Core Insights - Shanghai has introduced a fund share valuation guideline to enhance the standardization and efficiency of S transactions in the private equity secondary market [1][4] - The S transaction market has seen a decline in activity over the past two years, contrasting sharply with previous years [3] - The valuation of fund shares is critical for S transactions, and the new guidelines aim to address the challenges posed by information asymmetry and complex transaction structures [4] Group 1: Valuation Guidelines and Market Dynamics - The newly released valuation guidelines provide a comprehensive framework for valuing fund shares, incorporating various mainstream valuation methods for both listed and unlisted equity [4] - The Shanghai Equity Custody Trading Center has previously launched a fund share valuation system, and the new guidelines are expected to further establish a widely accepted pricing system [4] - The S transaction platform serves as a crucial liquidity channel for the trillion-level private equity market, alleviating exit pressures for private equity firms [4][5] Group 2: Market Performance and Future Outlook - In 2024, the Shanghai S transaction market is projected to grow against the trend, with new transaction amounts expected to exceed 10 billion yuan [5] - As of May 18, the platform has completed 121 fund share transactions totaling approximately 25.24 billion yuan and 44 share pledge transactions amounting to about 9.93 billion yuan [5] - The S fund market is still in its early development stage, with a significant amount of existing assets (estimated between 15 trillion to 20 trillion yuan) seeking exit channels, but the effective buyer base remains limited [8] Group 3: Industry Ecosystem and Collaboration - The healthy development of the S fund market is closely linked to ecosystem building, as evidenced by the Shanghai S Fund Alliance's efforts in organizing training and resource sharing among members [9] - A report on post-investment management has been released, highlighting the importance of enhancing post-investment management capabilities for institutions to navigate complex market challenges [9] - Shanghai's position as a financial and innovation center, along with government support, provides a favorable environment for establishing a robust S fund market [10]

Group 1 - The S fund market in Shanghai is gaining attention as an important tool for revitalizing existing assets and optimizing resource allocation, with a total transaction amount exceeding 250 billion yuan as of May 18 [1][2] - The Shanghai Equity Custody Trading Center has released valuation guidelines for fund shares to address challenges such as valuation difficulties, information asymmetry, and complex transaction structures in the S fund industry [1] - The "Eskimo" 2.0 version of the private fund mobile service platform and the Bank of Communications' equity management system were launched to enhance transaction information efficiency for various users [2] Group 2 - The Shanghai S fund market has seen continuous high-quality development and expansion, with the S fund alliance comprising over a hundred leading market institutions, including national-level mother funds and well-known domestic and international funds [2] - As of May 18, the platform has completed 121 fund share transactions and 44 share pledge transactions, with financing amounts of approximately 99.34 billion yuan [2] - The S fund trading market in Shanghai is expected to achieve a significant increase in transaction amounts in 2024, surpassing 100 billion yuan, contributing positively to the circulation of financial and industrial capital [2]