Group 1 - The Chinese IPO market showed strong performance in the first half of the year, with A-shares progressing steadily and Hong Kong's IPO market thriving, leading to Hong Kong Exchanges and Clearing becoming the top global exchange for IPO fundraising [1][2] - The report from Ernst & Young indicates that the Hong Kong IPO market is recovering, with an expected fundraising amount of approximately $14 billion, accounting for 24% of the global total [2] - Major IPOs, such as CATL's $5.25 billion listing, significantly contributed to the fundraising figures, with the total amount expected to surpass last year's total [2][4] Group 2 - The A-share market saw a total of 50 companies go public, raising over 37.1 billion yuan, with both the number of IPOs and fundraising amounts increasing by 14% year-on-year [3][4] - The industrial, technology, and materials sectors dominated the IPO landscape, accounting for 86% of the total number of IPOs and 89% of the total fundraising amount [4] - The average first-day return for new A-shares reached 220%, with no IPOs experiencing a price drop, attributed to factors such as the scarcity of new shares and improved quality of listed companies [4][5] Group 3 - The "New Consumption + Hard Technology" sectors are emerging as key drivers for the Hong Kong IPO market, with biotechnology, health, retail, and consumer industries leading in IPO numbers [3][5] - The introduction of the "Special Line for Science and Technology Companies" in May aims to facilitate listings for tech-focused companies, enhancing the market's appeal to high-potential firms [3][5] - The North Exchange is increasingly attracting quality innovative SMEs, indicating a shift towards becoming a hub for hard technology enterprises [5]

Core Insights - Beijing is recognized as the "Unicorn City" with 115 unicorn companies and a total valuation of $594.9 billion, maintaining the highest number and valuation in the country for five consecutive years [1] - In 2024, Beijing welcomed 23 new unicorn companies, with 13 emerging from future industry sectors such as general artificial intelligence, smart transportation, cell therapy, commercial aerospace, metaverse, new energy storage, and hydrogen energy [1] - The majority of Beijing's unicorn companies are characterized by "hardcore technology," with 71.3% classified as hard tech, reflecting a 28.3% increase since 2020 and an average annual growth rate of 7% [1] Industry Development - Unicorn companies in Beijing are actively exploring new application scenarios, including AI-assisted diagnostic imaging systems in community hospitals and autonomous driving services [2] - The commercial aerospace sector has achieved communication network testing in Thailand through low-orbit broadband satellite internet [2] - Beijing's success as a fertile ground for unicorn development is attributed to its adherence to the growth principles of "ecology-based, innovation-driven, capital-supported, and market-oriented" [2] Supportive Ecosystem - Beijing has implemented the "Unicorn Ten Measures" to provide extensive support for unicorn companies, including tax incentives, land use policies, and talent settlement programs [2] - A dual "government + market" service team has been established to address the daily needs of unicorn companies, resolving nearly 300 requests annually [3] - Over the past five years, 38 unicorn companies have gone public, supported by a long-term focus on "accompanying" innovation cultivation and the establishment of over 500 incubation institutions [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released eight measures to deepen the reform of the Sci-Tech Innovation Board (STAR Market), aiming to enhance support for "hard technology" enterprises and promote the development of new productive forces [1][2]. Group 1: Implementation of Policies - The implementation of the "Eight Measures" has led to a noticeable increase in the prominence of "hard technology" companies, with a surge in mergers and acquisitions (M&A) activity and continuous product innovation [1][2]. - The CSRC is committed to advancing the implementation of these measures, focusing on reforms in issuance and underwriting, equity and debt financing, M&A, and trading mechanisms to enhance the inclusiveness and adaptability of the system [1][7]. Group 2: Support for Unprofitable Companies - The acceptance of unprofitable companies for listing on the STAR Market is a significant indicator of the capital market's support for "hard technology" firms, with 54 unprofitable companies currently listed [2]. - Among these, 22 companies have achieved their first profit post-listing, demonstrating the effectiveness of the STAR Market in nurturing tech enterprises [2]. Group 3: Mergers and Acquisitions Activity - The "Eight Measures" have stimulated M&A activity, with several "hard technology" companies announcing acquisition plans, primarily focusing on vertical integration within their supply chains [4][5]. - Notable examples include the acquisition of unprofitable firms and significant asset restructuring among leading companies in the computing sector, indicating a trend towards resource consolidation in "hard technology" [4]. Group 4: Product Innovation and Market Development - The STAR Market has seen the introduction of a diverse range of products, including new indices and ETFs, which enhance support for technology innovation throughout the lifecycle of enterprises [6]. - The expansion of the ETF product system is seen as a crucial mechanism for guiding resources towards "new" sectors, providing stable funding channels for technology companies [6]. Group 5: Future Directions - The CSRC plans to further enhance the STAR Market's role as a "testbed" for reforms, aiming to attract more capital into "hard technology" enterprises and improve the overall effectiveness of services for technological innovation and new productive forces [7].

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with a continued profit-making effect from "new share subscriptions" Group 1: IPO Market Performance - Since 2025, 31 new stocks have been listed in Hong Kong, with only 9 experiencing a decline on their first day, resulting in a 29.03% failure rate. In the first half of 2024, 70 new stocks were listed, with 25 breaking below their issue price, leading to a 35.71% failure rate [1][2] - New stocks related to "new consumption" and "hard technology" have shown strong performance, with 13 stocks rising over 10% on their debut, including Ying'en Biotechnology, which surged by 116.70% [1][2] Group 2: Characteristics of Successful IPOs - Successful IPOs often feature leading companies in popular industries, particularly in "technology + consumption" sectors, including emerging consumer goods and advanced technology fields [1][2] - A-share companies going public in Hong Kong have also performed well, with no A-share company experiencing a decline on their first day this year. Notably, Ningde Times raised 41 billion HKD [2][3] - The quality of cornerstone investors significantly impacts the performance of new stocks, with reputable investors providing a strong endorsement of the company's fundamentals and future prospects [3][4] Group 3: Subscription Demand - High subscription multiples are a key characteristic of successful new stocks in Hong Kong, with some stocks experiencing subscription multiples exceeding 5000 times, as seen with the "Snow King" Mixue Group [4]

科创板公司再融资项目迎来新进展。上交所官网显示，6月份以来截至6月16日记者发稿，已有7家科创 板公司更新再融资进展，审核状态涉及提交注册、已受理等。 6月19日，《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》（以下简称"科创板八 条"）发布将满一周年。一年来，科创板改革落地见效，科技企业资本市场工具箱持续扩容，进一步增 强对科技创新的包容性适配性。 具体来看，"轻资产、高研发投入"认定标准落地、提高股权激励精准性、提高并购重组估值包容性、科 创债"绿色通道"等契合科技企业发展的创新制度陆续落地，进一步突出科创板"硬科技"特色，更好服务 科技创新和新质生产力发展。 晶合集成在2024年高效注册20亿元科技创新公司债券。"未来，我们将继续充分利用科创板各项支持政 策，坚定不移推动科技创新，为半导体产业发展贡献力量。"晶合集成董事长蔡国智表示。 在同济大学上海国际知识产权学院创新与竞争研究中心主任任声策看来，"科创板八条"发布以来，为开 展关键核心技术攻关的"硬科技"企业股债融资、并购重组提供"绿色通道"，确定"轻资产、高研发投 入"认定标准等，一系列制度均有利于科创板企业进一步快速成长为"链主"企 ...

据悉，"25创星PPN001"的发行由浦发银行担任牵头主承销商，由中国银行、中信银行和成都银行 （601838）担任联席主承销商，票面利率2.10%，全场认购倍数3.58倍。此外，该笔科创债由中债信用 增进投资股份有限公司提供全额担保，西安担保集团有限公司下属的西安投融资担保有限公司提供反担 保。 中科创星创始合伙人李浩说，创投机构在银行间债券市场发债融资，不仅有助于其拓宽融资渠道，推动 募、投、管、退业务良性循环，也将推动金融"活水"精准滴灌至掌握关键核心技术的科技创新企业。 6月16日，中科创星科技投资有限公司(下称"中科创星")在中国银行间债券市场成功发行"2025年度第一 期定向科技创新债券——25创星PPN001(科创债)"，发行规模为4亿元，期限为5+5年。 这是国内债券市场首个"科技板"民营股权投资机构长期限科技创新债券落地。中科创星因此成为全国首 个成功发行科创债券的民营股权投资机构。 中科创星表示，该债券所募集资金将用于新一代信息技术、人工智能、半导体等硬科技领域基金的出资 及置换，壮大"耐心资本"。 中科创星成立于2013年。截至今年6月，该机构在管资金规模超过120亿元，已投资孵化超过5 ...

当然，被调出指数的企业个股并不意味着丧失了投资价值，经营稳健、规范治理的企业仍可能通过技术 升级和行业整合保持竞争力。 指数样本股的调整，本质上并不会改变一家上市公司的投资价值，但是却能够引发投资者或主动或被动 地调整持仓，对于调入的公司自然是一件好事，但对于调出的公司，也不必过于忧虑。 现如今样本股的选择标准更加倾向于投资者的交易热情，并不是因为硬科技公司调入了指数样本股而受 到投资者的追捧，而是因为投资者的追捧让硬科技公司具备了调入指数样本股的条件。两者相辅相成、 互为促进。 此次指数样本股调整，是资本市场与实体经济同频共振的必然选择。硬科技企业的调入，不仅提升了指 数的成长性和估值溢价率，更通过优化资源配置，服务了国家战略和产业升级。硬科技赛道既是机遇也 是挑战，理性布局、长期跟踪将是关键。未来，随着更多硬科技企业成为指数样本股，资本市场将进一 步发挥晴雨表和资源优化配置的作用，为中国经济的高质量发展注入新动能。 近日，沪深交易所和中证指数有限公司纷纷发布重要指数样本股调整公告，包括深证成指、创业板指、 上证50、上证180、沪深300、中证500等指数样本股都将进行调整，6月16日起正式实施。调入的新 ...

每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 来源： 国家中小企业发展基金有限公司 深创投中小企业发展基金（苏州）合伙企业（有限合伙） ，注册地：江苏省苏州市，管理机构为 上海红土创新私募基金管理有限公司，基金总规模20亿元，主要投向新一代信息技术、高端装备 制造、生物技术及健康产业、新材料、新能源与节能环保等硬科技领域的中小企业。 对接需求请扫码 上海中科创星先导创业投资合伙企业（有限合伙） ，注册地：上海市，管理机构为北京中科创星 创业投资管理合伙企业（有限合伙），基金规模26.17亿元，主要投向先进制造、信息技术、新能 源新材料等硬科技领域和未来产业的中小企业。 近日，国家中小企业发展基金有限公司宣布完成第七批子基金设立任务，分别与 中科创星、东方 嘉富、蓝驰创投 三家投资机构签约，加上今年4月与深创投签约设立的子基金，至此，国家中小企 业发展基金第七批子基金全部完成签约设立。 东方嘉富（鄂尔多斯）中小企业创业投资合伙企业（有限合伙） ，注册地：内 ...

Core Insights - The VC/PE market in May 2025 experienced a slight month-on-month decline but a year-on-year increase, with Zhejiang, Jiangsu, and Guangdong leading in fundraising activities [3][4]. Fundraising Analysis - In May 2025, a total of 490 new funds were established, a decrease of 12% month-on-month but an increase of 10% year-on-year, with 418 institutions participating in fund establishment [7][5]. - The investment market saw a slight decline in activity, but the scale increased by 47% year-on-year, with Jiangsu, Guangdong, and Shanghai accounting for nearly 50% of the total financing scale and number [8][27]. - The semiconductor, artificial intelligence, and new materials sectors were the most sought after, with battery and energy storage technologies, as well as biomedicine, attracting significant investment [29][8]. Regional Fundraising Highlights - In May 2025, 24 provinces and regions established new funds, with Zhejiang leading at 94 funds, followed by Jiangsu with 75 and Guangdong with 54 [14][12]. - Qingdao and Jiaxing emerged as key fundraising hubs, with significant year-on-year growth in these regions [17][14]. Investment Cases Overview - In May 2025, there were 597 investment cases, a decrease of 17% month-on-month but an increase of 5% year-on-year, with the total investment scale reaching 73.9 billion yuan [24][29]. - The majority of financing activities were concentrated in Jiangsu, Guangdong, and Shanghai, with Jiangsu leading in both the number of financing cases (121) and financing amount (13.728 billion yuan) [27][29]. Investment Trends - The A-round financing dominated transaction numbers with 192 cases (32% share), while the scale of financing in later rounds was notable, with public listings and subsequent rounds accounting for 22% of the total scale [31][32]. - Small to medium-sized transactions were prevalent, with deals in the 10 million to 50 million yuan range making up 41.7% of the total, indicating a cautious but active market for quality projects [32][31]. Notable Financing Cases - Key financing cases included AirCloud with $300 million in E-round funding, and Xiangdao Mobility raising 1.3 billion yuan in C-round financing [36][37].

Group 1 - Guangdong Province has launched a 10 billion yuan Smart Industry Fund, with an initial fundraising of 2 billion yuan, focusing on AI, robotics, and semiconductor technology [2] - The second phase of the 100 billion yuan Service Trade Innovation Development Fund has been initiated, aiming to leverage fiscal funds to foster new foreign trade formats [2] - The Yangtze River Delta Digital Cultural Industry Fund has been established with a total scale of 10 billion yuan, focusing on the integration of culture and AI [2] Group 2 - The first AIC equity investment fund in Shaanxi Province has been registered, with a total scale of 400 million yuan, targeting new generation information technology and intelligent manufacturing [2] - A 5 billion yuan Sichuan Province Achievement Transformation Guidance Fund has been launched, focusing on key technologies in AI and semiconductors [2] - The Hubei Xiaogan Low-altitude Economic Investment Fund has been registered, with a target scale of 5 billion yuan, focusing on drone manufacturing and aviation logistics [3] Group 3 - Jiangxi Jiujiang has established a high-quality industrial development investment fund with a contribution of 3.001 billion yuan, focusing on private equity investment [3] - A 1 billion yuan new materials industry mother fund has been set up in Lianyungang, with a focus on high-performance fibers and advanced inorganic non-metallic materials [3] - A 5 billion yuan talent innovation fund has been launched in Huzhou, targeting new energy vehicles and semiconductor sectors [3] Group 4 - The Longjiang Venture Capital Fund has been publicly soliciting fund management institutions, with a total scale of 500 million yuan, focusing on strategic emerging industries [4] - The 2 billion yuan Kexing Innovation Fund has been registered in Zhangzhou, focusing on electronic information and health industries [4] - The 85 billion yuan Future Industry Angel Fund in Changzhou has completed registration, targeting strategic emerging industries [4] Group 5 - A 10 billion yuan AI terminal fund has been established in Shenzhen, with a focus on AI terminal industry development [5] - Felicis Ventures has completed a $900 million fundraising for its tenth fund, focusing on early-stage AI and technology investments [5] - Goldman Sachs Asset Management is seeking to raise over $14.2 billion for its largest S fund to date [5] Group 6 - The first QFLP fund in Hefei has been established with a scale of $100 million, focusing on strategic emerging industries [6] - The Jiangcheng Huafa Fund has been registered with a scale of 1.01 billion yuan, focusing on the semiconductor sector [6] - The Chengdu Jiaozi Financial Holding Group has issued a 5 billion yuan technology innovation bond [7] Group 7 - The National First Pension Science and Technology Industry Fund has been established in Shanghai, focusing on smart healthcare applications [8] - A 2.7 billion yuan Chuxing Venture Capital Fund has been registered in Hubei, targeting new energy and semiconductor industries [8] - A 1 billion yuan new materials and smart construction fund has been established by Zhejiang University Holdings [8] Group 8 - Zhongwei Company plans to invest 735 million yuan in a 1.5 billion yuan semiconductor fund, focusing on the semiconductor and strategic emerging sectors [9] - Ningbo Huaxiang Electronics is establishing a 1 billion yuan industry fund, focusing on the automotive parts industry [9] - Suzhou Yinghuate is participating in a 1 billion yuan industry fund, focusing on high-end equipment and semiconductor sectors [9] Group 9 - Xiamen has issued measures to utilize government investment funds to empower industrial chain development, with a total of 150 billion yuan allocated [10] - Fujian Province has issued management measures for provincial government investment funds, focusing on strategic emerging industries [10] - Tianjin has adjusted the management regulations for the Haihe Industrial Fund, emphasizing the leverage of social capital [11]