9月25日，追创创投对近期网络上"强制员工跟投"的传闻进行澄清：该消息内容失实，追创创投从未制定、也不存在任何"强制跟投"的规定。追创创投的 跟投机制遵循 "自愿参与、风险自担"的原则。在一级市场，为关键员工提供自愿性跟投机会是较为常见的做法，有助于促进机构与创业者、投资人之间 的多方共赢。 追创创投称从未制定、也不存在任何"强制跟投"规定。 百 以 円 円 高 H J 17 W 17 J リ リ リ リ ハ レ ロ 4 J / レ / ロ 4 / / レ // レ / 序,完成相关证据的保全工作,并保留追究其法律责 任的一切权利。 追创创投相信投资是长期事业。我们希望通过对技 术的热爱和产业链的理解,去支持更多敢想敢做的 创新者。我们始终秉持专业、审慎、长期主义的理念, 坚信信任与诚信是合作的基石。未来,我们将继续秉 持这一初心,与各位伙伴携手前行,共同创造价值。 特此声明! 追创创业投资(厦门)有限公司 2025年9月25日 ...

序,完成相关证据的保全工作,并保留追究其法律责 任的一切权利。 追创创投相信投资是长期事业。我们希望通过对技 术的热爱和产业链的理解,去支持更多敢想敢做的 创新者。我们始终秉持专业、审慎、长期主义的理念, 坚信信任与诚信是合作的基石。未来,我们将继续秉 持这一初心,与各位伙伴携手前行,共同创造价值。 特此声明! 9月25日，追创创投对近期网络上"强制员工跟投"的传闻进行澄清：该消息内容失实，追创创投从未制定、也不存在任何"强制跟投"的规定。追创创投 的跟投机制遵循 "自愿参与、风险自担"的原则。在一级市场，为关键员工提供自愿性跟投机会是较为常见的做法，有助于促进机构与创业者、投资人之 间的多方共赢。（第一财经记者 王珍） 追创创业投资(厦门)有限公司 2025年9月25日 ...

Group 1 - The Shenzhen Bantian Artificial Intelligence Venture Capital Fund and Shenzhen Longgang Longxing Venture Capital Fund have signed investment intention agreements, with a total expected scale of 1 billion and 2 billion yuan respectively, and a duration of 10 years [1] - The funds have completed the intention fundraising and are advancing the subsequent legal procedures, marking a new development stage for Nanling Venture Capital [1][2] - The investment strategy focuses on "early, accurate, stable, and hard technology" investments, emphasizing long-term value investment [1][5] Group 2 - The active participation of 12 Shenzhen cooperative companies as LPs is driven by the need for new growth engines beyond traditional property economics and supportive policies from local authorities [2] - The "error tolerance and exemption mechanism" introduced by the Longgang District has alleviated concerns for cooperative companies entering the venture capital industry [2] - Nanling Venture Capital has reserved quality projects, with the new funds targeting hard technology sectors such as artificial intelligence, robotics, semiconductors, high-end manufacturing, and biomedicine [2] Group 3 - Since its establishment, Nanling Venture Capital has adopted a "direct investment + fund" model, achieving a high investment accuracy rate of 90% with two-thirds of its 13 projects being early-stage investments [3] - Notable investments include a 700 million yuan angel investment in a company specializing in low-light imaging technology, which has since significantly increased in valuation [3][4] - The firm has successfully invested in companies that have gone on to achieve significant market positions, such as HuanChuang Technology and HaiChuang Pharmaceuticals, the latter being the first to go public [4] Group 4 - Nanling Venture Capital's investment philosophy is centered on long-term value creation rather than short-term gains, aiming to transform the collective economy of Nanling Village [5] - The company seeks to attract advanced manufacturing and emerging industries to establish a sustainable economic model, balancing roles as both landlord and shareholder [5] - The firm acknowledges the challenges of hard technology investments, including long cycles and high risks, and emphasizes the importance of patience and realistic expectations for returns [5]

Core Viewpoint - Dazhong Public (600635) has seen its stock price increase by over 13%, reaching 3.92 HKD, with a trading volume of 470 million HKD, driven by its investment in Deep Venture Capital and the anticipated IPO of Yushu Technology in Q4 this year [1] Group 1 - Dazhong Public's stock price rose by 13.33% to 3.92 HKD, with a trading volume of 470 million HKD [1] - The company has a stake in Deep Venture Capital, which holds shares in Yushu Technology, expected to file for an IPO this year [1] - The market is also focused on GPU leader Moer Thread's upcoming listing on the Sci-Tech Innovation Board, which has received investments from multiple institutions including Deep Venture Capital [1] Group 2 - Dazhong Public operates as an investment holding company in both public utilities and financial venture capital, with venture capital being a significant business segment and profit source [1] - The company holds a 10.80% stake in Deep Venture Capital [1]

消息面上，大众公用近日在互动平台表示，公司参股深创投，深创投及其基金持有宇树科技股份。据 悉，宇树科技预计于今年四季度向证券交易所提交上市申请文件。值得一提的是，市场关注GPU龙头摩 尔线程本周科创板上会，摩尔线程成立后曾获得包括深创投在内的多家机构投资。公开资料显示，大众 公用为公用事业与金融创投齐头并进的投资控股型企业，其中，创投业务是大众公用较为重要的业务板 块和利润来源，该公司持有深创投10.80%股权。 智通财经APP获悉，大众公用(01635)再涨超13%，公司A股再度涨停。截至发稿，涨13.33%，报3.92港 元，成交额4.7亿港元。 ...

Core Viewpoint - The article highlights the increasing attractiveness of Hong Kong's capital market and innovation ecosystem for venture capital institutions, driven by a surge in IPO activities and supportive government policies [4][6][7]. Group 1: Hong Kong's Capital Market Revival - Hong Kong's capital market has seen a significant recovery since September of the previous year, with trading volume, turnover rate, and the scale of listed companies all experiencing substantial growth [6]. - In the first half of this year, the financing amount in Hong Kong exceeded 100 billion HKD, representing a 700% year-on-year increase, with over 200 companies in the pipeline for listing, more than doubling from the previous year [7]. - The shift in attitude towards Hong Kong listings reflects a broader acceptance among enterprises and investment institutions, positioning Hong Kong as a key location for companies with global ambitions [7][8]. Group 2: Early-Stage Investment Ecosystem - The early-stage investment ecosystem in Hong Kong is rapidly improving, with the government planning to establish a 10 billion HKD "Innovation and Technology Industry Guidance Fund" to attract investments in strategic emerging industries [12][13]. - The Hong Kong Investment Corporation, known as "Hong Kong's Temasek," is actively guiding market funds to attract innovation enterprises to settle in Hong Kong [12]. - The government has invested over 200 billion HKD to promote innovation and technology, with initiatives to attract high-end talent and support for innovative enterprises [13]. Group 3: Venture Capital Institutions Expanding to Hong Kong - Many mainland venture capital institutions are establishing offices in Hong Kong to seek internationalization, with firms like Foton International and Chenyi Fund leading the way [16][17]. - The establishment of offices in Hong Kong allows these institutions to better support their portfolio companies in going public and expanding internationally [16][18]. - The strategic location of Hong Kong as a bridge for mainland RMB institutions to expand globally is emphasized, with a focus on capturing opportunities in the burgeoning tech sector [18].

Group 1: Hong Kong's Investment Ecosystem - The Hong Kong venture capital ecosystem is rapidly emerging, attracting more investment institutions to establish local offices and teams [1][8] - Notable firms like Foton International and Chenyi Fund have recently opened offices in Hong Kong to support their portfolio companies in going public and expanding internationally [1][9] - The establishment of the "Innovation and Technology Industry Guidance Fund" with a budget of HKD 10 billion aims to strengthen the investment ecosystem in strategic emerging industries [5][6] Group 2: Market Recovery and IPO Activity - Hong Kong's capital market has seen a significant recovery since September last year, with a 700% year-on-year increase in IPO financing, exceeding HKD 100 billion in the first half of the year [2] - Over 200 companies are currently in the IPO queue, marking a more than 100% increase compared to the previous year [2] - The shift in attitude towards Hong Kong as a viable IPO destination reflects a broader trend of mainland companies seeking internationalization [2][3] Group 3: Challenges and Opportunities for Companies - Many companies are facing challenges such as intensified competition and geopolitical issues, prompting them to consider international expansion through Hong Kong [3][4] - Hong Kong's favorable legal environment and international investor base make it an attractive option for companies looking to go global [3] - Companies like Tianxing Medical are leveraging Hong Kong's capital market to enhance their global brand and attract international talent [4] Group 4: Talent and Infrastructure Development - The Hong Kong government has invested over HKD 200 billion to promote innovation and technology, with initiatives to attract top talent and provide land for innovative enterprises [6] - Hong Kong's status as a hub for high-end talent is reinforced by its five globally ranked universities and various talent attraction programs [6] - Firms like Yichang Capital are focusing on building cross-border capital platforms to connect mainland projects with international resources [7]

Core Viewpoint - The management fee reform in the domestic venture capital (VC) industry is entering a "deep water zone," characterized by a general decline in fee rates and a shift towards performance-based fee structures, compelling fund managers to enhance their investment capabilities [1][2][3]. Group 1: Management Fee Trends - Management fees are generally decreasing, with new funds now charging between 1% and 1.5%, making it difficult to secure the traditional 2% fee, especially for funds backed by government guidance [1][2]. - Government and state-owned limited partners (LPs) are implementing stricter management fee payment models, introducing annual performance evaluations that can lead to fee reductions if targets are not met [2][3]. - Recent policies emphasize that management fees should be based on actual contributions or investments, with some regions capping fees at 2% of actual investments per year [2][3]. Group 2: Operational Adjustments - The reduction in management fee income is forcing VC firms, particularly smaller general partners (GPs), to adopt "cost-cutting" measures, leading to a consensus on "lightweight" operations [3][4]. - GPs are reducing fixed costs by streamlining organizational structures, downsizing office spaces, and outsourcing non-core functions to lower labor costs [3][4]. - Investment strategies are also adapting to a "lightweight" approach, with some firms opting for remote due diligence to save travel expenses and sharing resources among GPs to maintain project sourcing capabilities [3][4]. Group 3: Focus on Investment Capability - GPs are actively exploring ways to enhance their investment capabilities and resource integration, as merely cutting costs is not a sustainable long-term strategy [4][5]. - The industry is witnessing a shift where GPs are required to identify potential projects even before fund establishment, with LPs demanding project readiness at various stages [4][5]. - Stability within the core team and project reserve capabilities are becoming critical for GPs to meet investment and return requirements, ensuring compliance with management fee evaluations [5][6]. Group 4: Long-term Industry Implications - The tightening of management fee mechanisms is seen as a long-term shift that encourages GPs to focus on core business activities, such as identifying quality projects and enhancing post-investment management [5][6]. - This transformation presents both challenges and opportunities for smaller GPs, as the emphasis shifts from fundraising capabilities to investment performance [5][6].

Group 1 - The core point of the article is that Capital Venture (02324) announced its unaudited consolidated net asset value per share to be approximately HKD 0.9025 as of August 31, 2025 [1]

Group 1 - The company, Capital Venture (02324), announced that as of August 31, 2025, the unaudited consolidated net asset value per share is approximately HKD 0.9025 [1]