Core Viewpoint - The article discusses the recent developments in China's mother fund industry, highlighting the management scale of 39.6 billion yuan and the focus on early-stage technology innovation investments across various regions including Jiangsu, Zhejiang, Shaanxi, Sichuan, and Henan [1][2]. Group 1: Shaanxi Province Initiatives - Shaanxi Province is launching a 10 billion yuan science and technology innovation mother fund to attract social capital for early-stage technology investments, focusing on strategic emerging industries such as advanced manufacturing and artificial intelligence [4][6]. - The fund will generally invest up to 50% of a sub-fund's total scale, with a maximum of 60% for seed and angel funds, and will prioritize investments aligned with the province's strategic industry plans [6][7]. Group 2: Zhejiang Province Developments - In Zhejiang, the Jiaxing City Xiuzhou District Science and Technology Investment Fund is being established with an 80% government contribution, aiming to support high-end manufacturing and AI sectors [5][8]. - The fund will have a total scale of 1 billion yuan, with a 10-year lifespan, including a 4-year investment period [8]. Group 3: Jiangsu Province Activities - Jiangsu's Yancheng City is initiating the Huanghai Huichuang Jinshi Mergers and Acquisitions Industry Fund to enhance resource allocation and industrial upgrades, focusing on the "5+2" strategic emerging industries [9][10]. - The fund aims to select quality fund management institutions with rich M&A experience to establish project-based sub-funds [10][11]. Group 4: Other Regional Initiatives - Sichuan has established the Jiuzhou Yuanhe Mother Fund, which will focus on digitalization and intelligent-driven emerging industries, with a strong emphasis on collaboration with leading investment institutions [16][17]. - The first provincial low-altitude economy industry fund in Zhejiang has completed registration with a target scale of 3 billion yuan, focusing on technology-driven enterprises in the low-altitude economy sector [18]. Group 5: Henan Province Initiatives - Henan Province is launching a regular selection process for sub-fund management institutions under its angel investment guidance fund, aiming to attract social capital for seed and early-stage projects [25][30]. - The talent development fund in Henan will focus on supporting innovative projects and early-stage technology commercialization, with a total scale of 30 billion yuan [30][31].

Core Viewpoint - The Shaanxi Province Science and Technology Innovation Mother Fund aims to promote early-stage technology innovation investments by publicly soliciting sub-fund management institutions nationwide, with an initial scale of 10 billion RMB [2]. Group 1: Fund Structure and Investment Focus - The Mother Fund is a venture capital fund focusing on early-stage technology innovation, established with contributions from provincial and municipal financial departments and state-owned enterprises [2]. - The fund emphasizes government guidance and policy orientation, targeting investments in hard technology and strategic emerging industries such as advanced manufacturing, new-generation information technology, aerospace, new materials, new energy, biotechnology, artificial intelligence, and quantum technology [2]. - The first batch of sub-funds will prioritize seed and angel funds, encouraging investments in sectors aligned with Shaanxi's strategic emerging industries [5]. Group 2: Sub-Fund Requirements - Sub-funds must adopt a limited partnership or corporate structure, with a minimum scale of 200 million RMB for venture capital sub-funds and 100 million RMB for seed and angel sub-funds [3]. - The Mother Fund's investment in a sub-fund generally does not exceed 50% of the total scale, with a maximum of 60% for seed and angel sub-funds [3]. - Sub-funds registered outside Shaanxi will have a maximum investment ratio of 20% from the Mother Fund [4]. Group 3: Investment Strategy and Criteria - At least 70% of the funds from venture capital sub-funds must be directed towards projects with no more than three financing rounds, with specific criteria for seed and angel stage projects [6][7]. - Seed stage projects must be within five years of establishment, with annual sales not exceeding 5 million RMB and fewer than 100 employees [6]. - Angel stage projects must be within eight years of establishment, with annual sales not exceeding 10 million RMB and fewer than 200 employees [7]. Group 4: Management and Fundraising Capabilities - Sub-fund management institutions must be legally established in China, with a minimum paid-in capital of 10 million RMB and a management team with at least three members having over five years of investment experience [8]. - The management institution must demonstrate fundraising capabilities that match the proposed fund size, with priority given to those that have already secured 30% of the total fund size [9]. - Institutions should ideally rank among the top 50 in the industry, with some flexibility for those with strong industry backgrounds or connections to reputable academic and research institutions [9]. Group 5: Application Process - Interested institutions must submit a letter of introduction and a scanned copy of their business license to receive the application guidelines [10]. - After receiving the guidelines, institutions have 15 working days to submit their application materials, which must include both electronic and physical copies [11]. - The application process includes initial review, due diligence, project pre-review, investment decision-making, public announcement, and signing of legal documents [12].