以下文章来源于AGI接口 ，作者陈伊凡 AGI接口 . AI卷起的财富风暴。 出品｜虎嗅科技组 作者｜陈伊凡 但即便行程匆忙，张倩依旧展现出了一贯的精致与专业：身着红色衬衫搭配版型笔挺的西装，妆容精 致，睫毛刷得整齐分明，每一处细节都透露着严谨与考究。 在我们对话之时，全球VC正在发生深刻变化，AI的发展极大缩短了传统VC的决策流程，原本的"广 撒网"式投资，变为更为快速出手的专业和垂直的小团队突破。 在VC，这个上世纪80年代发展起来的行业里，极少有投资人能够穿越多个技术周期，并在每个阶段 都能投出代表性公司，尤其是当AI加速VC清场速度的当下，但张倩是个例外。自2018年，张倩创立 天际资本，并布局了早期云服务和人工智能企业，投资了字节跳动、美团、金山云，小米等，并曾实 现了全球前5%的退出业绩。 不过最近张倩受到了一些"质疑"，这些争议主要来自她开始当"网红"了。 编辑｜苗正卿 头图｜AI生成 在上海宝格丽酒店的大堂，天际资本创始合伙人张倩刚刚结束一场与创业者的深度对话，而当晚，她 便要马不停蹄奔赴苏州，继续下一场行程。 张倩 图片由张倩提供 此次跨国出差，张倩当天凌晨才抵达上海，一天时间，辗转香港、上 ...

Group 1 - Equity financing is a key driver for business growth, encompassing various stages such as startup financing, venture capital, and strategic investment [2] - Talent acquisition is crucial for driving innovation and enhancing market competitiveness, with a strong team being essential for success [3] - Resource integration, including technology and market channels, accelerates project growth and enhances operational efficiency [4] Group 2 - Securing funds is a direct goal of startup financing, providing essential support for daily operations, product development, and marketing [5] - Entrepreneurs must conduct thorough assessments before financing, including determining the necessity and scale of funding, and planning the use of funds [6][7] - Venture capital progresses through stages, starting from seed funding to Series E, each with specific goals and funding requirements [8][9][10][11][12][13][14] Group 3 - Strategic investments by leading companies can enhance control over the supply chain and improve overall efficiency [15] - Platform companies can expand their business and enhance user engagement through strategic investments [17] - Industry funds aim to promote upgrades and capital appreciation by investing in promising enterprises [18] Group 4 - Startup competitions serve as a valuable avenue for identifying potential investment opportunities [19] - Entrepreneurs should be able to distinguish between genuine and false investors to avoid wasting time [20] - Finding the right strategic investors requires proactive engagement and leveraging industry connections [22] Group 5 - Financial advisors (FA) can enhance the efficiency of fundraising by providing professional support and facilitating investor connections [24][25] - Choosing the right FA involves evaluating their expertise, industry resources, and past performance [26][27] - Companies must approach the IPO process with a long-term strategy, ensuring stable performance and compliance [28] Group 6 - Companies should remain flexible in their strategic goals to adapt to market changes and competition [29] - Post-IPO, companies must continue to strive for growth and innovation while managing new challenges [30] - Careful consideration of performance guarantees and buyback commitments is essential to mitigate financial risks [31][32][33] - Vigilance against potential pitfalls in capital partnerships is crucial for safeguarding business interests [34]

Group 1 - The Ministry of SMEs and Startups has launched the "Busan Innovation Scale Expansion Risk Fund" with a total size of 101.1 billion KRW to support innovative startups in the Busan region [1] - The fund is backed by 60 billion KRW from the Ministry of SMEs and Startups, with additional contributions from Busan Metropolitan City, Busan Bank, and Korea Development Bank [1] - There are plans to establish a total fund size of 200 billion KRW, focusing on investments in the Busan area [1] Group 2 - An operational committee will determine the investment sectors in September, with the child fund investment projects set to commence in October [1]

从高空远眺深圳前海与香港北部。 世界知识产权组织本周在香港公布了《2025年全球创新指数》百强创新集群，其中，"深圳—香港—广 州"集群(以下简称"深港穗"集群)，排名全球第一。根据世界知识产权组织的数据，"深港穗"集群在国际 专利申请量、科学论文发表量、风险资本交易量三项核心指标中，均有突出的表现，因而夺得这一榜单 的"头把交椅"。 评估标准加入风险资本交易量 "深港穗"具有显著优势 科技创新的成果，需要通过市场转化形成实质效益。当前市场的共识是，创新领域的竞争，将更加重视 资本运作效率和区域协同发展。 通过研究世界知识产权组织今年发布的报告不难发现，今年的评比竞争十分激烈。"深港穗"集群与"东 京—横滨"集群在国际专利申请量、科学论文发表量等方面不相伯仲。但"深港穗"集群在风险资本交易 量方面的表现具有显著的优势，这也是"深港穗"集群在今年超越"东京—横滨"集群，成为世界第一的关 键所在。 有趣的是，世界知识产权组织的榜单显示，总部位于深圳的华为和总部位于广州的中山大学，分别 是"深港穗"集群内排名首位的专利申请企业和科研机构。与往年相比，今年的排名加入了风险资本交易 量作为评估的标准，而许多东亚国家城市 ...

Group 1 - The "Shenzhen-Hong Kong-Guangzhou" cluster ranks first globally in the 2025 Global Innovation Index, as announced by the World Intellectual Property Organization [1][4] - The cluster excels in three core indicators: international patent applications, scientific publications, and venture capital transactions, with a notable advantage in venture capital transactions [4][11] - Huawei and Sun Yat-sen University are the top patent applicant and research institution, respectively, within the "Shenzhen-Hong Kong-Guangzhou" cluster [4][11] Group 2 - The Hong Kong government emphasizes a four-pillar strategy of "education, technology, talent, and investment" to enhance innovation and technology infrastructure [7][10] - Hong Kong's financial market provides ample venture capital opportunities, supporting the transformation of innovative ideas into tangible results [9][12] - The government has introduced three major funding plans, each involving 10 billion HKD, to support innovation and technology development [10][12] Group 3 - The active venture capital environment in the "Shenzhen-Hong Kong-Guangzhou" cluster is crucial for the development of the technology innovation industry [12][13] - Regional cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area enhances connectivity and synergy between manufacturing and financial sectors [12][13] - The global interest in emerging markets, particularly in technology innovation, is expected to provide further support for the Greater Bay Area's innovation ecosystem [13]

Core Viewpoint - The article reflects on the evolution of the semiconductor industry in China over the past two decades, highlighting the transition from entrepreneurship to venture capital investment, and the significant role of government support in fostering industry growth. Group 1: Transition to Venture Capital - After the IPO of Spreadtrum Communications in 2007, the author transitioned into the emerging high-tech venture capital industry in China, recognizing the importance of venture capital in fostering innovation [3][4]. - The author emphasizes that the success of a venture capital fund can support numerous startups, contrasting with individual entrepreneurship, which is limited to a few successful companies [4][5]. - The establishment of Huashan Capital in 2009 was a response to the global financial crisis, aiming to seize opportunities in high-tech investments, particularly in semiconductors [7][8]. Group 2: Government Support and Industry Growth - The launch of the National Integrated Circuit Industry Development Promotion Outline in 2014 and the establishment of a 128 billion yuan national semiconductor fund marked a turning point for the industry, significantly increasing government funding from a few billion to hundreds of billions annually [10][11]. - The fund's combination of government and social capital broke the traditional planned economy model, creating a new investment approach that spurred rapid growth in the semiconductor sector [10][11]. - The article notes that the semiconductor manufacturing capacity has dramatically increased, alleviating long-standing capacity bottlenecks, and that many key equipment and materials companies received support from the fund [11]. Group 3: Successful Investments and Market Dynamics - The establishment of the Sci-Tech Innovation Board in 2019 allowed numerous semiconductor companies to go public, creating a complete industry chain and fostering the emergence of leading enterprises in various segments [11][12]. - The author highlights the successful investment track record of the venture capital firm, with over 200 companies funded, primarily in the semiconductor sector, and more than 50 companies successfully listed [12][13]. - The article discusses the challenges faced by semiconductor companies, including competition from global giants like Sony and Samsung, and the need for domestic companies to adapt to local market conditions [33][34]. Group 4: Mergers and Acquisitions - The acquisition of Spreadtrum Communications by Tsinghua Unigroup in 2013 marked a significant event in the semiconductor industry, showcasing the potential for domestic companies to reclaim their positions in the market [15][16]. - The article details the complex process of merging and acquiring companies, emphasizing the importance of strategic partnerships and the challenges faced during negotiations [21][22]. - The eventual acquisition of OmniVision Technologies by Beijing OmniVision highlighted the necessity for local companies to integrate and adapt to the domestic market to thrive amidst international competition [34][35].

Core Viewpoint - The article reflects on the evolution of the semiconductor industry in China, highlighting the transition from entrepreneurship to venture capital investment, and the establishment of educational institutions like Dongfang University of Technology, while emphasizing the importance of localizing operations for companies like OmniVision. Group 1: Transition to Venture Capital - After the IPO of Spreadtrum Communications in 2007, the author transitioned to the emerging high-tech venture capital industry in China, recognizing the critical role of venture capital in fostering innovation [4][5] - The author joined Northern Light Venture Capital in 2008, marking a significant shift from being an entrepreneur to becoming an investor, akin to moving from an athlete to a coach [4][5] Group 2: Semiconductor Industry Development - The establishment of the National Integrated Circuit Industry Investment Fund in 2014 marked a pivotal moment for the semiconductor industry in China, leading to substantial government and social capital investment [10][11] - The fund's support has significantly increased domestic semiconductor manufacturing capacity and facilitated breakthroughs in key technologies, contributing to the rapid growth of the industry [10][11][12] Group 3: Formation of Investment Teams - The author, along with other Tsinghua alumni, formed Huashan Capital in 2009 to invest in high-tech startups, focusing on overcoming "bottleneck" technologies in the semiconductor sector [8][9] - The team successfully invested in several semiconductor companies, with five out of six companies from the first two funds going public [8][9] Group 4: OmniVision's Privatization and Return - In 2013, Tsinghua Unigroup's acquisition of Spreadtrum Communications initiated a trend of Chinese companies returning from overseas listings, with OmniVision also considering similar moves [18][19] - The author played a role in facilitating the acquisition of OmniVision, which involved complex negotiations and strategic partnerships [19][20] Group 5: Challenges in the Domestic Market - The failed attempt to list OmniVision through a backdoor listing with Junzheng Technology highlighted the complexities and challenges of navigating the domestic capital market [32][33] - The competitive landscape intensified with the entry of major players like Sony and Samsung, necessitating a shift in OmniVision's strategy to localize operations and develop domestic partnerships [36][37] Group 6: Leadership Transition and Future Directions - The need for a leadership transition at OmniVision became apparent as the founder's age and experience in the domestic market posed challenges [41][42] - A new leadership team was established to guide the company through its localization efforts and operational improvements, ensuring its competitiveness in the semiconductor industry [41][42]

Core Insights - The article explores the average commitment investment amounts from Limited Partners (LPs) in three regions: North America, Western Europe, and the rapidly growing MENA (Middle East and North Africa) market over the past 20 years [1][5]. Regional Analysis - The MENA region has consistently shown lower average investment amounts from individual LPs compared to North America and Western Europe, with only two quarters exceeding $50 million, while the other two regions have never dropped below $65 million in the past 15 years [5]. - The investment style differences are a primary reason for this trend, as the MENA market is mainly driven by venture capital and growth funds, which are typically smaller and more flexible than acquisition funds, leading to lower average commitment amounts [5]. - During significant economic downturns, such as the global financial crisis and the early COVID-19 pandemic, the average investment amounts from LPs in MENA were less affected compared to other regions, possibly due to a reduction in the number of funds LPs chose to partner with, maintaining a relatively normal trend line [5]. Future Outlook - The MENA market has experienced significant growth over the past two decades, and as the region continues to develop and mature, there may be more opportunities for acquisition-style investments, potentially increasing average investment amounts [6]. - The data set primarily comes from North American LPs, and as LPs diversify their investments and increase allocations in other regions, average commitment amounts may also rise, marking a trend to watch in the coming years [6].

Core Viewpoint - The significant reduction in launch costs by SpaceX has shifted venture capital interest towards startups focused on space applications, indicating a broader trend in the investment landscape [2][3]. Group 1: Investment Trends - Venture capital firms are increasingly investing in space startups, with global venture capital investment in space technology reaching $4.5 billion across 48 companies as of July this year, which is more than four times the expected funding for space startups in 2024 [2]. - Investors are now focusing on companies that utilize space-based data and infrastructure for new applications, including climate monitoring, intelligence gathering, and communications, rather than just rocket manufacturing [3]. Group 2: Geopolitical Factors - Geopolitical tensions, particularly the rapid advancement of China's space capabilities, have made defense-related space startups more attractive, leading to increased investment from the U.S. government [4]. - The U.S. defense sector is seen as a stable customer base for emerging technologies, enhancing confidence in the commercial viability of space enterprises [4]. Group 3: Notable Funding Activities - Several U.S. defense-related space startups have completed significant funding rounds this year, such as True Anomaly, which raised $260 million in July, and K2 Space, which secured $110 million in February [5]. - The national security applications of technologies, such as helium-3 mining by Interlune, add to the appeal of these investments [5]. Group 4: Return on Investment - The return cycle for investments in space startups has significantly shortened, with venture capital firms now expecting liquidity within the traditional 10-year fund cycle, a stark contrast to the decades typically required for traditional space enterprises [6]. - Public market acceptance of emerging space companies is evident, with Voyager achieving a market capitalization of $1.9 billion upon its listing, and Karman Space & Defense seeing a 30% increase on its first trading day [6]. Group 5: Evolving Skill Sets - The changing landscape of space investment is attracting a diverse range of skills, as exemplified by investors like Katelin Holloway, who transitioned from education and entertainment to venture capital [7]. - The essence of business remains consistent, emphasizing the need for strong operational capabilities to tackle complex projects in the space sector [7].

Core Viewpoint - The collective economy in Shenzhen is undergoing a significant transformation, with village collectives venturing into venture capital through newly established funds focused on strategic emerging industries, particularly artificial intelligence [1][3][12]. Group 1: Venture Capital Initiatives - Two venture capital funds initiated by Shenzhen's collective economy, the Bantian Artificial Intelligence Venture Capital Fund and the Longgang Longxing Venture Capital Fund, have a total scale of 300 million yuan and a 10-year duration, targeting strategic emerging industries [1][6]. - Nearly 40 village cooperative companies in various districts of Shenzhen have engaged in venture capital, driven by the limitations of traditional rental income models and supportive policies [3][9]. Group 2: Economic Transition - The shift from a rental-based income model to venture capital is prompted by the saturation of rental income growth, necessitating new revenue streams for village collectives [3][4]. - The South Ling Village has set a precedent by establishing the first venture capital fund management company by a village collective in China, which has successfully invested in high-tech projects across various sectors [4][5]. Group 3: Investment Strategy and Governance - The transition to venture capital requires village collectives to adopt new governance structures, including risk management strategies and professional decision-making processes [7][8]. - Experts suggest that village collectives should limit venture capital investments to 10-20% of their total available funds to mitigate risks and ensure financial stability [7][10]. Group 4: Collaborative Model - The collaboration model involving state-owned assets, village collectives, and professional institutions is emerging, with village collectives acting as limited partners in venture funds, while professional teams manage investments [9][10]. - The unique advantage of village collectives lies in their close proximity to enterprises, allowing them to monitor and assess investment opportunities effectively [10][12].