以下文章来源于经济观察报 ，作者王雅洁 经济观察报 . 经济观察报是专注于财经新闻与经济分析的全国性综合财经类媒体，创办于2001年。聚焦商道、商技和 商机，以锐度、悦度、广度、深度的报道形成了权威的媒体公信力和影响力。 2 0 2 5年8月初，浙江省地方金融监督管理局（下称"浙江省金融局"）办公室内，杨晓明看着刚 拿到的备案通知书，舒了一口气。他参与筹备近两年的浙江战兴产业接力基金（下称"浙江S基 金"）终于完成备案，目标规模为5 0亿元。作为这支基金的筹备成员之一，他的手机从8月中旬 开始就几乎响个不停。 杨晓明说： "来'取经'的同行太多了，都问怎么在这么短时间内搞定三级国资协调和备案流程 的。" 就在浙江 S基金落地的几乎同一时间，福建也宣布设立5 0亿元科创接力S基金；河南则率先引 入险资完成首支S基金设立。8月1日，河南创新引入中原农险、瑞众人寿等保险机构的资金， 开创了"保险+产业"双轮驱动模式。 这是 "一场看不见硝烟的争夺战" ——河南国资委一名人士如此形容目前多地抢滩国资S基金的 现状。在他看来，各地省级国资S基金的设立已经进入爆发期。 S基金，即私募股权二级市场基金。国资S基金，即由政府 ...

Core Viewpoint - The article discusses the rapid establishment of S funds in various provinces in China, driven by government policies, and highlights the challenges faced in transitioning from policy-driven growth to market-driven sustainability [1][5][6]. Group 1: S Fund Establishment - The Zhejiang S Fund has a target scale of 5 billion yuan and completed its registration after nearly two years of preparation [2][3]. - Other provinces like Fujian and Henan are also establishing S funds with similar target sizes, indicating a competitive landscape for S fund establishment [3][4]. - The establishment of S funds is seen as a response to the policy guidance from the State Council aimed at promoting high-quality development of government investment funds [4][8]. Group 2: Policy Support - The release of the "Guiding Opinions" by the State Council in January 2025 marked a significant policy shift, encouraging the development of private equity secondary market funds [4][8]. - Local governments are rapidly responding to this policy shift, with multiple regions issuing supportive measures and establishing S funds within weeks of the policy announcement [12][15]. Group 3: Challenges in Pricing Mechanism - The article highlights the difficulties faced by local S fund teams in establishing a clear pricing mechanism for asset transfers, which has led to delays in transactions [18][22]. - There is a lack of unified standards for S fund share valuation across different regions, complicating the transaction process and increasing costs [25][27]. - The article notes that the absence of a standardized pricing model has resulted in significant discrepancies in asset valuations, leading to stalled negotiations [23][24]. Group 4: Talent Shortage - There is a notable shortage of professionals with expertise in S fund transactions, which complicates due diligence processes and hinders the growth of the sector [32][33]. - Efforts are being made to train more professionals in this field, but immediate needs are often met by hiring from other financial institutions at high salaries [33]. Group 5: Market Dynamics - The competition among local governments to establish S funds has intensified, with many regions vying for pilot qualifications in the secondary market [11][17]. - The article indicates that the S fund market is experiencing a "three reductions" phenomenon, with declining discount rates, transaction rates, and trading continuity, reflecting increasing divergence in market expectations [28].

Core Insights - The establishment of provincial state-owned S funds has entered a rapid growth phase, driven by government policies encouraging the development of private equity secondary market funds [2][12][26] - The competition among various regions to set up S funds has intensified, with multiple provinces announcing similar fund sizes of 5 billion yuan [2][9][12] - The S funds aim to provide new exit channels for the 14 trillion yuan of existing equity assets, primarily by acquiring fund shares or equity from investors [2][12][21] Policy and Regulatory Environment - The State Council's guidance issued in January 2025 has been a significant catalyst for the development of S funds, marking the first national-level support for such funds [2][6][12] - Local governments have quickly responded to the guidance, with many regions issuing their own policies to facilitate the establishment of S funds [9][10][12] - The competition for pilot qualifications for regional equity markets has become a new battleground for local governments [3][8][12] Market Dynamics - The regional equity market has become a core platform for the competition among local governments to establish S funds [3][12] - The number of newly established or in-preparation provincial S funds has exceeded 10, with a total expected scale of over 30 billion yuan [12][26] - The market is experiencing a "three reductions" phenomenon, indicating a decline in discount rates, transaction rates, and transaction sustainability [24] Challenges and Obstacles - A significant challenge for S funds is the lack of a unified valuation standard for fund share transfers, leading to increased transaction costs and extended timelines [21][23] - The pricing mechanism for state-owned fund share transfers remains a critical barrier, with many localities struggling to establish effective pricing models [17][21][24] - The talent gap in the S fund sector is evident, with a shortage of professionals who understand S fund transactions, complicating due diligence processes [26][27] Innovative Solutions - Some regions are exploring the use of regional equity markets to enhance pricing transparency and credibility [25][27] - Shanghai has initiated measures to standardize the valuation and transfer of state-owned fund shares, which may serve as a model for other provinces [27] - The emergence of GP-led transactions may provide a potential solution to the pricing challenges faced by S funds [25]

Core Insights - The Shanghai S Fund Trading Platform has completed 121 transactions with a total value of approximately 252.44 billion yuan, ranking first in the country [1] - The platform aims to create a "Shanghai standard" for a smooth capital circulation in China's 14 trillion yuan private equity market [2] Group 1: Capital Circulation - The standard process for private equity and venture capital includes fundraising, investment, management, and exit, with increasing emphasis on the exit phase [3] - The establishment of the S Fund, which focuses on acquiring private equity and venture capital shares, allows early investors to gain liquidity while enabling new investors to enter the market at a lower cost [3] - The Shanghai S Fund Trading Platform was initiated following the approval from the China Securities Regulatory Commission to conduct private equity and venture capital share transfers [3] Group 2: Major Transactions - A significant transaction in December 2024 involved Zhongbao Investment and others acquiring over 2 billion yuan worth of shares in the Shanghai Integrated Circuit Industry Investment Fund, showcasing the platform's role in facilitating capital flow [4] - The Shanghai Angel Investment Guidance Fund has completed 20 transactions through the platform, recovering approximately 506 million yuan, which has been reinvested into new angel investment funds [4] Group 3: Transparency and Standardization - The S Fund market in China is still in its early stages, with substantial growth potential compared to overseas markets [5] - The platform enhances transaction opportunities by publicizing private equity and venture capital shares, connecting fund managers with over 50 investment institutions for successful transactions [6] - A valuation system has been developed to address the challenges of pricing private equity shares, providing objective third-party valuations to facilitate transactions [7] - The Shanghai Stock Exchange has released valuation guidelines to standardize pricing methods for both listed and unlisted equity, aiming to create a consensus on valuation within the industry [7]

Group 1 - The China Securities Regulatory Commission (CSRC) has reported that since the implementation of new regulations for overseas listings on March 31, 2023, 242 domestic companies have completed the filing for overseas listings by the end of April 2023 [2] - Among the 242 companies, 83 are technology enterprises, primarily in sectors such as information technology, biomedicine, new energy, and advanced manufacturing [3] - The CSRC aims to create a transparent, efficient, and predictable regulatory environment for technology companies seeking to utilize both domestic and international capital markets [3] Group 2 - The domestic capital market is becoming more accommodating for technology companies, with no mandatory profitability requirement for listing [4] - The CSRC has optimized the listing conditions for technology companies, allowing unprofitable companies and those with special voting rights to access the market [4] - As of now, nearly 2,700 companies in strategic emerging industries are listed on the Shanghai and Shenzhen stock exchanges, accounting for over 40% of the market capitalization [4] Group 3 - A new policy initiative has been introduced to support the development of long-term and patient capital, which includes measures to facilitate private equity fund acquisitions of listed companies [6] - The initiative aims to optimize the exit policies for private equity funds and promote the development of secondary market funds [6] - Encouragement for the development of secondary market funds for venture capital is expected to improve exit channels for venture investments [7]

以下文章来源于解码LP ，作者吴琼 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 退出之困。 作者 I 吴琼 报道 I 投资界-解码LP 投 资 界 - 解 码 LP 获 悉 ， 近 日 重 庆 首 支 S 母 基 金 —— 重 庆 渝 创 银 河 接 力 私 募 股 权 投 资 基 金 （以下简称"渝创银河S母基金"）正式设立，目标规模3 6亿元。 眼下国资布局S基金如火如荼，目标明确——优化退出机制。 央地联手 重庆成立S母基金 具体来看，渝创银河S母基金由中国银河投资旗下银河星邦与重庆科创投旗下重庆产业引 导基金共同管理，首期规模6亿元。 其中，重庆产业引导基金是隶属于重庆科技创新投资集团旗下的市场化母基金，成立于 20 14年。作为政府背景的市场化母基金，重庆产业引导基金聚焦人工智能、大数据、智 能制造、生物医药、新材料、节能环保等重庆市扶持和鼓励发展的战略新兴产业。 迄今，重庆产业引导基金已累计发起设立子基金40支，总规模4 1 6.17亿元，累计投资项 目475个，投资金额超256亿元，带动其它社会资本投资超4 00亿元。其中，投资重庆项 目1 82个，投资金额255. 3 5亿 ...