Core Viewpoint - Mergers and acquisitions (M&A) are expected to be a significant trend in 2025, driven by policy support, industry needs, and capital influx [3][12][17] Group 1: Market Dynamics - The M&A market in China has been heating up since the implementation of the "M&A Six Guidelines," with notable activity from state-owned enterprises and large corporations [4][12] - A significant increase in the number of M&A restructuring cases has been observed in A-shares, with a doubling in the number of cases compared to the same period last year [12][13] - The emergence of various M&A funds and mother funds is contributing to the ongoing M&A boom, with notable funds being established in cities like Shanghai and Shenzhen [5][13] Group 2: Fundraising and Investment Strategies - Xincheng Capital recently closed a new RMB 4.5 billion M&A fund, bringing its total assets under management to USD 9.59 billion [6][8] - The new fund includes diverse investors such as government-guided funds, insurance capital, and private equity, focusing on controlling M&A strategies and high-growth opportunities within its portfolio [9][10] - The trend of large-scale M&A transactions, particularly in sectors like semiconductors and machinery, is becoming more common, with transactions exceeding RMB 1 billion [13][14] Group 3: Policy and Industry Support - The Chinese government is actively supporting M&A activities, with various local policies being introduced to facilitate asset restructuring [13][14] - The "Science and Technology Innovation Board" has seen a significant increase in disclosed equity acquisition transactions, indicating strong policy-driven momentum in the M&A market [14][15] - The current economic environment is seen as an opportunity for strategic acquisitions, with many companies adjusting their internal decision-making processes to capitalize on this window [12][15]

人民财讯8月6日电，8月6日，中信资本旗下的私募股权投资业务平台信宸资本宣布，已完成总规模超45 亿元的新一期人民币并购基金的募集。该基金将协同今年初完成募集的、规模达45亿元的宸曦共赢基 金，延续以控股型并购为核心的投资策略，同时持续关注信宸资本被投企业生态圈内高成长企业的投资 机会。 ...

Group 1 - KKR is acquiring UK instrument giant Spectris for £4.2 billion, with a total enterprise value of £4.8 billion (approximately $6.4 billion) [1] - Spectris accepted KKR's offer of £41.75 per share, withdrawing support for Advent's previous offer of £41 per share [1] - Following the announcement, Spectris's stock rose by 1.7% in early trading [1] Group 2 - The acquisition battle for Spectris reflects a broader trend of increasing merger and acquisition activity in the European market, signaling positive changes [3] - The competition between private equity firms for Spectris has been ongoing for over a month, starting with Advent's initial bid in June [4] - The interest in high-quality UK assets is driven by relatively low valuation levels and a stable market environment, attracting international buyers [4] Group 3 - Despite challenges from U.S. tariff policies earlier in the year, the pace of acquisitions for UK companies has noticeably accelerated [4] - According to Dealogic, the global M&A market has rebounded strongly, with total transaction value reaching $2.6 trillion in the first seven months of the year, the highest since the peak during the pandemic in 2021 [4]

Core Insights - A total of 88 new private equity and venture capital funds were registered in China, with a cumulative subscription amount of 14.92 billion RMB [1] - The highest number of new funds was registered in Zhejiang Province, accounting for 21.59% of the total, while the highest cumulative fundraising amounts were from Zhejiang and Jiangsu provinces, at 18.50% and 13.65% respectively [1] - The largest fund, the Hubei Green New Pioneer Equity Investment Fund, has a scale of 1.5 billion RMB and focuses on ecological protection and high-quality development in the Yangtze River Economic Belt [1] Fund Registration Overview - New registered funds by region: - Zhejiang Province: 19 funds - Jiangsu Province: 13 funds - Guangdong Province: 13 funds - Other provinces include Jiangxi (10), Fujian (7), and others [3] - Cumulative subscription amounts by region show that Zhejiang and Jiangsu provinces lead in total amounts raised [4] Limited Partner (LP) Contributions - A total of 171 LP investment firms were involved in the new funds, with the highest contributions from government-backed funds, totaling 10.01 billion RMB, which is 76.29% of the total [4] - The distribution of LP contributions by region indicates that Zhejiang and Jiangsu provinces are the most significant contributors, with 16.96% and 12.87% respectively [4][8]

买下一个部门。 作者 I 周佳丽 报道 I 投资界-并购最前线 投 资 界 获 悉 ， KKR 近 日 宣 布 知 名 休 闲 摩 托 车 品 牌 哈 雷 戴 维 森 旗 下 的 金 融 服 务 公 司 HDFS ， 已 与 KKR 及 太 平 洋 投 资 管 理 有 限 公 司 （PIMCO）建立长期战略合作伙伴关系，交易价值达5 0亿美元（约合人民币360亿元）。 以下文章来源于并购最前线 ，作者周佳丽 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 欢迎加入投资界读者群 简言之，KKR联手买下了哈雷摩托的金融部门。 哈雷摩托大家并不陌生。始于1903年密尔沃基后院的木棚中，哈雷戴维森凭借坚固耐用的V型双缸引擎、复古的外表以及所承载的自 由、叛逆的重机文化而为一代人所痴迷，价格在几万元到百万元不等。百年风雨，哈雷戴维森却在新一代年轻市场中受挫，销量接连 下滑。危机感扑面而来，这家摩托传奇不得不开始甩卖业务。 说起来，KKR与哈雷戴维森之间早有渊源——大约十年前，曾有传闻称KKR有意收购哈雷摩托，但之后并无下文。如今战略投资其重 要部门，收购一幕也许可能会成为现实。 哈雷摩托卖部门，360 ...

Fundraising Activities - Zhongke Chuangxing announced the first closing of its fund with a scale of 2.617 billion yuan, focusing on hard technology projects in various industries including artificial intelligence [5] - KKR successfully raised 28 billion USD, increasing its assets under management (AUM) by 14% to 686 billion USD, with a target of reaching 1 trillion USD AUM by 2029 [9] - China Chengtong signed a framework cooperation agreement with Jiangsu Province to establish a 10 billion yuan fund, targeting strategic emerging industries [11] - Coller Capital announced a record fundraising of 6.8 billion USD for its second credit opportunities fund, showcasing its strong position in the private secondary market [14] - BlueFive Capital completed fundraising for its 2 billion USD private equity fund, focusing on sectors like healthcare and technology in the GCC region [16] - Changjiang Industrial Group established a 5 billion yuan fund focusing on specialized vehicles and high-end manufacturing [18] - Suzhou Taikang Investment Fund was registered with a total contribution of 3.1 billion yuan, marking the establishment of a new RMB fund in Suzhou [20] - Yuanhe Puhua launched its first private equity fund in Shanghai, focusing on the integrated circuit industry [22][23] - Dongfang Jiafu established a 1.6 billion yuan fund in Ordos, focusing on advanced manufacturing and information technology [25] - Kewai Fund announced the establishment of a 1 billion yuan smart energy fund, supported by Total Energy [27] Investment Strategies - KKR's new fundraising efforts are part of a broader trend of significant dollar fundraising among VC firms, indicating a shift in the domestic dollar fund ecosystem [7] - Blackstone announced an investment of over 25 billion USD in Pennsylvania's digital and energy infrastructure, aiming to stimulate an additional 60 billion USD in investments [13] - The establishment of AIC pilot funds by Shenzhen Investment Control Capital aims to connect financial resources with the real economy, supporting high-quality development in Shenzhen [34] Sector Focus - The funds established by various companies are primarily targeting sectors such as artificial intelligence, advanced manufacturing, new materials, and digital infrastructure, reflecting a strategic focus on innovation and technology [5][11][25][34] - The collaboration between Renault and Chinese private equity firms aims to explore investment opportunities in the electric vehicle sector, emphasizing technology innovation and industry capital empowerment [43]

E= 股权结构 合伙人信息 4 0 @ | 序号 | | 合伙人名称 | ר 出资比例 ÷ | | --- | --- | --- | --- | | | | 重庆两江新区高质量发展产业私募股权投资基金合伙企业（有限 | | | 1 | + | 合伙) 高质 | 69.90% | | | | 国有企业 私募基金 | | | 2 | | 南通万业科技发展有限公司 | 29.90% | | 3 | | 重庆承运企业管理有限公司 | 0.10% | | | | 国有企业 执行事务合伙人 | | | 4 | | 上海芯徽程企业管理合伙企业(有限合伙) | 0.10% | | | | 执行事务合伙人 | | | 全国企业信用查询 | | 重庆两江芯徵程半导体私募股权投资基金合伙企 查一下 | | | --- | --- | --- | --- | | 基本信息 9 | 法律诉讼 经营风险 | | 经营信息 | | 执行事务合伙人 | 重庆承运企业管理有限公司 登记状态 | | 存续(在营、开业、? | | | 上海芯微程企业管理会伙专业 出资额 有限合伙) | | 100000万元 | | 组织机构代码 | MAERH ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 为了拓展梦网云科技集团股份有限公司（以下简称"公司"）多元化投资渠道，为公司获取长期投资回 报，公司（以下简称"公司"）作为有限合伙人与普通合伙人深圳市高新投人才股权投资基金管理有限公 司，及其他有限合伙人深圳市引导基金投资有限公司、深圳市宝安区产业投资引导基金有限公司、深圳 市汇通金控基金投资有限公司、深圳市龙华区引导基金投资管理有限公司、深圳市光明区引导基金投资 管理有限公司、深圳市高新投创业投资有限公司、江西赣江新区信担金服管理有限公司、深圳顺络电子 股份有限公司、深圳市鸿富瀚科技股份有限公司、天津卓毅企业管理有限公司共同签署《深圳市高新投 高端装备产业私募股权投资基金合伙企业（有限合伙）合伙协议》（以下简称"合伙协议"），拟共同投 资设立深圳市高新投高端装备产业私募股权投资基金合伙企业（有限合伙）（以下简称"合伙企业"）， 合伙企业目标募资规模为人民币20.00亿元，出资方式均为货币。全体合伙人本次的认缴出资总额为人 民币15.40亿元，公司拟认缴出资人民 ...

Core Viewpoint - The article discusses the increasing restrictions on state-owned limited partners (LPs) in China regarding their investments in sub-funds, highlighting a shift towards favoring state-owned general partners (GPs) over private ones due to performance and compliance concerns [1][2][3]. Group 1: Investment Restrictions - State-owned LPs have implemented new limitations on the number of sub-funds they can invest in, alongside restrictions on investment ratios and single-transaction amounts [1]. - There is a growing trend among LPs to collaborate primarily with state-owned GPs, as they are perceived to have better performance and compliance, making them more attractive in the current market environment [1][2]. Group 2: Market Conditions - The private equity investment market in China has seen a significant decline, with the number of newly established funds dropping by 44.1% year-on-year in 2024, and the total fundraising amount decreasing by nearly 40% [4]. - The average size of newly established funds has fallen to 1.338 billion yuan, marking a ten-year low, while the number of registered private equity fund managers has decreased significantly [4][5]. Group 3: Challenges for Private GPs - Private GPs are facing intensified competition and difficulties in fundraising, with many unable to meet their fundraising targets, leading to potential deregistration of their management qualifications [5]. - The current market environment has created a "bottleneck" for fundraising, as state-owned investors require a certain proportion of market-oriented funds, complicating the establishment of new private funds [5]. Group 4: New Opportunities - Recent policy changes, such as the introduction of technology innovation bonds, aim to alleviate fundraising challenges for private GPs by providing low-cost, long-term financing options [8][9]. - The issuance of technology innovation bonds has gained momentum, with several equity investment institutions announcing plans to issue bonds totaling over 200 billion yuan [9].

Core Insights - The article discusses the growing trend of "patient capital" and "bold capital" in the context of new productive forces investment, highlighting the role of state-owned investment funds as key players in this landscape [2] - It emphasizes the importance of revitalizing existing capital and optimizing resource allocation to support emerging industries and quality projects [2][4] - The speech by Jiang Mingming, Chairman of Shengshi Investment, addresses the challenges faced by the private equity industry, particularly the reliance on IPOs for exits and the low DPI (Distributions to Paid-In) rates [3][5] Investment Trends - The investment landscape is shifting, with various financial leaders discussing industry trends at the "2025 China Sci-Tech Summer Investment Summit" [2] - The private equity sector is experiencing a significant amount of stagnant capital, approximately 14 trillion yuan, which poses challenges for exits [6][7] - The S Fund is identified as a crucial tool for revitalizing quality assets and facilitating exits for both state-owned and private LPs [3][6][8] Economic Context - The Chinese economy is undergoing a dual economic structure, leading to a stock game that reflects the dynamics between foreign, state, and private capital [4] - The era of significant economic growth is perceived to be waning, necessitating a reevaluation of fund structures and investment strategies to adapt to the current economic cycle [5][10] S Fund Strategy - The S Fund is categorized into two types: transaction-oriented S Funds focused on financial returns and function-oriented S Funds initiated by local state-owned assets to promote local capital circulation [8][9] - Shengshi Investment has a long history of engaging with S Funds, having established a solid foundation through extensive investment in sub-funds and projects over the past 15 years [9][10] - The current strategy involves selecting high-quality assets accumulated over the past 15 years and forming asset packages to ensure continued investment and development [9][10] Conclusion - The article concludes with a reflection on the evolution of Shengshi Investment and its commitment to addressing the challenges faced by both private and state-owned LPs in the current economic environment [10][11]