Core Insights - The article highlights the strategic investment approach of the State Development Investment Corporation (国投集团) and its affiliated funds, known for their "patient capital" philosophy, focusing on full industry chain investments across various sectors [1][2]. Group 1: Investment Strategy - As of March 2025, the national investment funds have invested in 1,175 projects, aiding 296 companies to go public, including 143 on the Sci-Tech Innovation Board [1]. - The funds have a cumulative management scale exceeding 2.7 trillion yuan, with 84% being national-level investment funds, focusing on high-end equipment, integrated circuits, and smart connected vehicles [2]. - In the integrated circuit sector, the funds have invested 27.8 billion yuan across the entire industry chain, including projects like拓荆科技 and 中微公司 [2]. - In the smart connected vehicle sector, 29.8 billion yuan has been invested in leading companies such as 宁德时代 and 比亚迪, promoting the global competitiveness of China's new energy vehicles [2]. Group 2: Sector-Specific Investments - In the biopharmaceutical sector, the funds have focused on innovative chemical drugs, antibody drugs, and gene therapy, investing a total of 26.3 billion yuan in 214 projects [2]. - The funds are expanding their investments into the agricultural biotechnology sector, having established the National Investment Seed Technology Company and acquired 丰乐种业 to create an integrated platform for research and breeding [4]. - The funds have invested over 4 billion yuan in 25 biomanufacturing companies, establishing a biomanufacturing innovation center [4]. Group 3: Support for Private Enterprises - Over two-thirds of the funds are directed towards private enterprises, nurturing several billion-dollar market cap companies like 宁德时代 [5]. - The funds have a significant focus on early-stage technology projects, with over one-third of investments in A-round or earlier stages, and 56% in B-round or earlier, surpassing industry averages by 10 percentage points [5]. - The National Investment Fund has leveraged a "mother fund + direct investment" model to amplify investment effectiveness, managing over 120 billion yuan and supporting around 4,000 innovative technology companies [5].

Core Viewpoint - BYD has surpassed Tesla in electric vehicle sales in Europe, driven by strong support from the State Development Investment Corporation (SDIC) and its funds, which focus on strategic emerging industries [1][2]. Group 1: Investment Strategy and Impact - SDIC manages 50 funds with a total scale exceeding 270 billion yuan, with 11 national-level government investment funds accounting for 84% of this total [2]. - In 2016, SDIC led a 1.5 billion yuan investment in BYD, helping it establish a 6GWh power battery production line, contributing to BYD's position as the top seller of new energy vehicles in China and globally [2]. - SDIC's funds have strategically invested in key companies in the electric vehicle supply chain, including Horizon Robotics, CATL, and Enjie, enhancing the ecosystem of the new energy vehicle industry [2][4]. Group 2: Focus on Key Technologies - SDIC emphasizes investment in critical common technologies and disruptive technologies to address core technology challenges and strengthen the industrial chain [4]. - The funds have heavily invested in the integrated circuit industry, with 27.8 billion yuan allocated to the entire supply chain, supporting 336 projects to accelerate domestic substitution [4][6]. Group 3: Support for Private Enterprises - Over two-thirds of SDIC's funds are directed towards private enterprises, fostering a new collaborative development model between state-owned and private sectors [9]. - As of March 2023, SDIC has invested in 1,175 projects, aiding 296 companies in entering capital markets, including 143 listed on the Sci-Tech Innovation Board [9]. Group 4: Agricultural Innovation - SDIC has invested in leading companies in biological breeding, significantly impacting agricultural productivity by introducing genetically modified corn varieties that reduce pesticide use and increase farmers' income [6][7]. - The establishment of the National Seed Technology Company by SDIC aims to enhance the domestic breeding industry, with a significant portion of genetically modified varieties being developed by its controlled or affiliated enterprises [7].

5月22日，由香港投资管理有限公司（以下简称"港投公司"）主办的首届"国际耐心资本论坛"在香港揭 幕。约400位来自全球15个国家和地区的80家"耐心资本"机构代表出席。相关机构的总资产管理规模达 20万亿美元。 首届"国际耐心资本论坛"在香港揭幕。（图/主办方提供） 与会的"耐心资本"机构包括主权基金、退休基金、大学基金、家族办公室、企业创投机构等。同时，也 有不同领域的初创企业和投资机构代表也有参与本次论坛。 本次论坛为国际"耐心资本"投资者提供平台，聚焦如何捕捉未来科技创新与商业转化的市场增长趋势及 投资机会。与会者看好内地及香港积极增长势头与机遇，并指出投资及政策环境稳定、应用场景丰富、 技术与产品不断突破和创新，以及香港作为国际化平台等优势，为国际市场的长期投资人提供了全球机 遇，尤其是与内地及香港相关的科技创新机遇，可以搭建畅顺衔接的高效平台。 港投公司还宣布了多项具体成果，包括： 一、与戈壁创投合作成立"耐心资本专项基金"，撬动更多包括主权基金在内的国际长期资本，结合在香 港的大专院校跨界协作，推动新一代的科技创新； 二、与蓝驰创投合作成立"共同投资伙伴计划"，推进一篮子的共同投资项目，重点支持 ...

港投公司行政总裁陈家齐指出，出席此次论坛的耐心资本机构总资产管理规模超过20万亿美元，所涉及 地区共占全球本地生产总值超过50%，反映全球长期资本对科技变革，尤其是人工智能爆发阶段战略布 局的殷切需求。香港"超级联系人"及"超级增值人"的独特优势，可以吸引国际投资者通过香港成熟的资 本市场，对接及投资不同融资阶段的高素质创科企业。 论坛上，港投公司还介绍了与戈壁创投合作成立"耐心资本专项基金"、与蓝驰创投合作成立"共同投资 伙伴计划"，以及与基汇资本合作成立"国际策略拓展平台"等多项具体成果。 此外，论坛设有3个讨论环节，分别为"智启未来，力创革新—共筑创投新生态""联通世界—发掘内地创 新机遇""植根本地，布局全球"。 （文章来源：新华社） 新华社香港5月22日电（记者林迎楠）由香港投资管理有限公司主办的首届国际耐心资本论坛22日在香 港揭幕。论坛聚焦"汇聚耐心资本共建繁荣未来"，吸引了来自全球约80家国际耐心资本机构的400余名 嘉宾，以及不同领域的初创企业和投资机构代表参会。 与会嘉宾纷纷表示看好内地及香港积极增长的发展势头与机遇，指出投资及政策环境稳定、应用场景丰 富、技术与产品不断创新，以及香港作为 ...

Group 1 - The core message emphasizes the need for patient capital to support technological innovation and accelerate business transformation in the face of rapid global economic changes [1][2] - The first "International Patient Capital Forum" gathered around 400 participants from 80 patient capital institutions, managing a total of $20 trillion in assets, highlighting the global interest in long-term investments in technology [1][2] - Hong Kong aims to serve as an international hub connecting funds, technology, and talent, facilitating the development of innovative paths in collaboration with global partners [1][2] Group 2 - Traditional investors are hesitant to invest in early-stage projects due to high potential but low certainty, indicating a financing gap that the government needs to address [2] - Hong Kong's technology ecosystem is expanding with a complete financing chain, including angel investments, venture capital, private equity, and IPOs, enhancing its innovation capabilities [2] - The Hong Kong Investment Management Company announced several partnerships to establish funds and initiatives aimed at leveraging international long-term capital for technological innovation [2][3]

Core Insights - The "International Patient Capital Forum" held in Hong Kong focused on gathering patient capital to build a prosperous future, attracting over 400 guests from around 80 international patient capital institutions [1] - The forum highlighted the strategic importance of patient capital in driving technological advancement, industrial transformation, and economic growth amid global economic fragmentation [2] Group 1: Government and Institutional Perspectives - The Financial Secretary of Hong Kong, Paul Chan, emphasized the need for patient capital to provide funding for alternative solutions during supply chain restructuring, focusing on purpose and impact rather than just profit [2] - Chan expressed optimism about Hong Kong's technology ecosystem, which benefits from a complete financing chain and collaboration with the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The CEO of Hong Kong Investment Company, Chan Ka-kee, noted that the total assets under management of attending patient capital institutions exceed $20 trillion, reflecting a strong demand for strategic investments in technological transformation [3] Group 2: Investment Themes and Achievements - The Hong Kong Investment Company has identified three major investment themes: hard technology, life sciences, and renewable and green technology [4] - The company has invested in over 100 projects, with a focus on innovative technologies such as artificial intelligence, and has plans for 5-10 projects to go public on the Hong Kong Stock Exchange [4] - For every dollar invested by the Hong Kong Investment Company, it has been able to attract over four dollars in follow-on investments, indicating a strong leverage effect [4] Group 3: New Collaborations and Initiatives - The Hong Kong Investment Company announced new collaborations, including a "Patient Capital Special Fund" with Gobi Partners to leverage international long-term capital for technological innovation [5] - A "Co-Investment Partnership Program" was established to support globally-minded Chinese tech entrepreneurs and leading global technological innovations [6] - The company also launched an "International Strategic Expansion Platform" with Basis Point Capital to accelerate the commercialization of research outcomes, focusing initially on markets in the Middle East [6] Group 4: Forum Discussions and Future Outlook - The forum included discussions on creating a new venture capital ecosystem, exploring innovation opportunities in mainland China, and establishing a global presence while rooted locally [8] - Attendees expressed confidence in the positive growth momentum and opportunities in both mainland China and Hong Kong, citing stable investment and policy environments, rich application scenarios, and continuous technological breakthroughs [6]

Core Viewpoint - The first "International Patient Capital Forum" held in Hong Kong focuses on gathering patient capital to build a prosperous future, attracting over 400 guests from around 80 international patient capital institutions and various startups and investment representatives [1][2]. Group 1: Economic Outlook - Attendees expressed optimism about the positive growth momentum and opportunities in the mainland and Hong Kong economies, highlighting the stable investment and policy environment, rich application scenarios, continuous technological breakthroughs, and Hong Kong's role as an international platform [1]. - The Financial Secretary of the Hong Kong SAR, Paul Chan, emphasized the strategic importance of patient capital in driving technological advancement, industrial transformation, and economic growth, noting significant investments in technology over recent years [1]. Group 2: Investment Landscape - The total assets under management of patient capital institutions attending the forum exceed $20 trillion, representing over 50% of global GDP, indicating a strong demand for strategic investments in technological transformations, particularly in the artificial intelligence sector [2]. - The Hong Kong Investment Company highlighted its unique advantages as a "super connector" and "super value creator," which can attract international investors to engage with high-quality tech enterprises at various financing stages [2]. Group 3: Collaborative Initiatives - The forum showcased several collaborative initiatives, including the establishment of a "Patient Capital Special Fund" in partnership with Gobi Partners, a "Co-Investment Partnership Program" with BlueRun Ventures, and an "International Strategy Expansion Platform" with Basis Point Capital [2]. - These collaborations are expected to support local and regional economic and social development, establishing a good example for sustainable, reliable, and mutually beneficial strategic partnerships [2]. Group 4: Discussion Themes - The forum included three discussion sessions focusing on creating a new investment ecosystem, exploring innovation opportunities in the mainland, and establishing a global layout rooted in local foundations, facilitating multilateral meetings among different institutions to explore specific cooperation plans [2].

Core Insights - The Chinese government has established a foundational framework for technology finance, with a multi-faceted financial system taking shape [3][4] - As of March 2023, loans to technology-oriented small and medium-sized enterprises (SMEs) exceeded 3.3 trillion yuan, reflecting a year-on-year growth of 24%, maintaining over 20% growth for three consecutive years [3] - The loan balance for "specialized, refined, distinctive, and innovative" enterprises surpassed 6.3 trillion yuan, with a year-on-year increase of 15.1% [3] - Recent policy measures aim to enhance the innovation of institutional mechanisms and provide specific actionable steps for implementation [3][4] Financial Support Measures - The People's Bank of China has increased the scale of loans for technological innovation and equipment upgrades from 500 billion yuan to 800 billion yuan, while reducing the re-lending interest rate from 1.75% to 1.5% [3][4] - There is a focus on improving the service capabilities of banks in technology credit, including internal management, talent development, risk assessment, and product services tailored to high-tech industries [4] Market Development Initiatives - The establishment of a "technology board" in the bond market is highlighted as an innovative measure to support technological development [4] - Emphasis is placed on developing equity financing and enhancing patient capital to address fundraising challenges in the venture capital sector [4] Ecosystem Enhancement - Efforts are being made to strengthen cross-border financial services for technology enterprises, including the promotion of Qualified Foreign Limited Partner (QFLP) pilot programs and facilitating cross-border financing [5] - The financial service levels in technology-intensive regions will be improved, particularly in key areas like Beijing and Shanghai, to support the construction of international and regional innovation centers [5]

此次论坛汇聚来自全球80家耐心资本机构，包括主权基金、退休基金、大学基金、家族办公室、企业创 投机构等，约400名嘉宾参会。(完) 5月22日， 首届"国际耐心资本论坛"在香港举行。 中新社记者 戴小橦 摄 港投公司行政总裁陈家齐称，本次论坛汇聚众多国际顶尖耐心资本机构，反映全球长期资本对科技变 革，尤其是人工智能爆发阶段战略布局的需求。香港作为国际枢纽，提供高效平台，让投资者与前沿科 企深度对接，掌握技术转化趋势与资本动态。港投公司致力构建跨地域"朋友圈"，促进耐心资本与创新 企业精准匹配。 本次论坛设有3个讨论环节，主题分别为"智启未来，力创革新—共筑创投新生态""联通世界—发掘内地 创新机遇""植根本地，布局全球"。香港中大创新有限公司行政总裁伍心妍指出，香港高校在专业人才 吸引领域成效显著，众多处于成熟发展阶段的人才对投资高校展现出兴趣；期待以本次论坛为契机，进 一步加快探索步伐，深度发掘更多全新投资机遇，推动相关领域合作与发展。 不少家族办公室和创投机构代表均提到，稳定的投资与政策环境、丰富多元的应用场景、持续突破的创 新技术与产品，以及香港作为国际化平台的独特优势，为国际长期投资人带来全球性机遇。 ...

陈家齐进一步表示，香港作为"超级联系人"及"超级增值人"，具备独特优势。香港作为国际高端人才集 聚高地、国际创科中心及国际金融中心，可高效汇聚人才、创科机遇及金融三大要素，这些优势能够支 持全球耐心资本社群实现发展目标。 香港财政司司长陈茂波在论坛上表示，地缘经济分裂将为全球增长及投资流向蒙上阴影，但当中亦有机 遇，随着供应链重整、各地推动关键工业本地化，在此过程中，耐心资本可为替代方案提供资金。耐心 资本既经得起经济周期起伏波动，同时也不会只着眼于利润，而是更着重于项目的目的及影响。 5月22日，香港投资公司行政总裁陈家齐在国际耐心资本论坛上表示，目前香港投资公司已经投资了超 过100个项目，其中人工智能及具身智能等是主要的增长点。在这些项目中，有5-10家公司有意向或正 在进行IPO，预计今年将会递交上市申请。 陈茂波表示，传统投资者对投资在项目早期阶段态度犹疑，因为这时期投资潜力最大但确定性最低。他 认为，为弥补这个融资链缺口，政府需要发挥主导作用，相信港投公司可以引导市场资本进入高潜力、 新兴产业。 陈家齐表示，耐心资本拥有前瞻性的愿景和能够经受时间考验的投资策略。而长期性趋势和结构性机 遇，特别是与 ...