking positive evaluations to mitigate potential liabilities [1] Group 2 - An error occurred in reporting the follow-on investment amount, leading to a discrepancy of 100,000, which had to be rectified by seeking additional commitments from colleagues [2] - The company preparing for an IPO required a detailed post-penetration shareholding structure, which was mistakenly prepared by the analyst, only to find out it was unnecessary [4] - A misunderstanding regarding screen sharing during a meeting led to unintended exposure of personal messages, highlighting the importance of technical awareness in professional settings [5] Group 3 - A miscommunication regarding a dinner invitation led to an awkward situation when a driver was mistaken for a business associate [6] - An expensive mistake occurred when a flight was booked from the wrong airport, resulting in significant cancellation fees, which the firm refused to reimburse [6] - A social faux pas occurred during a dinner with a company founder, where an inappropriate compliment was made regarding the founder's spouse, leading to an uncomfortable situation [6]

Core Viewpoint - Tencent has invested in Meituan Longzhu, marking its continued active participation in the venture capital space, especially during a challenging fundraising environment for RMB funds [4][5][6]. Group 1: Investment Details - Chengdu Longzhu Equity Investment Fund was established in 2022 with a capital contribution of 2.303 billion yuan, focusing on private equity investments and asset management [6]. - The largest contributor to Chengdu Longzhu is Tianjin San快科技 Co., Ltd. (Meituan), indicating that this fund is a RMB fund based in Chengdu [6]. - Recently, Chengdu Longzhu added four new partners, including Tencent's Shenzhen Industrial Investment Fund, marking Tencent as the fifth largest shareholder with a contribution of 100 million yuan [7]. Group 2: Recent Investments - Chengdu Longzhu's latest investment was in Xinghaitu (Beijing) Artificial Intelligence Technology Co., Ltd., a humanoid robot startup with a Tsinghua University background, which has completed four rounds of financing this year [8]. - Tencent's involvement as a limited partner (LP) signifies a collaboration between two major internet giants in the venture capital field [9]. Group 3: Market Activity - Tencent has been particularly active in the primary market this year, with notable investments in various funds and companies, including a significant investment in the healthcare sector through Anze Capital [11]. - The company has also participated in other funds, such as Shanghai Lilan Private Investment Fund, further expanding its investment footprint [12]. - The current fundraising difficulties in the primary market highlight the importance of market-oriented LPs like Tencent, which can provide much-needed liquidity to VC/PE firms [13].

Core Viewpoint - The article discusses the journey of a solid-state battery company that ultimately faced substantial bankruptcy, highlighting the mismanagement and internal conflicts within the company [2][4]. Group 1: Company Background - The company was established in 2021, with a founding team that has a background in Japanese enterprises [6]. - The founder spent a significant amount of time in Japan during the pandemic, claiming to build a research and development team there [7][8]. - After raising several million yuan in funding in 2023, the founder returned to China [9]. Group 2: Internal Conflicts - The company experienced internal discord among the core team, leading to multiple operational locations in two adjacent cities in South China [14]. - The absence of the founder led to increased demands for salary raises from co-founders and the core team, resulting in higher management costs due to the establishment of multiple teams [17]. Group 3: Shareholder Discontent - In the second half of 2024, the founder sold shares of the employee stock ownership plan without convening a shareholders' meeting, which triggered backlash from existing shareholders [19]. - Shareholders were expecting a product testing report by the end of 2024, which was not delivered, leading to collective actions against the founder [19]. Group 4: Missed Opportunities - In early 2025, a leading company in the field expressed interest in acquiring the company, offering a deal that would allow investors to exit at cost, but the founder rejected the proposal [21]. - Shareholders proposed to reclaim the founder's shares due to breaches of contract, but the founder continued to refuse [22]. Group 5: Current Status - The company's domestic operations and management were reported to be relatively normal, with clear financial records [24]. - Shareholders hoped to gather evidence of the founder's mismanagement from the now-dissolved Japanese team, but the dissolution hindered this effort [25][26]. Group 6: Final Reflections - The overall assessment from the interviewee indicated that the founder lacked the capability and willingness to manage the company, while investors failed to exercise adequate oversight [30]. - Some state-owned investors managed to exit the company in time, while others were not as fortunate [30].