Group 1: Financial Sector Developments - The "out-of-bounds" incident involving the China-Japan Friendship Hospital has raised concerns in the financial sector, particularly regarding private equity connections [1] - The incident has highlighted the involvement of a private equity firm linked to the "Wukuang" system, with the key figure, Ms. Dong, having previously served as a legal representative of the firm [2] - The private equity firm in question has no equity relationship with the Wukuang system, indicating it operates independently [2] Group 2: Private Equity Fund Movements - In Q1 2025, several large private equity fund managers disclosed their holdings, with notable investments in A-share companies [3] - Gao Yi Asset's Feng Liu reported a holding value of approximately 16.515 billion yuan in chemical stocks, with Hikvision being the largest position [3] - Other fund managers, such as Jianqiao Asset and Ruijun Asset, also revealed significant investments in various sectors, including semiconductors and agriculture [4] Group 3: Insurance Sector Investments - Xinhua Insurance announced a plan to invest 10 billion yuan in the "Honghu II Fund," a private equity fund co-established with China Life, aimed at investing in high-quality large-cap stocks [5] - This investment aligns with national policies promoting long-term capital market participation and aims for capital preservation and appreciation through low-frequency trading [5] Group 4: Securities Industry Performance - Northeast Securities reported a significant increase in net profit by 859.84% in Q1 2025, attributed to growth in wealth management and investment business revenues [6] - The company's total revenue reached 1.485 billion yuan, reflecting a year-on-year increase of 25.94% [6]

Macro Economic Policy - The recent important national meeting has outlined the economic work priorities and goals for the near future, emphasizing the continuation of proactive fiscal policies and increased investment in infrastructure, which will inject strong momentum into the financial market [1] - The advancement of infrastructure projects is expected to boost related industries such as steel, cement, and construction machinery, leading to more orders and improved performance, thereby attracting capital inflow into related stocks and driving up their prices [1] - Increased infrastructure investment will also stimulate social financing demand, expanding the credit business of banks and improving their profit expectations, which will enhance the attractiveness of bank stocks in the capital market [1] Monetary Policy - The meeting has signaled a flexible and moderate approach to monetary policy, emphasizing the maintenance of reasonable liquidity, which will help stabilize market expectations [2] - A more abundant liquidity environment is likely to lead to increased market funding supply, resulting in rising bond prices and declining yields, thus lowering the cost of corporate bond issuance and easing financing difficulties [2] - The low interest rate environment will encourage investors to shift funds from low-yield products like money market funds to the bond market, further stimulating market activity [2] Industrial Policy - The meeting's support measures for emerging industries and key sectors are expected to reshape investment hotspots in the financial market, particularly in areas like new energy, artificial intelligence, and semiconductors [4] - Policies such as tax incentives and fiscal subsidies will attract significant capital into these sectors, leading to increased investor interest and potential stock price surges in related concept stocks [4] - Venture capital and private equity firms are likely to increase investments in startups within emerging industries, providing necessary funding for innovation and development, thus fostering a virtuous cycle between capital markets and the real economy [4] Capital Market Reform - The meeting's deployment of capital market reform will enhance the vitality and competitiveness of the financial market, with proposed measures to improve the registration system, strengthen investor protection, and enhance the quality of listed companies [4] - These reforms are expected to attract more long-term capital into the market and optimize the investor structure, while also boosting foreign confidence in China's capital market, potentially increasing the inflow of northbound funds and enhancing market valuation [4]

本期导读： LP出资按下加速键，也为行业带来一系列积极变化。 作者丨FOFWEEKLY 本期推荐阅读5分钟 募资市场新活水来了。 近期， 多地政府引导基金出资节奏显著提速， 正持续点燃市场信心。 据我们观察，仅本月就有江苏、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。 市场活跃度持续攀升，投资节奏提速，一级市场明显又热闹起来。 而此刻，又一支百亿母基金强势入场，官宣招GP。 百亿母基金出资了 据悉，这是该基金自2023年12月18日完成工商注册以来，首次面向全国公开遴选优质投资合作伙 伴。 新兴产业基金由郑州航空港区财政与区属国有平台公司联合发起设立，首期注册规模50亿元，由 郑州航空港私募基金管理有限公司担任管理人。基金重点投向航空港区"4+3+3"现代产业体系， 即：四大主导产业（智能终端、生物医药、新能源汽车、航空物流）、三大新兴产业（新一代信息 技术、高端装备、新材料）、三大未来产业（人工智能、氢能与储能、生命健康）。 本次征集将重点遴选四类子基金： 行业类子基金：聚焦特定产业领域的专业化投资基金 科创类子基金：包括创投基金和天使基金，支持早期科技创新项目 园区类子基金：服 ...

将投中网设为"星标⭐"，第一时间收获最新推送 关税对中国私募股权投资行业短时间内不会产生重大直接冲击。 作者丨 投中嘉川 来源丨 投中网 知名资管机构 Neuberger Berman 于 2025 年 4 月发布报告《 Potential Impact of U.S. Tariffs: Private Equity Manager Perspectives 》，通过深度调研全球逾百家私募股权基金管理 人，解析美国关税政策对私募股权行业的潜在影响。本次调研的时间窗口为特朗普政府公布加征关税 方案之后、宣布暂停部分国家互惠关税 90 天之前。调研对象涵盖并购、私募股权与风险投资策略的 管理人，涉及关税对其被投企业的关键经营指标、估值等方面的影响。调研发现， 管理人预期私募 股权资产在关税冲击之下仍具有强劲韧性，盖因资产组合并未聚焦于消费品、运输等关税敏感行业， 受到关税的直接冲击较小。 基于此，投中嘉川分析认为，中国虽与美国在关税问题上存在摩擦，但据海关总署数据显示，中国对 美出口的主要产品集中在机械器具及电气设备、塑料制品、纺织品、家具玩具、贱金属及其制品等领 域， 2024 年出口金额合计占比 74.1% ...

Group 1: Acquisition and Mergers - BAM is set to acquire 100% of JAFCO Asia, a veteran VC firm, as part of its strategy to expand its platform and investment capabilities in Asia [2] - The acquisition is expected to be completed in 2025, with JAFCO Asia continuing to operate independently while leveraging BAM's expertise in the secondary private equity market [2] Group 2: Regulatory Actions - Beijing Securities Regulatory Bureau issued warning letters to four private equity firms, including those owned by celebrity Hu Haiquan, for failing to fulfill their fiduciary duties and assess investors' risk capabilities [3] - Hu Haiquan's funds claimed that the issues were resolved prior to 2017 and that they are currently operating normally without causing investor losses [3] Group 3: Fund Establishments - Shanghai Lian Private Equity Fund has established a new fund, becoming the largest market-oriented biopharmaceutical VC fund in recent years, with a total subscription scale exceeding 40 billion yuan [4] - The fund focuses on life sciences and healthcare sectors, having invested in around 200 companies, with over two-thirds being innovative drug enterprises [4] Group 4: Financing Activities - Manus' parent company, Butterfly Effect, raised $75 million (approximately 550 million yuan), increasing its post-financing valuation to nearly $500 million (about 3.64 billion yuan) [5] - The funding will be used to expand into international markets, including the U.S., Japan, and the Middle East, and to address operational challenges [5][6] - Shenzhen Core Medical Technology Co., Ltd. completed a $100 million D-round financing, marking the largest financing in the domestic innovative medical device sector this year [7] - The funding reflects strong investor interest in the artificial heart segment, characterized by high technical barriers and clear clinical demand [7] Group 5: New Ventures - Changzhou Laimu Technology Co., Ltd., a lawn-mowing robot company, completed a multi-million yuan Pre-A round financing, targeting the European and American markets [8] - The company is positioned in a niche market with clear technological barriers and significant growth potential [8] Group 6: Government Initiatives - The National SME Development Fund has launched its first sub-fund of the seventh batch, with a total scale of 2 billion yuan, focusing on hard technology sectors [9][10] - This initiative marks a new phase of support for hard-tech SMEs, leveraging regional advantages in high-end manufacturing and biomedicine [10]

本期导读： 制定基金绩效评价制度、构建符合国资基金特点的绩效评价指标体系，对于实现基金的业绩目标、 政策效益，保障基金良性运营有较为重大的意义。 本期推荐阅读5分钟 近几年，国资LP已经成为了私募股权基金的出资主力，存量基金加上增量基金，规模可以说是十 分庞大。 但大多数国资LP对已投的子基金尚未建立完善的绩效评价体系， 即便实行了，由于团队 的从业年限及对私募股权行业的理解程度，实践经验，制定的相关评价指标比较笼统， 并未实现 绩效评价工作应有的客观分析及激励和监管作用。 在实践中，由于评价指标不清晰或者缺失以及 投资数据不完备、子基金配合程度不够、资料真实性需要验证等因素，导致评价工作无法取得预期 的效果。 事实上，制定基金绩效评价制度、构建符合国资基金特点的绩效评价指标体系，对于实现基金的业 绩目标、政策效益，保障基金良性运营有较为重大的意义， 主要体现在 ： 1、 对子基金的目标实现程度、投资运营情况等开展评价，能够及时发现运作问题并加以修正，确 保子基金不偏离既定方向。 2、 可营造公平公开的营运环境，提高国资LP的资源配置效率。 3、 通过绩效评价，可判断出子基金目标的合理性、基金管理团队的专业能 ...

百余年来，五四精神鼓舞、激励着无数的中华儿女为实现中华民族之崛起与复兴而奋斗不息。 以爱国主义为魂，以科学与民主为手足，以进步为梯，积极投身于社会主义现代化建设的实践 之中，促进中华民族的不断繁荣昌盛，其中必然少不了私募股权投资人的身影和脚步。 业内普遍认为，投资行业人才结构是年龄越大、越高阶的金字塔结构。但随着数字化时代来 临，在深科技、硬科技等专业性较强的赛道上，许多优秀的中国青年投资人，凭借自身完备的 专业知识与精准的眼光，发掘了真正具有价值的投资标的。青年投资人，正在与青年创业者一 起改变世界。 值此五四青年节来临之际， 母基金研究中心（www.china- fof.com，下同）根据已有的数据 支撑与研究分析，正式发布2025 40U40优秀青年投资人榜单 ，以鼓励所有兢兢业业、为私募 股权投资事业默默奉献的青年从业者。 奖项包括： 2025 40U40 优秀青年投资人 首 E A F 1986年 杨浦创投 副总经理 母基金研究中心提醒：榜单力求最大限度的公平公正，且仅作为参考，并不构成投资者的投资 依据；投资者在做投资决策时，应该谨慎判断和识别风险。 2025 40U40优秀青年投资人榜单闪亮如下 ...

夏斌斌 | 作者 目录 监管规则概览 | 显无关的除外)、刑事处罚、涉及与经济纠纷有关的重大民事诉讼或者仲裁的, | | --- | | 应当披露处罚机关或者受理机构的名称、处罚种类、诉讼或者仲裁结果、日 | | 期、原因和执行情况; | | (七)交易对方及其主要管理人员最近五年的诚信情况,包括但不限于:交 | | 易对方及其主要管理人员未按期偿还大额债务、未履行承诺、被中国证监会 | | 采取行政监管措施或受到证券交易所纪律处分的情况等。 | | | 1-6"锁定期安排" | | --- | --- | | | 独立财务顾问应对以下事项进行核查,并在《独立财务顾问报告》中发表明 | | | 确核查意见:(1)核查特定对象以资产认购取得上市公司股份的锁定期是否 | | | 符合《重组办法》第四十六条第一款的规定 | | | 2-8"交易对方 -- 标的资产股东人数" | | | 独立财务顾问应对以下事项进行核查,并在《独立财务顾问报告》中发表明 | | | 确核查意见:(1)发行对象数量超过200人的,核查标的资产是否符合《非 | | | 上市公众公司监督管理办法》及《非上市公众公司监管指引第4号 -- 股 ...

调整姿势。 作者 I 周佳丽 报道 I 投资界PEdaily 投资界获悉，马来西亚私募股权二级投资机构Be e Alt e r n a ti ve s Limit e d（BAL）宣布， 其 控 股 公 司 Be e Alt e r n a ti v e s Ma n a g eme nt （ BAM ） 将 收 购 集 富 亚 洲 （ JAFCO Asi a ） 1 0 0%股权——一家成立于1990年的老牌VC。 中国创投圈对集富亚洲并不陌生。2002年开始进入中国市场，集富亚洲先后在北京、上 海设立办公室，潘瑞婷女士任中国区主管。二十余间，这家老牌VC在中国出手了一批明 星公司，当中最经典的莫过于SHEIN，早在A轮便投了进去。 两年前，投资界与潘瑞婷有过一次交流，彼时她聊到团队的年终总结："穿越周期，回归 现实"。如今一级市场浮浮沉沉，大批GP和LP等待退出，此时GP之间的兼并收购案例， 或许能给大家带来一缕突围启示。 刚刚，老牌VC宣布卖了 先从买家说起。 总部位于马来西亚，Be e Alt e r na ti ve s成立于2 02 1年3月，是一家专注于从事私募股权二 级市场投资的年轻机构。虽然 ...