Fundraising - In 2024, there has been a noticeable increase in medium to long-term capital entering Shenzhen's private equity and venture capital industry, with the number of institutional investors rising to 17,110 and total contributions reaching 835.86 billion yuan, reflecting year-on-year growth of 0.76% and 0.41% respectively [1][2] - The participation of medium to long-term capital has increased by 16.74% compared to 2023, with total contributions amounting to 238.11 billion yuan [1] Investment - The focus on "early investment, small investment, and hard technology" has shown significant results, with investments in seed and startup projects reaching 9,462, marking a year-on-year increase of 4.28% [3] - Investments in small and medium-sized enterprises have also increased, with 13,732 projects funded, a growth of 3.87% year-on-year, and investments in initial technology enterprises rising to 5,678 projects with a total investment of 98.76 billion yuan, reflecting increases of 8.86% and 9.03% respectively [3] - Investment in high-tech enterprises has reached 10,899 projects, with a year-on-year growth of 5.71%, and an average annual growth rate of 11.14% over the past three years [3] - The private equity and venture capital industry in Shenzhen is aligning with the "20+8" strategic emerging industry cluster plan, with 4,893 projects and total investments of 110.99 billion yuan in these sectors, showing year-on-year growth of 2.11% and 0.96% respectively [3] Exit - The exit channels for the private equity and venture capital industry in Shenzhen have become increasingly accessible, with 1,954 exit projects in 2024, the highest in three years, and actual exit amounts reaching 58.83 billion yuan, a significant year-on-year increase of 70.28% [4] - The primary exit methods remain agreement transfers and corporate buybacks, with 1,369 projects completed through these channels, yielding an actual exit amount of 33.84 billion yuan, reflecting year-on-year growth of 107.11% and 81.25% respectively [4] - The public market exits have also seen strong growth, with 331 projects exiting through IPOs and other means, totaling 22.24 billion yuan, marking increases of 89.14% and 104.50% year-on-year [4] - Notably, the performance of overseas listings has been exceptional, with 28 projects achieving this in 2024, resulting in an exit amount of 2.21 billion yuan, which is 10.87 times that of 2023 [4]

Core Viewpoint - The establishment of the Shenzhen Shentou Control Qianfan Qihang AIC Fund, with a scale of 2 billion yuan, marks a significant step in supporting technological innovation and industrial integration in Shenzhen, aligning with the city's "20+8" strategic emerging industries [3][4][6]. Group 1: Fund Establishment and Purpose - The Shenzhen Shentou Control Qianfan Qihang AIC Fund is the first AIC pilot fund in Shenzhen after the expansion of the AIC equity investment pilot business, and it is one of the largest AIC pilot funds within the Agricultural Bank system [3]. - The fund aims to provide long-term and patient capital for technological innovation, focusing on supporting Shenzhen's integration of technology and finance [3][4]. Group 2: Agricultural Bank's Role and Achievements - Agricultural Bank's Shenzhen branch has served 12,000 technology innovation enterprises, with a loan scale exceeding 110 billion yuan, and an increase of over 30 billion yuan in the first half of the year [3][4]. - The bank is committed to enhancing its technology financial services and has established a comprehensive product system to meet the diverse financing needs of technology enterprises [7][9]. Group 3: Industry Support and Future Plans - The fund will focus on key industries such as semiconductors, artificial intelligence, and new energy, with over 30 reserve projects identified [4]. - In 2024, the bank plans to leverage the updated "20+8" industry cluster strategy to enhance its support for industrial upgrades and the establishment of the fund [4]. Group 4: Collaborative Ecosystem - The Agricultural Bank's Shenzhen branch has formed a "融智联盟" (Rongzhi Alliance) with over 80 institutions to promote the integration of innovation, industry, finance, and talent [8]. - This alliance aims to provide comprehensive services from equity financing to IPOs, enhancing the overall ecosystem for technology enterprises [8]. Group 5: Service Quality Enhancement - The bank has implemented a "six-special" mechanism to improve the quality of financial services for technology innovation, with a coverage rate of 80% among key technology enterprises in Shenzhen [9]. - The establishment of specialized technology financial departments in key branches aims to deepen the bank's engagement with technology enterprises and enhance service efficiency [9].

Core Viewpoint - The Shenzhen private equity and venture capital industry is experiencing a comprehensive recovery in fundraising, investment, and exit activities, driven by a favorable policy environment and a focus on early-stage, small, and hard technology investments [2][3]. Fundraising - In 2024, there has been a notable increase in medium- and long-term capital entering Shenzhen's private equity and venture capital funds, with the number of institutional investors rising to 17,110 and total contributions reaching 835.86 billion yuan, reflecting year-on-year growth of 0.76% and 0.41% respectively [3]. - The participation of medium- and long-term funds has increased, with contributions from government funds, pension and social security funds, insurance funds, and bank funds totaling 238.11 billion yuan, a 16.74% increase from 2023 [3]. - Resources are increasingly concentrating among large institutions, with the top 10% of institutions managing approximately 74% of the total private equity and venture capital fund size in Shenzhen [3][4]. Investment - The industry has focused on "investing early, investing small, and investing in hard technology," with investments in seed and startup enterprises reaching 9,462 projects, a year-on-year increase of 4.28% [5]. - Investments in small and medium-sized enterprises have also increased, with 13,732 projects funded, reflecting a growth of 3.87% [5]. - Investment in high-tech enterprises has continued to lead, with 10,899 projects funded, a year-on-year increase of 5.71%, and an average annual growth rate of 11.14% over the past three years [5][6]. Exit - The exit channels for the Shenzhen private equity and venture capital industry have become increasingly accessible, with 1,954 exit projects in 2024, marking a three-year high, and actual exit amounts reaching 58.83 billion yuan, a significant year-on-year increase of 70.28% [7]. - The primary exit methods remain agreement transfers and corporate buybacks, with 1,369 projects exited through these means, totaling 33.84 billion yuan, reflecting year-on-year increases of 107.11% and 81.25% respectively [7]. - The number of exits via public markets has also surged, with 331 projects exiting through IPOs and other means, amounting to 22.24 billion yuan, representing year-on-year growth of 89.14% and 104.50% [7][8].

Group 1 - The core viewpoint emphasizes the importance of venture capital (VC) and private equity (PE) in supporting the development of new productive forces in China, with a focus on "early investment, small investment, long-term investment, and hard technology" [1][2] - The VC/PE industry has become a significant part of the asset management sector, with an average annual new investment principal of 1.2 trillion yuan from 2021 to 2023, accounting for 3% to 4% of the new social financing scale during the same period [1] - The establishment of the National Venture Capital Guidance Fund aims to attract nearly 1 trillion yuan in local and social capital, addressing the funding shortages faced by innovative enterprises [2] Group 2 - There has been an increase in the efficiency of institutional actions, with several mother funds significantly shortening the time from establishment to investment [3] - The investment landscape shows a clear trend towards early-stage investments, with A-round and early-stage financing transactions accounting for 61.8% of the total number of transactions [3][4] - Small-scale investments are becoming mainstream, with transactions under 100 million yuan making up 67.1% of the total, indicating a shift towards smaller early-stage projects [4] Group 3 - The VC/PE industry is experiencing a return of confidence, with positive market changes and stable policies driving optimism among investors for opportunities in 2025 [4] - The government's support for the tech market and enterprises is evident through various policies, including the establishment of the National Venture Capital Guidance Fund and the issuance of technology innovation bonds [5]