1月16日晚，越秀资本发布公告称，同意公司及控股子公司通过二级市场出售不超过中信证券总股本1% 的股份。以中信证券1月16日收盘价28.08元/股、总市值4161亿元计算，本次拟减持上限对应市值约41.6 亿元。 越秀资本表示，本次减持后仍为中信证券持股5%以上股东，将继续按权益法核算剩余股权投资收益， 减持产生的净利润不超过公司2024年度经审计归母净利润的50%。 作为中信证券第二大股东，越秀资本的持股源于2020年的资产置换。当年1月，越秀资本及子公司完成 广州证券100%股份交割，3月收到中信证券发行的8.10亿股A股作为交易对价，占彼时中信证券总股本 的6.26%。 2021年起，越秀资本及子公司通过二级市场购买、参与配股及供股认购等方式增持中信证券。截至2026 年1月16日，其合计持有中信证券12.66亿股，占总股本8.54%。 实际上，这并非越秀资本首次减持中信证券。2024年11月12日，越秀资本发布公告称拟出售不超过中信 证券总股本1%的股份，值得注意的是，当日公司已完成2800万股的减持，占中信证券总股本的0.19%。 不过，该减持计划最终未达顶格，实际合计减持比例约0.4%，仅在202 ...

1月19日金融一线消息，天眼查工商信息显示，近日，广西投资集团金融控股有限公司发生工商变更， 注册资本由约146.8亿人民币增至约153.8亿人民币，增幅约5%，同时，多位高管发生变更。该公司成立 于2003年4月，法定代表人为彭湖，经营范围为对银行、证券、保险的投资管理，投融资及金融研究， 企业自有资金投资，股权投资及管理，资产管理及处置，受托资产管理，投资及管理咨询服务。股东信 息显示，该公司由广西金融投资集团有限公司、广西投资集团有限公司共同持股。 责任编辑：秦艺 1月19日金融一线消息，天眼查工商信息显示，近日，广西投资集团金融控股有限公司发生工商变更， 注册资本由约146.8亿人民币增至约153.8亿人民币，增幅约5%，同时，多位高管发生变更。该公司成立 于2003年4月，法定代表人为彭湖，经营范围为对银行、证券、保险的投资管理，投融资及金融研究， 企业自有资金投资，股权投资及管理，资产管理及处置，受托资产管理，投资及管理咨询服务。股东信 息显示，该公司由广西金融投资集团有限公司、广西投资集团有限公司共同持股。 责任编辑：秦艺 ...

Core Viewpoint - State-owned investment platforms (城投公司) are transitioning from urban infrastructure investment to diversified industrial investment, with over 300 such companies acting as limited partners (LPs) in equity funds, indicating a significant shift in their operational focus towards profitability and market-oriented strategies [1][4]. Group 1: Transition of State-owned Investment Platforms - More than 300 city investment companies are now acting as LPs in equity funds, with over 200 companies rebranding as "industrial investment" firms [1]. - Over 600 city investment companies have exited government financing platforms, indicating a move towards a more market-driven approach [1]. - The transition is characterized by a focus on industrial investment, which is more diversified and professional compared to traditional urban infrastructure financing [1]. Group 2: Case Study of Hefei Construction Investment - Hefei Construction Investment (合肥建投) serves as a benchmark for the industry, evolving from a traditional government financing platform to a state-owned capital investment and operation company [2][3]. - Since its establishment in 2006, Hefei Construction Investment has financed nearly 1.1 trillion yuan for urban construction, contributing over 50% of the city's funding [2]. - The company has diversified its operations into four main areas: engineering construction, strategic emerging industry investment, urban operation services, and rural revitalization [3]. Group 3: Investment Strategy and Ecosystem Development - Hefei Construction Investment manages assets of 36 billion yuan and has invested over 42 billion yuan in sectors like new displays, integrated circuits, and new energy vehicles [3]. - The company has led and participated in 20 major projects with a total investment exceeding 3.193 trillion yuan, establishing a successful investment cycle that supports high-quality economic development [3][4]. - The "Hefei Model" emphasizes leveraging government investment to attract social capital for industrial development, showcasing a unique local operational strategy [4]. Group 4: Future Trends and Opportunities - The transition of city investment companies towards industrial investment is expected to accelerate, with many entering the VC/PE industry as LPs [4]. - Investment institutions are likely to focus on cultivating local industrial ecosystems, adapting strategies based on regional resources and advantages [4][5]. - General partners (GPs) are under pressure to create distinctive value for LPs by integrating industry chain resources and providing differentiated services [5].

Core Viewpoint - The article discusses the current state of the stock market, highlighting that the Buffett indicator, a valuation tool favored by Warren Buffett, suggests that stocks are currently overvalued and may face a significant downturn in the near future [4][10][19]. Valuation Insights - Warren Buffett's preferred valuation metric is the market cap-to-GDP ratio, which he considers the best measure of stock market valuations [7][8]. - As of January 11, 2026, the Buffett indicator reached an all-time high of 224.35%, indicating a 158% premium over its historical average of 87% since December 1970 [9][10]. Market Trends - The stock market has experienced significant gains, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite rising by 13%, 16%, and 20% respectively in the previous year, driven by excitement around artificial intelligence and potential interest rate cuts [2]. - Historical data shows that while the stock market tends to rise over long periods, it is characterized by volatility and unpredictable short-term movements [3][6]. Investment Philosophy - Buffett's investment strategy emphasizes value, patience, and a long-term perspective, recognizing that market corrections and bear markets are inevitable but typically short-lived [11][12][13]. - The average duration of bear markets in the S&P 500 is approximately 286 days, while bull markets last significantly longer, averaging 1,011 days [17][18]. Conclusion - The article concludes that while the Buffett indicator signals potential risks in the stock market, the long-term trend remains one of wealth creation, underscoring the importance of a patient investment approach [19].

Core Insights - The total number of newly registered private equity and venture capital funds reached 1,486 in Q4 2025, marking a year-on-year increase of 28.99% and a quarter-on-quarter increase of 14.31% [2] - The cumulative capital contribution from LPs reached 57.84 billion RMB, with state-owned enterprises contributing 25.68 billion RMB, accounting for 48.35% of the total [1] Fund Overview - In Q4 2025, there were 511 newly registered private equity funds and 975 venture capital funds, with venture capital funds maintaining a dominant position [2] - The registration of funds was concentrated in Zhejiang, Jiangsu, and Guangdong provinces, indicating strong GP activity and industrial absorption capacity in the Yangtze River Delta and Greater Bay Area [2] LP Contribution Trends - The frequency of LP contributions showed fluctuations in Q4, but overall, there was an upward trend [5] - Monthly active institutional LPs numbered 645, 912, and 821 in the respective months of Q4 2025 [3] Active LP Types - In Q4 2025, institutions with a contribution ratio of 1% or more made a total of 2,602 contributions, with corporate investors being the most active group, contributing 921 times, accounting for 35.4% [6] - State-owned enterprises contributed 756 times (29.1%), while government-guided funds contributed 158 times (6.1%), together accounting for 35.2% of total contributions [7] Contribution Scale - The total contribution scale from LPs with a ratio of 1% or more reached 57.84 billion RMB, with state-owned enterprises contributing 27.06 billion RMB, representing 46.8% [9] - Government-guided funds contributed 4.34 billion RMB (7.5%), while corporate investors contributed 6.74 billion RMB (11.7%) [9][10] Active LP Rankings - The top LPs by contribution frequency included Hefei New Station Technology Industry Development Group and Shaanxi Provincial Science and Technology Innovation Fund, among others [14] - The top LPs by contribution scale included the National Social Security Fund and Beijing Energy Group, with the former contributing 4.8 million RMB [15] LP Investment Characteristics - State-owned LPs continue to play a leading role, focusing on strategic emerging industries and local advantageous industrial chains [17] - Corporate investors exhibit high-frequency participation with a focus on small-scale, diversified investments in vertical industries [18] - Government-guided funds leverage fiscal policies to direct social capital towards key technology sectors, maintaining a significant guiding role [19] - Institutional investors, including pension funds and insurance companies, focus on long-term asset allocation with a preference for high-quality assets [20]

Core Insights - The report highlights the key trends and challenges in the Chinese urban investment industry as it enters the "14th Five-Year Plan" period, focusing on transformation, debt resolution, financing expansion, business changes, digital integration, asset revitalization, and state-owned enterprise reform [1] Financing Preferences - The "14th Five-Year Plan" period is seen as a critical time for urban investment companies to reshape their functional positioning and development logic, which will directly impact their survival and resilience [1] - Financing remains a central concern for urban investment companies, with a focus on the deepening of credit isolation mechanisms and debt-loan linkage models [2] Debt-Loan Linkage Mechanism - The debt-loan linkage mechanism is recognized for its ability to broaden financing channels for major projects and address long-term funding gaps, enhancing the leverage effect of special bonds [2] - A differentiated credit evaluation system is being established, linking evaluation results to financing costs and bond issuance limits, thereby strengthening market-based pricing mechanisms for urban investment platforms [2] Digital Empowerment for Industry Transformation - The report suggests that national fiscal policies will continue to support major strategic projects and social welfare initiatives, with resource allocation favoring county-level development and urban-rural integration [3] - Urban investment companies are encouraged to upgrade traditional industries through technology innovation, soft power enhancement, spatial restructuring, and application scenario expansion [3] Digitalization Trends - Urban investment companies are increasingly establishing digital technology subsidiaries to enhance management digitization and operational intelligence [4] - The focus for these subsidiaries will shift towards professional operations and industry cultivation, emphasizing the creation of collaborative platforms to drive technological innovation and application [4] Data Value Extraction - Urban investment companies are advised to explore the value of data elements in terms of resourceization, assetization, and capitalization [5] - The report indicates that the market system for data elements is becoming more structured, with a clearer path for data asset valuation and ongoing innovations in data asset financing and securitization [5]

As filed with the U.S. Securities and Exchange Commission on January 16, 2026 under the Securities Act of 1933, as amended. Registration No. 333-290905 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 To Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 White Pearl Acquisition Corp. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) British Virgin Islands 6770 N/A (Primary Standard Indust ...

Core Insights - Prioritizing experiences over material possessions can enhance satisfaction during retirement, as experiences create lasting memories while material goods often provide only temporary pleasure [2][3] - The average U.S. adult is expected to live in "full health" for only 63.9 years, indicating that many retirees may face health challenges that limit their ability to enjoy experiences later in life [4] - Budgeting for retirement is crucial, as retirees need to balance spending on experiences with the need to preserve their savings [5][9] Financial Planning - Working with a financial advisor can lead to nearly a 3% increase in net returns compared to those who do not seek professional guidance [6][3] - Establishing an emergency fund is essential, with experts recommending six to twelve months' worth of expenses to handle unexpected situations [16] - Investing in precious metals like gold can provide a hedge against inflation and market volatility, with gold prices rising by approximately 65% in 2025 [10][4] Health and Lifestyle - Investing in health, such as through gym memberships or personal training, can prolong healthy retirement years, with studies showing resistance training can reduce all-cause mortality risk by 15% [19][7] - Following a Mediterranean diet may lower the risk of cardiovascular disease, highlighting the importance of diet in retirement health [20][8] - Joining organizations like AARP can provide financial and health benefits, including discounts and access to guides for maximizing Social Security and Medicare [21]

Core Viewpoint - The Supreme Court's ruling on capital gains tax for Tiger Global Management's exit from Flipkart has led to a reassessment among foreign investors regarding tax treaties with jurisdictions like Mauritius, Singapore, and the Netherlands [1][18]. Legal Context - The Supreme Court accepted the tax department's argument that Tiger Global used Mauritius as a conduit for treaty benefits, with actual control in the US [2]. - Justice Pardiwala emphasized national sovereignty in international taxation, indicating that taxation is a core part of a nation's rights [11][12]. Case Background - The case involves Walmart's 2018 acquisition of 77% of Flipkart for approximately $16 billion, with Tiger Global selling part of its stake for about $1.6 billion, while its Mauritius-based companies received around ₹14,440 crore [5][6]. - Tiger Global claimed tax exemption under the India-Mauritius Double Taxation Avoidance Agreement, arguing that investments were made before April 1, 2017 [6]. Supreme Court Ruling - The Supreme Court ruled that Tiger Global is liable for capital gains tax in India, stating that the Mauritian companies were merely conduits without real business substance [8]. - The court clarified that a Tax Residency Certificate does not automatically confer treaty benefits and that arrangements primarily for tax benefits can be scrutinized [9][10]. Justice Pardiwala's Opinion - Justice Pardiwala's separate opinion highlighted the importance of economic independence and warned against external pressures influencing domestic tax policies [12][13]. - He advocated for a dynamic interpretation of tax treaties to align with changing global trade patterns [14]. Future Implications - Justice Pardiwala's opinion may influence future tax treaty negotiations, emphasizing source-based taxation and strong Limitation of Benefits (LOB) clauses [16]. - Suggested safeguards include GAAR overrides, taxing digital economies, and regular treaty reviews to ensure alignment with domestic laws [17]. Investor Impact - The ruling indicates a tougher, substance-based approach to taxation, reinforcing India's tax sovereignty in cross-border transactions, which may affect foreign investors, private equity, and venture capital funds [18].

天眼查工商信息显示，近日，深圳市金骏润湾贰号投资合伙企业(有限合伙)成立，执行事务合伙人为金 惠红湖(深圳)企业管理有限公司，出资额3.83亿人民币，经营范围为以自有资金从事投资活动、企业管 理、企业管理咨询、财务咨询。合伙人信息显示，该合伙企业由泸州老窖（000568）旗下四川金舵投资 有限责任公司、金惠红湖(深圳)企业管理有限公司以及两位自然人共同出资。 ...