会上，一批重点基金项目集中进行合作签约。其中，佛高私募、高成长投资、皓禾资本、远智先行等12 家私募股权投资机构签约落地，在小镇内设立私募基金，总规模超85亿元。同时，四大重点基金投资项 目同步完成协议签约，覆盖新能源、先进制造、医疗器械等南海"三高四新"核心产业领域，进一步形 成"基金引育—项目落地—产业升级"的闭环。 稳步迈向"万亿级基金小镇" 活动上，千灯湖创投特色小镇发展规划思路重磅发布。未来，小镇将以"空间扩容+生态升级"为抓手， 稳步迈向"万亿级基金小镇"的宏大目标：构建覆盖基金全生命周期的完整创投生态圈，形成正强化的资 本集群效应；深化金融、科技、产业、人文融合创新，持续营造小镇内"机构集聚、氛围浓厚、投融活 跃"的金融生态，助力构筑粤港澳大湾区高质量发展的资本引擎。 目前，千灯湖创投特色小镇正加速推进提升改造二期工程。项目预计2026年完工，将引入创业企业、创 投机构及金融类生产性服务业，同时配备酒店、艺术中心等高端商业配套，打造"生产—生活—生态"融 合的高品质金融社区，进一步扩大小镇载体容量与品牌影响力。 据介绍，南海区计划通过小镇的二期物业，承接创投机构规模扩张与生态延展，同时，还将从基 ...

Group 1 - The "Qixin·Mouyuan - China Private Equity Secondary Market Summit 2025" will be held in Beijing on October 21, 2025, co-hosted by various organizations including the Beijing Equity Exchange and the Fund of Funds Research Center [1] - The summit will feature the release of the "China Private Equity Secondary Market White Paper 2025" and the announcement of the "Best Private Equity Secondary Market Trading Investment Institutions" list [1][4] - Key participants will include government LPs, domestic S fund investors, well-known GPs, AMCs, insurance capital, and securities firms, who will review the development of China's secondary market and discuss its future direction [1][4] Group 2 - The event will include a series of presentations and discussions, such as a keynote speech on state-owned enterprise S investment and GP proactive exit strategies [6] - There will be a "Super Dialogue" session focusing on the next steps for S investment, including restructuring and continuity [6] - The agenda includes a signing-in period, opening remarks, and various thematic discussions led by industry experts [4][6]

Core Points - Beijing aims to introduce over 1 trillion RMB in long-term and patient capital into the technology innovation sector by the end of 2027 [1] - The plan includes promoting technology innovation bonds, technology insurance, and the issuance of REITs, positioning Beijing as a leader in these areas nationally [1] - The initiative seeks to attract national venture capital guidance funds and enhance financial support for major technological breakthroughs and core technologies [1] Group 1 - The plan emphasizes support for high-quality technology companies to go public and encourages quality overseas-listed companies to return to domestic markets [1] - Beijing will leverage the Beijing Stock Exchange as a testing ground for reforms, providing tailored services for companies involved in significant technological challenges and breakthroughs [1] - The establishment of a "Zhongguancun Technology Bond" is proposed to facilitate the issuance of technology innovation bonds by various financial entities [2] Group 2 - The initiative promotes international cooperation in technology finance, encouraging foreign venture capital and private equity firms to establish branches in Beijing [2] - The plan aims to enhance collaboration between domestic and foreign financial institutions and to guide foreign capital to invest in Beijing's technology innovation sector [2] - There is a focus on cultivating international technology finance talent to support these initiatives [2]

昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 2025 年 第 三 季 度 私 募 股 权 投 资 管 理 业 务 经 营 情 况 简 报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将昆吾九鼎投资控股股份有限公司2025年第三季度私募股权投资管理业务主要经 营数据公告如下，供投资者参阅。报告期指 2025 年 7-9 月。 一、报告期内基金募集资金情况 证券代码：600053 证券简称：九鼎投资 编号：临 2025-063 | | | 类型 | | 实缴金额（亿元） | | | --- | --- | --- | --- | --- | --- | | | | 报告期内公司管理的基金新增实缴规模 | | | - | | 年 2025 | 1-9 | 月公司管理的基金新增实缴规模 | | | - | | 截至 2025 | 年 9 月 | | 30 日公司在管基金累 ...

Group 1 - The global private equity investment industry has entered a new era, characterized by a more complete market, diverse participants, and mature mechanisms [2][3] - At the beginning of 2025, the global private equity industry continued the positive trend from 2024, indicating broad development prospects for the market [3][4] - The Global FOF Association has officially launched the selection for the "2025 World's Best Investment Institutions List," which will be released at the fourth Davos Global FOF Summit on January 21, 2026 [4][5] Group 2 - The Global FOF Association was established on December 12, 2019, in Switzerland, initiated by 19 leading equity investment and FOF associations from eight countries and regions, including the United States, the European Union, and China [5][6] - The association aims to provide a high-quality, efficient information service platform, business cooperation platform, and communication platform for global mother funds, promoting healthy development and collaboration within the industry [5][6] - The 2025 World's Best Investment Institutions List will be selected based on evaluations and scores from investment associations in Europe, the United States, the Middle East, and other regions [7][8] Group 3 - Awards for the 2025 list include: 1. TOP 50 Best Performing FOFs in the world 2. TOP 30 Most Promising FOFs in the world 3. TOP 20 Best Secondary Funds in the world 4. TOP 30 Most Influential FOF Investors in the world 5. TOP 50 Best Performing Funds in the world 6. TOP 50 Most Promising Funds in the world 7. TOP 30 Best VC/PE Investors in the world 8. TOP 30 Best Cities for Venture Capital in the world 9. TOP 50 Most Promising Cities for Venture Capital in the world [9][11]

Core Insights - The "golden era" of private equity is over globally, with a shift towards a more cautious investment environment characterized by a "cash is king" mentality among limited partners (LPs) [1][10][19] Fundraising and Market Dynamics - Fundraising and closures have both declined, leading to increased concentration among top firms while smaller general partners (GPs) are being forced out [2][5] - The global fundraising environment has weakened, with a year-on-year decline of approximately 20%-25% in the first half of 2025 [7][17] - The number of funds closed has sharply decreased, with only 388 funds closing by September 2025, expected to be half of the previous year's total [17][18] Industry Challenges - The private equity industry is experiencing a systemic crisis, with a significant drop in assets under management for the first time since 2005, down 2% to $4.7 trillion as of June 2024 [11][12] - The exit environment is challenging, with only 14 IPO exits totaling $5.2 billion in the first half of 2025, a stark contrast to $37 billion four years prior [7][12] - The industry is witnessing a natural "cleansing" process, with many underperforming funds being quietly eliminated from the market [8][9] Shifts in Investment Strategy - The focus has shifted from "scale above all" to "quality first," emphasizing cash returns over mere asset accumulation [3][22] - LPs are increasingly prioritizing direct exits and cash distributions, leading to a decline in trust towards fund managers who have not delivered returns [7][19] Fund Management and LP Relations - There is a growing sentiment among LPs that many fund managers have become complacent and are more focused on fundraising than on managing investments effectively [20][21] - A significant portion of LPs (88%) plan to refuse additional commitments to existing managers in the next 12 months, reflecting a cautious approach to future investments [21] Market Segmentation - The market is becoming polarized, with private equity facing challenges while venture capital (VC) is experiencing intense competition for high-quality AI-related investments [24]

Core Insights - The article discusses the evolution of the private equity (PE) landscape in China, highlighting the potential for local firms to emerge as significant players in the merger and acquisition (M&A) space, akin to global giants like Blackstone and KKR [5][7][19]. Group 1: Historical Context and Current Landscape - Blackstone, founded by Stephen Schwarzman, faced numerous rejections in its early days but has grown to manage over $1.2 trillion in assets by 2025, showcasing a remarkable journey from adversity to success [3][5]. - The Chinese PE/VC market has over 10,000 firms, but only a handful have made significant strides in M&A, indicating a lack of sustained success in this area [3][5]. - The U.S. PE industry saw substantial growth in the late 1980s, driven by a combination of struggling companies seeking transformation and the emergence of new financial tools, which provided ample M&A opportunities [4][5]. Group 2: Opportunities in the Chinese Market - The Chinese market is at a turning point, transitioning from high-speed growth to high-quality development, making M&A investments more relevant than traditional VC investments [5][7]. - Various potential M&A targets are emerging, including underperforming multinational companies, inefficient conglomerates, and family-owned businesses facing succession issues [5][7]. - The Chinese government has recently supported private equity involvement in M&A, further enhancing the prospects for local PE firms [5][7]. Group 3: Challenges and Talent Gap - A significant challenge for the Chinese PE sector is the shortage of skilled professionals capable of executing complex M&A transactions, which is seen as a bottleneck for growth [7][13]. - The article emphasizes that successful M&A requires not only financial acumen but also the ability to manage and integrate acquired companies effectively [9][10]. Group 4: Investment Strategies and Considerations - The article outlines that successful M&A investments focus on identifying companies with competitive advantages and ensuring that the acquiring PE firm can provide necessary resources for growth [21][23]. - The negotiation process in M&A is complex, often requiring compromises from both buyers and sellers, with the understanding that satisfaction is rarely achieved on both sides [27][28]. - The article highlights the importance of post-acquisition management, where PE firms must actively engage in restructuring and optimizing the acquired businesses to realize their full potential [10][34][39]. Group 5: Case Studies and Examples - The acquisition of Midea by a PE firm illustrates the potential for operational improvements and value creation through effective management and strategic oversight [23][24]. - The article discusses the challenges faced during the acquisition of Luxi Pharmaceutical, emphasizing the need for thorough due diligence and proactive management to navigate complexities [36][38].

Core Viewpoint - The "Listed Company + PE" model is a typical capital operation mode in the A-share market, where listed companies collaborate with private equity (PE) institutions to establish merger funds for asset acquisition and integration, leveraging the strengths of both parties in project resources and operational capabilities [2] Group 1: Core Process of the "Listed Company + PE" Model - The core process consists of six key stages: preparation, fund establishment, project acquisition, post-investment management, exit distribution, and fund liquidation, all of which require balancing the interests and risks of both parties [3] Group 2: Key Points of the "Listed Company + PE" Model - The model emphasizes the importance of a balanced interest distribution mechanism to ensure alignment of incentives [9] - Risk control is crucial, necessitating comprehensive prevention throughout the entire process [9] - The division of roles between GP and LP is based on complementary professional capabilities [9] - Compliance is essential to avoid regulatory risks [10] - The quality of target assets is critical, with a focus on industrial synergy [10] Group 3: Fund Establishment and Management - The fund is typically established as a limited partnership, with PE acting as the general partner (GP) and the listed company as a limited partner (LP) [8] - The fund size usually ranges from 500 million to 5 billion yuan, with a lifespan of 5-7 years, including an investment period of 2-3 years and an exit period of 3-4 years [8] - The management fee for PE is generally 1%-2% annually, while performance compensation is 20%-30% of excess returns above a benchmark rate [12] Group 4: Project Acquisition and Post-Investment Management - PE utilizes its project resources to identify suitable targets that align with the fund's investment direction, while the listed company assesses the strategic fit [8] - Due diligence is conducted jointly, focusing on financial authenticity, legal compliance, and industrial value [8] - Post-investment management involves nurturing the target to enhance integration value, with regular performance monitoring and adjustments as necessary [11] Group 5: Exit Strategies - Common exit strategies include asset acquisition by the listed company, IPO of the target company, or transfer of equity to third-party investors [9][12] - The exit process is designed to ensure that all LPs receive their principal and remaining profits, with a structured distribution of excess returns [9] Group 6: Role of Listed Companies and PE - Listed companies are responsible for strategic evaluation and integration execution, while also providing financial and operational support to the target [12] - PE plays a vital role in project discovery, capital operation, and value-added services to enhance the target's governance and financial management [12] Group 7: Regulatory Compliance and Asset Quality - PE must possess the qualifications of a private fund manager and ensure that the fund is registered with the relevant authorities [12] - The target assets must align with the long-term strategy of the listed company and demonstrate core competitiveness and synergy potential [12]

Core Insights - The article emphasizes the significance of the "Mother Fund" in driving industrial upgrades and regional economic development, particularly in Wuhan, which is positioned as a key player in the central region of China [3][6][9]. Group 1: Event Overview - The fifth "Mother Fund·Bairenhui" annual conference will take place in Wuhan on October 22-23, 2025, focusing on the theme of "Capital Gathering in Jiangcheng Driven by Mother Funds" [3]. - The conference aims to provide a high-end, private communication platform for industry peers, adhering to a non-commercial and non-reporting principle [4]. Group 2: Investment Landscape in Wuhan - Wuhan is recognized as a mature hub for mother funds, with 328 private equity fund management institutions and a net fund management scale of 228.558 billion yuan as of the end of 2024 [7]. - The "Optoelectronic Industry" cluster in Wuhan, known as "Light, Chip, Screen, End, Network," has over 16,000 enterprises and a market size exceeding 500 billion yuan, representing a significant opportunity for mother fund investments [7]. Group 3: Strategic Importance - The conference will facilitate direct dialogue between top industry leaders and investment institutions, fostering partnerships across the entire investment cycle [8]. - With the national "Central China Rise" strategy and the high-quality development of the Yangtze River Economic Belt, Wuhan is positioned as a new economic growth engine [9]. Group 4: Reports and Insights - The conference will feature the exclusive release of the "Hubei Private Equity Market Development Report," providing insights into investment trends and facilitating effective connections between investment institutions and industries [10]. - The event is designed to ensure efficient and in-depth exchanges between participants, aiming to convert discussions into tangible business outcomes [11].

Core Points - A new private equity fund management company, Central Enterprise War New Industry Development Private Fund Management Co., Ltd., has been established in Beijing with a registered capital of 100 million yuan [1][3] - The founding shareholders include five major state-owned enterprises: China National New, China Mobile, China Petroleum, China Petrochemical, and China National Offshore Oil, each contributing through their respective capital investment platforms [1][3] Shareholder Structure - The company is primarily owned by China National New Fund Management Co., Ltd. (68%), followed by China Mobile Capital Holdings Co., Ltd. (12%), China Petrochemical Group Capital Co., Ltd. (10%), China National Offshore Oil Investment Holdings Co., Ltd. (6%), and China Petroleum Kunlun (Beijing) Private Fund Management Co., Ltd. (4%) [3][4] - The total subscribed capital contributions from the shareholders amount to 100 million yuan, with specific contributions being 68 million yuan from China National New, 12 million yuan from China Mobile, 10 million yuan from China Petrochemical, 6 million yuan from China National Offshore Oil, and 4 million yuan from China Petroleum [4] Management Team - The legal representative and chairman of the new fund management company is Huang Jie, who is also the chairman of China National Capital Venture Capital Co., Ltd. and Guofeng Investment Innovation Fund Co., Ltd. [4][5] - Other executives include Wu Xiaopeng, Li Yanan, and Guo Yipeng [5] Industry Trends - Multiple large-scale state-owned enterprise venture capital funds have been established this year, with significant capital commitments, such as the 10 billion yuan Guoxin Venture Capital Fund established in Hangzhou [6][7] - The total scale of venture capital funds established by central enterprises is approaching 100 billion yuan, focusing on technology-driven sectors and long-term investments [8]