三是创新财政资金运作模式，打造全生命周期管理机制。《管理办法》创新"先期科技立项+后期择优 持股"模式，使财政支持从传统的单向补贴转变为可循环的创新资本。通过"社会化筛选、专业化审查、 集体性决策"三层评审机制严把入口关，引入专业投资机构全流程跟踪管理、风险监控，构建覆盖项目 全生命周期的闭环管理体系。 天津OTC相关负责人表示，下一步，天津OTC将协同天津滨海高新区做好政策宣传推广，开展首批"先 研后股""先投后股"项目立项征集工作，为"认股权"协议的签约、登记、托管等相关程序做好配套服务 支持。同时，发挥天津OTC综合服务平台的作用，赋能科研项目、科创企业实现高质量发展。 此外，天津OTC将继续探索"金融机构+认股权""园区服务+认股权"等更多服务场景，构建完善认股权登 记托管、估值流转等全流程服务体系，更好地服务科技创新和成（002001）果转化，助力我市金创区建 设，做好科技金融大文章。 近日，天津滨海高新区制定并印发《天津滨海高新区科技成果转化"先研后股""先投后股"项目管理办法 (试行)》(以下简称《管理办法》)，在全国范围内率先探索依托"认股权"模式，制度化、规范化、批量 化开展科技成果转化"先 ...

Core Viewpoint - Guangdong is positioned as a leading region for technological innovation in China, with a focus on establishing an international technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the importance of a high-quality financial system to support technological innovation [1][2]. Policy Initiatives - The People's Bank of China Guangdong Branch has collaborated with the Guangdong Provincial Science and Technology Department to issue implementation opinions aimed at deepening the integration of technology and finance, focusing on venture capital and various financial support measures [2]. - Specific policies include the "15 Measures for Technology Finance" and the "31 Specific Measures for High-Quality Development of Technology Finance," which aim to enhance financial resource allocation to key areas of technological innovation [2]. Financial Support and Innovation - Guangdong has introduced the first limited recourse supply chain bill discounting business in the country, increasing support for first-time loans to technology SMEs, and establishing three special loan quotas of 100 billion yuan each for various sectors [3]. - By April 2025, 1,585 projects were included in the technology transformation and equipment update list, with signed loan contracts amounting to 177.2 billion yuan and 42.5 billion yuan disbursed [3]. Financing Channels - The Guangdong branch has facilitated the issuance of technology innovation bonds, with a total issuance scale of 4.8 billion yuan from technology enterprises and investment institutions [4]. - Efforts to broaden cross-border financing channels include pilot programs for Qualified Foreign Limited Partners (QFLP) and cross-border capital pools, with 12 fund management companies in Nansha Free Trade Zone obtaining QFLP pilot qualifications, amounting to approximately 28.4 billion yuan in investment [4]. Service Models and Product Innovation - The Guangdong branch has introduced innovative service models such as the "Win-Win Plan for Enterprises" and "Equity Loan Guarantee Lease" to address the financing needs of technology enterprises throughout their lifecycle [5][6]. - New financing products have been developed for different stages of technology enterprises, including "Technology Talent Loans" and "Technology R&D Loans," which consider talent and R&D investment as key credit factors [6]. Future Directions - The Guangdong branch plans to enhance financial support for major national technology tasks and SMEs, focusing on policy tool reinforcement, product and service innovation, and multi-party collaboration to deepen the integration of technology and finance [7][8].

Group 1 - The Beijing Economic Development Zone's Science and Technology Financial Service Center has processed 71 technology loan applications totaling 19.8 billion yuan and completed 62 credit approvals amounting to 19.5 billion yuan as of the end of June [1] - The center was officially established on April 1 this year and aims to create a comprehensive financial service system for technological innovation by incorporating various financial institutions such as securities, insurance, and leasing [1][3] - The center has recently upgraded to version 2.0, expanding the number of pilot banks from 7 to 14, which allows for more innovative financial products to support tech enterprises [2] Group 2 - New financial products introduced in version 2.0 include "Technology R&D Loans" and "No Repayment Renewal Loans," in addition to existing products like "Acquisition Loans" and "Talent Loans" [2] - The first "Technology R&D Loan" was successfully issued to Beijing National New Energy Vehicle Technology Innovation Center Co., Ltd., providing 10 million yuan in credit support, significantly alleviating the company's funding pressure for R&D [2] - The loan approval process has been streamlined, reducing the time from application to disbursement to just one month, which is more than a 50% reduction compared to previous timelines, enhancing loan efficiency and reducing costs for enterprises [2]

Core Points - New Wave Holdings Corp. will proceed with a non-brokered private placement of up to 10,000,000 units at a price of $0.30 per unit, aiming for gross proceeds of up to $3,000,000 [1][4] - Each unit consists of one common share and one transferable common share purchase warrant, with the warrant allowing the purchase of an additional share at $0.35 for 24 months [2][3] - The proceeds from the offering will be used for corporate development, marketing, and general working capital [4][6] Offering Details - The company will pay finders' fees of up to 7.0% of the gross proceeds raised and issue non-transferable finders' warrants of up to 7.0% of the units sold [3] - The offering is subject to corporate and regulatory approvals, including from the Canadian Securities Exchange (CSE) [4] - All securities issued will be subject to a statutory hold period of four months plus a day from the date of issuance [4] Company Background - New Wave Holdings Corp. focuses on supporting innovative and fast-growing companies in the e-sports, Artificial Intelligence, Blockchain, and Web3 sectors [6]

Core Insights - The current Chinese venture capital market is at a turning point, characterized by both a cyclical bottoming and a deepening structural transformation, necessitating adaptability to capture opportunities amid uncertainty [1] - The 36Kr WAVES New Era 2025 conference gathered top investors, innovative entrepreneurs, and scholars to discuss cutting-edge topics such as AI innovation and globalization [1] Group 1: Historical Context - The dialogue featured insights from industry veteran Li Wei, who played a pivotal role in designing China's first convertible bond in 1992, marking a significant moment in the development of the capital market [3][4] - Li Wei emphasized the importance of understanding fundamental principles in entrepreneurship, drawing parallels between the design of convertible bonds and current venture capital practices [5][6] Group 2: Industry Evolution - The venture capital industry in China has experienced significant ups and downs over the past 30 years, with key phases including the initial excitement in the late 1990s and subsequent challenges in the early 2000s [9][10] - Li Wei identified three key phrases to describe the industry's journey: "ups and downs," "turning points," and "light at the end of the tunnel," reflecting the cyclical nature of the market [9] Group 3: Current Trends and Future Outlook - There is a growing confidence in the industry, driven by increased government maturity and a shift towards domestic technology development in response to global tech restrictions [11][12] - Li Wei noted that the recovery of the venture capital market is more about investor confidence than mere index performance, highlighting the need for a supportive environment for innovation [12][14] - The success of companies like DeepSeek illustrates the potential for software innovation to thrive despite hardware challenges, reinforcing optimism for China's tech future [20][21] Group 4: Policy Recommendations - Li Wei advocated for a more flexible approach to state-owned enterprises, suggesting that they should operate according to market principles to enhance efficiency and innovation [22][23] - The importance of nurturing a vibrant private sector was emphasized, with a call for other regions to learn from Zhejiang's focus on supporting private enterprises [21][22]

自5月初央行与证监会联合发布关于支持发行科技创新债券有关事宜的公告，首次明确将券商纳入科创 债发行主体范围以来，债市"科创板"已初具规模。Wind数据显示，截至6月16日，券商总计发行科创债 券34只，发行金额总计294.70亿元（按发行起始日统计）。6月16日，又有两家头部券商华泰证券和中 信建投获批发行科创债。6月以来，券商科创债发行累计获批额度逾550亿元。 中国证券报记者在采访中了解到，在政策推动券商发行科创债的新形势下，如何突破传统信用评级模 式，精准评估成长性科创企业的专利价值和研发周期风险，成为打通其融资通道的关键。为此，券商正 着力探讨构建基于法律、技术、市场等多维度的专利价值动态评估模型与覆盖研发全周期的风险量化体 系，并通过设计可转债、业绩挂钩条款等创新产品平衡风险收益，同时力求平衡好短期商业效益与支 持"硬科技"的社会责任。 ● 本报记者 赵中昊 建立针对性风险评估体系 新政授权券商发行科创债并承担做市职能，但当前中小科创企业发债仍依赖外部增信。业界关注的核心 在于，券商如何突破传统信用评级框架，构建针对技术专利、研发周期等科创要素的专业风险评估体 系。 金元证券产业金融总部负责人周昱衡 ...

Core Viewpoint - Wuhan East Lake High-tech Zone has launched the "Innovation Financial Partner Program" to address financing challenges faced by startup technology companies, aiming to support technological innovation and achievement transformation [1][2]. Group 1: Program Overview - The "Innovation Financial Partner Program" focuses on the financing pain points of technology enterprises in the "0-1" stage, establishing a database of technology seedling enterprises with technological and intellectual property value [1]. - The program aims to encourage financial institutions to lend by implementing a layered risk-sharing mechanism and a return on investment design [1][2]. Group 2: Targeted Support - The program specifically supports three types of "hardcore" entities: talent enterprises founded by research teams from universities and research institutes, future unicorns with disruptive technologies and clear industrialization paths, and pioneers in technology achievement transformation through deep integration of industry, academia, and research [1]. - The initiative aims to provide precise financial support to high-risk, light-asset technology seedlings, facilitating their growth [1]. Group 3: Financial Mechanisms - The program will create a nurturing system for seedling enterprises, selecting 400 initial technology startups for a "seedling enterprise database" and launching a dedicated credit product called "Seedling Partner Loan + Equity Subscription" [1]. - A priority credit channel for seedling technology enterprises will be established, ensuring a 100% response rate to credit applications, with an annual financing amount of no less than 600 million yuan [1]. Group 4: Risk Compensation and Sustainability - A special risk compensation fund will be set up to achieve layered risk compensation, forming a sustainable operational loop of "financial support - enterprise growth - return on investment" [2]. - The program promotes risk-sharing and profit-sharing among cooperating partners, enhancing collaboration within the ecosystem [2]. Group 5: Historical Context and Achievements - Since its establishment, the East Lake High-tech Zone has nurtured 158,000 innovative enterprises, 5,821 high-tech enterprises, and 549 gazelle enterprises, becoming the first national demonstration zone for technology insurance innovation [2]. - The zone has attracted over 1,100 technology financial institutions, including technology banks, securities, insurance, and funds, establishing a comprehensive equity and bond financing chain covering the entire lifecycle of technology enterprises [2].

Core Viewpoint - The "Partner Project" launched by Wuhan East Lake High-tech Zone aims to address the financing difficulties faced by startup technology companies, facilitating their innovation and achievement transformation [1][2]. Group 1: Financing Solutions - The "Partner Project" focuses on the financing pain points of technology companies in the "0-1" stage, leveraging the policy effects of knowledge value credit loans for technology enterprises in Hubei Province [1]. - The project will establish a "seed enterprise library" that values technological and intellectual property assets, encouraging financial institutions to lend [1][2]. - A total of 400 high-potential startup technology companies will be selected to form the "seed enterprise library" [2]. Group 2: Financial Products and Mechanisms - The project will introduce a specialized credit product called "Seed Partner Loan + Equity Option," ensuring a 100% response rate for credit applications from registered companies, with an annual financing amount of no less than 600 million [2]. - A risk compensation fund will be established to provide layered risk compensation, creating a sustainable cycle of "financial support - enterprise growth - revenue compensation" [2]. Group 3: Ecosystem and Collaboration - The initiative represents an upgrade in the innovation ecosystem, shifting credit resources from merely enhancing existing capabilities to providing essential support for innovation [3]. - The East Lake High-tech Zone will enhance coordination and set up special risk compensation funds to ensure resources reach their intended targets [3]. - The project aims to deepen government-bank-enterprise cooperation, expanding partnerships and innovating service models and financial products [3].

Group 1 - The core initiative is the "Partner Program" for innovative finance launched by Guanggu, which aims to select 400 high-potential startup tech companies annually, providing them with no less than 600 million yuan in credit financing [1][2] - The program targets three types of core entities: talent enterprises founded by research teams from universities and institutions, future unicorns with disruptive technologies and clear industrialization paths, and pioneers in technology transfer through deep integration of industry, academia, and research [1][2] - The initiative aims to create a financial ecosystem characterized by government guidance, market leadership, risk-sharing, and benefit-sharing, facilitating the growth of innovative startups [1] Group 2 - The "Seed Partner Loan + Equity Option" specialized credit product is designed to empower startups precisely, with banks committing to a 100% response rate for loan applications from selected companies [2] - A risk compensation fund of 30 million yuan has been established to support the program, creating a sustainable cycle of financial support, enterprise growth, and return on investment [2] - The initiative represents a shift in banking service models, moving from traditional financial assessments to a focus on technology and risk control, fostering a new breed of "pioneering banks" in tech finance [2][3] Group 3 - The East Lake High-tech Zone has been approved as the first national technology insurance innovation demonstration zone, gathering over 1,100 technology financial institutions and establishing more than 70 funds [3] - The funds managed in the region account for approximately 50% of the total fund net value in Hubei province, creating a comprehensive financing chain for tech enterprises throughout their lifecycle [3]

Group 1 - The core idea of the news is the launch of the "Innovation Finance Partnership Project" in Wuhan's East Lake High-tech Zone, aimed at addressing financing challenges for startup technology companies [1][2]. - The project focuses on the "0-1" stage of technology enterprises, establishing a database of technology seedling companies with technical and intellectual property value, and implementing risk-sharing mechanisms to encourage financial institutions to lend [2][3]. - The initiative will select 400 promising startup technology companies for a "seedling enterprise database" and introduce a specialized credit product called "Seedling Partner Loan + Equity Rights," with an annual financing target of no less than 600 million yuan [2][3]. Group 2 - The project includes a risk compensation fund to create a sustainable operation loop of "financial support - enterprise growth - revenue recovery," allowing partners to share risks and rewards [3]. - Since its establishment, the East Lake High-tech Zone has nurtured 158,000 innovative enterprises, 5,821 high-tech companies, and 549 gazelle enterprises, and has become the first national demonstration zone for technology insurance innovation [3]. - The region has attracted over 1,100 technology financial institutions, including private equity fund managers and various funds, forming a comprehensive financing chain for technology enterprises throughout their lifecycle [3].