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刚刚,吴清发声,长期和耐心资本远远不够
母基金研究中心· 2025-06-18 04:57
" 6 "即在科创板创新推出6项改革措施 ,包括对于适用科创板第五套标准的企业,试点引入资 深专业机构投资者制度;面向优质科技企业试点 IPO预先审阅机制;扩大第五套标准适用范 围,支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用;支持在审未盈利科技 企业面向老股东开展增资扩股等活动;完善科创板公司再融资制度和战略投资者认定标准;增 加科创板投资产品和风险管理工具等。同时,证监会也将在创业板正式启用第三套标准,支持 优质未盈利创新企业上市。 吴清表示,当前,适应创新规律的资本形成机制不完善。与科技创新 "十年磨一剑"的坚守相 比, 我们的金融供给仍存在资金短期化、风险容忍度低等问题,长期资本、耐心资本远远不够 。 他指出,完善更加适配科技创新和产业变革的金融服务体系,资本市场大有可为。资本市场具 有独特的风险共担、利益共享的激励相容机制,能够提供从风险投资到上市融资、并购重组的 全链条、接力式服务,满足初创期、成长期、成熟期等不同阶段企业需求。 从近年国内外实践看,无论是大而强的科技巨头,还是小而美的科创新秀,都离不开资本市场 的有力支持,创新始于科技、兴于产业、成于资本的特点越来越明显。创新需要科 ...
票面利率2.1%、3.58倍认购!民营股权投资机构“科创债”首单落地
Hua Xia Shi Bao· 2025-06-17 23:20
Group 1 - Zhongke Chuangxing successfully issued the first phase of targeted technology innovation bonds in the interbank bond market, with a scale of 400 million yuan and a term of 5+5 years at a coupon rate of 2.10% [2][3] - The bond issuance received a subscription multiple of 3.58 times, indicating strong market confidence in Zhongke Chuangxing's value investment philosophy and optimism towards hard technology sectors [2][3] - The funds raised will be used for investments in hard technology fields such as new generation information technology, artificial intelligence, and semiconductors [3] Group 2 - The issuance of technology innovation bonds has been characterized by large issuance scales, long terms, and low interest rates since the launch of the "technology board" on May 7 [3] - Zhongke Chuangxing aims to continue issuing technology innovation bonds to attract more market-based funds to support technology enterprises and cultivate patient capital [3][5] - The People's Bank of China has introduced risk-sharing tools to support the issuance of low-cost, long-term technology innovation bonds, enhancing risk control through collaboration with local governments and credit enhancement agencies [5] Group 3 - Credit rating agencies are optimizing the credit rating system for equity investment institutions and technology enterprises to better align with the characteristics of technology innovation [5][6] - Far East Credit has launched a new credit rating method for equity investment institutions, focusing on capital operation capabilities, risk management levels, and value discovery efficiency [6] - The new rating method emphasizes investment management capabilities and project quality over traditional metrics like asset size, aiming to enhance the operational resilience and growth potential of equity investment institutions [6]
创投困局的本质:缺的不是钱,而是能力
FOFWEEKLY· 2025-06-16 09:59
Core Viewpoint - The essence of the industry's dilemma is not a lack of capital, but a lack of value creation capability [6]. Group 1: Fundraising Challenges - In the equity investment field, fundraising is the most fundamental, difficult, and painful aspect [5]. - The disappearance of market-oriented LPs and the dominance of state-owned LPs have led to ongoing fundraising difficulties, creating a perception of a "lack of money" in the industry [5][8]. - Most institutions are in a long-term state of "capital hunger," leading to a perception that funds are more important than projects [9]. Group 2: Core Contradictions - The core contradiction behind fundraising difficulties and project shortages points to a scarcity of capability [13]. - The first secret of business is scarcity, which is also the essence of value [12]. - Investment should focus on creating scarcity rather than competing in a homogeneous manner [11]. Group 3: Investment Strategies - Building a differentiated competitive barrier is crucial for success in investment [11]. - A reverse investment model that emphasizes supply-side control and precise demand matching can help institutions avoid the need for fundraising [11]. - The focus should be on creating investment scenarios that allow for greater control and success-driven marketing [11]. Group 4: Changing Market Dynamics - The equity investment market is undergoing profound changes, with brand premiums declining and asset bubbles being cleared [21]. - The core competitiveness of institutions is shifting from brand recognition to performance [23]. - The essence of investment is akin to market logic, focusing on buying low and selling high while minimizing waste [23]. Group 5: Performance and Capability - Performance is the only true moat for institutions, as highlighted by the example of a consumer fund achieving over 10 times returns from a single liquor project [24]. - Investment logic must withstand practical tests, as there is often a significant gap between knowledge and action [25]. - Understanding the boundaries of one's capability circle is essential for successful investment strategies [26].
为科技创新注入更多金融活水
Jing Ji Ri Bao· 2025-06-15 22:03
Core Viewpoint - The establishment of Asset Investment Companies (AICs) by commercial banks is accelerating, providing new channels for equity investment and supporting technological innovation in China [1][2]. Group 1: AIC Development and Role - Recently, another commercial bank has been approved to establish an AIC, contributing to the expansion of equity investment in the market [1]. - AICs are designed to help banks manage non-performing assets and have begun to pilot equity investment businesses under regulatory support [2]. - The AIC model offers multiple advantages over traditional credit models, allowing for long-term equity investments and better identification of quality projects in the tech sector [2]. Group 2: Policy and Market Environment - The Chinese financial system, dominated by commercial banks, faces challenges in meeting the funding needs of innovative enterprises, necessitating increased support for equity investment [2]. - Various policies have been introduced to promote equity investment, facilitating a positive cycle of capital flow towards technological innovation [1][2]. - There is a need for continued policy support to create a favorable environment for AICs to thrive, as they are still in the early stages of development [2]. Group 3: Risk Management and Investment Strategy - AICs must adopt a robust error tolerance mechanism to encourage early and small-scale investments in high-tech sectors, balancing risk and opportunity [3]. - Regulatory bodies should develop appropriate policies and assessment standards tailored to the characteristics of equity investment to enhance AICs' operational capabilities [3]. - Effective risk control measures are essential for the sustainable development of AICs, including optimizing accountability mechanisms and addressing illegal activities [3].
全国最低!武创投发行4.5亿元科技创新债 利率1.8%破行业纪录
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-11 11:54
继主导设立湖北地区首支AIC股权投资基金后,6月10日,武汉投控集团权属企业武创投在银行间市场 成功发行湖北省股权投资机构首单科技创新债券,规模4.5亿元,期限3年,票面利率1.8%,较1年期 LPR低120BP,创全国股权投资机构科技创新债券利率最低。 据悉,武创投本次科技创新债券将重点支持光电子信息、生命健康、人工智能等战略性新兴领域,募集 资金将以科创基金为载体,吸收社会资本,共同投向科技创新企业,预计可对募集资金实现4至5倍的放 大。 作为湖北省内最早开展独立融资的股权投资机构,武创投持续推进融资工具创新,强化资本赋能能力, 已形成"资本源-创新源-生态源"三位一体的特色发展路径。 截至目前,武创投已完成14.5亿元科技创新债券发行(含10亿元科创票据)。其中,发行全场倍数均在 3倍以上,票面利率自2024年12月开始向下突破2%,进入"1"时代,持续创下全国同期限同品种的最低 纪录;已投资880余家科技型企业,已支持培育信科移动、达梦数据、黑芝麻智能等83家上市企业,有 力支持武汉科技创新企业发展壮大。 据了解,站在新起点,武创投已明确"2000亿元引导放大基金集群"的战略目标,下一步,将全力推动4 ...
科技创新债券新规满月发行超3748亿元 147家机构踊跃参与创历史新高
Sou Hu Cai Jing· 2025-06-10 00:18
科技创新债券发行新规落地满月,市场反响热烈。截至6月7日,全市场147家机构累计发行科技创新债券超3748亿元。其中,39家金融机构发行2239亿元, 108家非金融企业发行1509.98亿元。交易商协会支持73家非金融企业发行977.2亿元,占非金融企业总发行规模的65%。 发行主体呈现多元化格局 科技创新债券期限结构呈现长期化导向。中长期债券只数占比达60%,其中10年期以上共计7只,规模83.6亿元。股权投资机构债券期限全部分布在3年至20 年区间,江苏国信发行20年超长期科技创新债券,助力培育耐心资本。 发行利率保持相对较低水平。3年期科技创新债券价格区间在1.62%至2.90%,5年期价格区间在1.74%至3.30%。投资者覆盖银行、理财、基金、券商等各类 机构,为企业发行中长期科技创新债券提供充足信心。 风险分担机制创新不断完善。交易商协会推动"第二支箭"为应流机电、山东宏桥等科技型企业提供增信支持。西科控股由商业银行创设信用风险缓释凭证助 力发行。"科技创新债券风险分担工具"增信的股权投资机构债券即将落地,进一步降低发行成本。 来源:金融界 科技创新债券发行主体结构日趋多元。金融机构成为发行主力 ...
李强:要聚焦关键着力打通科技成果转化的堵点断点
母基金研究中心· 2025-06-09 13:27
李强强调,科技成果转化需要良好环境作支撑,要坚持有效市场和有为政府相结合,完善支持 政策和市场服务,形成高效协同、富有活力的成果转化体系。要完善激励机制,遵循科技成果 转化规律,推进职务科技成果赋权和资产单列管理改革,更好激发各方面的积极性。要加大资 金支持,进一步拓宽思路, 更多运用市场力量,吸引社会资本加大投入 ,鼓励金融机构创新 金融产品和服务方式, 发展多层次资本市场,提供多元化融资渠道 。要加强公共服务,规划 引导支持建设一批科技公共服务平台,为科技成果供需双方提供全方位服务。 ( 新华社 ) 母基金研究中心( www. china -f o f. c om,下同)正式开启2 0 2 5专项榜单评选 。母基金研究中 心将根据已有的数据支撑与研究分析,于 7月发布2 0 2 5专项榜单,以此鼓励私募股权母基金与 基金行业的优秀机构与人才,促进股权投资行业的健康发展。 6 月 9 日,国务院以 " 深化科技成果转化机制改革,推动科技创新和产业创新融合发展 " 为 主题,进行第十四次专题学习。国务院总理李强在主持学习时强调,要深入学习贯彻习近平总 书记重要指示精神和党中央有关决策部署,通过多方面协同发力, ...
“投资家网·2024-2025年度基金合伙人榜单”盛大开启
Sou Hu Cai Jing· 2025-06-09 13:01
Fundraising Trends - In 2024, the fundraising landscape saw a significant shift with state-owned capital dominating, as RMB fund fundraising accounted for 98.5% of the total, with state-owned LPs contributing over 93% of the total fundraising amount [2] - Foreign currency fund fundraising plummeted to 4.5 billion yuan, a staggering 70% year-on-year decline, indicating a market almost entirely controlled by state-owned entities [2] Investment Trends - The investment focus has shifted heavily towards "hard technology," with semiconductor, IT, machinery manufacturing, and biotechnology sectors accounting for 64.9% of total annual investments, and semiconductor investments growing by 12.2% [2] - The Yangtze River Delta region has emerged as a leader in hard technology investments, capturing 35% of national investment cases, while the growth rate in Central China reached 15% [2] Exit Trends - The IPO market showed signs of improvement, with overseas IPOs increasing by 12% year-on-year, leading to an actual exit amount of 2.214 billion yuan [3] - Hong Kong has become a primary exit channel for VC/PE, with a notable rise in M&A activity, where M&A cases increased by 136% [3] Policy and Regulatory Environment - The introduction of the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" aims to focus government-led funds on technological innovation and industrial upgrades [3] - The full implementation of the registration system is expected to accelerate IPO processes, with the Hong Kong Stock Exchange enhancing the approval rate for tech company IPOs [3] Industry Dynamics - The competitive landscape is intensifying, with top-tier fund management institutions controlling over 70% of the market, leading to a rapid exit of smaller GP firms [3] - Over 400 listed companies are now actively participating in equity investments, marking a new phase for the equity investment industry [3]
2025投资人真心话:这活,真不好干!
FOFWEEKLY· 2025-06-09 09:20
Core Viewpoint - The private equity investment industry is facing significant challenges, with a drastic reduction in the number of active private institutions, leading to a potential decline in the overall market landscape [4][5][7]. Group 1: Industry Overview - The private equity industry in China has evolved over nearly 25 years, with the number of registered institutions peaking at around 30,000, but now likely reduced to about 100 active firms [4][5]. - Most private equity firms are small or micro-sized, with very few exceeding a management scale of 10 billion yuan [6][7]. - The majority of private equity firms are in a "zombie" state, with many not actively managing funds or investments [7][12]. Group 2: Investment Stages and Valuation - The most suitable investment stage for private micro and small GP firms is in the seed, angel, and pre-A round projects, where competition is high and requires significant effort to identify viable opportunities [7][9]. - Early-stage investment valuations in China range from 30 million to 120 million yuan, often inflated due to high-profile founders and investor involvement, leading to potential future funding difficulties [9][10]. - High valuations can create a mismatch between financial performance and investor expectations, increasing the risk of project failures [9][10]. Group 3: Funding Dynamics - The current market dynamics show that while many funds are available, the willingness to lead investments is declining, with most funds preferring to follow rather than lead [12][23]. - The funding landscape is heavily influenced by state-owned and mixed-ownership funds, which dominate later-stage investments, making it challenging for private firms to secure funding [10][12]. Group 4: Survival Strategies for Small Firms - Small and micro private equity firms need to focus on their strengths and establish a strong presence in specific sectors to attract funding from local governments and listed companies [23][24]. - Building a local base of operations is crucial for small firms to secure funding and support from regional investors [24][26]. - The survival of these firms will depend on their ability to navigate the changing landscape and adapt to the evolving needs of the investment market [26][27].
市场监管总局发布5月26日—6月1日无条件批准经营者集中案件列表
news flash· 2025-06-09 00:18
市场监管总局发布2025年5月26日—6月1日无条件批准经营者集中案件列表,其中包括菁英时代 股权投 资管理有限公司与湖州市创新创业投资有限公司等经营者新设合营企业案、 北方华创科技集团股份有 限公司收购 沈阳芯源微电子设备股份有限公司股权案等。 ...