Core Insights - The new "National Nine Articles" and other government initiatives aim to enhance the "fundraising, investment, management, and exit" cycle, promoting venture capital and private equity investment to support technological innovation [1][2] Fundraising and Management - As of the end of 2024, Shenzhen has 801 private equity and venture capital fund managers with 3,429 registered funds, managing a total of 410.34 billion yuan, representing year-on-year growth of 4.13% and 1.13% respectively [3] - The number of private equity venture capital funds has increased 2.65 times since the end of 2018, with a management scale growth of 2.25 times, averaging annual growth rates of 24.09% and 21.74% [3] - The top 10% of institutions manage approximately 74% of the total fund scale, indicating a significant concentration trend in the industry [2] Investor Participation - The number of institutional investors in Shenzhen's private equity venture capital funds reached 17,110, with a total contribution of 835.86 billion yuan, reflecting year-on-year increases of 0.76% and 0.41% respectively [5] - The participation of long-term funds has increased, with government funds, guiding funds, pension and social security funds, insurance funds, and bank funds seeing a 16.74% increase in investor numbers [5] Investment Trends - By the end of 2024, Shenzhen's private equity venture capital funds had invested in 20,409 projects, targeting 12,503 companies nationwide, with a total investment amount of 963.99 billion yuan, a decrease of 2.37% year-on-year [7] - Investment in early-stage and small enterprises has increased, with early-stage projects accounting for 46.36% of total investments, up 0.97 percentage points from the previous year [7] - Investment in hard technology sectors, including aerospace, defense, and semiconductors, has seen significant growth, with project numbers increasing by 25.46%, 12.17%, and 6.46% respectively [8] Exit Strategies - The total number of exit projects in Shenzhen's private equity venture capital industry reached 1,954 in 2024, the highest in three years, with exit capital of 43.069 billion yuan, marking increases of 94.62% and 71.06% respectively [10][12] - The primary exit methods remain agreement transfers and corporate buybacks, with significant growth in public market exits as well [12][14] - The overall exit return multiple has decreased, but hard technology sectors have shown promising returns, with chemical products and semiconductors achieving exit multiples of 5.14 and 3.01 respectively [14][15]

Core Insights - The article discusses the development trends of venture capital institutions in Shenzhen over the past year, particularly focusing on the impact of the new "National Nine Articles" implemented in 2024 on the fundraising, investment, and exit cycles of private equity and venture capital [1][2]. Group 1: Investment Trends - Shenzhen's private equity and venture capital funds have shown a significant increase in investments in "hard technology" sectors, with notable growth in aerospace and defense (up 25.46%), semiconductors (up 12.17%), and biotechnology (up 6.46%) [1][7]. - The total number of projects in the "hard technology" category has reached 10,900, representing a year-on-year increase of 5.71%, with a three-year average annual growth rate of 11.14% [7]. Group 2: Exit Performance - The number of exit projects for Shenzhen's private equity and venture capital funds reached 1,954 in 2024, marking a new three-year high and a year-on-year increase of 96.42% [2]. - The actual exit amount for 2024 was 588.31 billion yuan, reflecting a growth of 70.28% compared to 2023 [2]. - Public market exits have also seen significant growth, with 331 projects exiting through this channel, a nearly 90% increase, and an actual exit amount of 222.41 billion yuan, up 104.50% [2][3]. Group 3: Funding Sources - The participation of long-term funds in Shenzhen's private equity and venture capital sector has increased, with the number of long-term fund investors rising by 16.74% to 2,381.06 billion yuan in 2024 [4]. - The number of guiding fund investors increased by 24.32% to 624, with a total investment of 909.47 billion yuan, a year-on-year growth of 14.11% [4]. Group 4: Fund Management Growth - As of the end of 2024, there were 801 private equity and venture capital fund managers in Shenzhen, managing a total of 3,429 funds with a combined scale of 4,103.42 billion yuan, representing a year-on-year growth of 4.13% in fund numbers and 1.13% in scale [6]. - The number of private equity and venture capital funds has increased by 165% since the end of 2018, with an average annual growth rate of 24.09% [6].