Core Insights - The "Pioneer Venture Capital Fund" has successfully closed its first round with a total of 2.617 billion yuan, focusing 70% of its investments on early-stage hard technology projects, particularly in artificial intelligence and related fields [2][3]. Fund Overview - The fund is registered in Shanghai Pudong and has an 8-year duration, targeting hard technology projects in material, energy, information, life, and space industries [2]. - 70% of the fund's capital will be allocated to early-stage projects, while 30% will support growth-stage projects [2]. Strategic Partnerships - The fund management has signed agreements with 19 limited partners (LPs), including various investment funds and institutions, to foster collaboration in high-quality incubation and the integration of capital and technology [2][3]. Investment Philosophy - The fund aims to support original innovations from the "0 to 1" stage and assist in the maturation of technologies from "1 to 10" [2]. - The focus is on leveraging artificial intelligence as a core driver for technological revolution across five key areas: material, energy, information, life, and space [4]. Ecosystem Development - The company emphasizes the importance of building a hard technology innovation ecosystem through collaboration and resource sharing [4][5]. - The Shanghai High-Quality Incubator has been established to focus on "pre-incubation" and "deep incubation" strategies, supporting projects from the principle and paper stage to commercialization [6][7]. Market Sentiment - The maturity of LPs has increased, reflecting a clear understanding of the market environment and optimistic expectations for returns on investments in core technologies [6]. - The successful issuance of the first tranche of technology innovation bonds, amounting to 400 million yuan, has positively impacted fundraising efforts and enhanced investor confidence [6]. Historical Context - Since its establishment in 2013, the company has invested in over 530 hard technology enterprises, focusing on key technologies such as photonics, artificial intelligence, and quantum computing [4][5].

Core Viewpoint - The article highlights the upcoming 13th Venture Capital Conference organized by Securities Times, which will take place from July 24 to 26, 2023, in Guangming Science City, emphasizing its significance as a major event in the venture capital industry following recent policy releases [1]. Group 1 - The conference is a collaborative effort between Securities Times, Guangming District of Shenzhen, and the National Venture Capital Association Alliance, marking it as a premier gathering in the industry [1]. - The event is open to the public with limited registration, aiming to attract participants interested in the technology innovation wave [1].

Core Viewpoint - The 9th Equity Investment Golden Bull Award aims to promote "patient capital" and long-term value investment while exploring diversified exit paths for funds, reflecting the increasing strategic significance of the private equity and venture capital industry in the context of China's economic transformation and modernization efforts [1][2]. Group 1: Event Overview - The 9th Equity Investment Golden Bull Award evaluation was launched on July 15, organized by China Securities Journal, focusing on long-term value investment and hard technology innovation [1]. - The evaluation emphasizes the importance of private equity and venture capital as tools for direct financing and innovation capital formation, supported by recent government policies encouraging the growth of these sectors [1][2]. Group 2: Award Criteria and Focus - The award will continue to uphold principles of fairness, transparency, and credibility, with a focus on patient capital and long-term value investment, while addressing challenges in the private equity and venture capital industry [1][2]. - A new "State-owned Investment Institution Golden Bull Award" has been added to recognize the significant role of state-owned enterprises in the primary market, reflecting the evolving investment trends towards technology innovation [2]. Group 3: Evaluation Methodology - The evaluation process will combine quantitative and qualitative assessments, focusing primarily on quantitative data, and will comprehensively evaluate the entire investment process, including fundraising, investment, management, and exit strategies [3]. - The assessment will consider various factors such as the investment experience of management teams, stability, company influence, social responsibility, and corporate governance to determine award recipients [3].

Group 1 - The company has established a limited partnership named Shenzhen Shendan Jinli Venture Capital Partnership (Limited Partnership) with a total investment commitment of RMB 100 million, where the company will contribute RMB 50 million, accounting for 50% of the total investment [1][2] - The partnership aims to leverage the strengths of all parties involved to achieve mutual benefits and long-term cooperation in equity investment [1] - The partnership has completed its business registration and obtained a business license from the Shenzhen Market Supervision Administration, with the establishment date set for July 11, 2025 [2] Group 2 - The general partner of the limited partnership is Shenzhen Shendan Qixin Venture Capital Co., Ltd., and Shenzhen Shendan Chuangtou Investment Co., Ltd. is appointed as the management entity of the partnership [1][2] - The partnership is located in Nanshan District, Shenzhen, specifically at the Shenzhen Software Industry Base [2] - The partnership's unified social credit code is 91440300MAEPPJ0M3N [2]

昆山，这座在中国制造业版图中赫赫有名的城市，正从"工业强市"迈向"科创强市"。 依托雄厚的电子信息产业基础、先进制造能力和活跃的外向型经济体系，昆山近年来聚焦高端装备、生 物医药、新能源等新兴产业，着力推动传统产业转型与战略性新兴产业培育并行，深入推进国家一流产 业科创中心建设。 在这一进程中，有一机构选择将团队、机制、资源系统性"扎根"昆山，不仅带来了耐心资本，也参与到 这座城市的产业共建与机制协同中。这家机构正是毅达资本。 "我们并不靠一两个明星项目去博弈市场，而是在一座城市深耕，把创投的创新要素协调能力与当地的 产业基础、企业家精神融合到一起，激发出超越资金作用本身的协同效能。"毅达资本创始合伙人黄韬 如是说。 在他看来，毅达在昆山的深耕，不是资本的单向输出，而是一种城市共建者的身份认同，是创投机构与 地方政府协同推动产业升级与制度创新的长期机制试验。 毅达资本是一家以创业投资为主业的综合性投资机构，也是一家虽然总部不在北上深、但管理规模超千 亿、连续十年位居全国前十的本土创投机构。 在"沿江沿海、星罗棋布"的区域布局战略中，昆山成为其服务江苏、探索"在地资本+城市共建"机制的 重要样本城市。 昆山何以 ...

Group 1 - The Hong Kong High Talent Venture Capital Fund aims to support high-skilled individuals in Hong Kong by providing entrepreneurial investment and comprehensive services, with an initial fundraising target of HKD 1 billion, of which HKD 300 million has already been secured [1][6] - The fund is initiated by the Hong Kong High Talent Service Association and seeks to attract high-end talent from around the world, with a focus on integrating them into Hong Kong's economy and supporting its industrial diversification [1][2] - The fund will balance investments between early-stage and mature projects, focusing on sectors such as fintech, artificial intelligence, biotechnology, and advanced manufacturing [3][7] Group 2 - The number of startups in Hong Kong has increased by 10% year-on-year to 4,694, with employee numbers rising by 7% to 17,651, both reaching historical highs [2] - The High Talent Pass Scheme has received approximately 116,000 applications, with nearly 92,000 approved, resulting in over 75,000 high-skilled individuals and their families relocating to Hong Kong [2] - The fund aims to leverage the management experience and capital of high-skilled individuals to enhance the local economy and facilitate the commercialization of research outcomes from universities [2][10] Group 3 - The fund's operational strategy includes a main fund that operates with relatively low risk, sub-funds that collaborate with leading sector-specific funds, and special funds focused on mature entrepreneurial projects [3][6] - The initiative addresses the mismatch between the diverse talent entering Hong Kong and the limited sectors available for employment, primarily in finance and real estate [4] - The fund emphasizes the importance of human value and aims to provide value-added services to talent, distinguishing itself from traditional financial investors [11]

盛夏7月，第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动蓄势待发。在经济格局深 刻调整与科技创新浪潮奔涌的当下，这场行业盛会将聚焦创投领域全新发展机遇。 过去一年，创投行业政策利好频出："创投十七条"等顶层设计明确以资本驱动创新的国家战略；银行 AIC、保险资金等长线资本借政策松绑加速入场，科创债试点与国家创业投资引导基金的设立，全面提振 募资信心；国办一号文通过优化政府基金出资规则、构建容亏容错机制，化解投融结构性矛盾。退出端， A股发行制度改革、并购重组规则优化与港股IPO热潮形成合力，强化项目退出预期，推动创投生态良性 循环。 7月24—26日，创投领域先锋精英与学术专家将齐聚大会，立足经济新形势共探资本与创新融合路径，为 行业高质量发展注入智慧动能。本次大会都有哪些亮点？以下为您提前"剧透"。 一众盟友 打造创投生态协同新标杆 作为证券时报深耕创投领域的标杆活动IP，创业投资大会已连续成功举办十二届，持续获得国家监管部 门、权威专家学者及头部市场机构的高度认可与鼎力支持。值得注意的是，从第十一届开始，这场盛会就 多了一个强大的组织——全国创投协会联盟。 在第十一届大会上，证券时报携手中国投资 ...

Core Insights - The 13th Venture Capital Conference will focus on new development opportunities in the venture capital sector amidst profound economic adjustments and technological innovation waves [1] - Recent favorable policies in the venture capital industry, such as the "17 Articles on Venture Capital," have clarified the national strategy of driving innovation through capital [1] - The establishment of the National Venture Capital Association Alliance has strengthened the conference's influence and resource integration, enhancing industry communication [2] Policy and Market Environment - The government has introduced measures to boost fundraising confidence, including the establishment of the National Entrepreneurship Investment Guidance Fund and the optimization of government fund contribution rules [1] - Reforms in the A-share issuance system and merger and acquisition rules have improved exit expectations, promoting a virtuous cycle in the venture capital ecosystem [1] Conference Highlights - The conference will feature a series of meetings and activities, including a merger discussion forum and a biopharmaceutical investment matching event, aimed at fostering deep exchanges between venture capital institutions and biopharmaceutical companies [4][5] - Two significant reports will be released during the conference: one focusing on the current merger market and the other quantifying the venture capital strength of various cities [3] Expert Contributions - Notable speakers from academia and the venture capital industry will provide insights into macroeconomic trends and industry developments, including Shanghai University of Finance and Economics President Liu Yuanchun and Shenzhen Capital Group President Liu Suhua [6] - Roundtable discussions will address critical industry pain points, such as capturing investment opportunities amid technological changes and building a diversified exit system for venture capital [6]

Core Viewpoint - The current capital winter is seen as a precursor to future prosperity, emphasizing that failures in the venture capital industry provide valuable lessons that drive progress [2][4]. Group 1: Industry Trends and Changes - Since 2018, China's venture capital industry has entered a painful period, marked by significant events such as the collapse of shared bicycles and the P2P lending crisis, leading to a cautious financing environment [2][3]. - The shift from a "short-term profit" focus to "long-term value creation" is essential for the transformation of the venture capital industry, which will help cultivate innovative companies with core competitiveness and provide quality investment targets for the capital market [4][6]. Group 2: National Policy and State Capital - The establishment of a "national-level" venture capital guiding fund is expected to mobilize nearly one trillion yuan in social capital, focusing on strategic industries such as AI, quantum technology, and hydrogen energy [6][7]. - State-owned capital is increasingly playing a leading role in the venture capital market, with significant investments in strategic emerging industries, reflecting a shift from being mere fund providers to becoming long-term capital leaders and innovation resource integrators [11][12]. Group 3: Regional Innovation Models - Different cities in China are developing unique models for venture capital and innovation, with Hefei focusing on "industry-investment linkage," Hangzhou on "collaborative ecosystems," and Shenzhen on market-driven resource allocation [13][14][26]. - Hefei's approach, termed the "Hefei phenomenon," involves using fiscal funds to attract major investments, leading to the establishment of a robust display panel industry and significant investments in semiconductor technology [16][18]. - Hangzhou's model emphasizes institutional innovation, talent policies, and the integration of industry and academia, resulting in a vibrant innovation ecosystem that supports technology transfer and commercialization [19][23]. Group 4: Evolution of Investment Strategies - The venture capital industry is moving away from traditional "betting agreements" and quick exits, reflecting a broader recognition of the need for patience in funding hard technology projects that require longer development cycles [27][30]. - New investment philosophies are emerging, focusing on deep industry engagement and value discovery, while policies are being reformed to create a comprehensive investment ecosystem that supports research, transformation, and exit strategies [30][32]. Group 5: Future Outlook - The transformation in the venture capital landscape aims to make capital a true enabler of technological innovation, aligning investment cycles with the realities of innovation [33][34]. - The industry is witnessing a shift towards nurturing long-term relationships with projects, with a focus on cultivating technologies and supporting companies over extended periods, which is expected to yield significant returns in the future [34].

Group 1 - The core viewpoint emphasizes the need for patient capital to support the commercialization of technological innovation, which faces challenges such as long cycles, high investment, and high risks [1] - Developed countries like the US and Europe have established relatively mature patient capital supply systems through policy guidance and market mechanism innovation, providing valuable lessons [1][3] - The US government has set up venture capital guidance funds to attract private capital into early-stage tech startups, significantly impacting job creation and economic growth [1][2] Group 2 - Various measures have been taken to expand the sources of patient capital, including reforms to pension fund systems and favorable tax regulations to encourage long-term investments in venture capital [2] - The US has seen a substantial reduction in tax rates for venture capital, with the total tax rate dropping from 49% to 20%, stimulating the growth of venture capital [2] - In the UK, the 2017 Pension Reform Act allows pension funds to invest in high-risk assets, including venture capital, enhancing the flow of long-term capital into the market [2] Group 3 - Establishing a comprehensive entrepreneurial innovation ecosystem is crucial for enhancing the success rate of startups, with Silicon Valley serving as a prime example due to its conducive environment for transforming entrepreneurial spirit into technological innovation [3] - High-level research universities play a vital role in foundational research, exemplified by Stanford University’s model of collaboration with industry, leading to the creation of numerous companies [3] Group 4 - Promoting a patient capital mindset involves educating investors about the long-term value of investments and enhancing their professional capabilities in risk assessment and investment management [4] - A robust institutional environment is necessary for the development of patient capital, including improved evaluation systems and mechanisms to support long-term investments [4] Group 5 - Creating a favorable ecosystem for patient capital development requires stable and predictable policy support, as well as a market-oriented and legal environment [5] - Many attempts to replicate Silicon Valley's success have failed due to a limited understanding of its operational model, highlighting the importance of stable policies for fostering patient capital [5]