中基协指出，股权回购条款本质上是投融资双方为应对未来发展不确定性、信息不对称及代 理成本而设计的风险缓释工具。然而，在当前宏观经济环境下，其执行面临新的挑战。为 此，中基协提出多项核心指引，旨在引导行业回归投资本源，实现可持续发展。 科学设置回购条款 坚守投资底线 中基协强调，私募股权创投基金管理人应树立和践行长期投资、价值投资理念，提升价值发 现、主动管理和估值定价等能力，发挥私募股权创投基金作用，梯度培育创新型企业，服务 科技创新和产业创新。 【导读】股权回购成为争议焦点，多方呼吁友善协商，从长计议，为实现企业健康发展和基 金长期回报奠定基础 中国基金报记者 任子青 莫琳 近日，针对一级市场广受关注的股权回购问题，中国证券投资基金业协会（以下简称中基 协）向各私募股权创投基金管理人发出重要提示，呼吁行业树立长期投资、价值投资理念， 科学合理设置回购条款，并通过友好协商妥善解决潜在纠纷，共同维护市场稳定，支持实体 经济发展。 自去年以来，股权回购条款的执行困境已成为市场焦点。一方面，部分初创科技型企业因触 发回购条款而面临严峻的资金与发展压力；另一方面，私募股权与创投基金也因回购执行难 而陷入"退出困局"， ...

智通财经APP讯，洛阳钼业(03993)公布，公司全资附属公司西藏施莫克(作为有限合伙人)、博裕天枢(作 为普通合伙人)及博裕新智新产(宁波)股权投资合伙企业(有限合伙)(该基金)其他有限合伙人订立合伙协 议，据此，有关订约方同意投资该基金，其中西藏施莫克同意向该基金投资人民币5亿元。基金目标规 模为人民币80-100亿元，主要专注于科技、医疗健康、消费品和零售三大朝阳产业。 公司是在确保日常运营和资金安全的前提下实施本次投资，不会影响公司日常资金正常周转需要。本次 投资主要是为了借助专业投资机构的优势，提升投资效益，为公司及股东创造合理的投资回报。本次投 资的资金来源于公司自有资金，不会对公司的财务状况、生产经营成果构成重大影响，不会损害公司及 股东的利益。 ...

Core Viewpoint - Luoyang Molybdenum (03993) announced an investment of RMB 500 million by its wholly-owned subsidiary, Tibet Shimo Ke, into a fund focused on technology, healthcare, consumer goods, and retail sectors, with a target size of RMB 8-10 billion [1] Investment Details - The fund is established in partnership with Boyu Tian Shu as the general partner and other limited partners [1] - The investment aims to leverage the expertise of professional investment institutions to enhance investment returns for the company and its shareholders [1] Financial Impact - The investment will be funded from the company's own resources and is not expected to significantly impact the company's financial status or operational results [1] - The company emphasizes that this investment will not affect its daily operational cash flow needs [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本文初步探究私募基金被投项目合并重组型并购交易的背景、模式及各方利弊，提示各方注意复杂交易架构下的风险。 作者丨徐沫 杨文龙 引言 在全球流动性收紧、科技创新周期拉长、监管从严与资本趋稳并行的大背景下，中国私募股权投资行业正步入一个前所未有的结构调整期。资金端募资承 压、项目端估值收缩、退出端渠道受限，叠加注册制改革深化与并购重组监管体系重塑，使得传统"募投管退"节奏受到显著冲击。尤其在"退出难"成为行 业普遍焦虑的当下，单纯依赖IPO已难以支撑存量项目的周期性消化，市场迫切需要新的结构性解决方案。在此背景下，一种以"先合并、再融资/IPO"为 路径的创新并购模式在PE/VC生态中逐渐浮现，引发了投资机构、创业企业乃至监管层的关注。本文正是基于对近期项目交易的观察，对此类合并重组模 式进行思考、探讨和分析，以期抛砖引玉，为行业探索更具韧性的退出机制提供参考。 一、私募基金投资项目"退出难" 私募基金投资项目"退出难"是当前中国私募股权投资的核心痛点之一，其成因和现状可从以下三个方面概括： 1、退出渠道高度单一，IPO"堰塞湖"现象突出 国内约80%的PE/VC ...

Core Viewpoint - The China Securities Investment Fund Industry Association calls for a reevaluation of buyback clauses in private equity and venture capital funds, emphasizing the importance of long-term investment and effective communication with stakeholders [3][19]. Group 1: Industry Development - The private equity and venture capital industry in China has been steadily developing, playing a crucial role in empowering technological innovation and contributing to high-quality economic growth [4]. - The buyback issue has become a focal point in the primary market, with many startups facing financial and developmental pressures due to triggering buyback clauses [5]. Group 2: Buyback Clause Recommendations - Fund managers should adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation [5][6]. - Buyback arrangements should be scientifically reasonable, avoiding misuse for illegal lending or other non-equity investment activities [6]. - Fund managers are encouraged to communicate effectively with investors and stakeholders when buyback conditions are triggered, considering external factors such as macroeconomic conditions and industry policies [6]. Group 3: Industry Challenges - The prevalence of buyback clauses has led to increased conflicts between startups and investment institutions, complicating governance, asset valuation, and dispute resolution [9]. - The application rate of buyback clauses in domestic primary market investment activities has exceeded 90%, exacerbating tensions between entrepreneurs and investors [9]. Group 4: Association's Call to Action - The association's call is not a legal regulation but a cultural appeal for the industry to reassess buyback clauses [19]. - The four aspects of the association's appeal include: 1. Service Innovation: Recognizing the industry's role in supporting technological and industrial innovation [20]. 2. Professional Patience: Enhancing professional judgment and management capabilities rather than relying solely on buyback clauses [20]. 3. Prudent Reasonableness: Using buyback clauses judiciously without evading regulatory requirements [20]. 4. Amicable Resolution of Disputes: Proposing solutions that consider the interests of all parties involved [20]. Group 5: Importance of Industry Self-Regulation - The association's role as a self-regulatory body is crucial in addressing the growing distrust between entrepreneurs and investment institutions due to buyback disputes [21]. - The association's appeal aims to guide industry players in reassessing the role of buyback clauses and improving the overall image of the industry among entrepreneurs [21].

提携 TOP 20 亦庄国投 % CVINFO 不介 投中信息 11月27日,国内私募股权投资领域权威榜单"投中榜"正式揭晓,北京亦庄国际投资发展有限公司(下称亦庄 国投)凭借深厚的产业布局和卓越的投资表现,从近400家国资背景机构中脱颖而出,荣膺"2025年度最佳国 资投资机构TOP20"重磅奖项;旗下亦庄产投凭借在母基金领域的强大竞争力与市场影响力,成功入 选"2025年度中国最受GP关注的母基金TOP30"。"双奖加冕",既是行业对亦庄国投在产业投资领域深耕 细作的高度肯定,也彰显了其"股权+基金"双轮驱动的全方位产业赋能实力。 作为北京经济技术开发区国有资本投资运营公司,亦庄国投始终以国家战略为导向,聚焦新一代信息技 术、生物技术和大健康、新能源智能汽车、机器人和智能制造四大产业,坚定不移当好长期资本、耐心 资本和战略资本,坚守服务实体经济、促进北京产业发展和科技创新的初心使命。 亦庄国投围绕重点产业、关键技术和产业链重要环节,一方面,通过战略投资对京东方、中芯国际、四维 图新等龙头企业精准发力、重点支持;另一方面,通过母基金和引导基金广泛布局,汇聚市场顶尖管理机构 的智慧与资源,构建覆盖企业发展种子 ...

将投中网设为"星标⭐"，第一时间收获最新推送 或成为2022年以来亚洲本土机构发起的最大单只PE基金。 作者丨 韦香惠 编辑丨 刘燕秋 来源丨 投中网 按节气，大雪将至，美元基金的春天却似是提前来了。 外媒消息称，高瓴资本近日启动新一轮美元私募股权基金的募资，目标规模约 70 亿美元（约 500 亿元人民币）。接近高瓴 的人士表示，基金总是要募的，但目前没有确切的时间表。至于规模会不会是 70 亿美元，这个不好说。 一来，现在这个时间点缺乏大规模大主题的投资机会，动辄上百亿美元的盲池旗舰基金估计不会再有了。 对美元而言，投资带宽日渐收窄，时下最大的机会和主题是什么？当然是 AI 。但 AI 对于创业公司来说，是不是一波和移动 互联网一样大、甚至更大的机会？如果是的话，现在是一个合适的出手时间点吗？这两个问题有待验证。 据我所知，某个一线基金就几乎没有布局纯软的 AI 应用。刚跟一位投 AI 的朋友聊天，对方也感慨道，好项目有限，手里的 钱实在投不出去啊，不得已去投消费硬件了。关于"钱花不出去"的更好佐证是， 听闻有一线 VC 跑去海外投了家 AI 独角 兽，还是在估值数百亿美元的时候投进去的。 再看这一波宣布 ...

Core Viewpoint - The article emphasizes that effective investment is a complex system process involving the coupling and collaborative evolution of technological innovation, institutional innovation, and spatial optimization, rather than merely a capital input behavior [1][2]. Group 1: New Requirements and Challenges - The "14th Five-Year Plan" period is crucial for China to advance towards socialist modernization, facing unprecedented challenges and requirements due to profound changes in domestic and international environments [2][4]. - The global landscape is undergoing a new round of technological revolution and industrial transformation, with disruptive technologies reshaping national core competitiveness and increasing the strategic importance of investment [3]. Group 2: Effective Investment and New Quality Productivity - Effective investment is defined as capital formation activities that serve high-quality development goals, focusing on nurturing and expanding new quality productivity [5]. - New quality productivity is characterized by technological innovation as the core driving force, with significant improvements in total factor productivity as a key indicator [6]. Group 3: "Technology-Institution-Space" Analysis Framework - The "Technology-Institution-Space" (TIS) framework illustrates that successful investment activities result from the positive interaction of technology, institutions, and spatial dimensions [7]. - The technology dimension focuses on R&D innovation, digital infrastructure, and high-skilled human capital, which directly determines the height and advancement of new quality productivity [7]. - The institutional dimension emphasizes creating an environment conducive to innovation, including a robust intellectual property protection system and a fair market environment [7]. - The spatial dimension involves optimizing regional functional layouts and constructing modern infrastructure networks to promote the clustering and scaling of new quality productivity [7]. Group 4: Progress and Challenges in Effective Investment - Despite a slowdown in fixed asset investment growth, significant progress has been made in the effectiveness of investment, with a clear trend towards structural optimization [14]. - High-tech industry investment has maintained double-digit growth, significantly outpacing overall fixed asset investment growth, indicating a shift towards new quality productivity core areas [14]. - Challenges remain in aligning technology, institutions, and spatial dimensions, leading to issues such as insufficient basic research investment and a lack of effective technology transfer mechanisms [16][18]. Group 5: Recommendations for a High-Efficiency Investment Ecosystem - To expand effective investment, a shift from "project thinking" to "ecosystem thinking" is necessary, focusing on creating a self-optimizing and virtuous cycle investment ecosystem [21]. - Recommendations include optimizing R&D investment structures, enhancing basic research funding, and establishing market-oriented concept verification centers to bridge the gap between laboratory results and market applications [22][23]. - Institutional reforms should aim to deepen financial supply-side structural reforms and enhance the protection of intellectual property rights to stimulate innovation [24][25]. - Spatial strategies should promote differentiated and specialized investments, avoiding homogeneous competition and ensuring that new infrastructure aligns with local industrial needs [26][27].

公告称，公司是一家领先的私募股权投资者及基金管理公司，为机构投资者、高净值人士管理资本，并 通过其管理的基金及自有资本直接进行投资。出售事项为集团提供了一个机会，以实现其一项长期投资 的投资，该投资的权益由集团于2019年通过收购交易取得，提供投资回报并增加集团的流动性，并可用 于其他投资机会。此外，该集团卖方之一天图兴鹏目前正处于退出期，该基金将寻求剥离其持有的股份 并向其投资者及有限合伙人返还资本，出售事项将使天图兴鹏能够履行其有限合伙协议项下的退出义 务。 天图投资(01973)公布，于2025年12月1日，集团卖方(兴启投资及天图兴鹏)拟向昆山诺源睿源管理咨询 有限公司出售优诺中国45.22%股权，现金对价为约人民币8.14亿元。其他卖方(并无综合纳入该集团财 务报表)持有优诺中国约41.74%的股权，其他卖方亦将透过股份购买协议出售其于优诺中国的全部权 益，总对价为人民币7.513亿元。 ...

Core Viewpoint - The company, Lek Electric, plans to invest RMB 20 million in a venture capital fund, representing 62.4025% of the total committed capital of RMB 32.05 million, to leverage professional investment resources and enhance its competitive strength in emerging industries [2][28]. Investment Details - The investment target is the "Gongqingcheng Jintang Venture Capital Partnership (Limited Partnership)" [2]. - The investment amount is RMB 20 million, which is 62.4025% of the total committed capital [2]. - The investment does not require approval from the company's board of directors or shareholders [3][4]. Partnership Overview - The partnership agreement was signed with Xiamen Zongheng Jinding Private Fund Management Co., Ltd. as the general partner [4]. - The total fundraising target for the partnership is RMB 32.05 million, with Lek Electric contributing RMB 20 million [3][4]. Fund Management - The partnership will primarily focus on equity investments, specifically targeting Shenzhen Yunbao Intelligent Co., Ltd. or its future listing entity [4][10]. - The general partner, Zongheng Jinding, will manage the fund and make investment decisions independently [9][20]. Financial Implications - The investment is expected to enhance the company's ability to seize opportunities in emerging industries and diversify its investment channels [28]. - The company will bear limited liability for the fund's debts, with the maximum loss not exceeding the subscribed investment amount [28]. Risk Management - The company will monitor the fund's operations and the investment target's performance to mitigate investment risks [30].