Fundraising - In 2024, there has been a noticeable increase in medium to long-term capital entering Shenzhen's private equity and venture capital industry, with the number of institutional investors rising to 17,110 and total contributions reaching 835.86 billion yuan, reflecting year-on-year growth of 0.76% and 0.41% respectively [1][2] - The participation of medium to long-term capital has increased by 16.74% compared to 2023, with total contributions amounting to 238.11 billion yuan [1] Investment - The focus on "early investment, small investment, and hard technology" has shown significant results, with investments in seed and startup projects reaching 9,462, marking a year-on-year increase of 4.28% [3] - Investments in small and medium-sized enterprises have also increased, with 13,732 projects funded, a growth of 3.87% year-on-year, and investments in initial technology enterprises rising to 5,678 projects with a total investment of 98.76 billion yuan, reflecting increases of 8.86% and 9.03% respectively [3] - Investment in high-tech enterprises has reached 10,899 projects, with a year-on-year growth of 5.71%, and an average annual growth rate of 11.14% over the past three years [3] - The private equity and venture capital industry in Shenzhen is aligning with the "20+8" strategic emerging industry cluster plan, with 4,893 projects and total investments of 110.99 billion yuan in these sectors, showing year-on-year growth of 2.11% and 0.96% respectively [3] Exit - The exit channels for the private equity and venture capital industry in Shenzhen have become increasingly accessible, with 1,954 exit projects in 2024, the highest in three years, and actual exit amounts reaching 58.83 billion yuan, a significant year-on-year increase of 70.28% [4] - The primary exit methods remain agreement transfers and corporate buybacks, with 1,369 projects completed through these channels, yielding an actual exit amount of 33.84 billion yuan, reflecting year-on-year growth of 107.11% and 81.25% respectively [4] - The public market exits have also seen strong growth, with 331 projects exiting through IPOs and other means, totaling 22.24 billion yuan, marking increases of 89.14% and 104.50% year-on-year [4] - Notably, the performance of overseas listings has been exceptional, with 28 projects achieving this in 2024, resulting in an exit amount of 2.21 billion yuan, which is 10.87 times that of 2023 [4]

Group 1 - The "exit difficulty" issue in Shenzhen's private equity and venture capital industry has eased, with total exits rebounding [1] - In 2024, the number of exit projects reached 1,954, the highest in three years, with exit principal amounting to 43.069 billion yuan and actual exit amounting to 58.831 billion yuan, representing increases of 94.62%, 71.06%, and 70.28% respectively compared to 2023 [1] - Cumulatively, by the end of 2024, there were 11,484 exit projects, with a total exit principal of 255.689 billion yuan and actual exit amount of 437.329 billion yuan, reflecting growth of 20.43%, 3.26%, and 3.66% respectively from the end of 2023 [1] Group 2 - Despite a decline in overall exit return multiples compared to 2023, the "hard technology" sector continues to show strong exit returns [1] - By the end of 2024, the cumulative number of exit projects in the information technology services, electronic devices, semiconductors, medical devices, software development, chemical products, and biotechnology sectors accounted for 35.69% of total exits, with chemical products and semiconductors achieving exit return multiples of 5.14 and 3.01 respectively [1] - In 2024, the exit projects from the aforementioned seven sectors represented 43.86% of total exits, with biotechnology showing an upward trend and an exit return multiple of 2.59, surpassing the cumulative exit return multiple [1] Group 3 - The Shenzhen venture capital industry is witnessing a trend of fund size concentration among leading large institutions, with the top 10% of institutions managing approximately 74% of the private equity venture capital fund size [2] - As of the end of December 2024, there were 801 private equity and venture capital fund managers in Shenzhen, with a total of 3,429 registered private equity venture capital funds and a management scale of 410.342 billion yuan, reflecting year-on-year growth of 4.13% and 1.13% in fund numbers and scale respectively [2]

Core Viewpoint - In February 2025, the number of newly registered private equity and venture capital fund managers decreased by 5 compared to the previous month, with all newly registered institutions being state-owned [2]. Group 1: Newly Registered Fund Managers - Three private equity and venture capital fund managers were approved for registration: Gansu Lanbai Innovation Zone Venture Capital Fund Co., Ltd. (Lanbai Fund), Chengtong Science and Technology Private Fund Management (Beijing) Co., Ltd. (Chengtong Science and Technology), and Shanghai Jiading Zhanzheng Private Fund Management Co., Ltd. (Jiading Zhanzheng) [3][4]. - Lanbai Fund was established in March 2024 with a registered capital of 50 million RMB, and it is the first private fund manager in Gansu Province to be successfully registered after the new regulations were implemented [3]. - Chengtong Science and Technology, established in January 2025 with a registered capital of 100 million RMB, plans to manage a fund with a total scale of 30 billion RMB, focusing on technology and specialized fields [3][4]. - Jiading Zhanzheng was established in May 2024 with a registered capital of 21 million RMB, managing a fund with a total scale of 5 billion RMB, focusing on key industries such as integrated circuits and biomedicine [4]. Group 2: Registration and Capital Analysis - Among the three newly registered fund managers, two have a registered capital fully paid up, while Lanbai Fund has a paid-up ratio of 30% [7][8]. - The average processing time for registration was approximately 130.67 days, with Chengtong Science and Technology being the fastest at 17 days and Lanbai Fund taking the longest at 203 days [9][10]. Group 3: Legal Support - Three law firms were engaged for the registration process of the new fund managers: Shanghai Huiye (Lanzhou) Law Firm for Lanbai Fund, Beijing Hanku Law Firm for Chengtong Science and Technology, and Beijing Weiheng (Shanghai) Law Firm for Jiading Zhanzheng [11][12].