丰隆星河通过QFLP渠道投资上海科创基金，开创了境外企业家以个人名义设立QFLP基金参与上海科创 中心建设的先例，将成为国际长期资本参与上海科创中心建设可复制、可推广的一次案例。 丰隆星河拟设立5亿元规模QFLP基金 11月23日，上海科创基金与新加坡丰隆星河签订合格境外有限合伙人（QFLP）合作暨上海科创三期基 金投资意向协议。丰隆星河拟设立5亿元规模QFLP基金，专项投资上海科创三期基金。 上海科创基金是上海国际集团在2017年发起设立的全国首家以服务上海科创中心建设为核心使命的市场 化母基金。成立八年来已累计管理规模超170亿元，投资子基金超100支，带动子基金管理总规模超2500 亿元，培育上市企业166家、国家级专精特新"小巨人"企业超500家。 作为上海招商引资和产业发展的重要推动力量，上海市国资委以基金、场景为核心抓手，全方位推动重 大项目落地见效，此次合作也是上海市国资委落实全市招商引资和企业服务一体化工作要求的重要成 果，是上海国资国企精准吸引境外长期资本的典型实践，更是沪新金融合作迈向新高度的标志性项目， 标志着国际长期资本高度认可中国经济的韧性与科技创新领域的巨大增长潜力，看好上海作为国 ...

Group 1: Core Insights - The QFLP system is becoming the main channel for foreign investment in China's equity market, with institutions like Jifeng Asia benefiting from its advantages over traditional dollar funds [2][3] - The QFLP mechanism simplifies the investment process by eliminating complex procedures and allowing direct use of RMB for business operations, thus enhancing efficiency for invested companies [2] - Policy optimization suggestions include implementing a "classified review" mechanism for foreign fund managers and clarifying tax and exchange guidance for project exits [3] Group 2: Investment Logic Evolution - Hans Group's investment strategy has evolved through four stages, adapting to market changes and focusing on core assets in key locations, while also exploring partnerships with domestic financial institutions [4] - The interest of Middle Eastern capital in new economy real estate is contingent on clear exit paths and managing supply risks, emphasizing the importance of location and management expertise [5] Group 3: Hard Technology Investment - The challenge of attracting global Fortune 500 companies to invest in China's hard technology startups lies in addressing their core needs for innovative resources and leveraging China's unique advantages [6][7] - Recommendations for enhancing hard technology investment include tax exemptions for limited partnerships and the establishment of a loan mechanism for evergreen funds to improve liquidity for investors [7] Group 4: QFLP Policy Recommendations - Key factors influencing foreign institutions' choice of QFLP locations include investment threshold compatibility, fund allocation flexibility, and approval efficiency [8] - Suggestions for deepening Shanghai's QFLP policy include introducing new regulations, relaxing entry barriers for traditional equity investments, and improving inter-departmental coordination for tax, foreign exchange, and approval processes [9]

以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 导读： 私募股权市场回暖迹象愈发清晰了。 8月份， 政策型 LP活跃度与规模双回升，其中总出资规模环比增长8%，活跃度较 7 月增长 26%。 值得关注的是，财务型LP、金融机构LP活跃度均有提升。根据统计， 金融机构LP出资规模环比 增长36%。 财务型LP 出资活跃度环比上升7%， 规模环比增长 119%，其中外资布局亮眼。 作者丨FOWEEKLY 区域层面，浙江出资规模超越江苏登顶，得益于 QFLP 规则优化及湖州南浔百亿母基金等大额基 金密集落地，资金紧扣地方发展战略并联动头部机构，精准聚焦战略产业。 LP 类型结构 政策型 LP 主导市场，上市公司逆势扩张 根据出资的机构LP类型分布，出资占比最高的是政策型，占比42.34%；其次为产业型，出资占比 36.43%，财务型出资占比16.85%，金融机构出资占比3.94%，公共型出资占比0.44%。 （一）政策型 LP 主导市场，结构性分化显著 2025 年 8 月政策型 LP活 ...

Group 1 - The establishment of QFLP funds is enhancing the integration of international capital with local industries, providing financial support to companies in Kunshan and promoting a new development pattern of dual circulation in the economy [1][4] - As of mid-2023, Wuxi has established 51 QFLP funds with a total scale exceeding $5 billion, focusing on strategic emerging industries such as IoT and biomedicine [1][2] - Local governments are actively revising QFLP pilot policies to facilitate fund establishment and attract foreign investment, indicating a strong commitment to the QFLP initiative [2][3] Group 2 - QFLP funds are becoming a crucial tool for supporting technology innovation by providing new equity financing channels for startups in fields like biomedicine and advanced manufacturing [3][6] - The collaboration between local governments and QFLP fund managers is aimed at aligning investment strategies with local industrial development, enhancing the regional innovation ecosystem [3][6] - The QFLP fund established in Chongqing is expected to fill funding gaps for long-cycle projects in innovative drug development and high-end medical equipment [6][7] Group 3 - QFLP funds are evolving from a mere financing tool to a vital link that promotes the deep integration of industry, technology, and capital [5][7] - The flexibility and efficiency of QFLP funds make them an attractive option for private equity and venture capital managers, facilitating the entry of long-term capital into China [7] - Continuous improvements in QFLP regulations and the establishment of more funds are expected to enhance capital structure optimization and regional innovation ecosystem development [7]

Group 1 - The core viewpoint of the articles highlights the significant progress and achievements of the Qianhai Cooperation Zone in promoting cross-border collaboration between Hong Kong and mainland China, particularly in the construction and financial sectors [1][2][3] - The completion of the Qianhai Innovation Education Group's school marks the first government investment project fully constructed by a Hong Kong enterprise, showcasing the successful implementation of a tripartite management model involving the construction unit, architect team, and contractor [1] - Since the introduction of policies in 2020 to facilitate Hong Kong enterprises and professionals operating in Qianhai, there has been a notable increase in the number of registered Hong Kong enterprises, with nearly 10,000 currently established [4] Group 2 - Qianhai has become a testing ground for institutional reforms, successfully implementing 14 pioneering financial innovations, including cross-border RMB loans and dual-currency bond issuance [2][3] - The QFLP (Qualified Foreign Limited Partner) fund established in Qianhai has attracted significant foreign investment, with a total approved quota of $200 million, focusing on sectors such as healthcare and advanced manufacturing [2] - The Qianhai area has seen a 42.4% year-on-year increase in imports and exports, reaching 706.65 billion yuan in 2024, indicating robust growth in trade activities [5]

Core Insights - The article highlights the recent developments in Limited Partner (LP) activities, showcasing various funds and investments across different regions and sectors in China [2][5][6][8][12]. Group 1: Major LP Activities - Tencent has made a new investment in Chengdu Longzhu Equity Investment Fund, indicating its continued engagement in the venture capital space [2]. - KKR has successfully registered a private equity fund in Shanghai, marking its entry into the RMB fund market [3]. - A new Tencent-affiliated fund, Shenzhen Zhishu Investment Partnership, has been established with a registered scale of approximately 16.08 billion RMB [4]. Group 2: Fund Establishments and Investments - The QFLP project by Qiming Venture Partners has been launched with a total commitment of 200 million USD, focusing on early-stage investments in technology and healthcare [5]. - Jiangsu Xuzhou has registered a new mother fund with a total scale of 3 billion RMB, targeting emerging industries such as new energy and integrated circuits [7]. - A 3 billion RMB fund has been established in Hunan, focusing on digital economy and artificial intelligence [8]. Group 3: Sector-Specific Funds - The Changjiang Gengzhi Innovation Development Fund has been registered with a focus on new materials and high-end equipment [9]. - A new fund in Chongqing has been set up to invest in the new energy intelligent connected commercial vehicle sector [10]. - The Fujian Province has launched a cultural industry fund with a total scale of 1 billion RMB, focusing on the cultural industry ecosystem [12]. Group 4: Regional Fund Developments - Tianjin has registered its first QFLP fund with a capital of 54.5 million RMB, focusing on domestic substitution and digital economy sectors [14]. - The Ezhou city has established a semiconductor industry fund with a total commitment of 300 million RMB [15]. - Hebei Province has set up a 150 million RMB electronic information venture capital fund, focusing on early-stage technology companies [19]. Group 5: Government Initiatives and Policies - The Anhui Provincial Government is establishing a general artificial intelligence industry fund with a target scale of 20 billion RMB [28]. - The Shaanxi Province has introduced a technology innovation mother fund with a maximum loss tolerance of 100% for certain investment categories [26][27]. - The Guangxi Province is launching a technology achievement transformation mother fund with a total scale of 2 billion RMB, focusing on high-end technology projects [25].

Core Insights - The actual foreign investment in Qianhai reached 12.326 billion yuan in the first half of the year, a year-on-year increase of 15.9%, accounting for 59.0% of Shenzhen's total [1] - The Qianhai Shekou Free Trade Zone attracted 10.702 billion yuan in foreign investment, marking a significant year-on-year growth of 40.5% [1] - Qianhai has established itself as a preferred destination for foreign investment through institutional openness centered on regulatory alignment [1] Investment Landscape - The top three industries for foreign investment in Qianhai are finance (29.5%), business services (29.4%), and software and information technology services (17.5%) [2] - Foreign investment in the finance sector grew by 19.5%, while high-tech services saw a remarkable increase of 72.4% [2] - Over 1.2 million foreign enterprises have settled in the Qianhai Cooperation Zone, with 52 companies recognized as multinational headquarters, representing 30.8% of Shenzhen's total [2] Future Developments - Qianhai aims to deepen institutional openness in finance, cross-border data, and healthcare sectors [2] - The Qianhai business environment is considered top-notch in the Guangdong-Hong Kong-Macao Greater Bay Area, attributed to high transparency in government governance and simplified business registration processes [2] - More than 52% of member companies from the South China American Chamber of Commerce plan to establish new offices in Qianhai soon [2]