Group 1 - In May 2025, the number of newly registered private equity and venture capital fund managers in China dropped to 2, a decrease of 83.3% compared to April and a 60% decline year-on-year [1] - A total of 339 new private equity and venture capital funds were registered, marking a year-on-year increase of 55.5% but a month-on-month decrease of 18.7% [1] - The domestic primary equity investment market recorded 428 financing events, representing a year-on-year and month-on-month decrease of 13.6% and 18.0%, respectively, with a total disclosed financing amount of approximately 18.233 billion yuan, remaining stable compared to May 2024 but down 21.5% from March 2025 [1] Group 2 - Qiming Venture Partners managed a total capital of 9.5 billion USD (over 69 billion yuan) across 11 USD funds and 7 RMB funds, having invested in over 530 companies in technology, consumer, and healthcare sectors [2] - As of May 2025, Qiming Venture Partners registered only one fund, the Suzhou Qichen Hengyuan Equity Investment Partnership, with a registered capital of 460 million yuan, which is intended for acquiring shares in Tianmai Technology [2] - The acquisition of 26.1% of Tianmai Technology for 452 million yuan positions Qiming as the controlling shareholder, with the company’s market value at 1.732 billion yuan [2] Group 3 - Tianmai Technology, established in 2004, focuses on intelligent public transportation solutions but has faced declining performance due to reduced passenger traffic and local government subsidies [3] - Qiming Venture Partners aims to leverage its resources to help Tianmai Technology reduce costs and explore new markets to reverse its operational decline [3] - In the reported period, Qiming disclosed 4 equity investment events, showing a significant increase of 300% year-on-year and month-on-month [3] Group 4 - In May 2025, Qiming's participation in B-round projects accounted for 75% of its investments, with a notable investment in medical device company "Pam Medical" [5] - Qiming also invested in the AI sector, specifically in a company developing general-purpose robots [5] Group 5 - Haobo Pharmaceutical completed a 50 million USD B+ round financing, with funds aimed at supporting the clinical development of its innovative drug AHB-137 for chronic hepatitis B [7] - Qiming has previously invested in Haobo during its A and B rounds, totaling 11 million USD [8]

Core Viewpoint - The acquisition of Tianmai Technology by Qiming Venture Partners raises two main concerns: the stability of control led by private equity funds and the compliance of the "pre-investment and post-fundraising" strategy with regulatory requirements [1][2]. Group 1: Control Change and Stability - Tianmai Technology's controlling shareholder has changed, with the new acquirer being Suzhou Qichen Hengyuan Equity Investment Partnership, which is linked to Qiming Venture Partners [1][2]. - The stability of control under private equity management is questioned, particularly regarding the potential impact of complex investor structures and regulatory constraints on the company's governance [6]. Group 2: Pricing and Compliance - The share transfer price for Tianmai Technology is set between 24.25 CNY and 28.26 CNY per share, which aligns with the regulatory requirement that the transfer price should not be lower than 80% of the previous trading day's closing price [2][3]. - The "pre-investment and post-fundraising" strategy has raised concerns about whether the pricing needs to be adjusted following the change in the controlling entity, as regulatory guidelines stipulate that any changes in the agreement necessitate a re-evaluation of the price [7]. Group 3: Company Performance and Risks - Tianmai Technology has faced continuous losses over the past four years, with net profits of -37.27 million CNY, -0.85 million CNY, -50.07 million CNY, and -59.31 million CNY from 2021 to 2024, raising concerns about its financial viability [8]. - The company's revenue has been declining, with recent figures around 160 million CNY, which could lead to delisting risks if performance does not improve [8]. Group 4: Industry Position and Future Prospects - Tianmai Technology operates in the smart public transportation sector, providing solutions that cover over 400 cities and 700 transportation enterprises in China, indicating a strong market presence [9]. - The collaboration with Qiming Venture Partners, which has expertise in technology sectors such as AI and robotics, may enhance Tianmai Technology's innovation and business expansion capabilities [9].