在深圳特区成立45周年之际，又一并购联盟成立。 深圳特区成立45年以来，企业出海成绩斐然。深圳市商务局数据显示，2024年，深圳企业实际对外投资 129.3亿美元。截至2024年底，深圳企业共在全球140多个国家（地区）投资设立了超1万家企业及机 构。 近日，湾区跨境并购联盟在深圳前海成立，将为湾区企业出海提供跨境并购银团服务，当日8家银行共 计100亿元银团并购授信落地。一周前，监管部门公开意见征求，拟拓宽商业银行并购贷款适用范围。 这是今年第二个在深圳落地的并购联盟。此前1月，深证并购基金联盟在深成立，当日落地45亿元的并 购基金，此前深圳刚刚出台"并购14条"。 广东粤港澳大湾区研究院研究员认为，两个并购联盟虽落地深圳，但辐射范围并不限于深圳。从落地案 例来看，既有深圳金融机构对辖区企业外的投资与授信，也有深圳当地企业通过平台获取外部资金，亦 有一些机构同为两个联盟成员，这反映了深圳正逐渐成为国内重要的金融资源配置枢纽，其并购市场生 态已经初步形成。 同时，虽然两个并购联盟在主导机构和政策背景方面略有差异，但共同点在于链接各方资源、发挥平台 作用，背后是全球并购市场的回暖以及湾区企业出海并购诉求的增加。 ...

Core Viewpoint - The article discusses the shift in strategy among state-owned enterprises (SOEs) in China, moving from direct investments to mergers and acquisitions (M&A) due to poor performance in previous direct investments [2][3][4]. Group 1: Strategy Shift - Many SOEs are adjusting their investment strategies, opting not to pursue direct investments anymore, focusing instead on M&A opportunities [2]. - The poor performance of past direct investments has led to a reluctance to invest further, with some investment departments being downsized or becoming inactive [2][3]. - The trend of moving from direct investments back to mother fund strategies is noted among several SOEs [3]. Group 2: M&A Opportunities - There has been a rise in M&A opportunities that are attracting SOEs, with numerous new M&A funds being established [4][5]. - Over 10 regions have introduced policies to support M&A and the establishment of M&A funds, indicating a growing trend [5]. - The Shanghai municipal government has launched an M&A fund matrix with a total scale exceeding 500 billion yuan, focusing on various sectors including biomedicine and high-end equipment [4]. Group 3: Market Potential - The current market shows significant potential for M&A, with over 60% of listed companies having a market value of less than 10 billion yuan, suggesting ample opportunities for consolidation [5]. - The recent regulatory changes, such as the "924 New Policy," are expected to facilitate more M&A activities by private equity funds [8][10]. Group 4: Recent M&A Activities - Several notable M&A transactions have occurred this year, including the acquisition of a 26.1% stake in Tianmai Technology for 4.52 billion yuan, marking a significant move in the market [8]. - The involvement of state-owned capital in various M&A deals is increasing, with examples including the acquisition of Honghe Technology and other companies by state-backed funds [9][10]. Group 5: Future Outlook - The article anticipates a surge in M&A activities as private equity funds increasingly engage in acquisitions, driven by the need for industry integration and the easing of regulatory constraints [11]. - The emphasis on the ability of general partners (GPs) to provide industrial synergy and resource integration is becoming crucial as the market evolves [11].

Core Viewpoint - Recent activities by major companies like Tencent and Alibaba in becoming Limited Partners (LPs) in various investment funds highlight the increasing importance of Corporate Venture Capital (CVC) in the private equity landscape [7][14]. Group 1: Tencent's Investment Activities - Tencent has made significant investments as an LP, including a recent contribution of 100 million yuan to Chengdu Longzhu Equity Investment Fund, acquiring a 4.34% stake [1][2]. - In July, Tencent also participated in the Shanghai Chenlan Enterprise Management Partnership, further expanding its LP footprint [3]. - Earlier in April, Tencent invested 200 million yuan in the Shanghai Xingze Chuanhe Venture Capital Partnership, becoming the largest LP with a 66.66% stake [4]. Group 2: Alibaba's Investment Activities - Alibaba has also re-entered the LP space, contributing 30 million yuan to the "Infinite Sailing Haihe (Tianjin) Venture Capital Partnership," marking its first LP investment since 2018 [6]. Group 3: Trends in the LP Market - The trend of companies acting as LPs is becoming prominent, with 174 companies in the A-share market announcing the establishment of industry funds this year [14]. - The rise of CVCs is reshaping the investment landscape, with many traditional and new economy companies leveraging CVCs for strategic investments [14][15]. Group 4: Investment Strategies and Motivations - Companies are increasingly forming industry funds to enhance their investment capabilities, optimize asset structures, and mitigate risks associated with direct investments [15]. - The "chain master + fund" model is gaining traction, where leading companies in the supply chain collaborate with funds to drive investment [16]. Group 5: Future Outlook - The diversification of LP sources is a notable trend, with expectations that CVCs will continue to play a significant role in the VC/PE market, contributing to high-quality industrial development [17]. - The upcoming 2025 China Mother Fund Summit will further explore these trends and the evolving role of CVCs in the investment ecosystem [19].

Core Viewpoints - Recent announcements from various regions in China indicate a significant focus on establishing mother funds targeting sectors such as aerospace, new energy, new materials, intelligent manufacturing, digital economy, high-end manufacturing, and fashion light industry [2][5][29] - The establishment of the Central Enterprise Venture Capital Mother Fund marks a new phase in investment operations, with a total planned scale of 300 billion yuan, focusing on hard technology investments [5][6] - The recent policy initiatives from the central bank and other departments aim to enhance venture capital by introducing long-term funds and developing patient capital to accelerate the transformation of technological achievements [29][30] Fund Establishments - The Chengtong Science and Technology Investment Fund has completed its registration, with a total planned scale of 300 billion yuan and an initial scale of 100 billion yuan, focusing on hard technology investments [5][6] - The Zhejiang Zhanxing Industrial Relay Fund has been established with a target scale of 50 billion yuan, focusing on artificial intelligence, robotics, new energy vehicles, and new materials [2][12] - The Xiangxi Jin Furong Industrial Development Guidance Mother Fund has been launched with a total scale of 10 billion yuan, targeting ecological cultural tourism, specialty agriculture, and new energy industries [9][10] Policy Support - The People's Bank of China and six other departments have released 18 opinions to support the enhancement of industrial technology innovation capabilities and the resilience of supply chains [29][30] - Beijing's government has introduced measures to encourage local government and state-owned enterprise funds to invest in future industries, allowing for normal investment risks [32][33] - The Guangxi government plans to establish an artificial intelligence industry fund with a minimum scale of 100 billion yuan, focusing on enhancing financial support for AI-related enterprises [16][17] Investment Strategies - The Chengtong Fund aims to invest in leading technology enterprises and small to medium-sized enterprises in the industrial chain, with a focus on long-term investments [6] - The Nanjing Xinghe Investment Fund is set to focus on aerospace, new energy materials, intelligent manufacturing, and digital economy sectors, with a scale of 5 billion yuan [11][12] - The Anhui Huazhong Jianyuan Equity Investment Fund has been established with a focus on strategic emerging industries, including artificial intelligence and new energy vehicles, with an initial scale of 10 billion yuan [13][14] Market Trends - The establishment of various mother funds across different regions indicates a growing trend towards collaborative investment strategies that leverage government, enterprise, and market resources [2][5][12] - The recent fundraising activities, such as the over 45 billion yuan raised by Xincheng Capital for a new RMB merger fund, highlight the increasing interest in private equity investments despite market challenges [23][24] - The focus on hard technology and strategic emerging industries reflects a broader shift in investment priorities towards sectors that promise high growth potential and innovation [5][6][13]

Core Viewpoint - Mergers and acquisitions (M&A) are expected to be a significant trend in 2025, driven by policy support, industry needs, and capital influx [3][12][17] Group 1: Market Dynamics - The M&A market in China has been heating up since the implementation of the "M&A Six Guidelines," with notable activity from state-owned enterprises and large corporations [4][12] - A significant increase in the number of M&A restructuring cases has been observed in A-shares, with a doubling in the number of cases compared to the same period last year [12][13] - The emergence of various M&A funds and mother funds is contributing to the ongoing M&A boom, with notable funds being established in cities like Shanghai and Shenzhen [5][13] Group 2: Fundraising and Investment Strategies - Xincheng Capital recently closed a new RMB 4.5 billion M&A fund, bringing its total assets under management to USD 9.59 billion [6][8] - The new fund includes diverse investors such as government-guided funds, insurance capital, and private equity, focusing on controlling M&A strategies and high-growth opportunities within its portfolio [9][10] - The trend of large-scale M&A transactions, particularly in sectors like semiconductors and machinery, is becoming more common, with transactions exceeding RMB 1 billion [13][14] Group 3: Policy and Industry Support - The Chinese government is actively supporting M&A activities, with various local policies being introduced to facilitate asset restructuring [13][14] - The "Science and Technology Innovation Board" has seen a significant increase in disclosed equity acquisition transactions, indicating strong policy-driven momentum in the M&A market [14][15] - The current economic environment is seen as an opportunity for strategic acquisitions, with many companies adjusting their internal decision-making processes to capitalize on this window [12][15]

Core Viewpoint - The Zhejiang Provincial Government has issued implementation opinions to promote the high-quality development of government investment funds, focusing on attracting social capital and enhancing investment in key industries and innovative sectors [1][2]. Group 1: Fund Positioning and Types - Government investment funds are categorized into industrial investment funds and venture capital funds, targeting significant strategic projects and emerging industries [4][5]. - Industrial investment funds will focus on the "415X" advanced manufacturing cluster, while venture capital funds will emphasize the "315" technology innovation system, particularly in fields like artificial intelligence and biotechnology [4][5]. Group 2: Management and Operational Guidelines - The implementation opinions advocate for a differentiated management mechanism based on the characteristics of the funds, with a typical lifespan of up to 15 years for industrial funds and 20 years for venture capital funds [4][5]. - A comprehensive risk prevention system will be established, covering the entire investment process from fundraising to exit [3][12]. Group 3: Coordination and Integration - The government will enhance coordination across regions to promote balanced development and establish a strategic guidance mechanism for government investment funds [6][8]. - There will be an emphasis on integrating existing funds to avoid redundancy and ensure efficient use of resources [8][9]. Group 4: Performance Evaluation and Incentives - A performance evaluation mechanism will be implemented to assess the effectiveness of government investment funds, focusing on achieving policy objectives and social benefits [9][10]. - The government will support the establishment of market-oriented operational mechanisms to incentivize fund management teams and ensure accountability [10][11].

Group 1 - The core viewpoint of the article emphasizes the promotion of high-quality development of government investment funds in Zhejiang Province through optimized exit mechanisms [1] - The implementation opinion encourages the establishment of merger funds and secondary private equity market funds (S funds) to broaden exit channels for investment funds [1] - It highlights the need to enhance the capabilities of regional equity markets, such as the provincial equity trading center, in facilitating fund share transfers and equity investment exits [1]

Core Viewpoint - The Wuhan Municipal Government has released an action plan aimed at promoting high-quality development of technology finance and establishing a national technology finance center by 2027, with a target of exceeding 3 trillion yuan in equity investment fund scale [1]. Group 1: Key Measures in the Action Plan - The plan encourages government investment funds to collaborate with listed companies and key enterprises in the industry chain to establish merger and acquisition funds, with a maximum government investment ratio of 1:1 [2][11]. - It proposes practical measures across all stages of fund management, including increasing the contribution ratio of sub-funds to over 50% and extending the maximum duration of funds to 15 years [2]. - The plan allows government investment funds to invest up to 20% of the new investment amount in seed and angel funds, enhancing the role of government investment funds [2][4]. Group 2: Tolerance for Losses - The action plan introduces a groundbreaking tolerance for losses, allowing seed funds and angel funds to incur losses of up to 80% and 60% respectively, with single projects allowed to incur losses of up to 100% [4][7]. - This tolerance mechanism is seen as a significant breakthrough in the national context, as it allows for a higher overall loss tolerance at the fund level compared to individual project levels [4][6]. - The plan reflects a broader trend where local state-owned assets are increasingly accepting full loss tolerances, indicating a shift towards a more risk-tolerant investment environment [6][8]. Group 3: Fund Evaluation and Management - The action plan emphasizes the need for a scientific evaluation system for funds, stating that individual fund or project profits and losses should not be the sole basis for assessment [5][10]. - It aims to create a favorable environment for innovation and risk tolerance, encouraging the establishment of a comprehensive evaluation system that aligns with the characteristics of the venture capital industry [9][10]. - The plan also highlights the importance of a flexible and market-oriented approach in the management of mother funds, with low return requirements and fewer restrictions on fund management teams [18][19]. Group 4: M&A Fund Development - The action plan outlines a strategic focus on the establishment of merger and acquisition funds, which is expected to stimulate activity in the primary market following the recent regulatory changes [12][15]. - The introduction of the new merger and acquisition regulations is anticipated to facilitate private equity fund participation in significant transactions, enhancing the overall market dynamics [13][16]. - The plan positions Wuhan as a hub for mother fund development, with multiple funds established to support the growth of equity investment in the region [17][18].

Group 1: Market Overview - Domestic M&A transaction volume increased by over 50% year-on-year, reaching 224.89 billion yuan in Q1 2025 [3][4] - The "M&A Six Guidelines" policy has significantly boosted market activity, particularly in sectors like semiconductors and artificial intelligence [3][4] - The number of M&A transactions in the Shenzhen market surged, with 817 deals totaling 379.7 billion yuan, marking increases of 63% and 111% respectively [4] Group 2: Participants and Strategies - A diverse range of participants is engaging in M&A, including state-owned enterprises, private equity, and listed companies acting as limited partners in M&A funds [1][5] - Listed companies are increasingly establishing M&A funds, with notable examples including a 9 billion yuan fund by Taikang Insurance [5] - The focus has shifted towards deep integration of industrial chains and technological innovation, moving away from traditional market value management [5][6] Group 3: Opportunities and Challenges - M&A funds are seen as a new opportunity for private equity firms, providing broader exit paths and investment options [2][8] - The rise of state-owned M&A funds is enhancing the synergy between primary and secondary markets, facilitating corporate growth and reducing reliance on IPOs [9] - While M&A funds offer flexible exit strategies, challenges such as valuation disputes and integration difficulties remain [7][10]

Core Points - The Xiamen Municipal Finance Bureau has proposed measures to utilize government investment funds to empower industrial chain development, focusing on supporting the real economy and aligning with the city's modern industrial system [1][2]. Group 1: Fund Initiatives - A new 5 billion yuan industrial chain innovation fund will focus on sectors such as artificial intelligence and low-altitude economy, selecting quality institutions for chain investment [1][2]. - A 5 billion yuan science and technology venture capital fund will support early-stage investments, with at least 30% allocated to seed and startup companies, and a maximum government investment ratio of 70% [2]. - A new 5 billion yuan merger and acquisition fund will support companies in M&A or IPO activities, particularly in sectors like new energy, new materials, and semiconductors [2]. Group 2: Support Systems - A comprehensive support system will be established using fiscal policies and financial tools, creating a full-cycle support mechanism through investment, subsidies, loans, and guarantees [3]. - An intelligent platform named "Rong Tian Xia" will facilitate project financing and information exchange among government, enterprises, and financial institutions [3]. Group 3: Management and Incentives - The management of mother funds will implement a performance management system and a multi-dimensional evaluation framework to assess the effectiveness of funds [4]. - Incentives will be provided to partner funds based on their economic contributions, with potential increases in government investment for high-performing funds [4]. Group 4: Risk Management - Measures will be taken to establish a tolerance mechanism for normal investment risks, promoting a culture that encourages innovation and accepts failure [5]. - A robust risk control system will be implemented, including strict financial discipline and evaluation of new funds [6].