Albion Technology & General VCT PLCLEI Code: 213800TKJUY376H3KN1623 September 2025 Albion Technology & General VCT PLC (the "Company") Half-yearly Financial Report for the six months to 30 June 2025 Results announcementThe Company's Directors attach the Company's Half-yearly Financial Report for the six months to 30 June 2025. A summary of the information includes: Loss in the period of 0.58 pence per share (0.8% on opening net asset value) (30 June 2024: return of 4.99 pence per share).Net asset value of 7 ...

Core Viewpoint - Victory Square Technologies Inc. has announced its intention to commence a Normal Course Issuer Bid (NCIB) to purchase up to 5,000,000 common shares, representing approximately 5% of its issued and outstanding shares, as a strategy to enhance shareholder value [1][2][3]. Group 1: NCIB Details - The NCIB will commence on September 24, 2025, and will remain in effect until September 23, 2026, or until the maximum number of shares has been purchased [2]. - Purchases will be made at prevailing market prices through the facilities of the CSE and/or other permitted trading systems [2]. - BMO Nesbitt Burns Inc. has been appointed to coordinate and facilitate the purchases under the NCIB, with all purchased shares to be cancelled [3]. Group 2: Strategic Capital and Growth - In 2022, the company raised strategic capital to fund infrastructure for Hydreight Technology Inc. and VSDH, avoiding shareholder dilution while strengthening its core IP [4]. - A lender exercised an option to convert capital into Hydreight shares at a 20% discount, resulting in the transfer of 607,057 shares to settle $1,600,000 in debt [5][6]. - Following this settlement, the company holds approximately 25,326,124 Hydreight shares valued at around $122.3 million, with no outstanding debt [6]. Group 3: 2025 Priorities and Future Outlook - Management set three clear goals for 2025, with the initiation of the NCIB being the next logical step in returning value to shareholders [7]. - The CEO emphasized that the strategic capital raised in 2022 helped scale businesses like Hydreight and VSDH, which now represent significant value for the company [7]. - The current market capitalization is believed to not reflect the value of the company's portfolio, which includes various companies targeting large addressable markets [9]. Group 4: Upcoming Investor Engagement - Victory Square will host an Investor Webinar on October 2, 2025, to provide a detailed NAV breakdown of the company's portfolio and highlight upcoming catalysts [10].

Company Overview & Strategy - The firm is a life sciences venture fund with over 50 years of history, investing in biotechnologies, medical devices, industrial biotech, and digital medicine [1][2] - The company's mission is to advance medicine and bring expertise to the industrial biotechnology field [2] - The fund strategy sits at the intersection of life sciences and technology, bridging traditional life science approaches with digital medicine [4] Portfolio & Partnerships - The firm has connections with about 100 active portfolio companies [2] - The company emphasizes the benefits of connecting portfolio companies with Nvidia, streamlining processes and improving analysis speed [3] - The NVIDIA VC Alliance program connects the firm with other VCs across the ecosystem and industry, providing exposure to the tech side [3][4] Competitive Advantage & Value Proposition - The company provides portfolio companies with exclusive access to compute resources, offering a competitive advantage [6] - The firm offers the ability to tweak compute requirements as needed, which is valuable for startups building massive data assets [7] - The company enables portfolio companies to scale data processing quickly, accelerating the path to value inflection points [8][9]

Group 1 - A new venture capital partnership named Jiaxing Hongpu Intelligent Manufacturing Venture Capital Partnership (Limited Partnership) has been established with a capital contribution of 100 million RMB [1] - The executive partner is Shanghai Hongpu Private Equity Fund Management Co., Ltd., indicating a focus on venture capital operations [1] - The partnership includes contributions from Weihong Co., Ltd. (300508) and its subsidiary Nanjing Kaitong Automation Technology Co., Ltd. [1]

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Core Viewpoint - SoftBank's Vision Fund is set to lay off nearly 20% of its workforce, marking the largest layoffs in venture capital history, as it shifts its investment focus towards artificial intelligence [1][2]. Group 1: Layoff Details - The Vision Fund, established in 2017, has a current scale of $157.3 billion, including its first and second funds and a Latin America fund [3]. - The fund peaked at 474 employees in March 2020 but has since reduced its workforce to over 300, with the latest layoffs occurring despite strong financial performance [3]. - In Q1 of FY2025-2026, the fund reported net revenue of 1.82 trillion yen, a 7% year-on-year increase, and a net profit of 421.82 billion yen, reversing previous losses [3]. Group 2: Strategic Shift to AI - The layoffs and shift towards AI investments indicate a move away from a previously diversified investment strategy to a more concentrated approach focused on high-risk, high-reward opportunities [5]. - SoftBank has been intensively investing in capital-intensive AI projects, including a $9.7 billion investment in OpenAI and acquisitions of top AI chip companies [6][7]. - CEO Masayoshi Son emphasized the importance of achieving Artificial Super Intelligence (ASI) and outlined four key areas of focus: AI chips, AI robots, AI data centers, and energy [6]. Group 3: Financial Position and Future Plans - SoftBank's substantial cash reserves, amounting to 4 trillion yen (approximately $27 billion), provide a strong foundation for aggressive investments in AI [7]. - The company has recently liquidated $4.8 billion from selling shares in T-Mobile to enhance liquidity for future investments [7]. - Despite the ambitious ASI strategy, progress on the U.S. Stargate project with OpenAI has been slower than expected, indicating potential challenges ahead [7].

Core Viewpoint - The 2025 Sixth China Mother Fund Summit highlighted the significant role of mother funds in driving innovation and industrial development in China, particularly through the experiences shared by Suzhou Innovation Investment Group [1][2][11]. Group 1: Event Overview - The summit took place from August 30 to 31, 2025, in Beijing, organized by the Mother Fund Research Center with over 300 representatives from government, industry associations, and investment institutions [1]. - The event served as a platform for discussing the development of mother funds and their impact on the economy [2]. Group 2: Suzhou's Investment Landscape - Suzhou has established itself as a hub for private equity, with over 3,000 registered private funds and a management scale of 1.2 trillion yuan [4]. - The city has seen significant growth in its economic indicators, ranking sixth in GDP and second in industrial output in 2024, with new funds raising over 600 billion yuan [5]. Group 3: Suzhou Innovation Investment Group's Role - Suzhou Innovation Investment Group has focused on high-quality development and technological innovation, creating a comprehensive support system for projects throughout their lifecycle [6]. - The group has achieved substantial growth in direct investments and mother fund operations, with expectations to complete 150 direct investment projects in 2025 [7]. Group 4: Strategic Investment Approaches - The group emphasizes three key strategies: early-stage investment to cultivate innovation ecosystems, strategic sector investments to bolster market confidence, and building an ecological network to address industrial pain points [8][9][10]. - The establishment of the Suzhou Angel Mother Fund in 2020 marked a significant step in early-stage investment, with 65 sub-funds raising approximately 17 billion yuan [8]. Group 5: Future Directions - The group aims to continue supporting strategic emerging industries and key sectors, aligning with national development strategies to enhance the innovation ecosystem [11][12]. - The focus will be on leveraging capital to connect current investments with future outputs, fostering a sustainable growth environment for technological advancements [11].

本报讯(记者袁传玺)天眼查工商信息显示，近日，北京中发工融创业投资基金合伙企业(有限合伙)成 立，执行事务合伙人为北京中关村创业投资发展有限公司、工银资本管理有限公司，出资额3.5亿元， 经营范围含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。合伙人信息显示，该基金由北京中关村资本基金管理有限公司、工银金融资产投资有限 公司、工银资本管理有限公司、北京中关村创业投资发展有限公司共同出资。 ...

Group 1: U.S. University Research Funding - The Trump administration has halted significant funding for university research, impacting higher education and startup culture [24][25] - U.S. government funding for university research has grown from $253 million in 1953 to approximately $60 billion in 2023, highlighting its importance for innovation [29] - The partnership between the government and universities has been crucial for scientific advancements and economic growth over the past 80 years [28][30] Group 2: Economic Impact of Funding Cuts - Cuts to federal funding for scientific research could lead to a loss of innovation and competitiveness, particularly against countries like China [50][54] - The disruption in funding has already resulted in halted research activities and job losses in academic labs [39][42] - Alternative funding sources, such as venture capital and private sector investments, are emerging but may not fully replace the $60 billion previously provided by the government [47][48] Group 3: Argentina's Economic Reforms - President Javier Milei's austerity measures have reduced inflation from nearly 300% to just over 30%, but have also led to significant job losses and public discontent [61][62] - The Argentine economy has a long history of fiscal deficits, with government spending consistently exceeding tax revenues [66] - The success of Milei's reforms hinges on public support and the ability to maintain fiscal discipline across future administrations [67][72] Group 4: UK Economic Landscape - The UK economy is characterized by regional inequality, with London historically dominating economic activity [105][106] - Recent investments in cities like Birmingham indicate a shift towards diversifying economic growth beyond London [90][100] - The devolution of decision-making to local authorities is seen as a potential driver for improved economic performance in regions outside London [108][112]