Core Viewpoint - The article emphasizes that the primary obstacle to the healthy development of China's venture capital market is the tax system, which imposes excessive burdens on private equity and venture capital funds, leading to significant financial losses for investors [5][6][7]. Tax Burden Cases - Case 1 highlights that a private equity fund misclassified as a "private equity fund" instead of a "venture capital fund" resulted in individual LPs paying 18 million yuan in excess taxes due to a higher tax rate of 35% instead of the 20% preferential rate [9]. - Case 2 illustrates a state-owned venture capital fund being forced to pay 210 million yuan in back taxes despite having a net loss of 230 million yuan, demonstrating the unpredictability of policy risks [10]. - Case 3 shows an angel investor facing a tax burden despite overall losses due to restrictions on loss carryforwards, leading to a situation where they must pay taxes on profits from one fund while unable to offset losses from another [11]. Systemic Inequities - The article identifies three systemic inequities in the tax system: 1. Identity discrimination based on administrative classification rather than actual investment behavior [12]. 2. Mismatched cycles where taxes are calculated annually instead of over the entire fund lifecycle [12]. 3. A split market where the tax system for primary and secondary markets is disconnected, penalizing long-term risk-taking [12]. Tax Burden Analysis - A detailed analysis of a hard technology fund reveals that an LP's effective tax burden can reach 52.87% of their profits under the current tax system, significantly higher than the 15% capital gains tax in the U.S. [14][15][17]. - The article argues that under an international tax system, the LP's tax burden would be drastically reduced, highlighting the detrimental impact of the current tax structure on investment returns [16][17]. Structural Deficiencies in Tax Design - The article discusses the core issues with the current tax system, including the imposition of a 6% value-added tax on equity transfers, which is not common internationally, and the misclassification of fund managers' performance fees as management fees, leading to higher tax burdens [20][21]. - It also points out that while there are provisions for tax deductions, the actual application is fraught with obstacles, and the lack of a loss carryforward mechanism severely impacts early-stage investments [22]. Policy Execution Challenges - The complexity of the application process for tax benefits is highlighted, with lengthy procedures and multiple approvals leading to missed opportunities for many funds [23]. International Tax System Comparison - The article contrasts China's tax policies with those of other countries, noting that many nations provide favorable tax treatments for venture capital, which encourages investment and innovation [24][25]. Consequences of Current Tax Policies - The high tax burden is leading to a concentration of capital sources, with long-term capital like insurance and pension funds being deterred from entering the venture capital space [25]. - The average holding period for funds has decreased to four years, as funds seek to avoid tax liabilities, which negatively impacts the ability to invest in long-term projects [25]. - The article warns that the current tax structure is further constraining exit channels for funds, exacerbating the challenges faced by the venture capital ecosystem [26]. Urgent Need for Tax Reform - The article concludes with a call for urgent tax reforms, including the elimination of the value-added tax on equity transfers, reclassification of performance fees, and the establishment of a loss carryforward mechanism [27]. - It emphasizes the need to simplify administrative processes to ensure that tax benefits are accessible to funds, thereby fostering a more conducive environment for innovation and investment [28].

刘乾坤认为，这是一场史诗级的"大分流"：与半导体等产业类似，中国范式的创投体系和创投模式，也 正在形成。不论对错，无论是否喜欢，从业者都必须认清这种趋势。如果专注于国内市场，那么，重心 就必然要放在人民币基金的投资管理上。这家机构在2013年成立之初，就将"直投+并购+母基金"等综 合策略作为机构的运营方向。截至目前，梧桐树资本综合管理规模超220亿元。 作为一家民营投资机构，梧桐树资本是参与管理政府引导基金的第一波市场化机构。刘乾坤告诉记者， 早在2015年，其即管理天津十多亿元的首只母基金，目前，梧桐树资本共管理四只母基金。 在与政府投资基金的十余年互动中，刘乾坤总结出一套与政府打交道的"三原则"，包括："亲清"原则， 绝不能为了拿资金就用非法或不正当手段开路；主动拥抱诉求，主动服务地方需求，坚持专业化，用专 业能力帮政府解决实际问题。 在刘乾坤看来，在国际大环境动荡之下，金融从业者和实体企业家均面临艰巨挑战，必须穿越多变的市 场周期，才能有机会在牌桌上重构中国创投体系和传统故事。而"精投、慎投、重投"，遇到好项目持续 加码，则是梧桐树资本在多变周期下取得不菲投资业绩的关键。 中美投资领域 "大分流" 2 ...

中国创投市场最新变化。 报道 I 投资界PEdaily 见证创投行业变迁，由清科创业、投资界联合主办的第十九届中国基金合伙人大会于7月3- 4日在上海举办。本届大会汇聚资本掌舵 者，共叙行业趋势，透视中国LP市场最新动态，探寻新周期下的创投之路。 会上，清科集团创始人、董事长，清科创业CEO倪正东带来主题演讲，透过清科研究中心新鲜出炉的数据回顾2025上半年中国股权投 资行业的境况，分享关于中国创投最一线的观察。 以下为演讲实录， 经投资界（ID:pedail y 2012）编辑： 又到年中相逢，感谢大家参加一年一度的中国基金合伙人峰会。转眼间，清科的年中峰会已经走过19届，见证了这个行业的浮沉变 迁。 记得当年我们第一届峰会也是在上海，那时论坛上几乎一半嘉宾是外资面孔，如今，我们这个行业外资身影远去——这算是行业变化 的一个缩影。 先看整体基金备案情况 。截至上半年，中基协备案管理人近1. 19万家，比2024年减少了275家；今年上半年注销基金管理人 超 30 0 家，新增只有47家，变化明显—— 注销的基金多了 。这意味着市场正在加速出清。 春 江 水 暖 看 募 资 。 202 5 年 第 一 季 度 ...

Core Viewpoint - The official launch of the "Technology Board" in the bond market provides a new fundraising pathway for equity investment institutions, allowing them to issue technology innovation bonds to support private equity fund establishment and expansion [1][2]. Group 1: Market Participation and Scale - As of May 8, 24 equity investment institutions have registered to issue technology innovation bonds, with an expected total scale of 15.5 billion yuan [1]. - Among these, 14 institutions, including Yuanhe Holdings and Luxin Venture Capital, announced an expected issuance scale of 6 billion yuan [1]. - Ten other institutions, including Junlian Capital and Qiming Venture Partners, are in the registration process, with seven being private enterprises [1]. Group 2: Fund Utilization and Government Support - The funds raised will be directed towards investments in technology innovation sectors such as information technology and intelligent manufacturing [2]. - The launch of the technology innovation bonds reflects government support for technological innovation and recognition of the venture capital industry [2]. - The new bond issuance framework aims to create favorable financial policy conditions for venture capital institutions to better serve early and mid-stage technology companies [2]. Group 3: Challenges and Regulatory Considerations - There are concerns regarding the feasibility of relying solely on debt fundraising due to restrictions on fund contribution ratios, indicating that this method will serve as a supplementary channel [2]. - The qualification criteria for issuing bonds require institutions to have rich investment experience, outstanding management performance, and excellent management teams [3]. - The current rating system for private equity investment institutions is primarily AA or AAA, which is necessary for entering the whitelist of bond-issuing entities [3][4]. Group 4: Risk Mitigation and Market Dynamics - The new policy attempts to address traditional bond issues such as short durations and high costs by simplifying information disclosure and allowing innovative bond terms [3]. - A dual credit enhancement model is being explored to mitigate risks associated with bond issuance, involving collaboration between the central bank, local governments, and market-based credit enhancement institutions [5]. - The introduction of risk-sharing tools for technology innovation bonds aims to alleviate fundraising difficulties in the equity investment market and reduce financing costs for small technology enterprises [5]. Group 5: Participation of Private Investment Institutions - The majority of the bond-issuing entities are state-owned investment institutions, raising questions about how to encourage private investment institutions to participate [6]. - Regulatory thresholds and entry standards should consider the characteristics of private institutions, focusing on historical performance and management capabilities as part of the credit assessment [6]. - The actual market size for buyers of technology innovation bonds and the operational feasibility of the issuance process and regulatory mechanisms need to be evaluated [6].

Core Viewpoint - The meeting emphasized the need for a collaborative approach among financial management departments, technology sectors, and financial institutions to implement policies that support technological innovation and enhance the financial ecosystem for tech enterprises [1][2][3]. Group 1: Policy Implementation - The meeting focused on the characteristics of funding needs throughout the lifecycle of technology enterprises and discussed the utilization of various financial tools such as bank credit, technology insurance, capital markets, venture capital, and technology innovation bonds [1]. - Financial management and technology departments are urged to explore mechanisms that align with technological innovation, providing comprehensive support for early, small, long-term, and hard technology investments [2]. - The meeting highlighted the importance of enhancing the service capabilities of financial institutions to better cater to the needs of technology enterprises, including optimizing internal mechanisms and financial product systems [3]. Group 2: Financial Ecosystem Development - A proposal was made to establish a "technology board" in the bond market and utilize risk-sharing tools for technology innovation bonds to support equity investment institutions [2]. - The meeting called for the improvement of the financial ecosystem supporting technological innovation, including the promotion of an "innovation points system" and the establishment of a coordinated mechanism for technology finance [2]. - Financial institutions are encouraged to provide comprehensive financial services throughout the lifecycle of technology enterprises, enhancing their organizational structure, talent pool, and risk management systems [3]. Group 3: Industry Insights - Representatives from technology enterprises shared their experiences regarding financial support for growth, indicating that recent policies have boosted their confidence in achieving high-quality development [3]. - Financial institutions expressed their commitment to enhancing their service systems to support technological innovation and promote a virtuous cycle among technology, industry, and finance [3]. - The venture capital market faces structural issues such as funding shortages and mismatched investment durations, which technology innovation bonds are expected to address by broadening fundraising sources and stabilizing market expectations [5].

鲍威尔发声。 当地时间周二，美联储主席杰罗姆·鲍威尔表示，若不是美国总统唐纳德·特朗普的关税计划，美联储本会 采取更宽松的货币政策。 据CNBC报道，在一场小组讨论中，当被问及如果特朗普今年早些时候没有宣布所谓"对等关税"，美联储 是否会再次降息时，鲍威尔回答称："我认为是这样的。" 鲍威尔补充道："实际上，当我们看到关税的规模时，我们暂停了行动，而且本质上，由于关税，美国所 有的通胀预测都大幅上升。" 鲍威尔预计，受关税影响，今夏通胀将小幅走高，因此在经济依然稳健的情况下，美联储选择保持耐心， 等待是最审慎的做法。 鲍威尔称，无法断言7月降息是否为时过早，但强调"不会预先排除任何一次会议采 取行动的可能性"，下一步行动将完全取决于数据表现。此外，鲍威尔表示， 绝大多数美联储委员预计今 年晚些时候会降息。 根据芝加哥商品交易所（CME）的美联储观察工具，联邦基金期货交易员认为，美联储在7月政策会议上 再次维持利率不变的可能性超过76%。 在6月的议息会议上，美联储宣布将再次维持关键借贷利率不变。自去年12月以来，美联储一直维持利率 在4.25%—4.5%的区间不变。今年以来，特朗普频频施压美联储降息。 当地时 ...

一、智库中国 2.鼓励低空经济"起飞" 作为战略性新兴产业和未来产业新赛道，低空经济正在逐渐成为推动经济增长的新引擎。近日，《民用航空法（修订草案）》二审稿（以下简称"草案"）新 增多项促进低空经济发展的规定，彰显国家对低空经济产业发展的高度重视。从国家战略层面来看，低空经济的重要性已被提升到前所未有的高度。其涵盖 无人机制造与应用、飞行汽车研发、低空旅游服务等多元领域，产业辐射范围广泛，带动效应显著。不仅能够创造大量就业岗位，缓解就业压力，还能催生 出新的消费增长点，促进内需，有力推动经济结构优化升级。此次草案从空域管理、适航审定、飞行服务监管等关键环节入手，构建全方位的制度保障体 系，旨在为低空经济发展提供坚实的政策支撑，营造稳定发展环境。明确的法规政策有助于界定各方权责，降低企业运营风险，吸引更多社会资本投入，激 发市场主体创新活力，加速低空经济发展进程，使其更好发挥对经济高质量发展的推动作用。（21世纪经济报道） 2025楼市半年考：地方数百条政策"稳市" 核心城市出现企稳迹象 从"持续推动"到"更大力度推动"止跌企稳，2025上半年，房地产"稳市"力度不减。据中指研究院监测数据，2025年上半年，全 ...

Group 1 - The core point of the article highlights Alibaba's recent return to the Limited Partner (LP) role in venture capital, marking a shift in its investment strategy amidst a challenging fundraising environment in the primary market [2] - Alibaba's venture capital arm invested 140 million yuan in "Infinite Sailing Haihe (Tianjin) Venture Capital Partnership," indicating a strategic move to re-enter the investment landscape [2] - The partnership includes notable investors such as Sequoia China, suggesting a collaborative approach to funding new ventures [2] Group 2 - Over the past few years, Alibaba has significantly divested non-core assets, including the sale of its controlling stake in Sun Art Retail Group for approximately 13.1 billion HKD, signaling a retreat from the offline retail sector [6] - The company also transferred part of its stake in Intime Retail for around 7.4 billion yuan, further shedding its retail business [6] - These asset disposals have generated over 20 billion yuan in cash, providing Alibaba with the necessary capital for new strategic initiatives [6] Group 3 - Alibaba's asset disposal strategy reflects a conscious exit from high-investment, low-return traditional industries, reallocating capital towards core areas such as cloud computing, e-commerce, and technological innovation [7] - The return to the LP role is characterized by a more modest approach, leveraging higher financial leverage to tap into future growth potential [7] - This shift is interpreted by industry insiders as a move towards sustainable growth, focusing on efficiency and risk management while exploring investments in AI and robotics [7]

Core Insights - Asu Capital Partners has completed its first fund closing with 1.5 billion yen (approximately 10 million USD) to support Japanese startups aiming for global expansion [2] - The fund has invested in 12 companies across diverse sectors including entertainment, sports, and healthcare, focusing on seed-stage investments [3][4] - The partners, Natsume Hideo and Li Lucheng, emphasize a blend of Japanese and Chinese perspectives in their investment strategy, aiming to identify unique opportunities in the Japanese market [2][3] Investment Focus - The fund's primary theme is "From Japan to Global," targeting startups that leverage Japan's strengths while possessing a global mindset [3] - Over 50% of the invested startups have founders with overseas backgrounds, including those with study experiences abroad or mixed teams [3] - The average investment size for seed-stage companies is around 200,000 to 300,000 USD, akin to angel rounds in other markets [3] Market Trends - A new generation of Japanese entrepreneurs is emerging, characterized by a shift towards global thinking and a willingness to engage with international markets [6][18] - The Japanese startup ecosystem is seeing increased participation from Chinese entrepreneurs, particularly in AI and technology sectors [19] - The Japanese market is evolving, with a growing emphasis on software and cultural IP, contrasting with the hardware-focused successes of previous generations [6][10] Challenges and Opportunities - Japanese startups face unique challenges in global expansion, including the need for effective communication with overseas users and adapting to local market demands [6][16] - The fund is also exploring opportunities in sectors like elder care and food services, where Japan has a competitive edge but lacks digital innovation [15] - The recent depreciation of the yen has attracted foreign investment, creating a favorable environment for mergers and acquisitions in the Japanese market [15] Cultural Insights - Japanese entrepreneurs tend to focus on niche markets and long-term brand building, often prioritizing user experience and cultural resonance over rapid growth [7][8] - The concept of "worldview" is significant in Japanese consumer behavior, influencing how products are developed and marketed [8] - The approach to IP development in Japan is more conservative, with a focus on depth and quality rather than rapid commercialization [7][17]

Core Viewpoint - The article discusses the increasing prevalence of "earn-out" agreements in China's venture capital landscape, highlighting the risks and consequences for entrepreneurs who fail to meet these targets, leading to significant financial burdens and potential bankruptcy [1][3][10]. Group 1: Current Market Trends - The case of Smartisan Technology's 15 million yuan loan dispute exemplifies the challenges faced by companies under earn-out agreements, with a ruling requiring repayment of principal plus interest at a rate of 6% [3]. - In 2023, several companies aiming for IPOs, such as Baishen Pharmaceutical and Youxun Medical, have triggered buyback clauses due to unmet targets, reflecting a broader trend in the market where 90% of private equity funds in China include such clauses [3][10]. - The contrast in earn-out agreement usage is stark, with China at 90% compared to only 2% in Silicon Valley, indicating a fundamental difference in venture capital ecosystems [3]. Group 2: Government and Institutional Responses - The Central Political Bureau of the Communist Party of China has introduced the concept of "patient capital," urging state-owned enterprises to lead by example in fostering a more sustainable investment environment [4][5]. - Various state-owned enterprises in cities like Shanghai and Beijing are taking steps to lower return requirements and extend fund durations, signaling a shift towards more supportive investment practices [5]. Group 3: Entrepreneurial Challenges - Entrepreneurs are increasingly finding themselves in precarious situations due to the pressure of earn-out agreements, with notable cases of founders facing severe consequences for failing to meet financial targets [6][10]. - The urgency to meet IPO deadlines is palpable, with approximately 130,000 investment projects and over 10,000 companies currently facing exit challenges [9]. - The article highlights the case of ADC, which achieved a remarkable IPO in Hong Kong but is burdened by significant losses and stringent earn-out conditions that could lead to high-interest buybacks if targets are not met [10]. Group 4: Market Dynamics and Future Outlook - The article notes a growing trend of companies turning to the Hong Kong stock market as a last resort for IPOs, with the market experiencing a resurgence in fundraising activities [10]. - The private equity secondary market is becoming increasingly active, with a notable rise in old stock transactions, indicating a shift in how liquidity crises are managed [12][14]. - The ongoing tension between short-term profit motives and long-term value creation is underscored, with the potential for a new path emerging through government-backed initiatives aimed at reducing the reliance on earn-out agreements [20].