Core Viewpoint - Zhejiang Province is encouraging the establishment of private equity secondary market funds (S Funds) by government investment funds and state-owned enterprises in collaboration with social capital to facilitate the exit of investments from seed funds and angel funds [1] Group 1: Investment Strategies - The initiative aims to broaden the exit channels for diversified funds, specifically targeting the projects that have exited from seed and angel funds [1] - There is an exploration of establishing a provincial-level merger and acquisition fund to encourage local and social capital to set up acquisition funds, enhancing support for technological innovation [1] Group 2: Support for Technology Enterprises - The measures support technology-based enterprises that are breaking through key core technologies to utilize listing financing, mergers and acquisitions, and bond issuance through a "green channel" mechanism, aiding effective exits for venture capital [1] - Qualified private equity venture capital fund managers are supported in seeking physical distribution of stocks from private equity venture capital funds, allowing the transfer of listed company stocks to investors through non-trading transfer methods [1]

Core Viewpoint - The article highlights the increasing willingness of local state-owned assets to accept full losses in investment projects, indicating a shift towards a more risk-tolerant investment environment for government funds [2][4][6]. Group 1: Policy Developments - Shenzhen's Futian District announced a policy allowing government investment funds to tolerate losses up to 100% for qualifying early and mid-stage projects, with specific funding amounts of 1 million, 3 million, and 5 million yuan [1]. - Wuhan's government introduced measures to relax investment ratios for seed and angel funds, allowing state-owned funds to co-invest with private enterprises at a 1:1 ratio and permitting up to 100% losses for direct investments in early-stage projects [1][3]. - Guangdong province has been proactive in exploring similar policies, with Guangzhou and Shenzhen allowing for 100% losses in seed and angel investments, reflecting a broader trend across various regions [3][4]. Group 2: Risk Tolerance Mechanisms - The article notes that the acceptance of 100% losses is seen as a significant advancement in the construction of error-tolerance mechanisms for guiding funds and state-owned mother funds [4][5]. - The central government has emphasized the need for a more flexible evaluation system for government investment funds, focusing on overall fund performance rather than individual project outcomes [6][10]. - The introduction of a risk compensation scheme in Shenzhen aims to encourage more financial capital to invest in early-stage and high-tech projects by sharing the risks associated with technology transfer [10]. Group 3: Encouraging Innovation - The article discusses the importance of developing both patient and bold capital to support the venture capital industry, with patient capital providing long-term support and bold capital allowing for more risk-taking by government investment funds [9][12]. - Legislative efforts in Hunan province aim to promote innovation by removing mandatory buyback clauses for founders of technology startups, thereby sharing risks with entrepreneurs [9]. - The establishment of error-tolerance mechanisms and detailed due diligence exemption policies is crucial for enhancing the investment enthusiasm of fund managers [11][12].

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