Group 1 - The core point of the article is the submission of a listing application by Drip Irrigation International Investment Co., founded by former HKEX CEO Li Xiaojia, to the Hong Kong Stock Exchange, with HSBC as the sole sponsor [1] - Drip Irrigation Investment aims to focus on cash flow investments, including bonds, equities, and a new investment category termed "cash rights" (CCO), which is based on specific cash flow rights [1][5] - The funds raised from the listing will be invested alongside other professional investors across various industries [1] Group 2 - Chapter 21 of the Hong Kong Stock Exchange listing rules allows companies that primarily focus on investment to list without the need for actual business operations, addressing the demand for standardized listing channels for professional investment institutions [2] - Companies under Chapter 21 must adhere to strict diversification principles, including limits on single investments and monthly disclosures of net asset values [2][3] - Currently, there are 21 Chapter 21 companies, but their liquidity is low, and they have faced regulatory scrutiny, leading to a significant decrease in new listings in recent years [3] Group 3 - Drip Irrigation Investment is distinct from Drip Irrigation, which was co-founded by Li Xiaojia and focuses on providing funding to small and micro enterprises through a revenue-sharing model [5][6] - The establishment of Drip Irrigation Investment as a limited liability company in the Cayman Islands with no current operations aims to raise funds for investments and general operational expenses [6] - Li Xiaojia's industry reputation may help attract institutional investors, but the historical liquidity issues of Chapter 21 companies could pose challenges for Drip Irrigation Investment's listing journey [7]

以下文章来源于财经杂志 ，作者焦建 随着各类中东资本在亚洲布局加速，中国香港也因与中国内地的紧密联系等优势成为关键地区，日益成为资本"出海"与"登陆"的双向门 户。 文 ｜ 焦建 编辑 ｜ 苏琦 来源｜ 财经杂志（ID： i-caijing ） 封面来源 ｜ Unsplash "2027年，中国香港特区估计会成为全球最大的跨境资产和财富管理中心。" 6月13日，香港特区政府财政司司长陈茂波正式向外宣称了这一预判。而构成其此番阐述的背景，则包括地缘政治中"全球南方"作 为动力源、科技变革以及绿色转型。以前者为例，全球南方目前占全球整体GDP（国内生产总值）达到40%左右，对世界经济增 长贡献则达80%左右。 随着南南合作及金融合作网络扩大，互利合作不断增加，"国际投资者以资金和实际行动对香港资本市场投下了信心的一票"，陈 茂波称。在这一过程中，以作为"全球南方"重要力量的中东为例，随着相关资本在亚洲布局加速，中国香港特区也成为关键地区 之一。 财经杂志 . 《财经》杂志官方微信。《财经》杂志由中国证券市场研究中心主办，1998年创刊，秉承"独立、独家、独到"的新闻理念，以权 威性、公正性、专业性报道见长，是政经 ...

Core Viewpoint - The article discusses the increasing trend of private equity firms and state-owned enterprises acquiring publicly listed companies in China, highlighting significant transactions and regulatory support for such activities [1][3][12]. Group 1: Recent Mergers and Acquisitions - Qiming Venture Partners plans to establish a merger fund to acquire a 26.10% stake in Tianmai Technology for 4.52 billion yuan, becoming the controlling shareholder [1]. - Suzhou Qichen, the acquiring entity, is backed by notable investors including Yuanhe Holdings and state-owned Kunshan Chuangye Holdings Group [2]. - The acquisition of Tianmai Technology could mark the first case of a pure investment institution acquiring a listed company since the implementation of the "924 New Policy" by the CSRC [3]. Group 2: Involvement of State-Owned Enterprises - In March, Shankai Intelligent announced a transfer of 5% of its shares to Jiaxing Linchang Equity Investment Partnership, indicating state-owned capital's interest in enhancing the company's investment landscape [4]. - *ST Changyao signed a restructuring investment agreement with Sichuan Jiadaobowen Ecological Technology and other institutions, with Jiadaobowen investing 5.93 billion yuan for a significant stake [5]. - The restructuring process of *ST Kaiyuan also involved state-backed investment, showcasing the trend of state capital participating in corporate restructuring [5]. Group 3: Regulatory Support and Market Trends - The CSRC's new regulations encourage private equity funds to participate in mergers and acquisitions, aiming to facilitate industry consolidation [3][12]. - The recent issuance of the "Major Asset Restructuring Management Measures" has sparked a wave of merger discussions in the primary market, with private equity funds actively seeking acquisition opportunities [12]. - The establishment of numerous state-owned merger funds across various regions indicates a growing trend in merger and acquisition activities, with over ten regions releasing supportive policies [13]. Group 4: Market Dynamics and Future Outlook - The article notes that over 60% of listed companies on the main board have a market capitalization of less than 10 billion yuan, suggesting significant potential for merger and acquisition activities [13]. - The emergence of "merger招商" (merger investment attraction) as a new strategy for state-owned enterprises reflects a shift towards more certain investment opportunities [14]. - The establishment of dedicated merger departments within private equity firms indicates a strategic pivot towards mergers as a viable exit route for investments [16][17].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a total of 33 disclosed investment events in the domestic and international venture capital market, with 25 domestic companies and 8 foreign companies, raising a total of approximately 3.292 billion yuan [3] - The report emphasizes the establishment of various funds focusing on sectors such as biomedicine, new energy, intelligent manufacturing, and artificial intelligence, indicating a trend towards specialized investment in high-growth industries [5][6][12] Summary by Sections Fundraising Events - Mifang Health Fund has completed the fundraising for a new USD VC fund, focusing on early-stage pharmaceutical innovations and has already invested in several promising projects [4] - Zhengzhou Economic Development Zone has established its first industrial venture capital mother fund with a total scale of 5 billion yuan, targeting investments in new energy, intelligent connected vehicles, and biomedicine [5] - Beijing Mentougou District has launched the Jingxi Ruiling Fund with a target scale of 3 billion yuan, focusing on artificial intelligence and smart manufacturing [6] Major Financing - Pashini Perception Technology has completed a new round of A-series financing amounting to several hundred million yuan, aimed at advancing its core tactile perception technology and expanding production lines [7] - Ouyue Semiconductor has secured nearly 100 million yuan in B3 round financing to enhance collaboration in automotive AI computing and optical sensing [8][9] - Multiverse Computing has raised 215 million USD in B round financing to accelerate the adoption of its quantum software technology [10] Global IPO - Haitian Flavor Industry has officially listed on the Hong Kong Stock Exchange with an issue price of 36.3 HKD, being a leader in the Chinese condiment industry and among the top five globally [11] Policy Focus - The Chairman of the China Securities Regulatory Commission emphasized the need to cultivate patient and long-term capital, focusing on private equity fund operations [12][13] - The Central Financial Committee has issued opinions to support the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability and competitiveness over the next five to ten years [14]

Core Viewpoint - The company, Cooltech Intelligent (300840), has announced its participation as a limited partner in a private equity investment fund, contributing 200 million yuan, which represents 95.24% of the total investment in the partnership [1] Group 1 - The company has partnered with Qingdao Kezhuanxin Venture Capital Co., Ltd. to establish the Qingdao Cooltech Private Equity Investment Fund Partnership (Limited Partnership) [1] - The investment of 200 million yuan is directed towards the Qingdao Chiheng Chengda Investment Partnership (Limited Partnership) [1] - The company has decided to exit the Chiheng Chengda partnership as all projects have been fully exited, and the necessary business registration changes have been completed [1] Group 2 - The exit from the Chiheng Chengda partnership is not expected to have a material impact on the company's operational business [1]

Group 1 - The event aimed to enhance international understanding of China's private economy legal framework and discuss the value of the Private Economy Promotion Law [2][5] - The event attracted nearly 40 elites from various sectors, including diplomats and business leaders from multiple countries, fostering a high-level platform for economic governance exchange [4][23] - The Private Economy Promotion Law, effective from May 20, 2025, is a significant step in China's legal system, marking the formal recognition of the private economy's role in national legislation [5][9] Group 2 - The law is seen as a milestone, clarifying the legal status of the private economy and addressing barriers to enhance business confidence, covering aspects like fair competition and innovation support [11][12] - The law's implementation is expected to optimize the business environment and stimulate market vitality, contributing to high-quality economic development in China [12][14] - The event provided valuable insights for policymakers, businesses, and academia, deepening understanding of the new law's implications and fostering constructive dialogue [23]

Core Viewpoint - The listing application of Drip Irrigation International Investment Company on the Hong Kong Stock Exchange is noteworthy as it seeks to break the trend of limited successful investment company listings in Hong Kong [2][3] Group 1: Company Overview - Drip Irrigation International was established on May 23, 2025, in the Cayman Islands and has not yet commenced operations or business activities [2] - The company aims to generate returns for shareholders primarily through cash flow investments [2] - The company has not disclosed any investment or performance records to date [2] Group 2: Listing Details - The listing is based on the rare Chapter 21 of the Listing Rules, which allows for investment companies to apply for listing [2][6] - HSBC is the sole sponsor for the listing application [2] - If successful, the listing will allow for standardized and systematic allocation of funds into diverse asset classes that traditional markets cannot effectively reach [3] Group 3: Investment Strategy - Drip Irrigation International plans to hire an investment management company under the Drip Irrigation Group to focus on cash flow investments [3] - The company aims to attract global capital into the "cash rights" investment space, which is seen as a significant opportunity [3][5] - The investment strategy includes both debt and equity categories, with a focus on systematic and diversified cash flow investment opportunities [3] Group 4: Market Context - The Drip Irrigation business model involves overseas fundraising, investment in mainland China, and trading on the Macau Stock Exchange [4] - The Macau Stock Exchange was established with government approval and operates under similar legal status to the Hong Kong Stock Exchange [5] - The company has previously invested over 4 billion RMB in more than 10,000 small stores across 200 cities in China, marking the first phase of its operations [5] Group 5: Regulatory Environment - Investment companies applying for listing do not need to meet specific operational business requirements or disclose three years of performance records, unlike other companies [6] - The shares offered will only be available to professional investors and cannot be sold to the general public [6]

Core Viewpoint - Drip Irrigation Investment is set to go public in Hong Kong, marking a significant shift in investment paradigms towards cash flow-based investments, which are expected to provide more inclusive and diverse opportunities for investors [2][8]. Group 1: Listing Details - Drip Irrigation Investment submitted its listing application to the Hong Kong Stock Exchange on June 18, 2025, under Chapter 21 of the Listing Rules, which accommodates existing and newly established investment companies [2]. - The listing entity is Micro Connect International Finance Company Limited, a limited liability exempt company registered in the Cayman Islands on May 23, 2025, rather than Drip Irrigation Group itself [3]. Group 2: Investment Strategy - The investment management will be handled by a subsidiary of Drip Irrigation Group, focusing on cash flow investments, with the raised funds expected to be systematically and diversely allocated to various cash flow investment opportunities [4]. - The transition to a cash flow investment paradigm is seen as a response to market demands for collaboration between Drip Irrigation's accumulated investment experience and industry-specific expertise from various investors [7]. Group 3: Cash Flow Investment Model - The cash flow investment model, termed Cashflow Contingent Obligation (CCO), combines elements of debt and equity, offering simplicity in investment and return while maintaining flexibility in risk and return pricing [8]. - Investors' returns are linked to the distribution of corporate cash flows, with the risk borne by investors if no cash flow is generated, allowing businesses of all sizes to access financing through existing or future cash flows [9]. Group 4: Market Impact - Successful listing of Drip Irrigation Investment is anticipated to standardize and systematize capital allocation to diverse asset classes that traditional equity and debt markets cannot effectively reach, thereby injecting non-dilutive capital into the real economy [9].

Group 1 - Invesco highlights that the investment environment in Asia is currently very favorable, with emerging markets benefiting from a weaker dollar, leading to significant foreign investment in Asian bonds, totaling $34 billion, the highest since 2016 [1] - The Eurozone economy showed a growth of 0.6% in Q1 2025, but may face stagnation risks in Q2 2025 due to weak external demand [1] - The Federal Reserve is expected to maintain its current policy rate but may signal a stronger inclination towards rate cuts in upcoming meetings [2][3] Group 2 - Since 2024, the share of the dollar in global foreign exchange reserves has declined, with gold gaining 7.9 percentage points to reach 23.3% [2] - The U.S. budget office projects that the comprehensive tax and spending bill will boost GDP growth by 0.5 percentage points annually over the next decade, while also increasing the federal deficit by $3.4 trillion [2] - Inflation in the UK has only slightly eased, with core prices declining marginally, while geopolitical tensions are putting additional pressure on the Bank of England to meet its 2% inflation target [2]

证券代码：600667 证券简称：太极实业 公告编号：临 2025-036 无锡市太极实业股份有限公司 关于增资聚源启新股权投资基金（无锡）合伙企业（有限合 伙）暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 无锡市太极实业股份有限公司（以下简称"公司"、"太极实业"）拟 与关联人无锡创业投资集团有限公司（以下简称"无锡创投"）等对聚源启新股 权投资基金（无锡）合伙企业（有限合伙）（以下简称"启新基金"或"合伙企 业"）进行增资，其中，公司作为有限合伙人拟增加认缴出资人民币3,600万元。 增资完成后，启新基金认缴出资总额变更为人民币120,000万元，其中，公司认 缴出资变更为人民币10,800万元，认缴出资比例仍为9%。 ? 本次交易构成关联交易，未构成重大资产重组。 ? 除本次交易外，公司过去12个月内与同一关联人发生交易（不含日常关 联交易）1次，金额7,200万元，并已履行了相应的审议和披露程序；未与其他关 联人发生交易类别相关的交易。 ? 本次交易在董事会审议权限范围内，无需提 ...