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拓宽私募基金的融资来源 为创投机构提供更强信用支撑 【导读】多家私募股权创投机构申请科创债发行，培养长期资本、耐心资本投资科技创新产业（300832） 政策明确，支持具有丰富投资经验、出色管理业绩、优秀管理团队的私募股权和创业投资机构发行科技创新债券，募集资金用于私募股权投资基金的设 立、扩募等。发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需求。 近期，央行、证监会联合发布了关于支持发行科技创新债券有关事宜的公告，支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科创 债，引发关注。 松禾资本表示，政策为股权创投机构开辟了新的募资渠道，有利于培养耐心资本，推动资本市场与创新体系的深度融合，提升资本的长期价值发现和科技 赋能作用。同时，有助于缓解初创企业融资难、融资贵的问题，为科技型企业提供更加多元、稳定的资本支持。 多家受访私募股权创投机构表示，科创债的引入，拓宽了私募基金的融资来源，缓解了募资难问题，有利于培养耐心资本投向硬科技企业。创设科技创新 债券风险分担工具，引入地方政府和市场化增信机构，为创投机构在科技板发行长期债券提供更强的信用支撑。受访机构看好科创债 ...

Core Viewpoint - The domestic merger and acquisition (M&A) market in China is experiencing significant growth, driven by both state-owned enterprises and local governments establishing M&A funds to optimize industrial structure and attract investment [1][2][6]. Group 1: Recent Developments in M&A - Anta has fully acquired the German brand Jack Wolfskin, and Tongcheng Travel has acquired Wanda's hotel management business, indicating a trend of active participation in M&A by major companies [1]. - Local governments are increasingly setting up M&A funds, with Zhejiang province preparing a 10 billion yuan fund and Shenzhen launching a 2 billion yuan fund to drive M&A activities [1]. - The Shanghai state-owned capital M&A fund matrix has been established with a total scale exceeding 50 billion yuan, focusing on various sectors including integrated circuits and biomedicine [1]. Group 2: Factors Driving M&A Growth - The slowdown in GDP growth, the transition of family businesses to modern management, and the need for industry leaders to consolidate for value creation are key factors driving M&A activities [3]. - The current M&A wave is policy-driven, with recent regulations aimed at enhancing core business strengths rather than merely increasing market value as seen in previous M&A trends [4][5]. Group 3: Role of Local Governments - Local governments view M&A funds as a new model for attracting investment, allowing for the integration of businesses into local economies and promoting industrial upgrades [2][6]. - M&A funds can facilitate the relocation of company headquarters and support traditional industries in achieving technological upgrades [6][8]. Group 4: Challenges and Opportunities - The Chinese M&A market is still developing, with domestic M&A market share at less than 10%, compared to 60%-70% in mature markets like the US [3]. - Key challenges include a lack of leveraged tools for M&A funds and uncertainties surrounding exit mechanisms, which differ significantly from those in the US and Hong Kong markets [8][9]. - Local state-owned capital is better suited for establishing M&A mother funds due to their advantages in risk diversification and long-term planning [9].

Group 1: Mubadala Investment Fund - Mubadala, the second-largest sovereign fund in the UAE, reported an asset management scale of approximately 2.4 trillion RMB, reflecting a year-on-year growth of 9.1% [2] - The fund achieved a five-year annualized return rate of 10.1% [2] - Mubadala has invested nearly 17 billion USD (approximately 123 billion RMB) in China over the past decade, covering over 100 projects across various sectors including consumer, healthcare, and industrial services [2] - The fund is focusing on late-stage merger and acquisition investment opportunities in the Chinese market [2] Group 2: Open Source China - Open Source China, founded by Ma Yue, has undergone multiple transformations, evolving from a community to a code hosting platform [3] - The platform has become the second-largest code hosting platform globally, with over 18 million developers [3] - Open Source China's DevOps toolchain has achieved an 80% market penetration in critical sectors such as finance and military [3] Group 3: Aoshark Intelligent - Aoshark Intelligent, a high-tech company, has completed two rounds of strategic financing, led by Binfu Capital [4] - The company aims to expand its "thousand-yuan exoskeleton" product line and enhance core technology through this financing [4] - Aoshark Intelligent is positioning itself to tap into the consumer market while solidifying its industrial application base [4] Group 4: Qingdao Beer - Qingdao Beer announced plans to acquire 100% equity of Jimo Yellow Wine for 665 million RMB [6] - The acquisition will make Jimo Yellow Wine a wholly-owned subsidiary of Qingdao Beer [6] Group 5: PMI Capital - PMI Capital is reportedly undergoing a significant strategic adjustment, planning to close its offices in Hong Kong and Shanghai within the next 18 months [5] - The firm intends to increase its focus on Indian companies moving forward [5]

Group 1 - In April 2025, there were 12 new registered private equity and venture capital fund managers in China, a month-on-month decrease of 36.8% [1] - A total of 417 new private equity and venture capital funds were filed, showing a year-on-year and month-on-month increase of nearly 20 percentage points [1] - The domestic primary equity investment market recorded 518 financing events, a month-on-month increase of 10.0%, but a year-on-year decrease of 16.0% [1] Group 2 - The total disclosed financing amount was approximately 23.227 billion yuan, nearly halved compared to April 2024 and down 21.8% from March 2025 [1] - The average single financing amount was about 44.8391 million yuan, slightly above the lowest point by 761.53 thousand yuan [1] - Investment institutions are continuously clearing out, with both fundraising and investment showing an increase in volume but a decrease in price [1] Group 3 - Zhongke Chuangxing, founded by the Xi'an Institute of Optics and Fine Mechanics, has a cumulative fund size exceeding 11 billion yuan, focusing on hard technology fields [2] - As of the end of April 2025, Zhongke Chuangxing registered only one new fund, with a registered capital of 22.01 million yuan [2] - Zhongke Chuangxing disclosed 10 equity investment events during the reporting period, a significant month-on-month increase of 42.9% [2] Group 4 - 80% of the projects Zhongke Chuangxing invested in this month were in the early stage, with 60% in Series A [4] - The sectors of new materials, new energy, and enterprise services accounted for 80% of the invested companies [4] - Zhongke Chuangxing also invested in innovative drug company Saiyun Biotechnology and high-precision optical component company Zhiwei Optics, solidifying its layout in healthcare and manufacturing sectors [4] Group 5 - Kai Fu Optoelectronics, a developer of efficient and stable perovskite solar cells, recently completed angel round financing led by Zhongke Chuangxing [6] - The funds will be used to accelerate the industrialization of their core product, addressing challenges in the manufacturing process of large-area perovskite films [6] - Established in May 2023, Kai Fu Optoelectronics focuses on large-area perovskite film crystallization technology and has undertaken a national key research and development plan [6][7]

Core Viewpoint - The introduction of the Science and Technology Innovation Bonds (科创债) is seen as a positive development, primarily benefiting state-owned enterprises and leading companies, with limited immediate impact on the primary market [1][3]. Group 1: Historical Context and Comparison - The concept of innovation bonds was previously tested during the "mass entrepreneurship and innovation" period in 2016, but the issuance was limited, with only 1,117.3 billion yuan issued from 2017 to 2024, and little market activity since 2023 [1][3]. - Science and Technology Innovation Bonds, launched in 2021, have seen a significant increase in issuance, totaling 1.19 trillion yuan, which is over ten times that of the previous innovation bonds [2][3]. Group 2: Issuance and Beneficiaries - The eligible issuers of Science and Technology Innovation Bonds include major commercial banks, securities firms, large private equity investment institutions (including state-owned and leading private firms), and mature technology companies [2][3]. - The majority of the bonds issued are unsecured, with a high reliance on the credit quality of the issuing entities, predominantly benefiting state-owned enterprises [4][6]. Group 3: Market Dynamics and Trends - The issuance of long-term bonds has increased significantly in 2024, with bonds of 10 years or more now accounting for 20% of the total issuance [2][3]. - The financial sector remains the primary issuer, with banks and securities firms expected to issue nearly 700 billion yuan, significantly outpacing the expected issuance from venture capital institutions [9]. Group 4: Interest Rates and Cost of Capital - The interest rates for Science and Technology Innovation Bonds are generally lower than those for ordinary corporate bonds, with rates around 2% for high-quality issuers [13][14]. - The cost of capital for non-guaranteed loans to entrepreneurial companies has decreased significantly, now around 3%, compared to 8% in 2021, making equity financing less attractive for stable, mature companies [18]. Group 5: Recommendations for Startups and Investment Institutions - Startups without innovation attributes are advised to focus on profitability and self-sustainability, as access to funding may be limited [18]. - Investment institutions closely collaborating with local governments are encouraged to explore this new funding channel to enhance their capital-raising capabilities [18].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have jointly announced measures to support the issuance of technology innovation bonds, aiming to enhance the product system and improve supporting mechanisms for these bonds [1][2]. Group 1: Issuance Focus - The new issuance primarily targets three types of entities: financial institutions (such as commercial banks and securities companies), technology enterprises (especially those in growth and maturity stages), and private equity investment institutions [1]. - The policy aims to eliminate barriers between technology and capital, with the introduction of a "technology board" in the bond market [1]. Group 2: Current Challenges - Current technology innovation bonds are predominantly issued by traditional industries like construction, coal, and public utilities, with insufficient direct support for high-tech industries [1]. - The average duration of existing technology innovation bonds is approximately 2.88 years, which limits long-term financing support for enterprises [1]. Group 3: Policy Enhancements - The policy allows issuers to flexibly choose issuance methods and financing terms, and encourages innovative bond terms to better match funding needs [2]. - Local governments may establish risk compensation funds or other supportive policies to provide interest subsidies and government financing guarantees for technology innovation bonds [2]. - Credit rating agencies are encouraged to innovate the credit rating system for technology innovation bonds based on the characteristics of equity investment institutions and technology enterprises [2]. Group 4: Ecosystem Development - The collaboration among commercial banks, securities companies, private equity institutions, and technology enterprises is expected to create a comprehensive support system for technology innovation, integrating debt, loans, equity, and insurance [2].

Group 1 - The Financial Regulatory Administration has established 74 private equity investment funds to support investments in technology innovation enterprises [1] - The focus is on providing targeted financial services based on the characteristics of different industries, emphasizing a "one industry, one policy" approach [1] - The administration is enhancing the technology financial service model, particularly in high-tech and emerging industries, to promote the integration of investment and financing [1] Group 2 - The implementation of pilot projects for equity investment by financial asset investment companies is part of the strategy to support technology innovation [1] - In addition, technology enterprise merger loans have been launched in 18 pilot cities to facilitate capital circulation for technology companies [1]

一级市场新利好！ 值得关注的是，中国人民银行行长潘功胜在会议期间着重提及私募股权投资机构。 他表示：这次为了支持股权投资机构在"科技板"发行长期限债券融资，人民银行会同证监会借鉴2018年 设立民营企业债券融资支持工具的经验，创设科技创新债券风险分担工具。由人民银行提供低成本再贷 款资金，可购买科技创新债券。同时与地方政府、市场化增信机构等一起，采取多样化的增信措施，共 同参与分担债券投资人的违约损失风险，这可以有效降低股权投资机构的发债融资成本，支持其发行更 长期限如8年期、10年期债券。 随后，中国人民银行、中国证监会发布"发行科技创新债券有关事宜"的公告。公告中指出：具有丰富投 资经验、出色管理业绩、优秀管理团队的股权投资机构，可发行科技创新债券，募集资金用于私募股权 投资基金的设立、扩募等。 事实上，中共中央政治局4月25日召开会议时强调，要多措并举帮扶困难企业。加强融资支持。加快推 动内外贸一体化。培育壮大新质生产力，打造一批新兴支柱产业。持续用力推进关键核心技术攻关，创 新推出债券市场的"科技板"，加快实施"人工智能+"行动。大力推进重点产业提质升级，坚持标准引 领，规范竞争秩序。 早在今年3月6 ...

其中，突破关键核心技术的科技型企业可以参照适用知名成熟发行人优化审核安排，提升科创债审核注 册效率，对不存在需重点关注的负面情形的，交易所审核时限原则上不超过10个工作日。另外，鼓励发 行人对发行方式、期限结构、利率确定和计算方式等方面进行创新。支持发行人设置预期收益质押担 保、知识产权质押担保、可转换为股权、票面利率与科创企业成长或募投项目收益挂钩、以募投项目收 益现金流为主要偿债来源等创新条款。 自2021年全市场率先推出科创债以来，上交所持续推动科创债提质扩面，累计支持近300家产业企业发 行科创债，发行规模过万亿元。截至目前，深市科技创新固收产品发行规模超2200亿元，有效激发创新 发展的活力与动力。 据悉，目前多家证券公司和相关企业积极响应，正在筹备科创债的申报和发行。与此同时，证券公司科 创债的相关配套支持措施也在研究中，近期将渐次落地。 为加快多层次债券市场发展，积极支持发行科技创新债券，服务新质生产力，更好发挥债券市场功能， 沪深北交易所昨日分别发布《关于进一步支持发行科技创新债券服务新质生产力的通知》，自发布之日 起施行。《通知》优化了相关规则，包括进一步拓宽发行主体和募集资金使用范围，简化 ...