Core Viewpoint - Hangzhou Oxygen Plant Co., Ltd. (002430.SZ) announced its plan to invest as a limited partner in a new venture capital partnership with several other entities, indicating a strategic move to enhance its investment portfolio and support innovation in the region [1] Investment Details - The total committed capital for the newly established Hangzhou Guoling Yuanqi Venture Capital Partnership (Limited Partnership) is set at RMB 1 billion [1] - The company will contribute RMB 200 million, representing 20% of the total committed capital for the fund [1]

圆 桌论坛一：向新而行拥抱市场驭金融活水润泽产业能级跃迁 主持人：各位来宾、各位朋友、女士们、先生们下午好！欢迎大家继续回到会议现场，我们将在这里举 行下午的流程。今天下午将在这里有两场圆桌对话要奉献给大家，我们将会进入今天下午第一场圆桌对 话的时间，本场圆桌议题是"向新而行拥抱市场驭金融活水润泽产业能级跃迁"，我们要请出参与圆桌的 嘉宾，他们是： 主持人：刘功润中欧陆家嘴国际金融研究院副院长 参会嘉宾： 席春迎香港中小上市公司协会主席 崔雷中德证券执行董事、产业研究部总经理 余红征君泽君（上海）律所合伙人 徐洁海尔创投执行董事兼总经理 蔡文彬大同证券总经理 陈祥义高粱资本董事长 崔胜朝山证国际投行业务负责人 刘功润：尊敬的各位来宾、各位企业家朋友大家下午好！非常荣幸又来到了太原，我直观的感受一下就 是由衷为我们山西产业圈包括资本圈的朋友们点赞，这个平台除了是每年一度的朋友聚会，关键是我们 大家思想交流，尤其思想交流之后我们希望能够达到的共同行动这种倡议，我们投资人，我们的产业圈 包括我们做研究的人，能够把大家的行动，整合在一起，找到好的突破路径。当然我看到我们的峰会每 年一度有一个关键词就是产业升级，围绕产 ...

Group 1 - The company, Tianjin Yinlong Prestressed Materials Co., Ltd., has established a private equity investment fund in collaboration with Beijing Honghui International Energy Technology Development Co., Ltd. and Botong (Tianjin) Venture Capital Co., Ltd. to invest in the new energy and energy storage sectors [2] - The fund aims to identify high-growth potential projects with innovative technologies that align with industry development trends [2] - The fund has completed the necessary registration procedures with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate [2] Group 2 - The fund is named Tianjin Zhongyuan Botong New Energy Venture Capital Fund Partnership (Limited Partnership) [2] - The fund manager is Botong (Tianjin) Venture Capital Co., Ltd., and the custodian is Bohai Bank Co., Ltd. [2] - The registration was completed on November 11, 2025, with the registration code SBJN32 [2]

Core Viewpoint - The company, Huagong Technology Industry Co., Ltd., has approved a joint investment with a professional investment institution, establishing the Huagong Future (Wuhan) Venture Capital Fund, with a total subscription amount of 200 million RMB, of which the company contributes 98 million RMB, representing 49% of the fund's total subscription [2][3]. Group 1: Basic Information - Huagong Technology held its 18th meeting of the 9th Board of Directors on October 23, 2025, where it approved the investment proposal [2]. - The company’s wholly-owned subsidiary, Wuhan Huagong Technology Investment Management Co., Ltd., will invest up to 98 million RMB in the fund [2]. Group 2: Progress Update - The Huagong Future Fund has completed its registration with a total subscribed capital of 200 million RMB, with Huagong Investment contributing 98 million RMB [3]. - The fund is registered as a limited partnership and has its business address in Wuhan, Hubei Province [3]. Group 3: Other Matters - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as the investment progresses [3].

Core Viewpoint - The forum discussed how finance can support the development of new productive forces, emphasizing the need for collaboration between commercial banks and innovative enterprises [1] Group 1: Financial System and Innovation - The current banking-dominated financial system must expand its support for technological innovation, with banks establishing specialized departments to provide tailored financial services for high-tech and specialized small and medium enterprises [3] - Long-term exploration of the investment-loan linkage model encourages banks to collaborate with external investment institutions to share risks while gaining better insights into the operational conditions of loan enterprises [3] - Development of intellectual property pledge financing is facilitated by advancements in AI and digital banking, which improve the assessment of intellectual property market value [3] Group 2: Bond Market and Venture Capital - Establishment of a technology board in the bond market is supported by the central bank, which promotes the issuance of innovation bonds for tech enterprises and provides risk compensation through structural tools [4] - The central government is advancing the establishment of a national venture capital guidance fund to address fundraising, investment, management, and exit issues, particularly focusing on improving exit channels beyond IPOs [4] - The equity market is encouraged to support innovation enterprises, enhancing the service levels of the Sci-Tech Innovation Board and the Growth Enterprise Market [4] Group 3: Technology Empowering Financial Services - The use of AI and machine learning to create intelligent risk control models can lower decision-making costs and risks for financial institutions, optimizing the efficiency of fund utilization [5] - Dynamic credit profiles can enhance risk identification capabilities, while effective risk-sharing and compensation mechanisms, such as insurance, are necessary for financing technology enterprises [5] - The integration of smart technology in financial services is expected to create effective channels for supporting the development of new productive forces [5]

Core Viewpoint - The reliance on commercial banks for supporting technological innovation has limitations due to the uncertainty in technology development and the banks' preference for predictable returns [3][4]. Group 1: Financial Support for Technological Innovation - Technological innovation requires long-term funding, while commercial banks typically provide short-term loans, often favoring larger amounts for shorter durations [3]. - Different stages of technological innovation, from seed to decline, require tailored financial services, with government grants and angel investments needed in the seed stage, followed by PE/VC in the startup phase, and commercial bank support in the growth phase [3][4]. Group 2: Role of Direct Financing - Direct financing, primarily through stock markets, is more aligned with the needs of technological innovation compared to bank loans [4]. Group 3: Enhancing Equity Investment - There is a need to improve the service levels of the Sci-Tech Innovation Board and the Growth Enterprise Market for innovative companies, alongside promoting venture capital development [5]. - Recent policies encouraging the establishment of national venture capital guiding funds are beneficial for the entire fundraising process [5]. Group 4: Addressing Exit Challenges for Venture Capital - Sole reliance on IPOs for venture capital exits is insufficient; there is a need to develop the mergers and acquisitions market to facilitate exits [6]. - Establishing market-oriented acquisition funds is essential to address the exit difficulties faced by venture capital [6].

Core Viewpoint - The company, Shijin Technology (301030.SZ), has announced a partnership with Shanghai Junzi Investment Management Co., Ltd. and other limited partners to invest in Wenzhou Junying No. 24 Venture Capital Partnership, primarily through equity investment [1] Group 1 - The total investment amount for the partnership is 62.3 million yuan, with the company contributing 6.25 million yuan, representing a 10.03% stake [1] - The partnership is expected to enhance business cooperation and leverage each party's resources in their respective fields [1] - The investment model of the industrial fund is seen as beneficial for the company to seize development opportunities in the carbon capture, steel slag, and mineral powder industries, thereby expanding and improving its industrial layout [1]

Core Viewpoint - China News Group announced its participation in the investment of Yuan Sheng Venture Capital Phase III RMB Fund, committing up to 100 million yuan, which will not exceed 10% of the total fund subscription amount [1] Group 1 - The fifth board meeting of the company approved the investment proposal on September 2020 [1] - The company agreed to extend the exit period of the partnership for the target fund to meet operational development needs [1] - The company will handle the relevant matters regarding the extension of the partnership exit period [1]

Group 1 - The company has a venture capital-related business through its subsidiary, Nanyang Yahuakou Power Co., Ltd., which holds a 19% stake in Henan Venture Capital Co., Ltd. [2]

Group 1 - Xiamen Fuchuang Dabo Medical Industry Venture Capital Partnership has been established with a capital contribution of 300 million yuan [1] - The partnership focuses on venture capital investments, specifically limited to investing in unlisted companies [1] - The partnership is co-funded by Fujian Investment Development Group Co., Ltd. and Guangxi Dabo Shangtong Venture Capital Co., Ltd. among others [1]