大中华私募股权市场显现回暖迹象。5月28日，在香港会议展览中心举行的大中华私募股权峰会(GPES) 上，证券时报记者观察到种种积极信号：资金募集规模回升、港股IPO市场活跃度提升、机构投资动作 明显增加。这场由香港创业及私募投资协会主办的行业盛会，吸引了逾600位创投及私募股权投资专业 人士、政府官员和企业高管参与。与会人士围绕私募信贷、退出策略等议题展开深入讨论，普遍对市场 持续复苏持乐观态度。 市场数据也显示，2024年大中华区私募市场正逐步走出低谷。根据贝恩公司《2025年中国私募股权市场 报告》，在经历连续两年下滑后，中国私募股权投资总额2024年实现7%的小幅增长，达到470亿美元。 这一回升主要得益于超大额交易(单笔超10亿美元)数量的增加。 港交所陈翊庭： 超150家企业正排队等候上市 香港IPO市场的强劲表现成为峰会讨论焦点。港交所CEO陈翊庭在峰会上表示，今年全球最大新股宁德 时代（300750）上市后，香港新股市场将继续受惠A+H股上市，以及美国预托证券(ADR)回流。她还表 示，目前有超过150家企业正排队等候上市，当中有不少属于集资规模超过10亿美元的超大型企业。 针对市场高度关注的中 ...

Core Viewpoint - The financial statements of Jiaxing Jingyao Enterprise Management Partnership (Limited Partnership) reflect the company's adherence to the accounting standards set by the Ministry of Finance of the People's Republic of China, ensuring a true and complete representation of its financial position and performance as of December 31, 2024, and December 31, 2023 [1][4]. Financial Reporting Basis - The company prepares its financial statements based on the going concern assumption, with no significant doubts regarding its ability to continue operations for the next 12 months from December 31, 2024 [1]. - The accounting records are maintained on an accrual basis, with historical cost as the primary measurement basis, except for certain financial instruments measured at fair value [1][4]. Fair Value Measurement - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date [2]. - Fair value inputs are categorized into three levels based on their observability: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs) [3]. Important Accounting Policies - The company recognizes financial assets and liabilities at fair value upon initial recognition, with subsequent measurement based on their classification [5][6]. - Financial assets are classified as either measured at amortized cost or at fair value through profit or loss, depending on the business model and contractual cash flow characteristics [6][8]. Financial Performance - As of December 31, 2024, the company reported a total capital of RMB 602,739,820, an increase from RMB 589,941,000 as of December 31, 2023, indicating a growth in partner equity [22][26]. - The company incurred a net loss of RMB 5,903,978.18 for the year, leading to an accumulated loss of RMB 23,799,852.87 by the end of 2024 [26][27]. Management Fees and Expenses - The annual management fee is calculated at 0.2% of the total capital contributed by limited partners, while the advisory fee is set at 0.8% [20]. - Total management and advisory fees for the reporting period amounted to RMB 5,899,410 [22][26]. Taxation - The company is classified as a small-scale taxpayer, subject to a 3% VAT rate, along with other applicable local taxes [21].

Group 1 - Yang Xu has emerged as a prominent leader in the hard technology venture capital sector, leveraging her industry insights and investment strategies [1] - In 2019, while at the New York Stock Exchange, she increased the market share in China from 22% to 90%, facilitating over $17 billion in financing for more than 30 leading companies in the Asia-Pacific region [1] - Yang Xu founded Buttonwood Capital in 2024, successfully raising $80 million for her first fund and leading a $53 million investment in Flexcompute [2] Group 2 - Yang Xu's experience at JPMorgan provided her with a systematic industry understanding and a rigorous financial analysis framework, essential for her subsequent investment career [3] - Her role at the New York Stock Exchange involved market expansion, client communication, and strategic support for companies, enhancing her entrepreneurial perspective [3] - Yang Xu emphasizes that the competitive advantage in technology lies in the ability to convert technology into long-term value, requiring continuous product refinement and operational synergy [5] Group 3 - Yang Xu faced significant challenges as the head of the NYSE's China division, including low market share and the impact of the COVID-19 pandemic, but proactively sought to build trust through her actions [4] - She views the IPO process as a critical milestone for companies, focusing on global expansion, brand building, and governance optimization [5] - Yang Xu aims to be defined as a "limitless person," continuously breaking boundaries and engaging deeply in various technical fields [6][7]

Core Viewpoint - The article discusses the recent A-round financing of Japanese cross-border e-commerce company "CAGUUU" (Kagu E-commerce), highlighting the notable investors involved, including prominent figures like Zhu Xiaohu and Japanese football star Keisuke Honda. The focus is on the potential of leveraging Chinese supply chains to penetrate the Japanese furniture market, while also addressing the challenges that come with it. Group 1: Financing and Investment - CAGUUU recently completed A-round financing amounting to 650 million yen (approximately 30 million RMB), with Zhu Xiaohu and Honda's X&KSK fund as lead investors [1][2]. - The company has raised a total of 950 million yen (approximately 44 million RMB) across two rounds of financing since its inception [6]. Group 2: Market Strategy and Challenges - CAGUUU aims to integrate Chinese supply chain resources to sell high-cost performance furniture products in Japan, but faces significant challenges due to the established presence of competitors like NITORI and IKEA [6][7]. - The furniture industry has higher logistical and after-sales service demands compared to fast-moving consumer goods, necessitating a shift in market strategy for CAGUUU [2][6]. Group 3: Role of Investors - Keisuke Honda's involvement is expected to enhance the brand's visibility and credibility in Japan, as he will serve as a brand ambassador for CAGUUU [11][12]. - Honda's X&KSK fund has raised approximately 15.5 billion yen, targeting investments in around 30 Japanese startups, indicating a strategic focus on fostering local entrepreneurship [10][11]. Group 4: Market Dynamics - The Japanese market is described as closed and challenging for foreign companies, with a need for products that resonate with local culture and consumer preferences [3][4]. - CAGUUU's strategy includes offering a wide range of products, with over 2,500 items listed on its platform, aiming to establish a competitive edge through product variety and cost efficiency [7].

证券代码：600053 证券简称：九鼎投资 编号：临 2025-027 昆吾九鼎投资控股股份有限公司 Kunwu Jiuding Investment Holdings CO., Ltd 关于 2024 年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆吾九鼎投资控股股份有限公司（以下简称"九鼎投资"、"公司"）根据上 海证券交易所有关规定，于 2025 年 5 月 23 日下午 15:00-16:00，通过上海证券 交易所上证路演中心（网址：http://roadshow.sseinfo.com/）召开了 2024 年度业绩 说明会，现将活动情况公告如下： 一、说明会召开情况 公司于 2025 年 4 月 25 日在《上海证券报》、 《中国证券报》和上海证券交易 所网站（网址为：http://www.sse.com.cn）上披露了《九鼎投资 2024 年年度报告》， 并于 2025 年 4 月 25 日披露了《九鼎投资关于召开 2024 年度业绩说明会的公告》 （临 2025-020）。 理王欣 ...

Group 1 - The core viewpoint of the report is the exploration of taxable income distribution methods for partnership private equity funds in China, emphasizing the need for improved tax compliance and regulatory clarity [1][9][17] - The development of private equity funds in China began in 1985, and as of June 2022, the market size reached 19.97 trillion yuan, indicating significant growth and increasing concentration of capital among leading institutions [1][22] - The partnership structure, primarily limited partnerships, is favored due to its flexibility in establishment and tax benefits, avoiding double taxation [1][25] Group 2 - Tax policies for partnership funds follow the "distribute first, tax later" principle, where the fund itself does not pay taxes, and partners are taxed based on their individual or corporate income tax rates [2][38] - Practical challenges include discrepancies between tax and accounting profits, cash flow mismatches, and disputes over distribution ratios, which can lead to unfair tax burdens on partners [3][4][39] - A proposed method for taxable income distribution is the "cash flow restoration method," which simulates cash flow distribution to partners while considering costs and adjusting for different cash flow stages [5][9] Group 3 - Recommendations for policy improvements include clarifying tax rules for partnership funds, enhancing information reporting mechanisms, and optimizing tax administration practices to reduce operational ambiguities [6][7][8] - The report concludes that the current tax distribution practices are outdated and need to align with market practices to ensure fair tax burdens among partners [9][17]

Core Viewpoint - The report from Beijing Fund Town Research Institute provides an in-depth analysis of post-investment management in private equity funds, highlighting regulatory frameworks, industry status, key points, and development trends. Group 1: Regulatory Framework and Tax Rules - The regulatory framework for post-investment management of private equity funds in China is gradually improving, encompassing laws, administrative regulations, departmental rules, and self-regulatory guidelines. Key laws include the Securities Investment Fund Law, which clarifies the fiduciary duties of managers, and the Private Investment Fund Supervision and Administration Regulations, which strengthen information disclosure and accountability [1][2][3] - Tax treatment varies significantly based on the fund's organizational structure. For partnership funds, the "first distribute, then tax" principle applies, while corporate funds are subject to corporate income tax. Cross-border investments involve complex issues related to tax policies and agreements [1][2][3] Group 2: Post-Investment Management Practices and Key Points - Post-investment management encompasses multiple dimensions, including operations, risk, valuation, tax, and value-added services. Effective operational management requires proper information disclosure, profit distribution, and documentation management [2][3] - Risk management involves identifying, assessing, monitoring, and responding to risks, establishing a risk grading system, and employing financial analysis and legal compliance checks to mitigate risks [2][3] - Valuation methods for non-listed equity typically include recent financing price methods and market multiples, while debt and derivatives use discounted cash flow methods [2][3] Group 3: Characteristics of Different Fund Types and Industry Post-Investment Management - Strategic industry funds focus on specific industry characteristics, such as technology investment in the new generation of information technology, data compliance in artificial intelligence, and supply chain security in aerospace [3][4] - Cross-border funds face challenges related to regulatory differences, tax agreements, and exchange rate risks, necessitating optimized investment structures and compliance management [3][4] Group 4: Development Trends and Institutional Building - Domestic post-investment management faces challenges such as insufficient specialization and lagging digitalization, with future trends leaning towards systematization, transparency, and technological advancement [4] - The international market exhibits more mature post-investment management practices, emphasizing post-merger industrial operations and digital empowerment, with a deep integration of ESG investment principles [4] Group 5: Comprehensive Guidance and Strategy Reference - The report combines theoretical insights with case studies to provide comprehensive operational guidance and strategic references for post-investment management in private equity funds, aiming to enhance management levels and investment returns in the industry [5]

重庆江北融新私募股权投资基金成立 出资额20亿 金十数据5月21日讯，天眼查App显示，近日，重庆江北融新私募股权投资基金合伙企业（有限合伙） 成立，执行事务合伙人为重庆江北产业引导私募股权投资基金管理有限公司，出资额20亿人民币，经营 范围为以私募基金从事股权投资。合伙人信息显示，该基金由重庆江北产业引导私募股权投资基金合伙 企业（有限合伙）、重庆江北产业引导私募股权投资基金管理有限公司共同出资。 ...

Core Viewpoint - The article discusses the increasing trend of private equity firms acquiring stakes or controlling interests in publicly listed companies in China, particularly following regulatory changes that encourage such activities [1][4][5]. Group 1: Recent Transactions - In early 2023, Qiming Venture Partners became the controlling shareholder of Tianmai Technology for a transaction price of 452 million yuan, marking a significant case of private equity control over a listed company since the introduction of new merger regulations [1]. - In March 2023, shareholder Liu Tao of Shankai Intelligent announced the transfer of 5,024,332 shares (5% of total shares) to Lingchang Investment, which aims to enhance the company's investment layout based on its growth potential [1]. - On May 8, 2023, *ST Changyao signed a restructuring investment agreement with six institutions, including Sichuan Jiadaobowen, which plans to invest 593 million yuan for 245 million shares, becoming the controlling shareholder post-restructuring [2]. Group 2: Market Trends and Regulatory Changes - The article highlights a growing trend among investment institutions to explore controlling stakes in listed companies, particularly after the release of the new restructuring regulations on May 16, 2023, which encourage private equity funds to participate in mergers and acquisitions [4][5]. - The revised restructuring regulations introduced a "reverse linkage" arrangement for private equity funds, reducing the lock-up period for certain transactions, which is seen as a significant benefit for easing exit difficulties [5]. - There is a notable increase in the establishment of state-owned capital merger funds, with over ten regions in China releasing supportive policies for mergers and acquisitions [5]. Group 3: Industry Dynamics - Many private equity firms are establishing dedicated merger departments to focus on acquisition opportunities, reflecting the burgeoning merger market in China [7]. - The average salary for merger managers in China can reach 500,000 yuan, with senior positions earning between 800,000 to 1.2 million yuan, indicating a competitive talent market in this sector [7]. - The article anticipates a surge in merger activities, with the potential for more private equity funds to engage in significant transactions following the implementation of the new restructuring regulations [8].

涉及总金额3 9 8 . 9 3亿元人民币。 作者 | 私募通 来源 | 决策投资圈 （ID：PEDATAMAX） 清科创业（0 1 9 4 5 .HK）旗下私募通统计：截至本周五下午，募资、投资、上市和并购共 1 5 3 起 事 件 ， 涉 及 总 金 额 3 9 8 .9 3 亿 人 民 币 。 从 交 易 金 额 来 看 ， 本 周 金 额 较 大 事 件 是 ： 2 0 25年5月1 4日，航天时代电子技术股份有限公司对北京航天时代光电科技有限公司进 行增资，出资金额是1 7 . 7 2亿人民币。从交易事件地域分布看，目前主要分布在浙江省、 江苏省和广东省，占比为浙江省19.6%，江苏省1 5 . 7%，广东省1 4 . 4%。 01 本周募资情况 本周新登记股权投资基金管理人共计0家，取消备案登记6家，全年截至目前累计股权投 资基金管理人数量为3 3家。本周新增备案基金数量为65只，规模总计250.82亿元，本周 备 案 基 金 募 资 最 多 的 为 海 南 平 泰 横 海 私 募 股 权 投 资 基 金 合 伙 企 业 （ 有 限 合 伙 ） ， 募 集 3 3 .01 亿 人 民 币 。 全 ...