Group 1 - In May 2025, the number of newly registered private equity and venture capital fund managers in China dropped to 2, a decrease of 83.3% compared to April and a 60% decline year-on-year [1] - A total of 339 new private equity and venture capital funds were registered, marking a year-on-year increase of 55.5% but a month-on-month decrease of 18.7% [1] - The domestic primary equity investment market recorded 428 financing events, representing a year-on-year and month-on-month decrease of 13.6% and 18.0%, respectively, with a total disclosed financing amount of approximately 18.233 billion yuan, remaining stable compared to May 2024 but down 21.5% from March 2025 [1] Group 2 - Qiming Venture Partners managed a total capital of 9.5 billion USD (over 69 billion yuan) across 11 USD funds and 7 RMB funds, having invested in over 530 companies in technology, consumer, and healthcare sectors [2] - As of May 2025, Qiming Venture Partners registered only one fund, the Suzhou Qichen Hengyuan Equity Investment Partnership, with a registered capital of 460 million yuan, which is intended for acquiring shares in Tianmai Technology [2] - The acquisition of 26.1% of Tianmai Technology for 452 million yuan positions Qiming as the controlling shareholder, with the company’s market value at 1.732 billion yuan [2] Group 3 - Tianmai Technology, established in 2004, focuses on intelligent public transportation solutions but has faced declining performance due to reduced passenger traffic and local government subsidies [3] - Qiming Venture Partners aims to leverage its resources to help Tianmai Technology reduce costs and explore new markets to reverse its operational decline [3] - In the reported period, Qiming disclosed 4 equity investment events, showing a significant increase of 300% year-on-year and month-on-month [3] Group 4 - In May 2025, Qiming's participation in B-round projects accounted for 75% of its investments, with a notable investment in medical device company "Pam Medical" [5] - Qiming also invested in the AI sector, specifically in a company developing general-purpose robots [5] Group 5 - Haobo Pharmaceutical completed a 50 million USD B+ round financing, with funds aimed at supporting the clinical development of its innovative drug AHB-137 for chronic hepatitis B [7] - Qiming has previously invested in Haobo during its A and B rounds, totaling 11 million USD [8]

Core Viewpoint - The acquisition of Tianmai Technology by Qiming Venture Partners raises two main concerns: the stability of control led by private equity funds and the compliance of the "pre-investment and post-fundraising" strategy with regulatory requirements [1][2]. Group 1: Control Change and Stability - Tianmai Technology's controlling shareholder has changed, with the new acquirer being Suzhou Qichen Hengyuan Equity Investment Partnership, which is linked to Qiming Venture Partners [1][2]. - The stability of control under private equity management is questioned, particularly regarding the potential impact of complex investor structures and regulatory constraints on the company's governance [6]. Group 2: Pricing and Compliance - The share transfer price for Tianmai Technology is set between 24.25 CNY and 28.26 CNY per share, which aligns with the regulatory requirement that the transfer price should not be lower than 80% of the previous trading day's closing price [2][3]. - The "pre-investment and post-fundraising" strategy has raised concerns about whether the pricing needs to be adjusted following the change in the controlling entity, as regulatory guidelines stipulate that any changes in the agreement necessitate a re-evaluation of the price [7]. Group 3: Company Performance and Risks - Tianmai Technology has faced continuous losses over the past four years, with net profits of -37.27 million CNY, -0.85 million CNY, -50.07 million CNY, and -59.31 million CNY from 2021 to 2024, raising concerns about its financial viability [8]. - The company's revenue has been declining, with recent figures around 160 million CNY, which could lead to delisting risks if performance does not improve [8]. Group 4: Industry Position and Future Prospects - Tianmai Technology operates in the smart public transportation sector, providing solutions that cover over 400 cities and 700 transportation enterprises in China, indicating a strong market presence [9]. - The collaboration with Qiming Venture Partners, which has expertise in technology sectors such as AI and robotics, may enhance Tianmai Technology's innovation and business expansion capabilities [9].

Core Viewpoint - KSB Group's strategic focus on the Chinese market, particularly in the petrochemical sector, is underscored by the establishment of the KSB Shanghai Chemical Engineering Pump Factory, which aims to leverage China's manufacturing capabilities and market potential [3][5][21]. Group 1: Strategic Importance - The meeting held in Shanghai highlighted KSB Group's commitment to its global strategy and the significance of the Chinese market in its operations [3][5]. - KSB Shanghai is positioned as a hub for serving not only China but also the broader Asian market, reflecting the company's ambition to expand its regional influence [4][16]. Group 2: Technological Advancements - The Shanghai factory features an advanced digital platform developed in-house, which enhances production efficiency and product quality through smart pump systems and remote monitoring [7][9]. - KSB integrates advanced German pump manufacturing technology into its operations in China, ensuring that products meet world-class standards [15]. Group 3: Localization Strategy - KSB's localization strategy involves close collaboration with local suppliers, which not only shortens delivery times but also better meets the demands of the Chinese market [14][16]. - The company aims to combine German technology with local advantages, creating a model of innovation in the localization process [11]. Group 4: Supply Chain Optimization - KSB is optimizing its global supply chain to enhance efficiency and resilience, with the Shanghai factory playing a central role in this strategy [19]. - The company is focused on strengthening regional connectivity and participating in economic cooperation across Asia to reduce trade barriers and promote mutual development [20]. Group 5: Future Outlook - KSB Shanghai is recognized as the "Asian Manufacturing Center" for KSB's petrochemical pumps, marking a significant step in the company's global strategy [21]. - The company is committed to collaborating with the petrochemical industry in China and Asia to create a prosperous future [22].

Q KSB KSB 铸就" 亚洲制造中心 " 智造引擎驱动石化化工泵新纪元、 2025年3月25日至26日，来自KSB集团德国 总部的高层领导 ，以及加拿大、法国、美国、新加 地区的 总经理及石化化工业务负责人 于上海凯士比泵有限公司 。 这次会议的意义非凡，它不仅是KSB集团全球战略布局的重要一环，更展现了凯士比对 中国市 场 、尤其是 中国石化化工行业 发展潜力的 。 与会KSB集团高层表示，选择 凯士比上海化工工程泵工厂 作为 ▼ 凯士比上海化工工程泵工厂，是KSB集团 。会议期间，与会者亲身参观了这 座现代化工厂，并对其在数字化方面取得的成就 给予了高度评价 。 坡、越南、泰国、马来西亚、印尼、南非、阿联酋、韩国、日本、一带一路中亚五国等国家和 ，是基于对中国市场巨大潜力和中国制造能力的充分信任： 中国不仅是 全球最大的化工市场之一 ，更拥有 完善的工业体系 和 强大的供应链优势 。凯士比 希望通过上海工厂，更好地服务中国客户，并以此为支点，辐射整个亚洲市场。 凯士比上海的数字化战略，不仅提升了KSB品牌自身的竞争力，也 为 ▼ 数字化解决方案： 凯士比上海团队还向与会嘉宾展示了一系列 自主研发的数字 ...