Core Points - The article outlines the independent director working system of Beijing Zhongdi Investment Co., Ltd, which was approved at the company's 2025 first extraordinary general meeting [1][17] - The system aims to enhance the governance structure of the company, ensure compliance with relevant laws and regulations, and protect the rights of minority shareholders [1][2] Summary by Sections General Principles - The independent directors must not hold any other positions within the company and should have no direct or indirect interests that could affect their independent judgment [1][2] - At least one-third of the board members must be independent directors, including at least one accounting professional [1][2] Independence Requirements - Independent directors must maintain independence and should not be influenced by major shareholders or related parties [2][4] - Individuals with significant shareholding or familial ties to major shareholders are prohibited from serving as independent directors [2][4] Appointment and Termination Procedures - Independent directors are nominated by the board or shareholders holding more than 1% of the company's shares and must be approved by the shareholders' meeting [4][8] - The term for independent directors aligns with that of other board members but cannot exceed six years for consecutive terms [5][8] Responsibilities and Powers - Independent directors are responsible for attending board meetings, understanding the company's operations, and submitting annual reports on their performance [7][8] - They have the authority to independently hire external advisors, propose meetings, and express independent opinions on matters that may harm the company or minority shareholders [8][9] Communication and Support - The company must provide necessary support and resources for independent directors to fulfill their duties, including timely access to information and meeting materials [14][15] - Independent directors are encouraged to maintain communication with minority shareholders and report any issues to regulatory authorities if necessary [14][15] Compensation and Insurance - The company is responsible for covering the costs incurred by independent directors when hiring external advisors and must provide appropriate compensation [16][16] - A liability insurance system may be established to mitigate risks associated with the normal performance of their duties [16][16]

新加坡淡马锡控股发布报告，上一财年资产处置规模达420亿新元（330亿美元），创下其年度历史记 录，同时投资组合净值也创下新高。截至3月31日，淡马锡的投资组合净值为4,340亿新元，较前期增加 450亿新元。其财年总回报率为11.8%，高于前期的1.6%回报率。 ...

Core Insights - The article highlights the strategic investments made by Lightspeed Venture Partners in the field of embodied intelligence, showcasing their unique global perspective and empirical methodology in identifying and capitalizing on technological inflection points [1][2][4]. Investment Strategy - Lightspeed Venture Partners leverages a global network of research and customer feedback to inform their investment decisions, focusing on high-potential sectors while balancing risks and returns [2][3]. - The firm emphasizes a combination of timing and market trends to avoid early-stage risks and high-cost entries, aiming to be among the first investors in cutting-edge technologies [3][7]. Key Investments - In late 2024, Lightspeed led a multi-hundred million yuan Pre-A++ round investment in Variable Robotics, which has since completed multiple funding rounds totaling over 1 billion yuan within a year [8]. - The firm also invested in Weifen Zhifei, a leading aerial robotics company, which completed several funding rounds shortly after Lightspeed's investment, resulting in a significant increase in valuation [1][7]. Technological Focus - Lightspeed is particularly interested in the integration of AI and robotics, with investments in companies like Variable Robotics that are developing general-purpose embodied models capable of zero-shot generalization [7][8]. - The firm is also exploring advanced areas such as autonomous flying systems, with Weifen Zhifei focusing on a unique approach to aerial robotics that combines mobility and robotic capabilities [9][10]. Market Trends - The article notes a surge in investment opportunities within the embodied intelligence sector, driven by advancements in generative AI and the increasing number of projects achieving high valuations [7][8]. - Despite the promising landscape, the commercialization of these technologies remains uncertain, prompting varied investment strategies among different firms [7][11]. Infrastructure Investments - Lightspeed is actively investing in AI infrastructure, focusing on hardware trends that support the growing demand for computational power, such as liquid cooling and advanced power distribution systems [11][12]. - The firm has validated its long-term investment approach through successful investments in companies like Zhongji Xuchuang, which has seen substantial growth in revenue and market valuation [14]. Future Outlook - The firm believes in the potential for significant growth in the Chinese tech sector, particularly in AI and hard technology, and aims to identify and support emerging world-class companies [14]. - Lightspeed's dual approach of global insight combined with local expertise positions it well to capitalize on the ongoing technological evolution in China [14].

Group 1 - The stock of Jinyong Investment experienced a decline of over 30% at the beginning of trading on July 9 [1] - In the previous trading session, the stock had surged by more than 530% [1]

7月8日，港股金涌投资（01328.HK）午后飙升，涨幅一度扩大至653.77%，截至发稿，涨幅回落至 460.80%，成交额达1.83亿港元，最新市值为28.64亿港元。 消息面上，金涌投资昨日发布公告称，公司与亚洲领先的数字货币解决方案提供商AnchorX签署战略合 作框架备忘录，双方将基于离岸人民币稳定币AxCNH，在跨境金融、数字资产等领域开展深度协作。 据悉，AxCNH是AnchorX发行的1：1挂钩离岸人民币的稳定币，其独立于SWIFT支付网络运行，支持 全球即时清算。 金涌投资表示，相关合作若能实现，将为金涌投资提供多元化的投资组合契机，有助于公司把握加密货 币市场的高增长潜力，增强传统金融与新兴Web 3世界的链接，提升市场影响力和竞争力。 许正宇亦表明批出的稳定币牌照数目会是个位数，盼于条例生效后能够收到申请，目标今年内可发出牌 照。至于有金融机构取得牌照后，是否能够发行与人民币挂钩的稳定币，他说若牵涉其他司法权区的货 币，则要与相关机构讨论。 官网显示，金涌投资是一个多经理、多策略、多资产类别的"人工+智能"、"中国+世界"的投资和服务平 台。其总部在香港，投资业务起源于弘毅投资的对冲基金 ...

智通财经7月8日电，港股金涌投资午后飙升，现涨幅扩大至超500%，成交额超6600万港元。 ...

Core Viewpoint - The Chinese equity investment industry is undergoing an adjustment period in 2023, with Beijing establishing eight municipal government investment funds totaling 100 billion yuan to increase capital investment in key areas of technological innovation [1][4]. Group 1: Investment Strategy - The eight funds are designed to create a "full cycle + counter-cyclical + broad coverage" capital ecosystem, focusing on early, small, long-term investments in "hard technology" [4][5]. - The funds have invested 13.71 billion yuan in 145 projects in 2024, leveraging approximately 28.55 billion yuan in social capital, and have invested in 10 unicorns and 48 national-level specialized "little giant" enterprises [5][7]. Group 2: Operational Mechanism - The investment projects are sourced from various government bodies, but the investment decisions are made based on market logic, ensuring a collaboration between effective market mechanisms and proactive government involvement [5][6]. - The funds utilize a Co-GP management model without sub-funds, employing a three-vote system for investment decisions, which requires consensus from government, market institutions, and Beijing Guoguan [6][7]. Group 3: Coverage and Focus Areas - The investment strategy covers eight strategic emerging industries, including robotics, information technology, green energy, advanced manufacturing, and biomedicine, aligning with Beijing's development plans [7][8]. - The funds aim to support projects across all stages of enterprise development, from early to mature phases, and have a project reserve of over 2,600, with more than 600 projects preliminarily selected [8][9]. Group 4: Future Outlook - The Beijing government investment funds are committed to a long investment cycle of up to 15 years, acting as "patient capital" to support companies through challenging market conditions [9][10]. - Future plans include enhancing collaboration with universities and research institutions, focusing on original innovations and the transformation of results, while also targeting leading enterprises in the industry chain [10].

Core Viewpoint - The investment landscape is shifting towards government and state-owned capital, with an increasing number of specialized investment funds being launched, indicating a more favorable fundraising environment for venture capital [6][8][10]. Group 1: Impact of Cycles on Venture Capital - The current fundraising environment has improved, with government-led funds becoming more prominent, accounting for up to 70% to 90% of some funds [6][8]. - The healthcare sector, particularly biomedicine, is expected to experience significant growth, with the Hang Seng Index ETF rising by 30% from April to June, and a 50% increase year-to-date [7]. - The overall market is showing signs of recovery, with an increase in IPO applications and a more active secondary market, which is gradually influencing the primary market [11][20]. Group 2: Investment Focus and Strategies - Key investment areas include AI, biomedicine, and new materials, with a strong emphasis on early-stage investments [11][13]. - The biomanufacturing sector is highlighted as a strategic focus, with a market potential nearing one trillion RMB domestically and several trillion USD globally [13]. - Investment strategies are adapting to current market conditions, with a focus on high-margin projects that can achieve scale at lower costs [17][18]. Group 3: Exit Strategies - The exit environment remains challenging, with a focus on diversifying exit strategies beyond IPOs, including mergers and acquisitions [20][24]. - S funds are seen as a viable exit strategy, providing liquidity and flexibility for investors [21][24]. - New exit methods, such as product rights licensing to international companies, are emerging as effective ways to realize returns [23].

Core Viewpoint - The event "Medicine Without Boundaries, Innovation Sailing" hosted by Shanghai Pudong Development Bank focuses on the integration of artificial intelligence (AI) and the pharmaceutical industry, highlighting the rapid expansion of the healthcare market driven by various favorable factors such as aging population, policy support, and technological breakthroughs [1][3]. Group 1: Industry Insights - The aging population is continuously driving market demand, and the healthcare industry is experiencing rapid growth due to a combination of policy support, a recovering capital market, and AI-driven technological advancements [3]. - Experts from academia and industry discussed topics such as AI empowerment in biomedicine, new drug development strategies for neurological diseases, and brain-computer interfaces, emphasizing that medical AI is revolutionizing the modern healthcare ecosystem [3][4]. - The event aims to create a high-end platform for deep dialogue and collaborative innovation between government departments, investment institutions, research institutes, and biopharmaceutical companies, facilitating precise connections between capital and practice [4]. Group 2: Financial and Investment Aspects - Shanghai Pudong Development Bank shared a comprehensive service model for the entire lifecycle of biomedicine and provided key insights into the policy benefits and unique advantages for biopharmaceutical companies seeking to list in Hong Kong [4]. - Investment logic in the healthcare sector under the "AI + aging" context was elaborated by investment representatives, indicating a favorable environment for medical investments [4]. - The bank aims to build a comprehensive service system for technology enterprises and enhance collaborative innovation, positioning itself as a preferred banking partner for technology companies in the pharmaceutical sector [4].

Group 1 - The South Korean National Assembly recently passed a supplementary budget of approximately 31.8 trillion KRW (about 31.8 trillion KRW equals 100 billion RMB) to stimulate economic recovery amid challenges such as weak consumption and rising trade risks due to the US's so-called "reciprocal tariffs" [1] - The supplementary budget is expected to increase South Korea's GDP growth rate by 0.14 to 0.32 percentage points, with institutions like Goldman Sachs and Barclays raising their GDP growth forecasts to around 1% [2] - The budget includes 12.17 trillion KRW for consumer vouchers and 10.3 trillion KRW to cover tax revenue shortfalls, along with debt relief measures for small and micro enterprises [1] Group 2 - Concerns are rising regarding the increasing fiscal burden, as the total fiscal expenditure in 2025 is projected to reach 703.3 trillion KRW, with government debt as a percentage of GDP rising from 48.4% to 49.1% [2] - The supplementary budget was passed just before the deadline for US tariff negotiations, with South Korean officials engaging in discussions with US counterparts regarding tariff exemptions [2]