Core Viewpoint - The article discusses the achievements and strategies of the Hong Kong Investment Management Company (港投公司) under the leadership of its first CEO, Chen Jiaqi, emphasizing the importance of "patient capital" in transforming scientific research into practical applications and fostering industrial clusters in Hong Kong [2][5][15]. Summary by Sections Company Overview - 港投公司 was established in October 2022 with a management scale of 62 billion HKD, receiving substantial funding from the Hong Kong government [5][6]. - Chen Jiaqi, with 13 years of experience at the Hong Kong Monetary Authority, leads the company, focusing on leveraging government support to drive investment [5][6]. Investment Strategy - The company has invested in over 100 firms, with 5-10 planning to go public in Hong Kong [5][16]. - Chen emphasizes a three-tier selection process for investments: focusing on the right sectors, quality teams, and enterprises that address market pain points [7][8]. Key Sectors - The primary investment areas include hard technology, life sciences, and renewable/green technology, aligning with national strategies and addressing Hong Kong's industrial weaknesses [8][15]. - The company aims to invest in both foundational technologies and their applications, such as AI in healthcare and manufacturing [8][9]. Collaboration and Partnerships - 港投公司 has announced partnerships with various venture capital firms to create funds and platforms that support global Chinese tech entrepreneurs [11][12]. - The company aims to attract international capital and talent to Hong Kong, enhancing its role as a "super connector" in the global market [12][13]. Financial Leverage and Impact - Chen highlights a significant leverage effect, stating that every 1 HKD of government funding can attract 4 HKD of market investment, which is crucial for driving long-term capital into the region [13][15]. - The company is focused on achieving both financial returns and social value, ensuring that investments lead to products that are accessible, applicable, and affordable for the public [10][15]. Future Directions - 港投公司 plans to deepen international cooperation, expand its capital and talent networks, and strengthen the innovation ecosystem in Hong Kong [15][16]. - The company faces the challenge of balancing financial returns with enhancing Hong Kong's long-term competitiveness and integration into national strategies [16].

Group 1 - The Hong Kong IPO market is experiencing a surge, with CATL's listing being the largest IPO in Hong Kong and globally this year, reflecting the market's growing vitality driven by unique advantages and opportunities from mainland development [1] - As of now, the total amount raised from new listings in Hong Kong has exceeded HKD 60 billion, more than six times the amount from the same period last year, making it the largest financing scale globally [1] - The trend of mainland leading enterprises going public in Hong Kong is accelerating, with around 30 more companies planning to pursue "A+H" listings [1] Group 2 - Recent improvements in Hong Kong's market environment, including optimized listing rules and increased review efficiency, have made it easier for companies to access the capital market [2] - The influx of mainland tech companies is a significant characteristic of the current IPO wave, driven by the need for capital to accelerate technological iteration and capacity expansion in emerging sectors like AI and smart vehicles [2] - Companies listed in Hong Kong benefit from enhanced interaction with local peers and support from the Hong Kong government for international collaborations [2] Group 3 - Hong Kong's unique advantage of being a bridge between the mainland and the world is increasingly attracting both mainland enterprises and international companies to establish operations and investments in the region [3] - The role of Hong Kong as a dual bridge connecting the mainland with global markets is expected to strengthen, enhancing its status as an international financial center [3]

报告导读： ①历史上每轮行情都有主导产业，如 05-07 地产、 12-15 科创、 19-21 新能 源，当前新旧动能转换中， AI 产业周期或引领港股向上。②基本面：资本开支高增、汇聚 稀缺资产的港股科技更受益于 AI 产业叙事，业绩有望加速释放。③资金面：南下大幅流入 背景下定价权强化，未来仍有增量空间，低位配置中国资产的外资逐渐改善中。④未来贸 易环境虽对港股仍有扰动，不过政策发力驱动基本面修复，下半年继续看好港股，结构上 恒生科技更优。 本文摘自：2025年5月27日发布的 恒生科技牛——2025年下半年港股策略展望 吴信坤 ，资格证书编号： S0880525040061 杨 锦 ，资格证书编号： S0880525040083 余培仪 ，资格证书编号： S0880525040084 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给 ...

Core Viewpoint - The venture capital industry is experiencing a backlash against scientist-led startups, with investors expressing disappointment and distancing themselves from these entrepreneurs due to perceived mismatches between scientific research and commercial viability [2][5][6]. Group 1: Investment Trends - Investment in scientist-led startups and hard technology peaked in 2021 but has since returned to a more rational state, with a trend towards early-stage funding [5]. - The hard technology sector became a refuge for venture capitalists after the collapse of the TMT and new consumer sectors, leading to a surge in hiring technical investors and funding scientist-led projects [5][6]. Group 2: Issues with Scientist Entrepreneurs - Common issues identified with scientist entrepreneurs include a focus on research over commercial viability, an emphasis on academic publications rather than product development, and a lack of management skills [6][10]. - The scientific community's values, shaped by institutional frameworks, often lead to a disconnect between research outcomes and market needs, resulting in a mismatch in expectations from investors [7][10]. Group 3: Systemic Challenges - The evaluation metrics for scientific research often prioritize publications and patents over the commercialization of technology, leading to a surplus of unutilized patents [10][11]. - Recent changes in policy have begun to encourage the commercialization of scientific research, indicating a shift in the institutional attitude towards supporting scientist entrepreneurs [12][13]. Group 4: Financial System Reforms - The national technology achievement transformation rate has improved but still lags behind developed countries, highlighting the need for better funding mechanisms and support for early-stage technology ventures [14]. - Recommendations for improving the innovation ecosystem include increasing equity financing and reforming evaluation metrics to include commercialization success [14]. Group 5: Investment Strategies - Successful investment in scientist-led startups requires a deeper understanding of both technology and the personal potential of scientists to transition into entrepreneurs [15][16]. - Investment firms must provide comprehensive support, including management training and industry connections, to facilitate the transformation of scientists into effective business leaders [15][16].

Core Viewpoint - The Hong Kong Investment Management Company (HKIC) has emerged as a significant player in the venture capital landscape, having invested in over 100 projects within a year, with a total fund size of HKD 620 billion aimed at fostering innovation and technology in Hong Kong [1][2][4]. Group 1: Investment Strategy and Activities - Since its establishment in October 2022, HKIC has been tasked with managing various funds, including the HKD 220 billion "Hong Kong Growth Portfolio" and the HKD 300 billion "Co-Investment Fund" [4]. - The company has focused on sectors such as hard technology, biotechnology, and green technology, with a particular emphasis on AI-related industries [4][5]. - HKIC has partnered with notable investment firms like Hillhouse Capital and Yishan Capital, positioning itself similarly to a government-guided fund [4][5]. Group 2: Market Position and Perception - HKIC is perceived as a market-oriented investment fund with a strong international focus, distinguishing itself from traditional government investment funds [8]. - The company has established a reputation for being responsive and accessible, often engaging with entrepreneurs even during holidays, reflecting its commitment to fostering innovation [10]. Group 3: Risk Management and Due Diligence - HKIC employs a rigorous due diligence process, involving multiple rounds of assessments to ensure the viability of investments [9]. - The fund's long investment horizon allows it to support startups through extended periods without imposing strict exit requirements, which is attractive to entrepreneurs [9]. Group 4: Broader Impact on Hong Kong's Innovation Ecosystem - The Hong Kong government has invested over HKD 150 billion in promoting technological innovation over the past five years, indicating a strong commitment to transforming the local economy [12][13]. - The number of venture capital firms in Hong Kong has increased significantly, from 1,500 in 2015 to 5,000 currently, showcasing a growing ecosystem for innovation and investment [13]. - Hong Kong's strategic position as a bridge for global capital and a gateway for mainland companies seeking international markets is increasingly recognized [14].

Group 1 - The article emphasizes the role of Hong Kong as a hub for "patient capital," which is flexible in investment duration and fosters long-term partnerships among investors [1][2] - Approximately 80 global patient capital institutions gathered in Hong Kong, managing a total asset scale of $20 trillion, representing over 50% of global GDP [1][2] - The Hong Kong government is actively promoting the connection between local tech enterprises and international patient capital, facilitating direct financing opportunities [1][3] Group 2 - Hong Kong is positioned as a "super connector" for mainland tech companies, providing diverse cross-border financing channels and connecting them with global markets and partners [2][3] - The Hong Kong Investment Management Company was established to manage the "Future Fund," with an initial management scale of HKD 62 billion, aiming to attract more tech enterprises and patient capital [3] - The company focuses on hard technology, life sciences, and renewable/green technology, with over 100 projects already invested, highlighting artificial intelligence and embodied intelligence as key growth areas [3][4] Group 3 - Hong Kong's capital market is adapting to accommodate more high-potential companies that may not yet be profitable, providing exit mechanisms and value-added platforms for patient capital [3][4] - The establishment of a robust startup ecosystem in Hong Kong, including the Hong Kong Science Park and Cyberport, offers funding matching and professional support for startups [4][5] - The article concludes that Hong Kong's comprehensive innovation ecosystem enables mainland tech companies to accelerate growth and expand internationally [5]

香港今年的新股集资额累计超过600亿港元，较去年同期多逾6倍，融资规模暂居全球首位。消息一出， 业内人士纷纷表示，这彰显了香港资本市场的融资能力及国际资本对香港的信心。 2024年香港金融市场表现稳健，完成了全球第二大新股发行。2025年，香港市场持续活跃，多宗IPO认 购活跃，推动首季融资额达到205亿美元，创下自2021年第二季以来的季度新高。港股市场在全球主要 资本市场中表现亮眼，市场信心持续回升。 其中特别值得关注的是，硬科技和新消费领域备受投资者追捧。 在硬科技领域，20日上市的宁德时代成为这轮港股IPO热潮中"最靓的仔"。在计及发售量调整权前，宁 德时代香港公开发售超额认购约150.2倍，集资总额约356.6亿港元，扣除上市开支后，集资净额353.3亿 港元。 港交所行政总裁陈翊庭表示，就筹集资金而言，宁德时代是港股近年来发行规模最大的IPO项目，也是 今年截至目前全球发行规模最大的IPO项目，这足以证明香港有非常坚实的基本面来支持这类大规模融 资项目。 新华社香港5月21日电 题：香港新股市场畅旺 创科和新消费领域受追捧 新华社记者王茜、李柏涛 中泰国际策略分析师颜招骏认为，投资者偏好具有品牌优 ...

该决定距离三部委在国新办举行重要新闻发布会仅过了8天，这也是证监会主席吴清在会上表示落实中央政治局会 议强调的"持续稳定和活跃资本市场"，坚定不移办好自己的事，激发市场活力的又一个重要举措。 此次修改后的《重组办法》进行了多个"首次"创新，包括首次建立简易审核程序、首次建立分期支付机制、首次 引入私募基金"反向挂钩"安排等。 在专业人士看来，这些高效率的"鼓励"政策将会助力整个A股加快并购重组步伐，盘活市场，提高上市公司质 量，不断提升创新能力以及风险抵御能力。 从去年《关于深化上市公司并购重组市场改革的意见》(下称"并购六条")落地后的市场发展看，重组审核效率已 经明显提升，央国企整合与硬科技并购已逐渐成为本轮并购重组浪潮的两大核心趋势。 数据显示，自"并购六条"发布以来，并购重组市场规模和活跃度大幅提升，上市公司累计披露资产重组超1400 单，其中重大资产重组超160单。 华夏时报记者王兆寰北京报道 继发布《推动公募基金高质量发展行动方案》后，中国证监会日前对外发布《关于修改＜上市公司重大资产重组 管理办法＞的决定》(下称"《重组办法》")，自公布之日起施行。 创新鼓励重组 2023年7月24日中央政治局 ...

Group 1: Positive Factors - The advancement of Sino-U.S. regulatory cooperation has alleviated the delisting risks for Chinese companies listed in the U.S. [2] - The Federal Reserve's interest rate cuts in 2024 are expected to enhance market liquidity, leading to a projected 116% year-on-year increase in fundraising for Chinese companies going public in the U.S. [3] - Specific industries such as biomedicine and hard technology are likely to benefit from U.S. market valuations that recognize innovation and high R&D investments [4] - The internationalization demand in sectors like new energy and autonomous driving has led to significant brand effects for companies like Zeekr and WeRide after their U.S. listings [5] - The U.S. has a more accommodating stance towards cryptocurrency companies, attracting Chinese firms to split their businesses and list in the U.S. [6] - New policies in China support the expansion of overseas listing channels, with the China Securities Regulatory Commission (CSRC) optimizing the filing process, resulting in a significant increase in the number of companies preparing for listings in 2024 [7] Group 2: Major Challenges - Geopolitical tensions and regulatory conflicts remain a concern, particularly with the U.S. Foreign Company Accountability Act posing potential delisting risks if Sino-U.S. audit cooperation falters [8] - Compliance pressures from China's Data Security Law require companies to separate sensitive operations or localize data storage, increasing listing costs [9] - Market performance is uneven, with over two-thirds of Chinese companies listed in the U.S. in 2024 experiencing stock price declines, while smaller firms face high issuance costs that diminish fundraising efficiency [10] - The Hong Kong Stock Exchange has lowered listing thresholds for specialized technology companies, creating competition for Chinese firms considering dual listings [11] - The A-share Sci-Tech Innovation Board is prioritizing hard technology companies, which may lead to local financing preferences [12] - Nasdaq's new rules set to be implemented by the end of 2024 will increase the difficulty for small and medium-sized enterprises to meet market capitalization requirements for IPOs [13] Group 3: Future Outlook - An optimistic scenario suggests that if Sino-U.S. regulatory cooperation deepens and the Federal Reserve continues to lower interest rates, leading tech and biomedicine companies could see a 20%-30% year-on-year increase in IPO fundraising [14][15] - A neutral scenario indicates that if regulatory deadlocks persist but geopolitical tensions remain manageable, a few companies may pursue dual listings or split non-sensitive operations for U.S. entry, resulting in moderate fundraising growth [16][17] - A pessimistic scenario predicts that if the Sino-U.S. tech conflict escalates and China tightens overseas listing approvals, IPO activities in the U.S. could nearly halt, accelerating the privatization of existing Chinese companies listed abroad [18][19] Group 4: Corporate Strategy Recommendations - Companies are advised to prioritize compliance by designing cross-border data and legal frameworks, such as VIE structures and independent data entities [20] - Diversifying financing strategies through a combination of A-share/H-share and U.S. listings can help mitigate risks [21] - Companies in hard technology should focus on local listings, while those with strong global attributes, like biomedicine, should target U.S. markets [22]

Group 1 - The capital market may experience phases of bubbles and restlessness, but innovation is worth encouraging and will continue to occur [2][45] - The primary market has seen a constant shift in hotspots this year, with the hard technology sector cooling down while the AI sector is gaining momentum [3][4] - The investment landscape is divided, with top investment firms having ample funds but facing pressure to invest, while mid-tier firms are disappearing and smaller firms are seeking collaboration [5][6] Group 2 - The AI sector has produced several waves of beneficiaries, including major internet companies, AI project service providers, and AI talent [8] - The emergence of Deepseek has led to a reevaluation of previously successful AI projects, highlighting the importance of foundational research and long-term support from major players [9][10] - The current AI investment paradigm is shifting, with fewer entrepreneurs focusing on training foundational models and more on application development [14][15] Group 3 - Successful projects should exhibit potential for explosive growth, clear signal points for validation, unique organizational advantages, and a rebellious spirit in their founding teams [17] - The risks in high-tech investments extend beyond technical risks to include team stability, commercialization, and management challenges [19] - There are prevalent misconceptions among entrepreneurs regarding their project positioning and the nature of their innovations [20][21] Group 4 - Entrepreneurs in the AI space can be categorized into four types: the commercially savvy, the technically focused, the business-oriented, and those who rely on technical support [27][30][32] - The VC industry is characterized by a continuous cycle of opportunity and risk, requiring patience and strategic thinking from investors [36][38] - The essence of VC investment lies in identifying strong teams and making calculated bets based on probability [38][39]