Fundraising Trends - In 2024, the fundraising landscape saw a significant shift with state-owned capital dominating, as RMB fund fundraising accounted for 98.5% of the total, with state-owned LPs contributing over 93% of the total fundraising amount [2] - Foreign currency fund fundraising plummeted to 4.5 billion yuan, a staggering 70% year-on-year decline, indicating a market almost entirely controlled by state-owned entities [2] Investment Trends - The investment focus has shifted heavily towards "hard technology," with semiconductor, IT, machinery manufacturing, and biotechnology sectors accounting for 64.9% of total annual investments, and semiconductor investments growing by 12.2% [2] - The Yangtze River Delta region has emerged as a leader in hard technology investments, capturing 35% of national investment cases, while the growth rate in Central China reached 15% [2] Exit Trends - The IPO market showed signs of improvement, with overseas IPOs increasing by 12% year-on-year, leading to an actual exit amount of 2.214 billion yuan [3] - Hong Kong has become a primary exit channel for VC/PE, with a notable rise in M&A activity, where M&A cases increased by 136% [3] Policy and Regulatory Environment - The introduction of the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" aims to focus government-led funds on technological innovation and industrial upgrades [3] - The full implementation of the registration system is expected to accelerate IPO processes, with the Hong Kong Stock Exchange enhancing the approval rate for tech company IPOs [3] Industry Dynamics - The competitive landscape is intensifying, with top-tier fund management institutions controlling over 70% of the market, leading to a rapid exit of smaller GP firms [3] - Over 400 listed companies are now actively participating in equity investments, marking a new phase for the equity investment industry [3]