Core Insights - In November 2025, the Asset Management Association of China approved the registration of 11 new private equity and venture capital fund managers, including 3 state-owned and 8 market-oriented institutions [5][6]. Group 1: Fund Managers Overview - Zhuhai Yuanfeng Ruizhuo Private Fund Management Co., Ltd. was established on April 18, 2025, with a registered capital of 12 million RMB, and is affiliated with CPE Yuanfeng [7]. - Suzhou Yuanshuo Venture Capital Management Co., Ltd. was established on August 16, 2024, with a registered capital of 10 million RMB, and is associated with the listed company Huaxing Yuanchuang [7]. - Shandong Shehe Private Fund Management Co., Ltd. was established on February 27, 2024, with a registered capital of 18 million RMB, and is a state-controlled private equity investment fund [7]. - Zhongzi Huan (Shenzhen) Private Equity Fund Management Co., Ltd. was established on May 21, 2025, with a registered capital of 100 million RMB, and is controlled by China Resources Recycling Group [7]. - Shanghai Linghe Luhui Private Fund Management Co., Ltd. was established on September 11, 2024, with a registered capital of 10 million RMB [8]. - Guochuang Yangtze River Delta Private Fund Management (Shanghai) Co., Ltd. was established on July 21, 2025, with a registered capital of 10 million RMB, and is a state-owned institution [8]. - Ningbo Fenji Yunze Private Fund Management Co., Ltd. was established on February 11, 2025, with a registered capital of 10 million RMB [8]. - Shanghai Xingqi Future Venture Capital Management Co., Ltd. was established on May 30, 2025, with a registered capital of 10 million RMB [8]. - Guangzhou Metro Capital Private Fund Management Co., Ltd. was established on March 4, 2025, with a registered capital of 30 million RMB, focusing on rail transit-related industries [8]. - Zhuhai Junli Private Equity Fund Management Co., Ltd. was established on August 20, 2025, with a registered capital of 10 million RMB [8]. - Yaodu Private Fund Management (Beijing) Co., Ltd. was established on August 1, 2025, with a registered capital of 10 million RMB, focusing on sectors like semiconductors and new materials [9][10]. Group 2: Registration and Capital Analysis - Among the 11 newly registered fund managers, 9 have a paid-in capital ratio of 100%, while Guangzhou Metro Capital has a paid-in ratio of 33.33%, and Zhongzi Huan (Shenzhen) has the lowest at 15% [14][15]. - The average time taken for the registration process was 115 days, with the fastest being Yaodu Capital at 50 days and the slowest being Yuanshuo Venture Capital at 232 days [16][17]. Group 3: Legal Services - A total of 9 law firms were engaged for the registration of the new private fund managers, with Guohua Law Firm and Shanghai Jintiancheng Law Firm serving 2 institutions each [18][19].

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the establishment and expansion of various government-backed investment funds across multiple provinces, focusing on strategic sectors such as artificial intelligence, high-end equipment manufacturing, and biomedicine. The total management scale of the funds mentioned reaches 473.4 billion RMB, indicating a significant investment trend in innovative industries. Group 1: Fund Establishments and Expansions - The Hongshan District government investment fund has expanded its scale to 10 billion RMB, focusing on early-stage investments in hard technology and future-oriented sectors [4]. - The Guangdong Intelligent Robot Industry Investment Fund has been established with a total scale of 10 billion RMB, aiming to enhance domestic core technology levels in the AI and robotics sectors [6]. - The Tianjin Tuanbo Innovation Industry Development Fund has officially launched with a total scale of 2 billion RMB, marking a significant step in regional industrial development [7]. - The Zhejiang Tiantai Mother Fund has been successfully established with a total scale of 2 billion RMB, targeting key industrial clusters [9]. - The Shenzhen Guangming Sci-Tech Mother Fund has been initiated with a target scale of 5 billion RMB, focusing on early investments in scientific innovation [11]. - The Shanghai Zhizuan Leading Private Equity Fund has been established with an investment of approximately 5.04 billion RMB [12]. - The Huanggang City Government Investment Guidance Fund has a total scale of 1 billion RMB, supporting key industries and technological innovation [18]. - The Gansu Guazhou County Economic Development Fund aims for a total scale of 1 billion RMB, with an initial scale of 200 million RMB [25]. - The Guangxi Artificial Intelligence Industry Fund has issued management guidelines to support investments in AI and related sectors [27]. Group 2: Investment Focus and Strategies - The funds are primarily focused on strategic emerging industries, including biomedicine, medical health, information technology, and intelligent manufacturing, aiming to support high-growth innovative enterprises [8]. - The Guangdong fund emphasizes a combination of market-driven and government-guided investment strategies, with a focus on scientific decision-making and risk tolerance [6]. - The Tianjin fund aims to create a new investment ecosystem by leveraging social capital for industrial upgrades [7]. - The Guangxi fund's management guidelines specify investment in AI, digital economy, and low-altitude economy sectors, with a focus on fostering local industry development [27][28].