Core Viewpoint - The primary focus of the article is the comprehensive recovery of the primary market in fundraising, investment, and exit strategies, supported by favorable policies and increased funding in the venture capital industry since 2025 [1]. Fundraising - Fundraising challenges that have long plagued the venture capital industry are gradually improving in 2025, with long-term funds from banks, insurance, and social security funds accelerating their entry into the market [3]. - The establishment of financial asset investment companies (AIC) by major banks marks a significant increase in fundraising capabilities, with a cumulative investment of 45.272 billion yuan, a year-on-year increase of 37.7% since September 2024 [3]. - Local governments have issued 52 billion yuan in special bonds directed towards government-guided funds, enhancing the capital pool for venture capital [4]. - The total contribution from government-guided funds, industrial capital, and state-owned funds has increased by 23.9%, 26.7%, and 59.7% respectively in 2025 [4]. - Institutional LP contributions reached 1.45 trillion yuan in 2025, a year-on-year growth of 16% [4]. Investment Trends - The recovery in fundraising has led to a surge in investments in hard technology sectors such as biomedicine, semiconductors, artificial intelligence, and robotics, with investment speeds increasing by 20% to 30% compared to 2024 [6]. - The resilience of China's technology innovation ecosystem has attracted significant global capital, with notable investments in companies like DeepSeek and Yushutech [6]. - Investment in hard technology sectors has seen over 30% growth in financing numbers compared to 2024, with the robotics sector particularly thriving, surpassing the total number of financing events from the previous two years [7]. Exit Strategies - The exit channels for venture capital have diversified, with IPOs remaining a key exit route, and new avenues such as S funds and mergers and acquisitions gaining importance [9]. - In 2025, several companies have successfully completed IPOs, with the A-share and Hong Kong markets accounting for 16% and 33% of global IPO activities respectively [9]. - The establishment of S funds by local state-owned assets has contributed to a more diverse exit strategy landscape, with 17 new S funds launched between 2024 and the first half of 2025 [10]. - The focus on mergers and acquisitions has increased, with venture capital firms actively seeking exit strategies for their investments [11]. Overall Industry Outlook - The venture capital industry in China is experiencing a comprehensive recovery, supported by policies that enhance the fundraising, investment, and exit ecosystem, thereby strengthening its role in supporting technological innovation and contributing to high-quality economic development [11].

21世纪经济报道记者 申俊涵 广州报道 12月5日，第15届21世纪创新资本年会在广州举办。本次活动由南方财经全媒体集团指导、21世纪经济报道主办、21世纪创投研 究院提供首席智库支持，本次活动还得到中宏保险的特别支持。 21世纪经济报道执行总编辑陈晨星在致辞时表示，过去一年，中国股权投资市场在静默中积蓄力量、在变革中探寻新路。从 DeepSeek的惊艳表现到宇树科技全球领跑，一轮由硬科技驱动的创新浪潮正以前所未有的力量，重塑产业格局，也重构着全球 创投的价值图谱。 二级市场的回暖，不仅为行业打开了IPO退出的希望之窗，更让"募投管退"的良性循环有了更坚实的落脚点。与此同时，一场由 产业龙头、投资机构与地方政府共同主导的并购整合大戏已然启幕。 随后，陈晨星介绍了《21世纪经济报道•创投版》的发展情况。她指出，作为深耕股权投资领域14年的专业媒体，《21世纪经济 报道•创投版》始终以理性视角记录行业变迁。依托21世纪创投研究院，团队构建起覆盖"募投管退"全链条的研究体系，通过日 常报道、研究报告、论坛活动等产品形式，持续为行业输出前瞻洞察，服务投资机构的"找钱、找项目、找退出路径"等直接需 求。 "变化是永恒的 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable equity buyback terms, emphasizing the need for long-term planning and resolution of conflicts of interest to support the growth of real enterprises [1][2]. Group 1: Industry Development - The private equity and venture capital industry in China has been steadily developing, acting as a representative of patient capital and contributing positively to high-quality economic development through its roles as incubators, accelerators, and promoters of technological innovation [2]. - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, serving as a risk buffer for private equity funds while incentivizing founders to focus on long-term value creation [2][3]. Group 2: Challenges and Issues - The issue of equity buybacks has become a focal point in the market, with some startup technology companies facing financial and developmental pressures due to triggered buybacks, leading to difficulties in exit strategies for private equity funds [3]. - The notice highlights that the buyback issue is a significant challenge for private equity funds, as enforcing buyback rights can lead to insolvency or bankruptcy for companies unable to meet these obligations [3][4]. Group 3: Guidelines and Recommendations - The notice requires private equity funds to set equity buyback terms that are scientifically reasonable and to avoid using buyback arrangements for non-private fund investment activities [3][4]. - It encourages fund managers to communicate effectively with investors and stakeholders when buyback conditions are triggered, and to assess external factors such as macroeconomic conditions and industry policies [4]. - Fund managers are advised to negotiate amicably with buyback obligors, potentially adjusting buyback targets, extending buyback periods, or lowering buyback rates to resolve conflicts and support the growth of real enterprises [4][5]. Group 4: Balancing Responsibilities - Fund managers must balance diligence and flexibility, ensuring that any measures taken to provide relief to companies are communicated transparently to investors to avoid potential legal or regulatory repercussions [5]. - Companies and their controlling shareholders should focus on improving core business operations and maintaining transparency to rebuild trust and restore buyback capabilities [6].

Core Viewpoint - The article discusses the experiences and perspectives of individuals working in state-owned enterprises (SOEs) and contrasts them with those in market-oriented institutions, highlighting both advantages and disadvantages of each environment [5][9]. Group 1: Advantages of State-Owned Enterprises - SOEs provide opportunities to work with talented colleagues, although leadership quality may be lacking [5]. - There is a sense of job security and a stable income, which allows employees to focus on personal projects [6]. - Skills such as text and communication abilities are developed, making transitions to private enterprises smoother [7]. - SOEs can leverage platform advantages and abundant resources to achieve significant projects that may be challenging for market institutions [9]. Group 2: Disadvantages of State-Owned Enterprises - Employees may experience a decline in skills over time, leading to concerns about reintegration into market-oriented roles [6]. - The bureaucratic nature of SOEs can lead to high compliance and management costs, along with regulatory pressures [9]. - There is a perception that many employees lack awareness of the source of investment funds, which can lead to a disconnect in understanding the investment process [11]. Group 3: Comparison with Market-Oriented Institutions - Market-oriented institutions emphasize individual heroism, while SOEs rely on collective efforts [7]. - Both SOEs and private enterprises share common issues, such as unpredictability and challenges in maintaining operational stability [9]. - The experience of working under different leadership styles can significantly impact employee satisfaction and performance, regardless of the type of organization [11].

Core Insights - The Yumen County Economic Development Fund, led by the Gonghang Travel Fund, achieved a remarkable absolute return of 21.24% with zero-risk exits for all invested projects, demonstrating effective asset appreciation and serving as a successful model for regional financial collaboration and industrial upgrading in Gansu Province [1]. Group 1: Fund Operations and Strategy - The Gonghang Travel Fund addressed the challenges of "financing difficulties, resource shortages, and weak governance" faced by enterprises in Yumen City by establishing an innovative mechanism of "government guidance + market-oriented operation" [2]. - The fund focused on three pillar industries in Yumen City: chemicals, mineral extraction, and advanced manufacturing, utilizing thorough research and enterprise due diligence to select high-quality companies for investment [2]. - A notable investment in a chemical enterprise facilitated its capacity expansion, contributing to the establishment of a closed-loop and centralized processing in Gansu's coal tar deep processing sector, positioning the enterprise as a landmark in Yumen's building materials and chemical park [2]. Group 2: Investment Management and Value Creation - The fund's steady returns are attributed to the Gonghang Travel Fund's professional management across the entire investment cycle, including fundraising, investment, management, and exit [4]. - The team aligned investment targets with Gansu's "14th Five-Year" industrial plan, identifying high-potential companies and implementing enhancement strategies that led to significant industry recognition and standard-setting [4]. - Post-investment, the fund acted as a "strategic partner," assisting companies in governance improvement and resource integration, transitioning them from "blood transfusion growth" to "self-sustaining development" [4]. Group 3: Economic and Social Impact - The fund's operations aimed to enhance both economic and social benefits, leading to significant growth in local industry output and tax revenue in Yumen City [6]. - The initiative attracted attention from various investment institutions and commercial banks, laying the groundwork for a healthy regional economic ecosystem [6]. - The fund's efforts contributed to job stability and expansion, improved enterprise quality and efficiency, and promoted green transformation, achieving a win-win scenario for economic and social value [6].

Core Insights - The development of a well-functioning capital market is crucial for nurturing new productive forces, emphasizing the importance of venture capital and private equity in supporting the lifecycle of innovative enterprises [1][2] Group 1: Importance of Venture Capital - The lifecycle of enterprises, especially innovative ones, includes various stages such as seed, startup, growth, and maturity, which require different financing and risk management tools [1] - Venture capital plays a critical role in supporting early-stage innovative enterprises when traditional financing methods are inadequate [1][2] Group 2: Recommendations for Enhancing the Venture Capital Market - It is essential to streamline the "fundraising-investment-management-exit" process, particularly improving exit channels to stabilize the venture capital market [2] - Reforming the management philosophy and model of government or state-owned venture capital funds is necessary to increase risk tolerance and extend performance evaluation periods [2] - Supporting the transformation of scientific and technological achievements is vital for accelerating the integration of technological and industrial innovation [2] - Developing a robust merger and acquisition market is crucial, as it serves as an important exit channel for venture capital funds, particularly for high-potential innovative enterprises [2]

Fundraising - In the first half of 2025, the number of funds raised in China's private equity market increased by 12.1% year-on-year, totaling 2,172 funds[4] - The total amount raised reached approximately 7,283.30 billion RMB, reflecting a 12.0% year-on-year increase[4] - The average new fund size was 3.35 billion RMB, remaining stable compared to the same period in 2024[4] Investment - Investment activity showed a significant recovery, with 5,612 cases and a disclosed amount of approximately 3,389.24 billion RMB, up 21.9% and 1.6% year-on-year respectively[8] - The estimated total investment scale for the first half of 2025 is projected to reach 4,800 billion RMB, marking a 12.0% increase year-on-year[8] - The semiconductor and electronic equipment sector saw investment amounts exceeding 1,000 billion RMB, growing by 46.6% year-on-year[11] Exit - The number of exit cases in the first half of 2025 was 935, down 43.3% year-on-year[12] - IPOs accounted for 62.4% of exit transactions, with 583 cases, a 38.2% increase year-on-year[13] - The total financing amount from IPOs reached approximately 1,213.60 billion RMB, up 158.7% year-on-year[13]

Core Viewpoint - The recent acceptance of non-public issuance of technology innovation convertible bonds by Xi'an Steel Research Functional Materials Co., Ltd. and Shenzhen Zhisheng New Electronic Technology Co., Ltd. marks a significant step in supporting small and medium-sized technology enterprises in accessing capital markets through innovative financing tools [1][2]. Group 1: Company Information - Xi'an Steel Research is a leading company in the precision alloy industry, achieving domestic substitution for aviation mold materials through its tungsten alloy products [2]. - Shenzhen Zhisheng specializes in aluminum electrolytic capacitors and materials, recognized as a "little giant" enterprise in the specialized and innovative sector [2]. Group 2: Financing Mechanism - The technology innovation convertible bonds (referred to as "Sci-tech convertible bonds") are designed to lower financing costs for issuers while providing investors with flexible investment options, making them suitable for high-growth technology companies [1][2]. - The issuance amounts for the two companies are 300 million yuan for Xi'an Steel Research and 60 million yuan for Zhisheng New, with Guosen Securities and Ping An Securities acting as exclusive underwriters [2]. Group 3: Market Dynamics - Traditional bond investors are often hesitant to invest in bonds from small technology companies due to concerns over credit risk and performance volatility, leading to challenges in financing for these enterprises [2][4]. - Sci-tech convertible bonds can enhance the recognition of bonds issued by technology companies, mitigate credit risks, and effectively lower financing costs, thus supporting early-stage funding [3][4]. Group 4: Investment Flexibility - Sci-tech convertible bonds provide a pathway for venture capital to invest in early-stage technology companies, allowing investors to choose between holding bonds or converting them into equity as the company grows [4]. - Investors can also transfer these bonds on the Shanghai Stock Exchange, facilitating flexible exit strategies [4]. Group 5: Future Implications - The issuance of these bonds is seen as a preparatory step for future IPOs, helping technology companies improve their information disclosure and governance efficiency in anticipation of entering the capital market [5].

Core Insights - The REITs market in China is expanding, with 75 products expected to be listed by September 2025, raising over 200 billion yuan, with Shanghai Stock Exchange accounting for 51 projects and 1.4 billion yuan in financing, covering various sectors such as data centers, rental housing, and logistics [1][2] Group 1: REITs Development in Jiangsu - Jiangsu has established a "reserve + cultivation + issuance" model for public infrastructure REITs, successfully launching 8 REITs that raised 24 billion yuan, with 12 REITs having 19 underlying assets located in Jiangsu [2][3] - The Dongwu Suyuan REIT, launched in June 2021, focuses on incubating high-tech enterprises in Suzhou Industrial Park, attracting over 100 renowned companies [2][3] - The Huatai Jiangsu Expressway REIT, launched in November 2022, facilitated a 36.05 billion yuan investment in highway expansion and addressed land rights issues for service areas [3] Group 2: Policy and Regulatory Support - Jiangsu's local government and regulatory bodies, including the Jiangsu Securities Regulatory Bureau, are actively supporting the REITs market by providing training and updating project reserves to enhance asset utilization [4][5] - The Jiangsu Development and Reform Commission is streamlining the application process for REITs projects, focusing on quality and compliance to promote high-quality development in infrastructure [5] Group 3: Market Collaboration and Future Outlook - The Shanghai Stock Exchange is committed to building a robust REITs market, providing feedback on transparent and growth-oriented projects, and collaborating with local authorities to identify and support quality projects [6][7] - Ongoing initiatives include direct engagement with project stakeholders and organizing events to enhance communication and address concerns, thereby improving the overall experience for enterprises and fund managers [7]

Core Insights - The 2025 International Digital Energy Exhibition was held in Shenzhen, where Hong Kong and China Gas Company showcased its "Gas-Powered Energy Internet" strategy, highlighting four core achievements in zero-carbon smart industrial parks, GW-level energy storage asset management, AI scheduling algorithms, and innovative financing models [2][6][12]. Group 1: Company Strategy and Achievements - Hong Kong and China Gas Company aims to create a "Gas-Powered Energy Internet" by focusing on zero-carbon smart industrial parks, achieving a total of 128 such parks and serving over 2,000 industrial clients across 24 provinces in China [6][7]. - The company has developed its own "Carbon Cloud" platform to enhance energy management through AI, improving power generation efficiency by 10% and reducing fault response time to one hour [6][12]. - The company issued the first carbon-neutral REITs in the market last year, raising 5 billion yuan to facilitate a closed-loop model of fundraising, investment, management, and exit [6][13]. Group 2: Financial Innovations and Collaborations - A new asset management model was introduced, offering three customized plans to address industry challenges, which can enhance asset yield by 15% [13]. - The company has partnered with Shenzhen Capital Group and Xinnengda to establish a specialized fund aimed at commercial energy storage, with an initial fundraising target of 600 million yuan [17][19]. - The fund will leverage the company's asset management capabilities and the investment layout of Shenzhen Capital Group to support the large-scale implementation of energy storage projects [19]. Group 3: Industry Trends and Future Goals - The energy sector is facing dual challenges of "supply security" and "low-carbon transition," with AI technology and digital ecosystems providing new solutions [6][10]. - The company envisions increasing its asset management scale from 100 billion yuan to 1 trillion yuan by 2030, emphasizing collaboration across the "energy + technology + finance" spectrum [7][10]. - Two key innovations were recognized at the exhibition, focusing on carbon reduction and value enhancement, including a practical guide for commercial carbon asset services and an integrated service model for solar energy and storage [21][23].