Group 1 - Company Zhongchuangzhiling (601717.SH) announced a strategic investment initiative to enhance its investment returns and asset management capabilities through collaboration with related parties such as Henan Assets and Henan Asset Fund Management [1] - The company plans to acquire a 20,200 million RMB limited partnership interest in the Hongkai Fund from Henan Assets at a zero price, which represents 25.0935% of the total subscribed capital of the fund [1] - The board of directors has authorized the management to participate in the fund investment within the limit of 20,200 million RMB as per the capital contribution notice from the fund manager [1] Group 2 - The Hongkai Fund aims to make targeted investments in Chaoyuan Digital Technology Co., Ltd. through equity transfer and other means, with the goal of achieving investment returns through the appreciation of the equity of future investment targets [2] - Chaoyuan, established on September 13, 2021, is a cloud computing and IT infrastructure provider focused on creating a new generation of green intelligent computing network capabilities, serving over 10,000 clients across more than 100 countries and regions [2] - The company targets various industries, including telecommunications, finance, internet, and government enterprises, with an emphasis on intelligent, domestic, diversified, and green solutions [2]

Background Overview - Sichuan Road and Bridge Construction Group Co., Ltd. has approved a proposal for its subsidiary to participate in the bidding for the construction project of the Mianyang-Suining section of the Mian-Sui Railway through a fund subscription model [1] - The subsidiary will form a consortium to bid for the project, and upon winning, will subscribe to a private fund designated by the project owner, with the subscription amount being 1/5 of the winning bid [1] Latest Developments - Recently, to ensure the smooth progress of the Mian-Sui project, the subsidiary, Sichuan Railway Construction Co., transferred its subscribed private fund shares worth 781 million yuan to another subsidiary, Sichuan Road and Bridge East China Construction Co., and to Sichuan Transportation Construction Group [2] - The total private fund shares transferred include 547,003,252.20 yuan to East China Construction and 234,024,917.40 yuan to Transportation Construction Group, with the transfer being an internal transaction within the consolidated financial statements of the company [2] Changes in Investment Partners - The change in investment partners does not affect the total investment amount by the company and its subsidiaries, and the matter has been approved by the company's general manager's office without needing further board or shareholder approval [4] - The new partnership agreement maintains the other main terms of the original agreement, with the total subscribed capital amounting to 2,826,350,933 yuan [3] Impact on the Company - The change in the private fund's investment partner is aimed at ensuring the smooth progress of the Mian-Sui project and does not involve adjustments to the total investment amount by the company and its subsidiaries, thus not having a substantial impact on the company [4] - The new partners, East China Construction and Transportation Construction Group, will be liable for the partnership's debts only up to their subscribed capital, indicating that the risks associated with this transaction are manageable [4]

Core Viewpoint - The establishment of Tianjin Baifu Haihe West Bank Private Equity Fund Partnership marks a significant addition to the investment landscape, providing diversified investment options and professional asset management services to investors [1][3]. Company Information - Tianjin Baifu Haihe West Bank Private Equity Fund Partnership has a registered capital of 500 million RMB [1][2]. - The executive partner is Tianjin Futong Information Consulting Partnership (Limited Partnership) [1][2]. - The fund's business scope includes private equity investment, investment management, and asset management [1][2]. Investment Strength - The fund's investors include notable companies such as Tianjin Guifaxiang Mahua Catering Group Co., Ltd., Tianjin Haihe Industrial Fund Partnership (Limited Partnership), and Tianjin Futong Information Consulting Partnership (Limited Partnership) [2][3]. - The participation of these companies indicates strong financial backing and potential for market influence [2][3]. Market Impact - The entry of Tianjin Baifu Haihe West Bank Private Equity Fund Partnership is expected to inject new vitality into the private equity sector, enhancing industry influence and resource integration capabilities [3]. - The fund aims to leverage its professional investment management team and substantial financial resources to create value for investors and promote healthy industry development [3][4].

Core Viewpoint - The company is involved in a series of related transactions, including a capital reduction of an existing private equity fund and participation in a new private equity fund, which are deemed necessary for optimizing fund structure and enhancing investment opportunities in strategic sectors such as new materials and high-end equipment [1][2][3] Summary by Sections 1. Overview of Related Transactions - The company approved a capital reduction of 30 million RMB in the Suzhou Woyan fund, reducing the total fund size from 120 million RMB to 84 million RMB while maintaining the company's contribution ratio at 2.5% [2][3] - The company plans to invest 10 million RMB in the Hunan Woyan fund, which focuses on early and growth-stage companies in new materials and high-end equipment sectors [2][3] 2. Basic Information of Related Parties - The fund managers of Suzhou Woyan and Hunan Woyan are associated with Beijing Woyan Investment Center, which holds over 5% of the company's shares, establishing a related party relationship [3][4] 3. Pricing of Related Transactions - The capital reduction was agreed upon through discussions among all partners, ensuring fairness and no detriment to the company's interests [6] - The subscription price for the new fund is set at 1 RMB per fund share, consistent with other partners [6][7] 4. Necessity and Impact of Transactions - The capital reduction is aimed at optimizing fund structure and improving resource utilization without adversely affecting the company's financial status [8][9] - The investment in the Hunan Woyan fund aligns with the company's strategic goals in high-growth sectors, enhancing its competitive position and diversifying investment channels [9][10] 5. Approval Procedures - The independent directors unanimously approved the related transactions, confirming compliance with relevant regulations and the absence of significant legal obstacles [10][11] - The board of directors also approved the transactions, with the related party abstaining from voting [10][11]

Core Insights - The Tacheng High Quality Industry Investment Fund Center (Limited Partnership) has been established with a capital contribution of 1 billion yuan, focusing on private equity investment, investment management, and asset management activities [1][2]. Group 1: Fund Details - The fund is registered as a limited partnership and is currently active, with a business duration from August 8, 2025, to 2055 [2]. - The fund's primary business activities include private equity investment, investment management, and asset management, specifically targeting unlisted companies [2][3]. Group 2: Partners and Contributions - The major partner, Xinjiang Tacheng Key Development and Opening Experimental Zone Investment Construction Development (Group) Co., Ltd., holds a 99% stake in the fund [3]. - The execution partner, Beijing Hangke Junfu Private Fund Management Center, holds a 1% stake [3].

Core Insights - The Yancheng Economic and Technological Development Zone has established a high-quality Phase I Industrial Investment Mother Fund with a total investment of 1 billion yuan [1][2] - The fund will engage in private equity investment, investment management, and asset management activities [1][2] Group 1: Fund Structure - The fund is a limited partnership enterprise, registered in Jiangsu Province, Yancheng City [2] - The fund's operational partner is Jiangsu Yueda Private Equity Fund Management Co., Ltd. [2] - The fund's business scope includes private equity investment and asset management, subject to regulatory approval [2] Group 2: Investment Contributions - Yueda Capital Co., Ltd. contributes 295 million yuan, holding a 29.5% stake in the fund [2] - Yancheng Oriental Investment Development Group Co., Ltd. contributes 250 million yuan, holding a 25% stake [2] - Jiangsu Century New City Investment Holding Group Co., Ltd. contributes 150 million yuan, holding a 15% stake [2]

Group 1 - The company has approved a share repurchase plan using its own funds, with a total amount not less than RMB 50 million and not exceeding RMB 100 million, at a maximum price of RMB 10 per share, within a 12-month period [2][4] - Following the annual equity distribution, the maximum repurchase price has been adjusted to RMB 9.85 per share starting from June 26, 2025 [2][4] - As of July 31, 2025, the company has repurchased a total of 5,087,505 shares, accounting for 0.9243% of the total share capital, with a total expenditure of approximately RMB 50.38 million [4] Group 2 - The company has participated in an investment in the Meizhi Phase II (Guangdong) Venture Capital Partnership, contributing RMB 20 million as a limited partner, bringing the total fund size to RMB 334.52 million [9] - The Meizhi Phase II fund has completed the necessary registration and obtained the private fund filing certificate as of July 31, 2025 [10]

国泰海通证券股份有限公司 关于翱捷科技股份有限公司 参与投资私募基金暨关联交易的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作 为翱捷科技股份有限公司（以下简称"翱捷科技"或"公司"）首次公开发行 股票并上市持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第 资私募基金暨关联交易的事项进行了核查，核查情况与意见如下： 一、参与投资私募基金暨关联交易概述 （一）关联交易基本情况 为借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在 行业的投资机会，优化公司投资结构，把握产业上下游的机会，实现产业协同。 公司拟作为有限合伙人（LP）参与投资上海海望合纵私募基金合伙企业（有限 合伙）（以下简称"海望合纵"）。海望合纵将主要通过直接或间接方式投资 于包括集成电路、高端制造、生物医药以及其他"3+6"重点产业等领域的成长 期、成熟期的企业。 公司拟以自有资金出资人民币 4,000 万元，拟出资金额占基金总认缴出资额 的 1.895 ...

Group 1 - The main clients of Langfang Jingchuan from 2021 to 2024 include Ando拓 and Yanfeng, with a projected revenue decline of approximately 12.35% starting in 2024 due to decreased demand from these clients [1][2] - North汽华森's logistics services are facing a revenue decline of 12.85% in 2024 due to increased competition and reduced business orders [2][3] - The discount rate parameters for goodwill impairment testing have been significantly adjusted due to market changes, affecting both Langfang Jingchuan and North汽华森 [3][4] Group 2 - The company has invested in private equity funds since its listing, with a reported fair value change loss of 12.79 million yuan in 2024, marking the first occurrence of such a loss [5][6] - The company aims to optimize its investment structure and enhance competitiveness through private equity investments, while also seeking quality project resources [6][7] - The underlying assets of the private equity investments do not flow to actual controllers or related parties, ensuring compliance with regulations [8][10] Group 3 - The West Shanghai Automotive Intelligent Manufacturing Park project has only utilized 31.46% of the raised funds as of the end of 2024, with a significant portion remaining unallocated [12][14] - The project has faced delays due to intensified competition and fluctuating customer demand, leading to a revised completion date of December 2025 [16][17] - The company is actively seeking new investment projects to utilize the remaining 154 million yuan in raised funds, ensuring compliance with disclosure obligations [18][22]