Group 1: Corporate Fraud Case - A company was found to have inflated its revenue by 1 billion yuan to meet bond issuance requirements, leading to significant financial losses for investors [1] - The case involved fraudulent activities including the use of falsified documents and accounting practices [1] - The company ultimately faced challenges in repaying 150 million yuan in investment funds due to its inability to service bond principal and interest [1] Group 2: Financial Market Overview - In March, the bond market in China issued a total of 87,356.6 billion yuan across various types of bonds, including government bonds, local government bonds, and corporate credit bonds [3] - The issuance included 12,786.3 billion yuan in national bonds, 9,788.0 billion yuan in local government bonds, and 13,335.2 billion yuan in corporate credit bonds [3] Group 3: Special Government Bonds - The National Development and Reform Commission announced the issuance of 81 billion yuan in special long-term government bonds to support consumer goods replacement programs [4] - The initiative aims to alleviate financial pressure on enterprises and ensure that funds reach consumers effectively [4] Group 4: Regional Financial Support - Beijing has approved a plan to extend the loan term for working capital loans to private enterprises up to 10 years, enhancing support for small and micro enterprises [4] - The plan includes increased credit support for first-time loans and renewals for small businesses [4] Group 5: Bond Issuance Activities - Several companies successfully completed bond issuances, including Henan Capital Group with 400 million yuan in bonds at a 2.6% interest rate [5] - Zhengzhou Development Investment Group plans to issue up to 5 billion yuan in bonds, with a maximum term of 10 years [6] - Luoyang Urban-Rural Construction Investment Group issued 500 million yuan in medium-term notes with varying interest rates [7] Group 6: Credit Ratings and Financial Developments - The international long-term issuer rating for Nanyang Investment Group was upgraded from 'BBB+' to 'A-' with a stable outlook [13] - Anhui Communications Control Group Financial Company received approval to establish a financial institution, marking a significant development in state-owned capital management [14] Group 7: Market Sentiment and Predictions - Analysts predict a noticeable decline in net supply of credit bonds after May, with a generally favorable market environment for the bond market [17] - The credit spread is expected to remain stable, with short-term credit spreads likely to stay low [17]

作者丨卜松 编辑丨刘恒涛 图源丨摄图网 4月25日，在成都高新区菁蓉汇的会议厅里，现场人流攒动，来自产业、资本界的重磅嘉宾甫一登台，现 场便响起密集的快门声。这里正在举行的"2025成都高新区产业基金协同发展大会"，因3000亿元庞大产 业基金集群的正式亮相，被业内视作西部产业升级的"里程碑时刻"。 据了解，成都高新区已出资组建各类基金154支，目标总规模3236亿元，形成了中西部产业园区规模最大 的产业基金集群。这场汇聚了100余家投资机构、50余位新质生产力企业掌门人的盛会，不仅见证了全新 的50亿元数字文创母基金与20亿元中试基金首发，更揭开了成都高新区"3+6+6"现代化产业体系的资本赋 能蓝图——这组数字密码，正是成都高新区向世界一流高科技产业园区冲刺的战略路径。 在本次大会现场，其再次密集出手硬科技项目，与直投重点项目智谱华章、脑动极光、具身科技等11家 科创企业集中签约，签约投资金额超5亿元。凭借广泛的母基金生态圈，策源所主导的产投融合之路，正 越走越宽、越走越顺。 "成都高新区通过'中试+基金'模式，助力科研成果从实验室研发向规模量产快速转化。已培育出高新技术 企业4869家、上市企业56家、 ...

Financial Performance - Net investment income per share was $009 in Q1 2025, consistent with Q4 2024[7] - Distributions declared and paid remained steady at $0105 per share across all quarters presented[7] - Net asset value decreased to $209 per share in Q1 2025 from $230 in Q4 2024[7] - The company experienced a net decrease in net assets resulting from operations of $(012) per share in Q1 2025[7] Portfolio Composition and Activity - Total fair value of investments was $2432 million in Q1 2025, down from $2609 million in Q4 2024[7] - The number of portfolio investments decreased to 58 in Q1 2025 from 62 in Q4 2024[7] - New investments totaled $160 million in Q1 2025, while sales and repayments amounted to $195 million, resulting in net investment activity of $(34) million[9] - First-lien secured debt constituted 49% of total investments in Q1 2025, while CLO equity represented 38%[9] Debt and Leverage - Principal amount of debt outstanding remained constant at $1253 million across all quarters presented[7] - Debt to equity ratio was 084x in Q1 2025, compared to 078x in Q4 2024[7] Non-Accrual Investments - Total non-accrual investments at current cost were $161 million in Q1 2025, a decrease from $185 million in Q4 2024[27]

Financial Data and Key Metrics Changes - For Q1 2025, the company's net investment income was approximately $6.1 million or $0.09 per share, slightly up from approximately $6 million or $0.09 per share in the prior quarter [7] - The net asset value per share decreased to $2.09 from $2.30 in the prior quarter [7] - Total investment income for the first quarter was approximately $10.2 million, remaining consistent with the prior quarter [8] - The company recorded combined net unrealized and realized losses on investments of approximately $14.2 million or $0.20 per share, a significant increase from approximately $2.7 million or $0.04 per share in the prior quarter [8] Business Line Data and Key Metrics Changes - The investment activity during the quarter included purchases of approximately $16 million, sales of approximately $10.7 million, and repayments of approximately $8.7 million [9] - The company distributed $0.105 per share to common stock shareholders during the quarter [8] - A total of approximately 1.3 million shares were issued in an aftermarket offering, resulting in net proceeds of approximately $3.5 million [10] Market Data and Key Metrics Changes - The US loan market performance weakened, with US loan prices decreasing from 97.33% of par as of December 31 to 96.31% of par as of March 31 [12] - Pricing dispersion was noted, with BB rated loan prices decreasing by 82 basis points, B rated loan prices decreasing by 134 basis points, and CCC rated loan prices decreasing by 211 basis points on average [13] - The 12-month trailing default rate for the loan index decreased to 0.82% from 0.91% at the end of December, but the overall default rate, including various liability management exercises, remained elevated at 4.31% [13] - The distress ratio ended the quarter at 3.21%, up from 3.02% at the end of 2024 [13] - US leveraged loan primary market issuance was $141.1 billion, representing a 2% decrease compared to the same quarter in the previous year [14] - US loan fund inflows were approximately $1.94 billion for the quarter [14] Company Strategy and Development Direction - The company continues to focus on portfolio management strategies aimed at maximizing long-term total return, leveraging its position as a permanent capital vehicle to adopt a longer-term investment strategy [15] Management's Comments on Operating Environment and Future Outlook - Management noted the weakening performance in the US loan market and highlighted the challenges posed by pricing dispersion and elevated default rates [12][13] - The company remains committed to its investment strategy despite the current market conditions [15] Other Important Information - The Board of Directors declared monthly distributions of $0.035 per share for the months ending July, August, and September of 2025 [10] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions from participants during the call [17]

Core Viewpoint - Prosus N.V., an Amsterdam-based investment firm and major shareholder of Tencent Holdings Ltd., is currently trading at a significant discount to its net asset value, but has a solid plan to reduce this gap [1] Group 1 - Prosus N.V. is the top shareholder of Tencent Holdings Ltd., indicating a strong position in the Chinese tech market [1] - The company is recognized for its strategic approach to narrowing the valuation gap between its market price and net asset value [1]

Core Viewpoint - Fidus Investment Corporation will report its first quarter 2025 financial results on May 8, 2025, and will host a conference call to discuss these results on May 9, 2025 [1][2]. Company Overview - Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, defined as U.S. companies with revenues between $10 million and $150 million [4]. - The company's investment objective is to generate attractive risk-adjusted returns through current income from debt investments and capital appreciation from equity-related investments [4]. - Fidus seeks to partner with business owners, management teams, and financial sponsors for financing related to ownership changes, recapitalizations, strategic acquisitions, and business expansions [4]. - Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940 [5]. - The company was formed in February 2011 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC) [5].

Core Insights - Laughing Water Capital is a concentrated, long-biased investment partnership targeting accredited investors [1] - The firm focuses on acquiring stakes in businesses facing temporary challenges or those misunderstood by the market due to GAAP accounting issues or structural impediments [1] - The investment strategy emphasizes partnership with portfolio companies, seeking management teams with significant equity ownership to drive operational improvements and multiple expansions [1] - Patience is highlighted as a crucial element in the investment approach [1]

Tomas Riba is an economist and former Chief Financial Officer. He invests in high-quality companies that can compound their cash flow over the long term.His journey in financial markets started at a young age, and he has been investing since 2007. Following his studies in economics, Tomas initially built his career in accounting.After taking on the role of CFO for a holding company operating in the pharma, medical device, textile, food, and real estate industries, he pursued an academic career. Currently, h ...

（一）跟投 很多投资机构都会对投资岗位员工有强制跟投的要求。某个项目投资 5000 万元，需要负责这 个项目的投资经理，个人再出资 10 万，也投到这个项目里。 以下文章来源于叫小宋 别叫总 ，作者叫小宋 叫小宋 别叫总 . 一级市场从业，主要看硬科技这里讲点平时不让说的 投资行业的收入低，包括了三部分， 1 是需要跟投， 2 是奖金拿不全， 3 是日常出差经常要 自己倒贴钱。 10 万对 5000 万， 0.2% ，这个比例就称为跟投比例。 我理解强制跟投是的本质是一种风控措施，是强制绑定投资经理的个人利益，让 投资经理不会 乱投项目。 我投资经理投一个项目，反正投给项目的钱是主基金的，是机构募来的，跟我个人没关系。 而等项目上市，或者并购、回购等形式，等我投给项目的钱可以退出的时候，我可能早就跳槽 了。退不退的出来，都是其他接手同事的事了。 这时候，我可能为了完成自己的年度投资 kpi ，而适当放宽对项目的把控。 但是，如果我给一个项目还个人跟投 10 万，这 10 万可是我的一大笔资金了。那我就要掂量 掂量，这个项目行不行。 如果项目不行，我宁可完不成今年的 kpi ，也不能让我自己的 10 万打水漂了 ...

作者：MD 在对谈中，龚虹嘉分享了他对于耐心资本、长期主义和成功的天使投资的思考。龚虹嘉谈及 "杭州六 小龙"为何在杭州出现时表示：" 江浙确实活跃着一批专业知识不一定丰富，但是对某一些事物的理 解有自己的独特理解 、 口袋里有一些钱的老板。 " " 老板不能太大了，太大的老板看不上这些事情， 大多数情况是这些老板在 各 种 场合接触，也不懂 就漫不经心地投了一笔，太懂了就投不了这些事情 —— 一想我认识的院士教授干你这个多了，我凭 什么投你 ？一句话，就不投了。 "龚虹嘉说，" 有时候 天使投资 的成功 需要漫不经心。 " 公开信息显示，龚虹嘉于 2001年以245万元投资海康威视（002415.SZ），持股49%，经历多次减持 后，据海康威视2024年第三季度财报显示，龚虹嘉持有海康威视10.42%，持股部分对应市值约270亿 元。 以下为对谈中龚虹嘉的发言（有删节） 谈天使投资的长期主义 长期主义与科技创新的关系，技术的发展是一波一波的， 很多天使投资 都是在社会技术迭代、技术 转型过程中 ，涌现出 我们眼中认为的一些机会。 一波技术过去了你当时看好的项目 ， 没有成功的 概率也是蛮大的 。 这个时候天 ...