【 导读 】首批运用科技创新债券风险分担工具 的 项目正式落地 见习记者 舍梨 民营创投机构的科创债落地情况备受市场关注。6月19日，据中国银行间市场交易商协会（以 下简称交易商协会）消息，首批运用科技创新债券风险分担工具的项目正式落地。 毅达资本、金雨茂物、君联资本、中科创星和东方富海等 5家民营股权投资机构日前获分担 工具增信和投资支持，并完成发行，规模合计13.5亿元，中芯聚源等机构正在积极推进注册 科 技 创新债券。 图片来源：NAFMII资讯 这是债券市场设立"科技板"以来，首批使用央行创设风险分担工具的主体。业内人士认为， 这一创新举措不仅为民营创投机构拓宽融资渠道提供了可复制范式，更为科技创新企业引入 了新的资本活水。 据交易商协会消息，首批运用科技创新债券风险分担工具的项目中，分担工具采用信用风险 缓释凭证、担保增信等多样化增信措施，并汇聚地方政府、市场化增信机构等各方合力。 具体来看：毅达资本、金雨茂物由分担工具与金融机构联合创设信用风险缓释凭证增信；君 联资本、中科创星和东方富海则采取担保增信，并引入北京、陕西和深圳的专业担保公司提 供反担保，充分发挥分担工具和市场化增信机构的协同效应，有 ...

互联网巨头以LP身份出手了。 作者丨FOFWEEKLY 本期推荐阅读5分钟 本期导读： 这两年，一级 市场上围绕 "找钱难" 的讨论层出不穷。尤其是那些不带招商诉求的市场化资金，更是成 为GP争相追逐的稀缺资源。 从上市公司出资数据来看，整体作为LP的出资数据未见太多起色，曾经活跃的互联网巨头们，近两年在 LP领域近乎销声匿迹。 而值得关注的是， 近日，一则工商信息，打破了这份沉寂， 一家互联网巨头又一次现身了，且是作 为LP的身份出手 。 阿里巴巴又做LP 这一看似普通的新基金成立事件， 实则暗藏深意。 有外界人士猜测：此举或是阿里巴巴在新环境下的核心应对逻辑，被视为其战略调整的 关键落子 。 回顾2025年初至今，阿里巴巴进行了一系列引人瞩目的资产处置：以131亿港元出售高鑫零售（大 润发母公司）控股权予德弘资本，以约74亿元转让银泰商业股权…… 这些动作，在外界看来，正是展现出了阿里巴巴逐步退出非核心资产，聚焦核心业务的战略决心。 而大刀阔斧的"瘦身"为其回笼了超过200亿人民币的资金。 沉寂多年的互联网巨头回来了。 曾几何时，互联网与产业巨头的战略投资部收缩、战投基金解散、非核心资产剥离的消息不绝于 ...

Group 1 - The core viewpoint of the news is that the successful issuance of the "2025 Annual First Phase Targeted Technology Innovation Bond" by Dongfang Fuhai marks a significant milestone in China's bond market, showcasing innovative financial products and mechanisms for supporting technology innovation [1][2][6] - The bond issuance was led by Guosen Securities, which played a crucial role in facilitating the process, establishing a collaborative working group, and customizing financing solutions for Dongfang Fuhai [2][4] - The bond achieved a subscription rate of 6.325 times, with a total issuance scale of 400 million yuan and a coupon rate of 1.85%, setting multiple records in the bond market [1][3] Group 2 - The issuance is seen as a benchmark for private venture capital institutions, providing a replicable model for direct financing channels and introducing new capital for technology innovation enterprises [2][4] - The bond's structure includes a large issuance scale, long maturity, and low cost, effectively addressing the financing challenges faced by private venture capital institutions [4][6] - The supportive policies from regulatory bodies, such as the People's Bank of China and the China Securities Regulatory Commission, are crucial for easing the financing difficulties of technology-oriented small and medium-sized enterprises [6][7]

Core Viewpoint - The successful issuance of the first private venture capital institution's technology innovation bond in Shenzhen marks a new financing model for supporting technology innovation enterprises, significantly enhancing their financing capabilities and providing stable funding for long-term development [1][2][6]. Group 1: Bond Issuance Details - The total registered scale of the Oriental Fuhai technology innovation bond project is 1.5 billion RMB, with the first phase raising 400 million RMB and a bond term of 10 years (5+3+2), which is the largest in its batch [2]. - The funds raised will be specifically used for venture capital fund contributions and replacements, focusing on strategic emerging industries such as artificial intelligence, digital economy, new energy, new materials, semiconductors, and biomedicine [2][3]. Group 2: Support Mechanisms - The project is backed by a full guarantee from China Bond Credit Enhancement Investment Co., Ltd. and a counter-guarantee from Shenzhen High-tech Investment and Financing Guarantee Co., Ltd., significantly reducing the bond issuance cost for private venture capital institutions [3][4]. - The innovative "central-local dual insurance" risk-sharing mechanism has been established, which lowers financing costs and alleviates the financing difficulties faced by private venture capital institutions [3][6]. Group 3: Market Impact and Future Prospects - The project has attracted enthusiastic subscriptions from investors, with a subscription rate of 6.3 times and an issuance interest rate of 1.85%, indicating strong market confidence [2][3]. - The successful launch of this bond is expected to create a positive demonstration effect, guiding more bond funds to transform into "patient capital" and support early-stage, hard technology projects, thus forming a virtuous cycle of fundraising, investment, management, and exit [2][6]. Group 4: Policy and Strategic Alignment - The project aligns with recent policy directives from the central government aimed at deepening reform and innovation in Shenzhen, which includes optimizing the financing mechanisms for technology enterprises [5][6]. - The bond issuance exemplifies the integration of policy guidance and market mechanisms, providing a replicable model for financial support of technology innovation across the country [6].

Investment Rating - The report suggests a positive outlook for the industry, indicating that a series of proactive measures by the China Securities Regulatory Commission (CSRC) will further promote the virtuous cycle of technology, capital, and industry, benefiting technology innovation enterprises and enhancing the vitality of the capital market [4]. Core Insights - The current state of China's stock market, including the main board, Sci-Tech Innovation Board, Growth Enterprise Market, Beijing Stock Exchange, and New Third Board, has significantly contributed to the development of technology enterprises, with private equity and venture capital funds investing in 90% of companies listed on the Sci-Tech Innovation Board and Beijing Stock Exchange, and over half of the companies listed on the Growth Enterprise Market [2]. - Challenges such as insufficient patient capital, low risk tolerance in financial supply, and inadequate incentive and constraint mechanisms need to be addressed [2]. - Future reforms will focus on enhancing the financing channels for unprofitable high-quality technology enterprises, strengthening the advantages of stock-bond linkage in technology innovation, and fostering a more open and inclusive capital market ecosystem [3]. Summary by Sections Section 1: Current Achievements and Issues - The report highlights the achievements in promoting technology innovation and the existing issues that need to be resolved, such as the lack of patient capital and low risk tolerance in financial supply [2]. Section 2: Future Reform Directions and Key Measures - Key measures include accelerating the introduction of the "1+6" policy to support unprofitable technology enterprises, enhancing the development of Sci-Tech bonds, and promoting the participation of long-term capital in private equity investments [3]. Section 3: Support for Technology Companies - The report emphasizes the need to support technology companies in becoming stronger and better, with improved regulatory frameworks and mechanisms for mergers and acquisitions [3]. Section 4: Capital Market Ecosystem - The report discusses the importance of creating a more open and inclusive capital market ecosystem, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding foreign investment participation [3].

Core Viewpoint - The issuance of the first batch of technology innovation bonds by private venture capital institutions in China marks a significant milestone in the history of Chinese venture capital, providing much-needed funding to support innovation and development in strategic emerging industries [1][4][12]. Group 1: Background and Significance - The first batch of private VC/PE institutions successfully issued technology innovation bonds, with notable amounts including 400 million yuan from Zhongke Chuangxing and Dongfang Fuhai, and 150 million yuan from Yida Capital [1]. - This initiative is seen as a historical first, where the central bank directly supplements venture capital funding through financial bond instruments [1][4]. - The issuance of these bonds is expected to alleviate the fundraising difficulties faced by general partners (GPs) and serve as a strong endorsement of the government's commitment to supporting venture capital and technological innovation [2][4]. Group 2: Key Features of the Bonds - The bonds have a longer maturity of 10 years, which aligns better with the growth cycles of technology companies, contrasting with the typical 3-5 year maturity seen in previous bond issuances [12]. - The interest rates for these bonds are significantly lower than those previously offered to private venture capital institutions, with Dongfang Fuhai's rate at 1.85%, marking a new low for private enterprises [5][12]. - A dual credit enhancement model involving both central and local government support has been implemented to reduce credit risk for the issuing institutions [6][9]. Group 3: Market Response and Future Outlook - The issuance has seen strong demand, with Dongfang Fuhai's bonds being oversubscribed by 6.3 times, indicating a robust interest from investors [12]. - The successful issuance of technology innovation bonds is expected to enhance the confidence of limited partners (LPs) and social capital in the venture capital sector, as it provides a form of national-level financial endorsement for the issuing institutions [13]. - The current environment suggests that while challenges remain in the venture capital market, there are signs of a potential turning point, with significant policy support aimed at revitalizing the sector [15][16].

Core Viewpoint - The article discusses the positive impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on venture capital institutions, emphasizing the support for unprofitable tech companies to go public, which aligns with the development of new productive forces [1][2]. Group 1: Support for Unprofitable Companies - The "Eight Measures" explicitly support unprofitable companies with key technologies and market potential to list on the Sci-Tech Innovation Board, recognizing that unprofitability is common in high-investment, long-cycle tech firms [1][3]. - The measures aim to enhance the exit channels for venture capital institutions, facilitating a "investment-exit-reinvestment" cycle [1]. Group 2: Mergers and Acquisitions - The measures encourage listed companies on the Sci-Tech Innovation Board to engage in mergers and acquisitions, particularly targeting high-quality unprofitable "hard tech" firms, which could serve as a potential exit channel for venture capital [2]. - There are concerns regarding the complexity and uncertainty of mergers and acquisitions, suggesting that regulatory bodies should adopt a more comprehensive perspective [2]. Group 3: Market Environment and Policy Support - The article highlights the increasing penetration rate of venture capital institutions in listed companies, reaching 100% in the first half of 2024, indicating a robust integration of venture capital with the Sci-Tech Innovation Board [2]. - The article stresses the importance of a supportive policy environment for the long-term development of tech innovation companies, advocating for improved assessment systems for unprofitable firms [3].

Core Viewpoint - The ESG investment concept is becoming a significant direction for the development of China's capital market, driven by global sustainable development goals and the "dual carbon" strategy [1] Group 1: ESG Investment Trends - Investors are increasingly focusing on companies' performance in environmental protection, social responsibility, and corporate governance when selecting projects [1] - Venture capital institutions are actively incorporating ESG factors into their investment decision-making processes to seize green investment opportunities and respond to market changes [1] Group 2: Best Practices in ESG - Some venture capital institutions have established a demonstration effect in ESG practices by integrating ESG concepts throughout the investment process, emphasizing long-term value creation over short-term financial returns [1] - The 2024 "Best Practices in ESG for Venture Capital Institutions" award aims to recognize institutions excelling in ESG practices and share their best case studies to encourage more institutions to contribute to sustainable development [2] Group 3: Award Details - The award evaluation considers aspects such as institutional systems, capacity building, investment processes, adherence to international initiatives, and transparency in ESG practices [2]

◎记者常佩琦 推出已月余的债券市场"科技板"成绩斐然：截至6月7日，全市场147家机构累计发行科创债超3748亿 元。其中，39家金融机构发行2239亿元，108家非金融企业发行1509.98亿元。 这一串亮眼数据，正是金融"活水"涌向科技创新高地的生动注脚。 金融引擎 银行券商构建全生命周期资金支持 从以债育股到以股促链的生态循环 如何吸引债市资金流向各发展阶段的"硬科技"企业？股权投资机构是关键的"转换器"。 据统计，股权投资机构参与支持过我国近九成科创板上市公司和六成创业板上市公司。但是，过去一段 时间，受各种因素影响，股权投资机构在募资、投资、退出等方面存在一些困难。 科创债发行主体的扩容，有效破解了股权投资机构融资渠道不畅、融资成本偏高等结构性难题，避免其 因短期偿债压力中断支持科创企业技术探索，真正成为陪伴创新"爬坡过坎"的耐心资本。 与此同时，科创债的资金用途进一步突破传统债权限制，允许通过直接投资及各类基金出资的方式投向 产业链上下游初创企业，支持高成长企业整合创新资源，提供"精准滴灌"，形成"以债育股，以股促 链"的生态循环。 西科控股是西北地区唯一参与首期科创债发行的专业科技成果转化平台企 ...

Group 1 - The core viewpoint of the article emphasizes the positive impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" on venture capital institutions, enhancing their development expectations and providing better exit channels for investments [1][2] - The "Eight Measures" support the listing of unprofitable companies with key technologies and market potential, which aligns with the investment focus of many venture capital firms [1][3] - The article highlights that the recent IPO projects accepted under the new measures, such as Xi'an Yicai and Angrui Micro, are investments from venture capital firms, indicating a more optimistic outlook for the industry [1][2] Group 2 - The measures also encourage mergers and acquisitions among listed companies on the Sci-Tech Innovation Board, particularly targeting high-quality unprofitable "hard tech" companies, which could serve as potential exit channels for venture capital [2][3] - Industry experts suggest that while mergers and acquisitions present opportunities, they also come with complexities and uncertainties that need to be addressed by regulatory bodies [2] - The article notes that the penetration rate of venture capital institutions behind listed companies on the Sci-Tech Innovation Board reached 100% in the first half of 2024, indicating a strong integration of venture capital in the market [2] Group 3 - The article discusses the importance of a supportive policy environment for high-investment, high-risk, and long-cycle technology innovation enterprises, which is crucial for their sustainable development [3] - It suggests that enhancing the inclusiveness of the system can significantly stimulate market vitality and calls for improved evaluation systems for unprofitable tech companies [3] - There is a general expectation among venture capital firms for continuous policy support for sci-tech enterprises seeking IPOs on the Sci-Tech Innovation Board, particularly for those in the biopharmaceutical sector [3]