Core Viewpoint - Lin Yuan Investment, a prominent player in the stock market, has entered the public REITs market by participating in the issuance of the CICC Vipshop Outlet REIT, marking its first offline subscription for a REIT project [1][3]. Group 1: Investment Participation - Lin Yuan Investment participated with nearly 80 million yuan in the subscription for the CICC Vipshop Outlet REIT, with a total of 22.9 million shares planned for subscription at a price of 3.481 yuan per share [2][3]. - The total fund share approved by the China Securities Regulatory Commission for the CICC Vipshop Outlet REIT is 1 billion shares, with 700 million shares allocated for strategic placement, 210 million shares for offline placement, and 90 million shares for public offering [3]. Group 2: Fund Details - The REIT is initiated by Vipshop Holdings Limited, with the original rights holder and operational management by Shanshan Commercial Group, and it aims to invest in the Shijie Outlet project in Ningbo, Zhejiang Province, which has been operational for over 13 years [3][4]. - A total of 11 private funds under Lin Yuan Investment participated in the offline subscription, with the largest subscription coming from Lin Yuan Investment No. 97 fund, which planned to subscribe for 570,000 shares [4]. Group 3: Market Trends - The public REITs market is experiencing rapid development, with institutional investors now accounting for 96% of the market, led by bank proprietary trading and insurance funds [6]. - Starting from the fourth quarter of 2024, trust funds, private equity funds, and small investment institutions are expected to accelerate their entry into the market, introducing new variables [6][7]. - The increasing participation of state-owned capital operation platforms in strategic placements is seen as a new force, aiding in the cross-regional and cross-industry integration of state-owned and central enterprises' assets [7].

Group 1 - The China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission (CSRC) for the registration of the CICC Vipshop Outlet Closed-End Infrastructure Securities Investment Fund (referred to as "CICC Vipshop Outlet REIT") [1] - CICC Vipshop Outlet REIT represents a significant exploration in the domestic capital market by Vipshop, a leading brand discount e-commerce platform in China, utilizing high-quality outlet assets to provide a quality sample for the continuous expansion of consumer infrastructure REITs [1] - Vipshop, listed under the stock code "VIPS," is recognized as a major player in the brand discount e-commerce sector, focusing on "brand flash sale" discount products, and has built a large loyal consumer base and strong brand partnerships over more than a decade [1] Group 2 - The first infrastructure asset intended for investment by CICC Vipshop Outlet REIT is the Shijie Outlet project located in Ningbo, which consists of three phases with a total construction area of approximately 104,300 square meters and a commercial building area of about 83,300 square meters [2] - The Shijie Outlet project has been in stable operation for over 13 years since its opening in 2011 and is considered a representative of high-quality outlet assets within the Shanshan Commercial system [2] - The project is strategically located near Ningbo Lishe Airport, with convenient transportation and a strong customer gathering ability, maintaining an average annual compound growth rate of 8.70% in operating income from 2022 to 2024, and a rental occupancy rate of over 97% [2]