Core Viewpoint - The second China Mother Fund Innovation Development Exchange Conference was held in Xiamen, focusing on how industrial capital can achieve innovation breakthroughs and ecological co-construction in a new cycle, particularly through CVC (Corporate Venture Capital) and merger funds [1][4]. Group 1: CVC and Mother Fund Development - The conference introduced the first national S Mother Fund evaluation system and guidelines, aimed at promoting the standardized, professional, and transparent development of the mother fund industry [3][4]. - The evaluation system consists of three categories: conventional indicators for GP evaluation, special indicators for S funds, and innovation bonus indicators, totaling 12 primary indicators and 45 secondary indicators [3][4]. - The guidelines include a due diligence framework with six steps, addressing the unique evaluation needs of S funds, which have emerged in the last two years and lack existing assessment benchmarks [4][6]. Group 2: Xiamen Free Trade Zone Initiatives - The Xiamen Free Trade Zone has established the first market-oriented S Mother Fund, guided by the government, to invest in S funds and S share transactions [4][9]. - The Xiamen International Fund Port aims to become a global hub for mother funds and private equity investment funds, with 27 funds registered and a total scale of approximately 9.626 billion yuan, including various types of funds [7][9]. - The Xiamen Free Trade Zone has launched over 180 financial and tax innovation measures since its establishment, focusing on attracting financial institutions and promoting new financial business models [9][10]. Group 3: Future Directions and Collaborations - The Xiamen Free Trade Zone plans to deepen collaboration with partners to expand the cooperative space between CVC and merger funds, focusing on industrial development and technological innovation [10]. - The initiative aims to transform the advantages of the free trade zone into sustainable capital development momentum, while attracting global quality capital resources [10].

Group 1 - The second China Mother Fund Innovation Development Exchange Conference was held in Xiamen, focusing on the theme "The Rise of Industrial Capital: New Opportunities for CVC and M&A Funds" [1] - The conference attracted over a hundred CVC funds, listed companies, mother funds, and leading GP institutions to discuss how industrial capital can achieve innovation breakthroughs and ecological co-construction in the new cycle [1] - A national first S mother fund evaluation system and guidelines were officially released, filling the gap in domestic S fund professional assessment standards [1] Group 2 - The evaluation system includes three categories: conventional indicators for mother fund evaluation of GP, special indicators for S funds, and innovation bonus indicators, comprising 12 primary indicators and 45 secondary indicators [1] - A "due diligence guideline" was also released, which includes three main categories: importance principle, sampling verification, and retrospective correction, forming a replicable "Xiamen model" [1] - The Xiamen Venture Capital Deputy General Manager stated that the system addresses industry pain points related to the diversity of underlying projects and the lack of mature evaluation methods [1] Group 3 - The event featured a discussion on the newly revised "Xiamen Free Trade Zone Guidance Fund Management Measures," which clarifies that the guiding fund's investment ratio should not exceed 20%, but can be relaxed to 30% for sub-funds cooperating with AIC and other quality funds [2] - The revised measures encourage long-term capital with a maximum sub-fund duration of 10 years and implement a "same share, same rights + reward contribution" incentive mechanism [2] - The policies significantly enhance the attractiveness of funds and aim to promote deep cooperation between social capital and key industries in the free trade zone [2] Group 4 - The conference's keynote speeches focused on four main directions: guiding fund innovation, CVC dual-drive, investment paths in biomedicine CVC, and the ecological value of mother funds, outlining new paths for industrial capital [2] - Discussions included experiences in mother fund innovation models and future exploration of innovative mechanisms, with optimization suggestions for Xiamen's "one body, two wings" system [2] - Xiamen Free Trade Zone has consistently been at the forefront of mother fund reform and innovation in China, establishing an ecological closed loop for CVC and M&A funds to serve industrial upgrades [2]