11月12日，上海证券交易所国际投资者大会开幕。殷拓集团执行委员会成员、亚洲董事长庄佳诚在会上作主题发言。 庄佳诚表示，殷拓集团与中国渊源深厚，集团秉持长期投资思维，自上世纪90年代中期起在华投资累计超170亿美元。 21世纪经济报道 记者易妍君 见习记者刘夏菲 针对中国市场，殷拓制定三大投资战略：一是"在中国为中国"，殷拓积极投资服务国内市场的中国企业，比如医保、工业类企 业；二是引入海外优质企业，助力其拓展中国业务；三是支持中国企业跨境发展，尤其是通过香港链接欧洲及全球市场。 庄佳诚指出，中国市场发展动态对投资者极具吸引力。当前中国市场在风投、PE等方面仍存在资产配置缺口，潜在投资空间广 阔，许多投资方对中国市场很感兴趣。对于投资者来说，目前尚存在的资产配置缺口是需要抓住的机会。 ...

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13] - ROE for the first half was 12.7%, up from 8.8% in the previous fiscal year [20] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Green Corps Energy and other assets [19] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion at the end of the first half, moving closer to the medium-term target of JPY 100 trillion [10] - The company aims to achieve 11% ROE and JPY 100 trillion in AUM by the fiscal year ending March 2028 [5] Company Strategy and Development Direction - The company is focusing on alternative investments and business solutions, with a long-term vision to achieve JPY 1 trillion in net profit by March 2035 [3] - A joint PE fund with the Qatar Investment Authority was established to enhance asset management capabilities [5] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management strategies [58] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, reflecting the company's commitment to shareholder returns [15] - The company has begun utilizing a dashboard for detailed visualization of its business portfolio status [9] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and their impact on profitability [50][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they aim for sustainable profit growth and will begin discussions on next year's plans early next year [60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast of JPY 200 billion is on track, with expectations for solid performance in the real estate market and private equity portfolio [66] Question: Concerns about significant impairment losses - Management reassured that while the second half's pre-tax profit forecast is lower, it is not due to expected significant losses but rather a return to regular profit levels [72][74]

Group 1 - The establishment of Zhongxi (Shenzhen) Private Equity Fund Management Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The legal representative of the new company is Wu Lei, and its business scope includes investment activities with self-owned funds, private equity fund management, and venture capital fund management services [1] - The company is wholly owned by China Rare Earth Group Innovation Technology Co., Ltd. [1]

Group 1 - Global private equity executives are considering returning to the Chinese market, with a focus on diversifying away from high allocations in US dollar assets [2] - The current low valuations, low debt costs, and lack of competition in China are seen as attractive factors for investment [2] - Year-to-date, private equity-backed transactions targeting Chinese companies have reached $25 billion, surpassing the total for 2024 and expected to be the highest since 2021 [2] Group 2 - China remains a high ground for multinational investments, with nearly 124,000 foreign-funded enterprises established and actual foreign investment reaching 20.6 trillion yuan by the end of last year [3] - The number of newly established foreign-invested enterprises in China increased by 9.9% year-on-year, with a direct investment return rate of about 9% over the past five years [3] Group 3 - Several foreign private equity firms have completed registration as private fund managers in China, indicating renewed interest in the market [4] - The recent signals suggest that foreign LPs are returning, with many previously inactive dollar funds now considering opportunities in the Chinese market [5] Group 4 - The Chinese government has released policies encouraging foreign investment in equity, including allowing foreign investment companies to use domestic loans for equity investments [6][7] - Recent policies have aimed to support foreign venture capital and private equity funds, enhancing their ability to invest in technology and innovation sectors [8] Group 5 - The upcoming Fourth Davos Global Fund of Funds Summit in January 2026 is expected to provide opportunities for dialogue among global LPs and GPs, focusing on investment strategies and market insights [9][11] - The summit will feature discussions on navigating economic cycles and will include participation from notable figures in the global fund industry [11][12]

本文剖析了私募股权基金原状分配的争议问题，并尝试提出化解路径，为私募股权基金在当下的经济周期中有效退出提供意见 和建议。 作者丨曹承磊 沈晨叶 肖恭晴 引言 《私募投资基金备案指引第2号——私募股权、创业投资基金》第二十八条第二款规定："私募股权基金完成清算，剩余基金财 产可以……经投资者同意，以实物资产方式分配给投资者"[1]，加上证监会启动"私募股权创投基金向投资者实物分配股票"试点 工作[2]，现有政策已经为私募股权基金原状分配提供了路径指引。但由于具体操作规范不明确，加之现实情况纷繁复杂，私募 股权基金在原状分配的过程中依然存在诸多争议。 基于此，笔者梳理了实务中遇到的一些争议问题，并提出相应的化解路径建议，抛砖引玉，供业内人士参考与讨论。 一、关于其他股东的优先购买权 （一）标的公司其他股东是否享有优先购买权 底层资产为有限责任公司（以下简称"标的公司"）股权时，私募股权基金向投资人原状分配时将面临标的公司其他股东是否当 然享有优先购买权的问题。 现行法律法规及监管文件并未对此作出明确规定，实务中存在两种不同观点。一种观点认为原状分配与标准意义上的股权转让 不同，其并非公司法上的股权"买卖"关系，而 ...

Core Insights - The establishment of Jicang Phase III Equity Investment Fund (Beijing) Partnership has been announced, with a total investment of 1 billion yuan [1] - The fund's operational scope includes private equity fund management and venture capital fund management services [1] Company Structure - The fund is jointly funded by subsidiaries of Shentong Express, Cainiao Network Technology, and AIA Life Insurance, among others [1] - Shentong Express's subsidiary, Shanghai Shencheng Supply Chain Management Co., Ltd., holds a 30% stake, contributing 300 million yuan [3] - AIA Life Insurance holds a 26.6% stake with a contribution of 266 million yuan, while Zhonghong Life Insurance contributes 200 million yuan for a 20% stake [3] Operational Details - The fund is registered as a limited partnership and is located in Daxing District, Beijing [2] - The business license allows the fund to operate independently within the approved projects by the China Securities Regulatory Commission [2]

Group 1 - The establishment of Jicang Phase III Equity Investment Fund (Beijing) Partnership (Limited Partnership) with a capital contribution of 1 billion yuan [1] - The business scope includes private equity investment fund management and venture capital fund management services [1] - The fund is jointly funded by subsidiaries of Shentong Express, Cainiao Network Technology, and AIA Life Insurance [1]

Core Insights - The "2025 IPEM Private Equity and Industry Conference" aims to create a high-level platform for cross-border investment and industrial collaboration, gathering global capital and industry resources [1][12] - The conference focuses on three core topics: "Innovation Leadership, Cross-Border Investment, and Supply Chain Advantages," promoting a new global investment landscape through collaboration and innovation [12] Group 1: Conference Overview - The conference is co-hosted by IPEM and Guolian Group, with support from various financial institutions, aiming to bridge capital and industry communication between Wuxi and Europe [1][6] - Approximately 260 representatives from renowned private equity firms and industry leaders worldwide attended the event [3] Group 2: Key Speakers and Their Messages - Jean-Pierre Raffarin, former French Prime Minister, emphasized that funds are the best link for international cooperation and expressed hope for discovering quality projects through the conference [9] - Gilles Bakhsa, founder and chairman of IPEM, highlighted the extensive influence of IPEM in international capital markets and the effective integration of business philosophies between China and foreign entities [8] Group 3: Strategic Goals and Future Directions - Wuxi aims to enhance its international business environment and foster innovation in sectors like AI, healthcare, and green energy, creating a platform for global entrepreneurs and investors [6][11] - The conference seeks to establish a "capital-industry-market" triangular dialogue mechanism covering Asia, Europe, and the Middle East, facilitating precise connections between LPs, GPs, and industry players [12]

Core Insights - The event showcased the sustainable development achievements of Jiangsu and Wuxi, emphasizing collaboration among financial institutions, industry leaders, investors, and experts in the field of sustainability [1] - The conference served as a platform to deepen cooperation between Wuxi and domestic and international investors, with the launch of the Guolian Group Ecological Alliance and multiple project signings [1] Investment and Economic Development - Wuxi has attracted 394 investment projects with a total investment scale of 62 billion yuan, focusing on sectors such as biomedicine, integrated circuits, advanced manufacturing, carbon neutrality, and artificial intelligence [2] - The city has established 89 new funds with a total scale of 34.2 billion yuan, successfully attracting 28 projects with an investment scale of 17.8 billion yuan [2] - Wuxi's industrial foundation includes seven industrial clusters with revenues exceeding 200 billion yuan, five of which are national-level advanced manufacturing clusters [2] Capital Market and Investment Environment - Wuxi has over 120 listed companies on the A-share market and a total scale of private equity funds reaching 85 billion USD, ranking among the top ten in China for equity investment activity [2] - The city is enhancing its multi-layered capital market service system and fostering a diversified venture capital development environment [2] Global Trade and Investment Climate - Wuxi's trade partners span 220 countries and regions, with over 7,200 foreign-funded enterprises and 118 Fortune 500 companies investing in the city [3] - The city has implemented ten measures to facilitate the entry of foreign nationals, including a 240-hour visa-free transit policy at the airport [3] Collaborative Ecosystem - The Guolian Group Ecological Alliance, which includes top global companies and institutions, aims to create a collaborative ecosystem driven by capital, industry synergy, and service empowerment [4] - The alliance is expected to inject strong momentum into Wuxi's future innovation and development [4] Focus on Sustainable Development - The conference emphasized the importance of building a cooperative ecosystem focused on new investments, green initiatives, and digital upgrades to foster sustainable high-quality development [5] - The Guolian Group plays a crucial role in linking various parties in Wuxi's industrial transformation and upgrading process [6] Guolian Group's Achievements - Guolian Group has developed into a local state-owned enterprise with total assets exceeding 330 billion yuan, managing financial assets totaling 2.2 trillion yuan and a fund scale surpassing 280 billion yuan [7] - The group aims to enhance its financial services, strengthen its industrial operations, and deepen its investment strategies to become a leading comprehensive local state-owned enterprise in China [7]

Core Viewpoint - The conference aims to showcase Jiangsu and Wuxi's achievements in sustainable development, fostering collaboration between local and global investors to enhance industrial upgrading and contribute to future growth [2][9]. Group 1: Conference Overview - The 2025 Sustainable Global Leaders Conference and the Second Guolian Investor Conference were held in Wuxi, focusing on attracting global capital and empowering modern industries [2]. - Key figures from various sectors, including government officials and business leaders, participated in the conference, emphasizing the importance of collaboration in sustainable development [4][11]. Group 2: Key Themes and Goals - The conference highlighted the role of private equity investment in supporting technological innovation and developing new productive forces, aiming to integrate technological and industrial innovation [7]. - Emphasis was placed on high-quality development, with a focus on new investments in green and digital sectors to foster sustainable growth [9]. Group 3: Investment and Project Highlights - In 2025, Guolian Group completed 394 investment projects with a total investment scale of 62 billion, focusing on sectors like biomedicine, integrated circuits, and artificial intelligence [13]. - The establishment of 89 new funds with a total scale of 34.2 billion was announced, alongside the attraction of 28 projects to Wuxi, amounting to an investment of 17.8 billion [13]. Group 4: Ecosystem Development - The Guolian Ecological Alliance was launched, bringing together top global enterprises and institutions to create a collaborative ecosystem aimed at driving innovation and development [16]. - The conference included thematic discussions on ESG, sustainable finance, and various industry-specific topics, enhancing knowledge sharing among experts [15].