Core Viewpoint - The global venture capital (VC) market is undergoing a reshuffle influenced by technology and geopolitical factors, with a projected increase in total VC investment to $126.3 billion by Q1 2025, and a growing focus on artificial intelligence (AI) investments. However, compliance risks are also rising, necessitating careful navigation of investment structures and antitrust reviews [1]. Group 1: Differences Between CVC and IVC - Independent Venture Capital (IVC) focuses on financial returns, while Corporate Venture Capital (CVC) aims for business integration and early competitive advantages [2]. - IVC typically has a limited partnership structure and lacks industry resource advantages, whereas CVC can leverage industry experience and resources to provide business collaboration opportunities [2]. - CVC has a higher post-investment engagement level with portfolio companies compared to IVC, which has limited post-investment support [2]. Group 2: CVC Investment Structure - CVC investment structures can involve external fundraising, with companies having the capacity to provide funds and potentially attract external capital [4]. - CVCs often focus on specific sectors such as integrated circuits and new-generation information technology, while also engaging in consumer sectors like dining and retail [4]. Group 3: Compliance Considerations - Key compliance points include transaction document focus areas, such as potential conflicts of interest, antitrust risks, and the need for tax considerations [6][8]. - The importance of understanding the implications of antitrust and national security reviews (CFIUS) is emphasized for CVC investments [9]. - Investors must be aware of special rights and obligations post-transaction, including the need for regular updates on key operational and financial information from portfolio companies [15]. Group 4: Special Rights and IPO Considerations - Special rights of investors must be cleared before an IPO, with specific guidelines on when these rights should be terminated [17][18]. - The necessity for clarity on the ownership structure and the absence of significant disputes over share ownership is a rigid requirement for A-share IPOs [18]. - CVCs must ensure that any agreements do not conflict with the principles of equal treatment among shareholders, particularly during the IPO process [18]. Group 5: Course Overview - A course titled "Legal Compliance Points in Corporate Venture Capital (CVC) Operations" will cover the entire process from fundraising to exit, focusing on compliance techniques and transaction document design [19][20]. - The course will also address the historical development of CVC in the U.S. and China, along with notable case studies [21].