目前网站就一个页面，几乎找不到详细介绍，显示是一家长期控股公司，与美国服务业领先的管理团队和 创始人合作应用前沿技术。 随着 AI 大模型能力越来越成熟，VC 们也越来越不满足于传统的投资，开始了各种新的玩法。 上个月，Benchmark 合伙人 Sarah 宣布将自己的角色从 GP 转向 Ventures Partner，希望通过 Vibe Coding 和写作的方式更深入研究 AI 后《 Benchmark 合伙人 Sarah 退出 GP，亲自上手 Vibe Coding 全力 押注 AI 》。 现在，越来越多的 VC 纷纷下场直接做孵化或者收购，自己上手利用 AI 以及资源整合能力来自动化改造传 统行业，也就是通过收购多个同类企业，利用 AI 对被收购企业进行升级改造、提升运营效率和客户体验、 整合资源实现规模效应和协同效应，这种策略被称为 AI 驱动的 Roll-up（合并整合）策略 。 具体做法包括： 其目标往往是那些类似呼叫中心，比方说我之前介绍过的《 创立 15 个月 ARR 超 9000 万美金，又一华人 参与的 AI 客服增长有点猛 》、会计师事务所等人力密集型传统企业。 主要投资于早期阶段 ...

Core Viewpoint - The article discusses the successful fundraising of a new fund, "He Guang No. 1," by Jing Shui Hu Venture Capital, which is a FOF (Fund of Funds) designed based on the needs and risk preferences of financial investors, marking a shift in their fundraising strategy [2][3]. Fundraising and Investor Trust - "He Guang No. 1" achieved a high re-investment rate and fundraising efficiency, primarily attracting high-net-worth entrepreneurs and financial investors who have previously engaged with Jing Shui Hu's funds [3]. - The fund operates as a "blind pool" without specific reserve projects, reflecting a strong trust in the management team from investors [3][4]. - The fund's duration is set at ten years, providing the investment team with greater freedom to explore early-stage investment opportunities [3][4]. Investment Strategy and Focus - Jing Shui Hu Venture Capital specializes in hard technology investments, including AI, smart energy, and data algorithms, and has successfully exited several projects through various methods [4][5]. - The fund will adopt a "PSD" strategy, focusing on growth-stage VC funds and direct investment opportunities in AI+, industrial technology, new energy, and materials [5]. Management Expertise - The management team's expertise in identifying and evaluating hard technology projects is crucial for the fund's success, as the commercialization of technology often requires long-term capital support [5]. - The FOF structure allows for a diversified portfolio, which can mitigate non-systematic risks associated with individual assets or funds [4][5].

Financial Data and Key Metrics Changes - The company reported a modest increase in its shareholder base, onboarding several new accounts interested in the HeartBeam offering [30] - Net current assets decreased by approximately $2.3 million, with less than $2 million in cash utilized during the quarter [36][37] - The enterprise value calculation indicates that the company was trading at a significant discount to its enterprise value at year-end, which has slightly decreased due to volatility in HeartBeam and Exozymes [34][35] Business Line Data and Key Metrics Changes - The company is pivoting towards companies that are closer to product revenue and value creation, indicating a shift in focus from traditional deep tech ideas [19][50] - The company has three new Letters of Intent (LOIs) with a biotech firm, a profitable beverage company, and a healthcare software company, all of which are expected to perform well in the public markets [20][21][23] Market Data and Key Metrics Changes - The venture market is experiencing a significant backlog of companies that could potentially go public, with many venture firms seeking to exit investments due to a lack of new fund formations [12][15] - The current environment is seen as favorable for small IPOs, with a growing number of companies that could be well-valued in public markets [18][51] Company Strategy and Development Direction - The company aims to curate public venture capital as a preferred alternative to traditional venture capital, focusing on transforming big ideas into valuable public companies [5][6] - The management is excited about the potential for IPOs, believing that the current market dynamics will allow for better valuations and opportunities for public investors [15][16] - The company is expanding its investor community, focusing on capital allocators rather than just deal buyers, to enhance its deal flow [50][45] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging operating environment but remains optimistic about the potential for future growth and the ability to bring new companies public [24][51] - The management believes that the current market conditions will lead to a resurgence in small IPOs, reversing long-term downtrends [18][51] - The company is committed to finding extraordinary businesses at the right valuations, which will represent great return opportunities for investors [20][52] Other Important Information - The company has restructured its executive compensation plan to align better with shareholder interests, converting a significant amount of stock into options [32][33] - PatentVest is seen as a critical component of the company's strategy, providing essential business development and IP strategy support to portfolio companies [69][70] Q&A Session Summary Question: Can you just talk about the one company that you have that you're financing, the 20,000,000 for the potential cure for diabetes? - The company being financed is PaulX Bio [54] Question: How does management interpret the persistent discount of the MDBH stock price relative to the IPO price? - Management attributes the discount to supply and demand dynamics, noting that market perceptions can change over time [56][59] Question: What is the future dividend policy of the company? - The dividend policy will depend on the impact of share distribution on the companies involved and the company's cash flows [60][62] Question: How does MDB make money when taking a venture public? - MDB earns equity through pre-IPO financing and charges cash fees, often receiving a blend of cash and equity [65][66] Question: Can you share how much of MDB's value is due to its share of ownership of the companies you've taken public? - The value is significantly tied to the performance of companies like Exozymes and HeartBeam, with potential for substantial impact on MDB's stock price [77][79] Question: Do you ever consider acquisition of companies instead of IPOs? - Currently, the focus is on public venture, but acquisitions could be considered if they align with the company's strategy [81] Question: How many firms do you see out there that are doing what MDB Capital is doing currently? - Management believes there are very few firms that effectively compete with MDB's unique approach to public venture capital [82][84]

Financial Data and Key Metrics Changes - The company reported a modest increase in its shareholder base, onboarding several new accounts interested in the HeartBeam offering [29] - Net current assets decreased by approximately $2.3 million, with less than $2 million in cash utilized during the quarter [35] Business Line Data and Key Metrics Changes - The company is pivoting towards companies that are closer to product revenue and value creation, indicating a shift in focus from deep tech ideas to more profitable ventures [19][48] - The company has three letters of intent (LOIs) with new companies, including a biotech firm with a pre-money valuation of $20 million, a profitable beverage company, and a healthcare software company [20][22][23] Market Data and Key Metrics Changes - The current venture market is characterized by a significant number of companies that have received funding but have not gone public, creating opportunities for the company to take these firms public [11][12] - The company noted a backlog of IPO opportunities due to changing market dynamics, with investors preferring companies that are capital light and closer to profitability [15][17] Company Strategy and Development Direction - The company aims to scale its operations by bringing three to four new investment opportunities to the public market each year, focusing on companies that can resonate in the changing marketplace [43][44] - The management emphasized the importance of valuation and the need to find extraordinary businesses at the right values to provide great return opportunities for investors [20][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the small IPO market, suggesting it will be robust and may reverse long-standing downtrends [17] - The management acknowledged the current challenging environment for small companies but remains confident in the company's ability to curate and take public viable businesses [24][49] Other Important Information - The company has restructured its executive compensation plan to align better with shareholder interests, converting a significant amount of stock compensation to options [31][32] - PatentVest is seen as a critical component for value creation, assisting in business development and strategy for the companies it works with [66][70] Q&A Session Summary Question: Can you talk about the company financing the $20 million for the potential cure for diabetes? - The company financing this is PaulX Bio [52] Question: How does management interpret the persistent discount of the MDBH stock price relative to the IPO price? - Management believes it is primarily a supply and demand issue, noting that market perceptions can change over time [54][56] Question: What is the future dividend policy? - The dividend policy will depend on the impact of share distribution on the companies involved and the company's cash flows [58][60] Question: How does the company make money when taking a venture public? - The company earns equity through pre-IPO financing and charges cash fees, often receiving a blend of cash and equity [62][63] Question: How much of MDB's value is due to its share of ownership of the companies taken public? - The company believes that if it had gone public at a better time, its valuation would be significantly higher [74][76] Question: Does the company consider acquisitions instead of IPOs? - Currently, the focus is on public ventures, but the company would consider acquisitions if they are accretive to its public venture strategy [79] Question: How many firms are doing what MDB Capital is doing currently? - Management believes there are very few firms left that can effectively take small companies public, highlighting the company's unique position [81][82]

Core Viewpoint - MDB Capital Holdings is focused on launching disruptive technology companies and is actively working on a robust pipeline of new opportunities despite market volatility [3][5]. Company Updates - MDB Capital Holdings closed a public offering of common stock for HeartBeam, Inc with gross proceeds of approximately $11.5 million [8]. - The company completed Letters of Intent (LOIs) for three new "Big Idea" companies to launch in 2025 [8]. - MDBH increased its shareholder base by 4.5% during the first quarter of 2025 [8]. - The company onboarded 111 new MDB Direct accounts in Q1 2025, marking a 26% increase since the end of 2024 [8]. - MDB Capital is exploring innovative approaches to leverage its self-clearing platform to broaden IPO offerings for early-stage and emerging companies beyond deep tech [8]. - The executive compensation plan for four top executives was revised to realign incentives with shareholder interests [8]. Operational Highlights - The company is seeing a steady flow of micro-cap companies with exciting technologies that are seeking to go public [3]. - MDB Capital is in the final stages of diligence for a robust pipeline of new opportunities, aiming to scale the number of disruptive technology ideas turned into valuable public companies this year [3].

四川发布创投新政， 4000亿基金管理规模目标，鼓励降低或取消返投比例， 单一国资出资 比例可提高至70%…… 2025年的中国创投市场，正经历着从 "寒冬" 到 "复苏" 的关键转折。 在募资难、退出难的双重压力下，政策驱动与市场自我调节的共振效应愈发显著。据FOFWEEKLY数据 显示，机构LP持续回升，4月的出资活跃度环比增长23%，较之去年同期增长38%。 与此同时，地方政府引导基金加速扩容，据我们观察，仅4月份就有江苏、湖北、贵州、浙江等多地母 基金宣布设立或招GP，涉及母基金数量超30支。 值得关注的是，各地政策层面也持续发力，密集探索国资容错。近期，四川也正式吹响西南地区创 投"集结号"，围绕创业投资"募投管退"全链条，提出4000亿基金管理规模目标，取消注册地、鼓励降低 或取消返投比例等利好政策，打造全国创投高地。 四川省省委金融办有关负责人表示，《若干措施》惠及创业投资机构、天使投资个人及科技创新企业等 主体，为创业投资机构、天使投资个人等提供创业投资"募投管退"全生命周期服务，为科技创新企业等 被投企业提供投后赋能、落地服务保障及投、贷、保、担联动资金支持。 某经济研究人士评价称："此举通 ...

Core Viewpoint - Dongguan's Songshan Lake Technology Financial Cluster is being developed as a new highland for technology finance in the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to attract quality investment projects and resources to drive high-quality development [2][5]. Group 1: Fund Development in Songshan Lake - Songshan Lake has registered 184 funds, accounting for 59% of the city's total, with a total subscribed capital of 96.2 billion yuan, representing 75% of the city's total, making it the leader in both number and scale of funds [5][6]. - The introduction of policies such as the "Implementation Measures for Promoting the Development of the Fund Industry in Dongguan" in 2018 has significantly boosted the fund industry in Songshan Lake, leading to a strategic focus on high-quality development [5][8]. - The establishment of a high-quality development fund system, supported by government and state-owned enterprises, aims to leverage social capital and create an industrial fund system with a total scale of no less than 200 billion yuan [6][24]. Group 2: Investment Ecosystem and Success Stories - Songshan Lake has attracted notable institutions like Sequoia Capital and Tencent Investment, enhancing its reputation in the investment community [8][9]. - The Songshan Lake Angel Fund, initiated in 2021 with a total scale of 1 billion yuan, has invested in 19 projects, including the high-tech startup Paibo Technology, which is expected to achieve significant revenue growth in the coming years [12][15]. - The success of local companies, such as those in the robotics sector, demonstrates the effectiveness of strategic investments and the role of funds in supporting various stages of business development [15][17]. Group 3: Future Development and Challenges - The establishment of the Songshan Lake Technology Financial Cluster aims to create a hub for investment institutions, with 14 leading organizations signing strategic cooperation agreements [18][20]. - The active participation of local private funds is crucial for the cluster's success, as they can better assess local projects and attract more investments [20][21]. - The development of a supportive ecosystem, including the recruitment of financial professionals and the establishment of favorable policies, is essential for retaining investment institutions and ensuring the cluster's growth [21][22][24].

本期导读： 四川 发布 创投 新政， 4000亿基金管理规模目标，鼓励降低或取消返投比例， 单一国资出资比 例可提高至70%…… 作者丨FOFWEEKLY 本期推荐阅读5分钟 值得关注的是，各地政策层面也持续发力，密集探索国资容错。近期，四川也正式吹响西南地区创 投"集结号"，围绕创业投资"募投管退"全链条，提出4000亿基金管理规模目标，取消注册地、鼓 励降低或取消返投比例等利好政策，打造全国创投高地。 打造全国创投高地 5月19日，四川省发布《推动创业投资高质量发展的若干措施》（下称《措施》），明确提出到 2030年年末力争全省私募股权、创业投资基金管理机构达到500家管理基金， 管理基金达到2000 只，基金管理规模达到4000亿， 打造全国创业投资高地。 在业内人士看来，这一政策被视为四川在科技金融领域的一次"系统作战"，直指行业"募投管退"四 大痛点： 募资端 ：从让利加大出资力度等多方着手。措施提出，支持四川省成果转化投资引导基金会同成 都市、德阳市、绵阳市、宜宾市等经济体量较大市的政府引导基金和国资基金共同设立创业投资基 金。 允许基金出资不与基金注册地挂钩，建立出资地与注册地收益分享机制，鼓励 ...

Core Viewpoint - The Guangdong Provincial Government has issued an "Action Plan" to promote high-quality development in venture capital, emphasizing government guidance and policy support to strengthen the venture capital ecosystem [2][3]. Group 1: Government Support and Policy Framework - The "Action Plan" consists of five chapters and 19 articles, with a focus on enhancing government guidance and policy support for venture capital development [2]. - It specifies the regulatory departments for venture capital enterprise registration in Guangdong Province, Guangzhou, and Shenzhen [2][7]. - The plan aims to cultivate high-quality venture capital institutions and encourages participation from various entities, including state-owned enterprises and research institutions [3]. Group 2: Funding Sources and Investment Mechanisms - The plan emphasizes broadening the sources of venture capital funding, particularly by encouraging insurance institutions to invest in venture capital funds [5]. - It introduces a "mother fund + sub-fund + direct investment" model for government-led venture capital funds to support strategic emerging industries [3]. - The plan also encourages the issuance of corporate bonds and debt financing tools by qualified venture capital institutions [5]. Group 3: Project Matching and Ecosystem Development - A mechanism will be established to connect venture capital with innovative projects, facilitating interactions between venture capital firms and startups [6]. - The plan highlights the importance of various platforms, such as the Guangdong-Hong Kong-Macao Greater Bay Area National Technology Innovation Center, to enhance project financing connections [6]. - It aims to implement a patent commercialization plan to support the growth of small and medium-sized enterprises [6].

智通财经5月16日电，广东省人民政府办公厅近日印发《广东省进一步促进创业投资高质量发展行动方 案》，其中提出，落实和完善国资创业投资管理制度，完善国有资金出资、考核、容错、退出相关政策 措施。按照建立国有企业履行战略使命评价的要求，健全符合创业投资行业特点和发展规律的国资创业 投资管理制度，探索按照整个基金生命周期进行考核，建立健全尽职合规责任豁免和激励约束等机制。 广东：完善国有资金出资、考核、容错、退出相关政策措施 ...