Core Viewpoint - The article discusses the emerging trend of "reverse investment models" where founders require investors to pay a fee before conducting due diligence, reflecting a shift in power dynamics in the investment landscape [4][5][9]. Group 1: Investment Dynamics - Founders are increasingly feeling overwhelmed by the demands of investor meetings and due diligence processes, leading to a reconsideration of how these interactions are structured [7][8]. - The scarcity of quality projects in popular sectors has intensified competition among investors, resulting in a "just looking, not investing" mentality to mitigate risks [11][12][14]. - The trend of charging due diligence fees is seen as a way for founders to reclaim time and resources, allowing them to focus more on their core business rather than endless investor meetings [9][16]. Group 2: Market Conditions - The current investment environment is characterized by a concentration of capital in a few hot sectors, leading to a significant disparity in project quality and valuation [12][13]. - Notable examples include companies like Rewind, which successfully implemented a reverse due diligence approach due to its strong market position and performance metrics, attracting significant investor interest [17]. - The article highlights the challenges faced by founders in niche markets, where they must educate investors about their industry while managing the demands of multiple due diligence requests [8][9]. Group 3: Future Implications - The evolving dynamics suggest a need for a more balanced relationship between investors and founders, where both parties can effectively communicate and negotiate terms [18]. - The article emphasizes that the success of this new approach depends on the ability of founders to leverage their market position and performance to attract serious investors [17][18].

2025年6月，由港交所前行政总裁李小加创办的滴灌通国际投资有限公司正式向港交所提交上市申请， 计划以香港上市规则第21章"投资公司"形式挂牌，且仅提交英文版上市文件。 这家成立仅四年的企业开创了"非股非债"的第三条融资路径，通过澳门金融特区政策优势，将中国内地 逾万家小微门店的现金流转化为可跨境流通的标准化金融产品。 数字化金融基础设施：重构资本与小微企业的连接 滴灌通的商业模式本质是搭建了一套从实体门店现金流到国际资本市场的数字化转化系统。其核心定位 为"运用金融科技联结全球资本与小微企业的交易所集团"。 2022年底，滴灌通澳交所获澳门特区政府批准设立，成为全球首个持牌的"收入分成"交易所。李小加将 其比喻为"另一座连接中国与世界的金融市场大桥"，如同当年的沪港通、深港通。 在三年自营投资探索中，滴灌通完成了44亿元的投资布局，覆盖全国200多个城市的13000多家门店，集 中在餐饮、零售、服务、文体四大消费行业。截至2024年，已回收资金20多亿元，剩余20多亿元将在未 来一两年内收回。 | 发展阶段 | 时间周期 | 核心特征 | 投资规模 | 覆盖范围 | | --- | --- | --- | ...

Core Viewpoint - The article discusses the emerging trend of "reverse investment models" where founders require due diligence fees from investors, reflecting a shift in power dynamics in the investment landscape [2][3][10]. Group 1: Investment Dynamics - Founders are increasingly demanding due diligence fees to filter out non-serious investors, as seen in a case where a founder requested a few thousand yuan for due diligence [2][3]. - The traditional one-sided nature of due diligence is changing, with founders recognizing their time and focus as more valuable than capital [3][10]. - The scarcity of quality projects in hot sectors has led to increased pressure on investors to conduct due diligence while managing risk [3][13]. Group 2: Challenges Faced by Founders - Founders often find themselves overwhelmed by the demands of multiple due diligence requests, which detracts from their focus on business operations [7][9]. - The current financing environment necessitates frequent small-scale fundraising rounds, consuming significant time and energy from founders [8][9]. - Many founders express frustration over the lack of meaningful outcomes from investor meetings, leading to a sense of wasted effort [9][20]. Group 3: Market Trends and Examples - The article highlights the case of Rewind, an AI startup that successfully implemented a reverse due diligence approach, attracting significant interest from over 1,000 VCs [24][25]. - The success of Rewind was attributed to its strong market position and impressive performance metrics, which allowed it to dictate terms in the fundraising process [25][26]. - The article notes that while some companies can leverage reverse due diligence, many others still face challenges in a competitive market [26][27]. Group 4: Future Outlook - The evolving dynamics between investors and founders suggest a need for both parties to find common ground to create a healthier investment ecosystem [29][30]. - The article emphasizes that both "just looking" by investors and "reverse due diligence" by founders are valid strategies in the current market context [27][28].

Core Viewpoint - Drip Irrigation International Investment Co., Ltd. (referred to as "Drip Investment") has chosen a special listing method under the Hong Kong Stock Exchange's Chapter 21, which allows companies without actual business operations to go public, marking the first such application in 14 years [1][3]. Group 1: Company Background - Drip Investment was established on May 23, 2025, in the Cayman Islands, with Li Xiaojia as the chairman. The company has not conducted any operations since its inception [5]. - The company aims to create a non-equity, non-debt cash flow investment model to provide overseas financing channels for small and micro enterprises [5]. - Drip Investment's platform allows global investors to invest directly in numerous small and micro businesses in China, sharing transparent and secure investment returns [6]. Group 2: Financial Performance - As of December 31, 2024, Drip Investment's total issuance scale on the Macau Stock Exchange reached 46.1 billion RMB, with over 13,000 income-sharing products issued, returning 24.4 billion RMB to investors [6]. - The MCLF fund's annualized returns have seen significant fluctuations, with returns dropping from 18.11% in August-December 2022 to 0.51% in January-July 2024 [8][9]. Group 3: Business Model and Risks - Drip Investment's core operating model is based on Daily Revenue Sharing Contracts (DRC), providing financing to small businesses in various sectors, which return a portion of their daily cash flow to Drip Investment [7]. - Concerns have been raised regarding the sustainability of this model, particularly in economic downturns, as over 90% of the company's revenue comes from small business revenue sharing [7]. - The company claims to control risks through direct connections with POS systems and cross-verification of data, but only managed to intercept 69 fraudulent transactions in 2023, raising questions about the effectiveness of its risk management [10].

Group 1 - The Asian Infrastructure Investment Bank (AIIB) held its 10th Annual Meeting in Beijing, focusing on themes such as digital transformation, green financing, and cross-border cooperation [1][2] - AIIB has expanded its membership from 57 founding members to 110, with nearly 700 employees from over 70 countries, highlighting its diverse and international nature [2][3] - AIIB has approved 322 projects with a total financing amount exceeding $60 billion, mobilizing over $200 billion for infrastructure development, benefiting 38 member countries [3][4] Group 2 - AIIB aims to innovate investment models to better support sustainable infrastructure development for its members over the next five years [1][4] - The bank has developed various innovative financing tools, including results-oriented loans and climate-oriented policy financing, to enhance private sector investment [4] - AIIB's Mid-term Development Strategy (2021-2030) focuses on financing "future-oriented infrastructure" with priorities in green infrastructure, connectivity, technology-driven infrastructure, and mobilizing private capital [3][4]

Core Viewpoint - Drip Irrigation Technology has submitted its application for a Hong Kong IPO, attracting significant market attention due to its unique business model and the reputation of its founder, Li Xiaojia, former CEO of the Hong Kong Stock Exchange [2][3]. Group 1: Company Overview - The company was founded by Li Xiaojia, who is credited with significant reforms in Hong Kong's financial market, including the establishment of the Stock Connect programs [3]. - Drip Irrigation Technology has invested over 4 billion yuan in more than 10,000 small stores across over 200 cities in China, utilizing its own funds and a cash-sharing investment model [3][4]. Group 2: Business Model - The company employs a "non-equity, non-debt" investment approach, focusing on cash flow sharing rather than traditional financing methods, which has led to debates about its sustainability and compliance [3][4]. - The investment model allows small businesses to receive funding without collateral, interest payments, or equity dilution, thus sharing operational risks with investors [4][5]. - The cash flow-sharing model is likened to precision irrigation in agriculture, aiming to direct funds effectively to small businesses [5]. Group 3: Market Context - The financing of small and micro enterprises is a long-standing challenge in the financial industry, with many entrepreneurs facing high-interest rates and collateral requirements from traditional banks [4]. - Drip Irrigation Technology's model seeks to address the financing needs of millions of small business owners in China, offering a new way to access capital without the burdens of traditional loans [4]. Group 4: Operational Challenges - The company faces scrutiny regarding the transparency and reliability of its revenue-sharing agreements, particularly in ensuring that store owners accurately report their income [7][8]. - There are concerns about how to set fair revenue-sharing ratios, especially in low-margin industries like food and beverage, where many businesses struggle to remain profitable [8]. - Investors may find it challenging to protect their interests under the non-equity, non-debt model, as they lack rights to audit or claim assets in case of business failure [9]. Group 5: Technological and Regulatory Aspects - Drip Irrigation Technology is developing a blockchain project to enhance transparency and track the financial performance of invested stores [10][11]. - The company is leveraging regulatory advantages in Macau to create standardized digital certificates for its investment contracts, facilitating cross-border capital flows [12][13]. - The innovative structure of Drip Irrigation Technology may lead to regulatory challenges, as it operates in a complex environment that combines domestic investments with international financing [13].

Core Viewpoint - The development of a technology finance ecosystem is essential to meet the financing needs of technology enterprises throughout their lifecycle, from startup to maturity, emphasizing the importance of patient capital and collaborative investment models [1][2][3]. Group 1: Technology Finance Ecosystem - The Ministry of Science and Technology and six other departments released policies in May 2023 to accelerate the construction of a technology finance system, highlighting its role in promoting deep integration of technological and industrial innovation [1]. - Industry experts advocate for a systematic, full-chain, and integrated technology finance ecosystem to support technology enterprises effectively [2]. - Financial institutions must adapt their evaluation criteria to focus on technology rather than traditional financial metrics, as technology enterprises' core value lies in their innovations [1][3]. Group 2: Collaborative Financial Services - A comprehensive financial service model is needed, which includes direct investment, investment banking, commercial banking, insurance, and guarantees to support technology enterprises at various stages [2]. - Clear division of responsibilities among financial institutions, market players, and regulatory bodies is crucial for effective service delivery [2][3]. Group 3: Product and Service Adaptation - Financial institutions should shift their focus from what they can provide to what technology enterprises need, continuously upgrading their products and services to meet the specific demands of different lifecycle stages [3]. - A robust supporting mechanism is necessary to address the unique characteristics of technological innovation, including profit-sharing, risk-sharing, and accountability frameworks [3]. Group 4: Innovative Investment Models - The integration of equity financing, debt financing, and insurance is essential for providing comprehensive financial services to technology enterprises [4]. - China Life Insurance is exploring a new "S Fund Relay Investment" model, which allows insurance funds to invest in technology enterprises at a more mature stage, enhancing the efficiency of government funds [6]. Group 5: Stable Funding Sources - Policy-based finance plays a strategic role in supporting technology enterprises by providing long-term and patient capital, especially during the product commercialization phase [7]. - The Export-Import Bank of China aims to enhance support for high-tech product export enterprises, facilitating technology upgrades and digital transformation [8][9].

Group 1 - The core viewpoint of the article emphasizes China Life Insurance's commitment to exploring technological finance through service ecology and model innovation [1] Group 2 - China Life is actively constructing a comprehensive financial service ecosystem to support new productive forces, responding to the increasing demand for integrated financial services from technology enterprises. The company has provided risk protection amounting to nearly 40 trillion yuan for strategic emerging industries and served over 9,600 national-level specialized and innovative "little giant" enterprises [2] - The company leverages its long-term capital advantages to provide comprehensive financial support, including technology investment and credit services, enhancing the competitiveness and sustainable development of technology enterprises [2] Group 3 - China Life is exploring a relay investment model between insurance funds and government funds, addressing the challenges of early-stage technology investment. In 2023, the company invested 11.8 billion yuan in the Shanghai Integrated Circuit Industry Investment Fund, marking the first S fund investment in the industry [3] - This model allows insurance funds to enter at a relatively mature stage, improving the efficiency of government fund utilization while adhering to the prudent investment principles of insurance funds [3]

瞿依贤 上市首日涨超110%、暗盘交易涨超80%、国际配售获13.52倍超额认购、港股18A生物科技板块最大融 资额……2025年4月中旬，映恩生物（09606.HK）在港股IPO，创下港股18A生物科技板块多项纪录。 上市当天，医药行业不少创始人、高管、投资人都更新朋友圈表示祝贺——行业里无IPO久矣，更别提 不破发还大涨的IPO。 5月中旬，映恩生物创始人、董事长兼CEO朱忠远对经济观察报回忆起在港交所的敲钟仪式，直言虽然 曾作为投资人多次参加敲钟仪式，但自己创办的公司敲钟，在个体感受上还是很不一样，"同事、投资 人、中介机构、港交所的工作人员都很激动。我大概高兴了一周吧，高兴完了还是继续干活"。 映恩生物成立于2020年，用5年时间就走过其他创新药企10年的发展历程，目前是ADC（抗体偶联药 物）赛道上的明星创新药企。因为首席科学官邱杨曾在日本跨国药企第一三共担任开发ADC的高管， 科学顾问委员会也有不少人来自第一三共，且赛道选择了ADC，不乏有人用"中国版的第一三共"来定义 映恩生物。 朱忠远认为这个定义并不准确，虽然映恩生物选择的是ADC赛道，但他想带领映恩生物走上国际舞 台，成为全球药企。 "到底 ...

Group 1 - Oriental Red Asset Management announced the investment of 10 million yuan into its newly launched floating rate fund, demonstrating commitment to high-quality development in the public fund industry [1] - On the same day, 16 fund companies, including Huatai-PineBridge and GF Fund, officially launched the first batch of 16 new floating rate funds, all categorized as equity mixed products [1] - The Oriental Red Core Value Mixed Securities Investment Fund, managed by Zhou Yun, officially started its issuance today as part of the first batch of new floating rate funds [1] Group 2 - The newly issued floating rate funds predominantly target core broad-based indices such as CSI 300 and CSI 800, with A-share equity performance benchmarks accounting for 55% to 80% of the total, while Hong Kong stock allocation is limited to 5% to 20% [2] - This design reflects a clear trend towards a risk-return balanced investment model amid increasing market style rotation [2]