Core Viewpoint - China Pacific Insurance (CPIC) has launched two new funds totaling 50 billion yuan, aimed at supporting emerging industries and enhancing the capital market [2][3][6]. Fund Details - The two funds include the "Taibao Zhanzheng Mergers and Acquisitions Private Fund" with a target size of 30 billion yuan and the "Taibao Zhiyuan No. 1 Private Securities Investment Fund" with a target size of 20 billion yuan [2][4]. - The Taibao Zhanzheng Mergers and Acquisitions Private Fund will focus on the reform of state-owned enterprises in Shanghai and the construction of a modern industrial system, promoting the development of emerging industries [5]. - The Taibao Zhiyuan No. 1 Private Securities Investment Fund aims to respond to the call for expanding long-term investment reforms and focuses on a core investment strategy centered on dividend value [5][6]. Market Impact - These funds are expected to enhance the supply and structure of capital in the market, stabilize market fluctuations, and improve market resilience [6]. - CPIC has emphasized its commitment to high-quality development by focusing on three leading industries and technology-driven enterprises, particularly in healthcare, advanced manufacturing, and artificial intelligence [6]. Long-term Investment Reform - The launch of these funds marks CPIC's participation in the long-term investment reform pilot program, which allows insurance companies to establish private securities funds primarily investing in the stock market [9][10]. - The total amount for the long-term investment reform pilot program is expected to reach 222 billion yuan after the approval of the third batch [11]. Equity Investment Exploration - The Taibao Zhanzheng Mergers and Acquisitions Private Fund represents CPIC's ongoing exploration in equity investment, particularly in strategic emerging industries [13]. - CPIC has previously engaged in various equity funds, including investments in healthcare and advanced manufacturing sectors [15]. Future Outlook - The insurance sector is increasingly active in equity investments, driven by policy support and the need for diversified asset allocation strategies [15][16]. - The growth of private equity funds in the insurance industry is anticipated to continue, contributing to the support of the real economy and industrial upgrades [16].

Core Viewpoint - The article emphasizes the practical utility of the "Private Equity Investment Handbook," which covers essential aspects of due diligence, risk management, investment agreements, and dispute resolution in private equity investments [1][3]. Group 1: Due Diligence - The first chapter introduces the main processes and methods of due diligence in equity investment, focusing on the "Four Cores" of business due diligence, "Five Definitions" of financial due diligence, and "Six Dimensions" of legal due diligence [6]. - The chapter provides a detailed breakdown of the "Four Cores" of business due diligence, which includes business and product analysis, industry segmentation of the target company, research and development capabilities, and core competitiveness [6]. - Practical examples, such as Muddy Waters' "Seven Axes" for due diligence, illustrate how to conduct thorough investigations, including document review, related party checks, field research, and supplier inquiries [8]. Group 2: Risk Management - The second chapter outlines three common business risks, four financial risks, and ten legal risks associated with equity investments, along with valuation risks and risk mitigation strategies [10]. - The chapter is rich in case studies, providing practical insights into resolving issues related to the coherence, authenticity, and legality of business logic [10]. - It addresses shareholder verification issues by examining three practical problems encountered during IPO processes, highlighting lessons learned from previous cases [12]. Group 3: Investment Agreements - The third chapter discusses the types and functions of equity investment agreements, detailing nearly 30 key clauses across eight categories and providing sample clauses for practical application [13]. - It emphasizes the importance of valuation adjustment clauses to manage potential issues arising from short-term performance pressures on target companies [13]. - Additional key clauses covered include anti-dilution clauses, mandatory sale rights, tag-along rights, priority liquidation rights, and restrictions on equity transfers [15]. Group 4: Bet and Buyback Clauses - The fourth chapter focuses on the design of bet clauses, detailing six dimensions including the parties involved, conditions, buyback periods, and methods [16]. - It raises questions about the legal effectiveness of buyback claims triggered by bet conditions and whether such agreements must be disclosed before an IPO [17]. Group 5: Dispute Resolution - The fifth chapter examines seven types of disputes related to bets and buybacks, analyzing numerous case studies to elucidate current judicial reasoning [19]. - It highlights the challenges faced when bet conditions are ambiguous, leading to conflicting interpretations by the parties involved [20]. - The chapter systematically compares practical and theoretical aspects of disputes arising from bets and buybacks, making it engaging for readers [20].

首单落地。 日前，深圳市东方富海投资管理有限公司已获中国银行间市场交易商协会《接受注册通知书》，同意在 银行间市场发行科技创新债券。据证券时报记者了解，该项目是债券市场"科技板"启动后首单民营创投 机构科技创新债券。 还有12家股权投资机构开展注册，注册发行金额约为153.10亿元，发行人覆盖北京、上海、广东、江苏 等区域，助力各区域科技创新中心建设。其中，毅达资本、泰达科投、东方富海发行科技创新债券已经 获批。 据记者不完全统计，截至目前已有20家股权投资机构发布公告，合计发行和待发科技创新债券的规模达 到205.70亿元；君联资本、启明创投、东方富海、毅达资本、金雨茂物、泰达科投、中科创星等12家股 权投资机构处于发行注册过程中，其中，毅达资本、泰达科投、东方富海发行科技创新债券获得发行批 号。 逾30家股权投资机构发行"科创债" 3月6日，在十四届全国人大三次会议经济主题记者会上，中国人民银行行长潘功胜提出，将创新推出债 券市场"科技板"，重点支持投资经验丰富的头部私募股权投资机构、创业投资机构等发行长期限科技创 新债券，带动更多资金投早、投小、投长期、投硬科技。此举无疑为创投行业注入了一剂"强心针"。 ...

首单落地。 日前，深圳市东方富海投资管理有限公司已获中国银行间市场交易商协会《接受注册通知书》，同意在银行间市场发行科技创新债券。据证券时报记者了解，该项 目是债券市场"科技板"启动后首单民营创投机构科技创新债券。 据记者不完全统计，截至目前已有20家股权投资机构发布公告，合计发行和待发科技创新债券的规模达到205.70亿元；君联资本、启明创投、东方富海、毅达资 本、金雨茂物、泰达科投、中科创星等12家股权投资机构处于发行注册过程中，其中，毅达资本、泰达科投、东方富海发行科技创新债券获得发行批号。 逾30家股权投资机构发行"科创债" 3月6日，在十四届全国人大三次会议经济主题记者会上，中国人民银行行长潘功胜提出，将创新推出债券市场"科技板"，重点支持投资经验丰富的头部私募股权投 资机构、创业投资机构等发行长期限科技创新债券，带动更多资金投早、投小、投长期、投硬科技。此举无疑为创投行业注入了一剂"强心针"。 自5月9日科技创新债券上线以来至5月26日，20家股权投资机构发布公告，合计发行和待发科技创新债券的规模达到205.70亿元。 | 债券简称 | 发行人 | 己发或待发规模 | | --- | --- | ...

Core Viewpoint - The article emphasizes the practical utility and value of the "Private Equity Investment Handbook," which covers essential aspects of private equity investment, including due diligence, risk management, investment agreements, and dispute resolution [1][3]. Summary by Sections Chapter 1: Due Diligence - The first chapter introduces the main processes and methods of due diligence in equity investment, focusing on the "Four Cores" of business due diligence, "Five Definitions" of financial due diligence, and "Six Dimensions" of legal due diligence [7]. - It details the "Four Cores" of business due diligence, which include business and product, target company's industry segmentation, R&D capabilities, and core competitiveness [7]. - The chapter also provides practical examples, such as the "Seven Axes" used by Muddy Waters for due diligence, which includes document review, related party checks, field research, and supplier investigations [10]. Chapter 2: Risk Management - The second chapter outlines three common business risks, four financial risks, ten legal risks, and valuation risks, along with risk mitigation strategies [10]. - It includes numerous case studies to illustrate practical applications, particularly focusing on the coherence of business logic through four specific cases [10][11]. - The chapter addresses shareholder verification issues, highlighting three practical problems encountered during IPO processes [13]. Chapter 3: Investment Agreements - The third chapter discusses the types and functions of investment agreements, detailing nearly 30 key clauses across eight categories [16]. - It emphasizes the importance of valuation adjustment clauses, which can help manage issues arising from short-term order pursuits that may harm long-term interests [16]. - Other critical clauses include anti-dilution clauses, mandatory sale rights, co-sale rights, priority liquidation rights, and restrictions on equity transfer [18]. Chapter 4: Betting Clauses - The fourth chapter elaborates on betting clauses, covering six dimensions such as betting subjects, conditions, repurchase timelines, and methods [20]. - It raises questions about the legal effectiveness of repurchase claims made by investors within the stipulated timeframe after betting conditions are triggered [20]. - The chapter discusses whether betting agreements must be declared before an IPO and outlines specific regulatory requirements [22]. Chapter 5: Disputes in Betting and Repurchase - The fifth chapter focuses on seven types of disputes related to betting and repurchase, analyzing numerous cases to interpret current judicial reasoning [23]. - It examines how courts adjudicate cases where both cash compensation and equity repurchase are requested by the target company [25]. - The chapter provides a systematic comparison of disputes in betting and repurchase from both practical and theoretical perspectives, making it engaging for readers [26].

证券代码：600053 证券简称：九鼎投资 编号：临 2025-027 昆吾九鼎投资控股股份有限公司 Kunwu Jiuding Investment Holdings CO., Ltd 关于 2024 年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆吾九鼎投资控股股份有限公司（以下简称"九鼎投资"、"公司"）根据上 海证券交易所有关规定，于 2025 年 5 月 23 日下午 15:00-16:00，通过上海证券 交易所上证路演中心（网址：http://roadshow.sseinfo.com/）召开了 2024 年度业绩 说明会，现将活动情况公告如下： 一、说明会召开情况 公司于 2025 年 4 月 25 日在《上海证券报》、 《中国证券报》和上海证券交易 所网站（网址为：http://www.sse.com.cn）上披露了《九鼎投资 2024 年年度报告》， 并于 2025 年 4 月 25 日披露了《九鼎投资关于召开 2024 年度业绩说明会的公告》 （临 2025-020）。 理王欣 ...

Group 1 - The establishment of Chongqing Jiangbei Rongxin Private Equity Investment Fund Partnership marks a significant move in the private equity sector, with a registered capital of 2 billion RMB [1][2] - The fund is primarily focused on equity investment activities through private fund structures, indicating a strategic approach to investment [1][2] - The partnership includes Chongqing Jiangbei Industrial Guidance Private Equity Investment Fund Management Co., which will provide operational support and management expertise [3] Group 2 - The fund's formation reflects the commitment of the Chongqing Jiangbei region to enhance its private equity landscape and drive local economic development [2][3] - The flexibility of private fund structures will allow the fund to engage in various equity investment projects, potentially revitalizing the regional economy [2][3] - The operational strategies and future contributions of the fund to regional economic growth are anticipated to be closely monitored by industry stakeholders and investors [3]

中新网上海5月20日电 (高志苗)20日，由上海股权托管交易中心与上海科创基金联合举办的上海S基金联 盟2025年度大会在上海市虹口区召开。 上海S基金联盟2025年度大会现场。 高志苗 摄 《私募股权投资基金投后管理研究报告》(简称《报告》)在会上同期发布。《报告》梳理了当前投后管 理的监管要求、行业现状及发展趋势；从运营及风险管理、估值评价、税务管理等方面进行核心要点解 析，归纳战略新兴产业基金、并购基金等各类型基金需特殊关注的事项，并总结国内外私募基金投后管 理实践及优秀案例，分析投后管理相关典型处罚案例及司法判例，为行业发展带来借鉴。 近年来，随着私募股权投资市场的不断发展，S基金作为盘活存量资产、优化资源配置的重要工具，逐 渐受到市场的广泛关注。以上海股交中心为代表，全国已有8家区域性股权市场获批设立私募股权和创 业投资份额转让平台。目前，上海在基金份额转让业务、基金份额质押业务整体规模方面位列全国第 一。 上海S基金联盟方面表示，未来将继续深化与各市场机构的合作，进一步完善S基金服务体系，深入推 动交易平台建设，持续加大数字化投入，为市场参与者提供更加高效、便捷的服务，积极探索创新交易 模式，同时 ...

Group 1 - Private equity investment is increasingly gaining attention from investors and entrepreneurs as a significant capital operation method in the context of rapid economic development [1][4] - The core of private equity investment lies in identifying high-growth potential companies and injecting capital and professional management to drive rapid development and achieve investment returns [1][3] - The ultimate goal of private equity investment is value growth, which occurs as companies grow and their market value increases [3][4] Group 2 - Private equity investors conduct in-depth due diligence on target companies, assessing market potential, management teams, technological advantages, and business models to identify competitive and growth-oriented firms [3] - Investors not only provide funding but also participate in decision-making processes to optimize management structures, enhance operational efficiency, and expand market channels [3] - Capital appreciation is a direct result of private equity investment, where precise market judgments and professional investment management enable rapid growth of invested companies, leading to high returns upon exit [3][4] Group 3 - Professional analysis is essential in the private equity investment process, requiring investors to study market trends, industry dynamics, and financial conditions to ensure sound investment decisions [3] - Private equity investors leverage their resources and networks to provide multi-faceted support, including market access, technology, and talent, facilitating leapfrog development for companies [3][4] - With the continuous development of the Chinese economy and the improvement of capital markets, private equity investment is expected to play an increasingly important role in creating value for more companies and investors in the future [4]

凯雷联合创始人DAVID RUBENSTEIN：对日本私募 股权投资的兴趣日益浓厚。 ...