In August 2025, President Trump signed an executive order aimed at allowing 401(k) account holders to invest in private equity assets. This means that American workers may be able to invest in companies that are not publicly traded on the stock market, such as private real estate investments (1). Supporters of the change say it's a way to expand investment choices for everyday Americans and even the playing field (2), while other experts insist this shift poses a "huge exposure to risk" and question how p ...

Group 1 - The company has approved the establishment of an industrial investment fund and related transactions, with a total subscribed capital of 800 million RMB, in which the company will contribute 240 million RMB, accounting for 30% of the total [2][3] - The partnership agreement for the Shenyang Automotive Industry Investment Fund has been signed with several partners, including Guangdong Yuke Mother Fund Investment Management Co., Ltd. and BMW (China) Investment Co., Ltd. [2] - The fund has completed the necessary business registration and has obtained the business license from the local market supervision authority, as well as the private fund filing certificate from the Asset Management Association of China [3][4] Group 2 - The fund will allow the company to participate in investment income distribution while providing access to quality project resources at a lower selection cost, without significantly impacting the company's normal operations or financial status [4] - The company will closely monitor the fund's operations and management to mitigate investment risks and ensure the safety of its investment capital [4] - The fund is characterized by a long investment cycle and low liquidity, and its performance may be influenced by macroeconomic factors and the operational performance of investment targets [4]

Core Insights - Global private equity and venture capital investments in the fintech sector increased by 43.7% year-over-year, reaching $18.54 billion in 2025, despite a decline in deal volume [2] - The volume of deals in the fintech sector fell by 34.2% from 2024, indicating a shift in investment dynamics [2] Investment Trends - The significant growth in investment value suggests strong investor confidence in the fintech sector, even as the number of deals decreases [2] - The decline in deal volume may reflect a more selective approach by investors, focusing on higher-quality opportunities rather than quantity [2]

天眼查工商信息显示，近日，成都交子交融股权投资基金合伙企业(有限合伙)成立，执行事务合伙人为 成都交子产业基金管理有限公司、交银资本管理有限公司，出资额10亿人民币，经营范围为以私募基金 从事股权投资、投资管理、资产管理等活动，私募股权投资基金管理、创业投资基金管理服务，由交银 金融资产投资有限公司、成都鹃城金控控股有限公司、交银资本管理有限公司等共同出资。 ...

Core Insights - The total number of newly registered private equity and venture capital funds reached 1,486 in Q4 2025, marking a year-on-year increase of 28.99% and a quarter-on-quarter increase of 14.31% [2] - The cumulative capital contribution from LPs reached 57.84 billion RMB, with state-owned enterprises contributing 25.68 billion RMB, accounting for 48.35% of the total [1] Fund Overview - In Q4 2025, there were 511 newly registered private equity funds and 975 venture capital funds, with venture capital funds maintaining a dominant position [2] - The registration of funds was concentrated in Zhejiang, Jiangsu, and Guangdong provinces, indicating strong GP activity and industrial absorption capacity in the Yangtze River Delta and Greater Bay Area [2] LP Contribution Trends - The frequency of LP contributions showed fluctuations in Q4, but overall, there was an upward trend [5] - Monthly active institutional LPs numbered 645, 912, and 821 in the respective months of Q4 2025 [3] Active LP Types - In Q4 2025, institutions with a contribution ratio of 1% or more made a total of 2,602 contributions, with corporate investors being the most active group, contributing 921 times, accounting for 35.4% [6] - State-owned enterprises contributed 756 times (29.1%), while government-guided funds contributed 158 times (6.1%), together accounting for 35.2% of total contributions [7] Contribution Scale - The total contribution scale from LPs with a ratio of 1% or more reached 57.84 billion RMB, with state-owned enterprises contributing 27.06 billion RMB, representing 46.8% [9] - Government-guided funds contributed 4.34 billion RMB (7.5%), while corporate investors contributed 6.74 billion RMB (11.7%) [9][10] Active LP Rankings - The top LPs by contribution frequency included Hefei New Station Technology Industry Development Group and Shaanxi Provincial Science and Technology Innovation Fund, among others [14] - The top LPs by contribution scale included the National Social Security Fund and Beijing Energy Group, with the former contributing 4.8 million RMB [15] LP Investment Characteristics - State-owned LPs continue to play a leading role, focusing on strategic emerging industries and local advantageous industrial chains [17] - Corporate investors exhibit high-frequency participation with a focus on small-scale, diversified investments in vertical industries [18] - Government-guided funds leverage fiscal policies to direct social capital towards key technology sectors, maintaining a significant guiding role [19] - Institutional investors, including pension funds and insurance companies, focus on long-term asset allocation with a preference for high-quality assets [20]

Group 1 - A new private equity fund named Urumqi Midong District Guoji Tonghang Industrial Industry Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 50.1 million RMB [1] - The fund is managed by Xinjiang Dongkai Private Fund Management Co., Ltd., and its operational scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Beijing Guoji Jinrong Investment Fund Management Co., Ltd. and Xinjiang Dongkai Private Fund Management Co., Ltd. [1]

Core Viewpoint - Velan Inc. has announced the sale of approximately 72.1% of its outstanding shares to Birch Hill Equity Partners for C$13.10 per share, totaling approximately C$203.9 million, which is expected to enhance the company's growth potential and operational capabilities [1][3][6]. Group 1: Transaction Details - Velan Holding will sell 15,566,567 multiple voting shares and one subordinate voting share, representing about 72.1% of the company's outstanding shares and 92.8% of its voting rights [1]. - Following a pre-closing reorganization, the sale will include 13,276,492 multiple voting shares and 2,290,076 subordinate voting shares, maintaining the same percentage of outstanding shares and voting rights [2]. - The transaction is anticipated to close in the first half of 2026, pending regulatory approvals and customary closing conditions [3]. Group 2: Birch Hill's Role and Strategy - Birch Hill aims to maintain Velan's presence in Quebec and support its growth both locally and internationally [4]. - The partnership is expected to improve Velan's access to capital and strategic support, enhancing its competitive position globally [6]. - Birch Hill's investment strategy focuses on building resilient, high-performing businesses, which aligns with Velan's long-term growth objectives [6]. Group 3: Governance and Agreements - Velan has entered into a Cooperation Agreement with Birch Hill to facilitate the transaction, which includes suspending dividend payments until the transaction closes [7]. - An Investor Rights Agreement will be established, allowing Birch Hill to appoint up to four of seven nominees to Velan's Board, contingent on maintaining ownership of more than 40% of voting rights [9]. - The Special Committee of independent directors recommended the transaction as being in the best interests of the company [7]. Group 4: Financial Implications - The estimated transaction-related fees are approximately C$12 million, with additional change of control costs of about C$5 million [8]. - Velan's last reported fiscal year sales were US$295 million, indicating a significant operational scale [14].

Core Viewpoint - In December 2025, the Asset Management Association of China approved the registration of 8 new private equity and venture capital fund managers, including 6 state-owned and 2 market-oriented institutions [5][6]. Group 1: Fund Managers Overview - Beijing Hairuo Private Fund Management Co., Ltd. was established on August 7, 2025, with a registered capital of 10 million RMB, primarily owned by individuals and a state-owned enterprise [7]. - Guoxin Chuantou Private Fund Management (Beijing) Co., Ltd. was established on September 30, 2025, with a registered capital of 100 million RMB, focusing on green development projects for central enterprises [7]. - Yangzhou Chuantou Private Fund Management Co., Ltd. was established on September 19, 2024, with a registered capital of 15 million RMB, controlled by the Yangzhou Municipal Government [8]. - Ningbo Yongyuan Private Fund Management Co., Ltd. was established on July 29, 2025, with a registered capital of 20 million RMB, operating under a state-owned investment group [8]. - Shanghai Electric Private Fund Management Co., Ltd. was established on October 10, 2022, with a registered capital of 10 million RMB, serving as an investment platform for Shanghai Electric Group [9]. - Changzhou Hengsheng Private Fund Management Co., Ltd. was established on April 15, 2025, with a registered capital of 20 million RMB, focusing on smart manufacturing and digital economy [9]. - Guangdong Hengqin Helium Private Fund Management Co., Ltd. was established on April 15, 2025, with a registered capital of 10 million RMB, primarily owned by individuals [9]. - General Technology BRICS (Xiamen) Private Fund Management Co., Ltd. was established on February 5, 2024, with a registered capital of 50 million RMB, aiming to establish a technology innovation fund [9]. Group 2: Registration and Capital Analysis - Among the 8 newly registered fund managers, 7 have a paid-in capital ratio of 100%, while General Technology BRICS has a lower ratio of 40% [14][15]. - The average time taken for the registration process was 87 days, with the fastest being General Technology BRICS at 21 days and the slowest being Guangdong Hengqin Helium at 194 days [16][17]. Group 3: Legal Services - A total of 7 law firms provided services for the registration of the new private fund managers, with Beijing Deheng Law Firm serving 2 of the new registrants [18][19].

Group 1 - The Ningxia Gongrong Equity Investment Fund Partnership (Limited Partnership) has been established with a total investment of 1 billion RMB [1] - The executive partner is ICBC Capital Management Co., Ltd., indicating a strong backing from a major financial institution [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] Group 2 - The fund is co-funded by Ningxia Guotou Fund Management Co., Ltd., ICBC Financial Asset Investment Co., Ltd., ICBC Capital Management Co., Ltd., and Ningxia Industrial Guidance Fund Management Center (Limited) [1] - This collaboration among multiple partners suggests a strategic approach to leveraging resources and expertise in the investment sector [1]

Core Insights - The private equity securities management industry in China is experiencing sustained activity, with 54 new private equity managers registered in 2025, representing a 10.20% increase compared to 49 in 2024 [1] Group 1: Industry Growth - The increase in registered private equity managers reflects a vibrant market, with 53 out of the 54 new managers being domestic firms, accounting for 98.15% [1] - Among the new managers, 49 have a management scale of 0-500 million yuan, making up 90.74% of the total, indicating that the industry is primarily driven by small to medium-sized firms [1] Group 2: Major Players and Trends - Notably, three new private equity managers have management scales exceeding 5 billion yuan, with one, Taibao Zhiyuan (Shanghai), surpassing 10 billion yuan [2] - The presence of insurance capital is increasing in the private equity sector, with several new managers backed by insurance companies, indicating a strategic shift towards diversifying investment channels [2] Group 3: Geographic Concentration - A significant concentration of new private equity managers is found in major cities, with 42 out of 54 located in Beijing, Shanghai, Guangzhou, and Shenzhen, representing 77.78% of the total [2] - Shanghai leads with 21 new managers, which is equivalent to the combined total of Beijing and the Guangzhou-Shenzhen area, while Hangzhou ranks next with 5 new managers [2] Group 4: Market Drivers - The growth in the number of new private equity managers is attributed to three main factors: the favorable structural market conditions in A-shares, the enhancement of regulatory frameworks for private equity funds, and the increasing demand for diversified asset allocation among residents [3]