| Li Na Zhang Mengfan
editor | Jian Jia
After the "10 billion rush", the second wave of "fund matrix" of Shaanxi Financial Investment came quickly.
According to the latest industrial and commercial registration news, the Shaanxi Provincial Government Investment Guidance Fund (referred to as the "Guidance Fund") managed by Shaanxi Financial Investment has recently launched 6 registered and currently registered sub-funds, with a total scale of 2.45 billion yuan.
In this batch of fund matrix, there have been many new changes, such as the emergence of special funds targeting 23 key industrial chains, guiding funds to enter Xianyang for the first time. What is particularly eye-catching is that the Sichuan Provincial Government The guidance fund appeared in Shaanxi for the first time.
"Sichuan Big Fund" Appears: Capital Diversification
Although "difficulty in raising funds" is an obvious topic, "good institutions and good projects" are actually not short of money. Six new funds of 2.45 billion yuan were established this time. In the matrix, the Guidance Fund has invested a total of 605 million yuan, an amplification factor of more than 4 times. Moreover, among investors, both state-owned and private capital have shown strong enthusiasm.
Let’s first look at the money of state-owned capital:
Among these institutions, there is the “National Military-Civil Integration Fund” managed by State Investment Venture Partners, which invests in aerospace and related military industries. There are more than 40 known investment cases, such as China Shipbuilding Industry ; The "CICC Qiyuan National Emerging Industry Guidance Fund" initiated and established by the National Development and Reform Commission and the Ministry of Finance is the first national fund in China to focus on venture capital fund investment and direct investment in emerging industries. It is also the first time to come to Shaanxi. .
Some southern prefecture-level cities also made rare appearances, such as Jiangsu’s “Nantong Zhihui Industrial Investment” and Zhejiang’s “Zhuji Jingchuang Financial Investment”. Complementing these off-site state-owned assets, Shaanxi's local capital is still enthusiastic, such as Xixian Financial Holdings' Zhanxing Fund, Hi-tech Financial Holdings' Emerging Fund, Airport Industrial Investment, etc. Among them, the largest investor is the Military-Civil Integration Development Fund ( 395 million yuan). Faced with such signs, it is certain that "investment bank thinking" has aroused strong interest in state-owned capital, making everyone realize that "Shaanxi is a good soil for innovation-driven development."
▲Picture: The state-owned institutions participating in the sub-fund this time
But the most eye-catching is the Sichuan Enterprise Reform and Development Equity Investment Fund, with a registered capital of 15 billion yuan. This time it invested 190 million yuan. After the penetration, the actual controller is Sichuan Provincial People's Government . Therefore, in fact, this is the guidance fund of the Sichuan provincial government. In 2020, it was also rated as the "2020 China's Best Government Guidance Fund (Provincial Level) TOP20".
In our opinion, there seems to be a Yuliang complex between Chengdu and Xi'an. The media even hyped "Which one is more beautiful, the Sichuan giant panda or the Shaanxi giant panda?" But in the financial and economic circles, what is more worthy of encouragement is to "move in the same direction" and jointly strengthen the western economy. Therefore, the arrival of the Sichuan Development Fund should be regarded as a "financial synergy" between the two provincial governments.
Let’s look at the money from private capital:
▲Picture: Private institutions participating in the sub-fund this time
As can be seen from the picture above, private enterprises have also spent “real money”. In our accustomed cognition, Shaanxi institutions are more willing to play the role of GP. However, a total of 11 institutions in this batch are private institutions (including individuals), and local private institutions account for the majority. For example, Xingzhengwei Group, the parent company of Duncheng Investment, invested 270 million yuan to subscribe for the "Shaanxi Caijin Special Refined New Materials Equity Investment Fund", with its share reaching 41.54%.
In addition, the six sub-funds this time have basically chosen private institutions to serve as GPs (see details below). It can be seen that "marketization" is still a significant preference for guiding funds.Written by | Li Na Zhang Mengfan editor | Jian Jia After the "10 billion rush", the second wave of "fund matrix" of Shaanxi Financial Investment came quickly. According to the latest industrial and commercial registration news, the Shaanxi Provincial Government Investment Guidance Fund (referred to as the "Guidance Fund") managed by Shaanxi Financial Investment has recently launched 6 registered and currently registered sub-funds, with a total scale of 2.45 billion yuan. In this batch of fund matrix, there have been many new changes, such as the emergence of special funds targeting 23 key industrial chains, guiding funds to enter Xianyang for the first time. What is particularly eye-catching is that the Sichuan Provincial Government The guidance fund appeared in Shaanxi for the first time. Although "difficulty in raising funds" is an obvious topic, "good institutions and good projects" are actually not short of money. Six new funds of 2.45 billion yuan were established this time. In the matrix, the Guidance Fund has invested a total of 605 million yuan, an amplification factor of more than 4 times. Moreover, among investors, both state-owned and private capital have shown strong enthusiasm. Let’s first look at the money of state-owned capital: Among these institutions, there is the “National Military-Civil Integration Fund” managed by State Investment Venture Partners, which invests in aerospace and related military industries. There are more than 40 known investment cases, such as China Shipbuilding Industry ; The "CICC Qiyuan National Emerging Industry Guidance Fund" initiated and established by the National Development and Reform Commission and the Ministry of Finance is the first national fund in China to focus on venture capital fund investment and direct investment in emerging industries. It is also the first time to come to Shaanxi. . Some southern prefecture-level cities also made rare appearances, such as Jiangsu’s “Nantong Zhihui Industrial Investment” and Zhejiang’s “Zhuji Jingchuang Financial Investment”. Complementing these off-site state-owned assets, Shaanxi's local capital is still enthusiastic, such as Xixian Financial Holdings' Zhanxing Fund, Hi-tech Financial Holdings' Emerging Fund, Airport Industrial Investment, etc. Among them, the largest investor is the Military-Civil Integration Development Fund ( 395 million yuan). Faced with such signs, it is certain that "investment bank thinking" has aroused strong interest in state-owned capital, making everyone realize that "Shaanxi is a good soil for innovation-driven development." ▲Picture: The state-owned institutions participating in the sub-fund this time But the most eye-catching is the Sichuan Enterprise Reform and Development Equity Investment Fund, with a registered capital of 15 billion yuan. This time it invested 190 million yuan. After the penetration, the actual controller is Sichuan Provincial People's Government . Therefore, in fact, this is the guidance fund of the Sichuan provincial government. In 2020, it was also rated as the "2020 China's Best Government Guidance Fund (Provincial Level) TOP20". In our opinion, there seems to be a Yuliang complex between Chengdu and Xi'an. The media even hyped "Which one is more beautiful, the Sichuan giant panda or the Shaanxi giant panda?" But in the financial and economic circles, what is more worthy of encouragement is to "move in the same direction" and jointly strengthen the western economy. Therefore, the arrival of the Sichuan Development Fund should be regarded as a "financial synergy" between the two provincial governments. "Sichuan Big Fund" Appears: Capital Diversification
Let’s look at the money from private capital:
▲Picture: Private institutions participating in the sub-fund this time
As can be seen from the picture above, private enterprises have also spent “real money”. In our accustomed cognition, Shaanxi institutions are more willing to play the role of GP. However, a total of 11 institutions in this batch are private institutions (including individuals), and local private institutions account for the majority. For example, Xingzhengwei Group, the parent company of Duncheng Investment, invested 270 million yuan to subscribe for the "Shaanxi Caijin Special Refined New Materials Equity Investment Fund", with its share reaching 41.54%.
In addition, the six sub-funds this time have basically chosen private institutions to serve as GPs (see details below). It can be seen that "marketization" is still a significant preference for guiding funds.
is more subdivided: chasing the industry track
In the old article "Scanning "Mr. Key": Shaanxi Financial Investment's "Ten Billion Statement"", we once mentioned: Shaanxi Financial Investment takes the initiative to plan forward and actively builds "funds" Matrix", directly empowering "Qin Chuangyuan" through "Seed Funds", and providing strong support to "23 key industrial chains" through "Industrial Funds".
is still implementing this theme among the 6 sub-funds. The details are as follows:
: New materials field: The investment subject is Shaanxi Caijin Special Refined New Materials Equity Investment Fund, which invests in new materials industry funds No less than 60% of the investable capital of the sub-fund. Pay close attention to the "titanium and titanium alloy industry chain" and " additive manufacturing industry chain" among the 23 industrial chains. In the future, the focus will be on the Northwest Nonferrous Metals Research Institute, Western Polytechnic University , etc. for investment layout.
: Aerospace field: The main investor is Chuanghe Rongfa (Shaanxi) Aerospace Venture Capital Fund , focusing on high-end equipment, equipment, systems, key components, key parts and key materials in the "aerospace industry chain" , and the "four bases" (core basic parts and components, advanced basic processes, key basic materials, and industrial technology foundation) military and civilian dual-use industrial application fields, investing no less than 60% in projects in the above fields.
: Photonic field: The main investor is Shaanxi Chuanfa Chuangxing Photon Venture Capital Fund, which mainly invests in the new generation of information technology with the "photonic industry chain" as the core in Shaanxi Province, and photonics in new materials, advanced manufacturing, military industry, For enterprises with growth potential and independent innovation capabilities in the medical and other fields, the investment amount shall not be less than 80%.
4: artificial intelligence field: This part involves many industrial chains. The main investor is Shaanxi Qinchuangyuan Hard Technology Venture Capital Fund. The subdivided track points to smart sensors , AI chips, 5G chips, and computers. High-tech industries such as visual , machine learning, intelligent manufacturing, intelligent combat platforms, new electronic countermeasures, and unmanned swarm combat systems.
There are also two angel funds , namely Shaanxi Financial Investment Yingnuo Qinchuang Angel Fund and Xianyang Xinyan Pioneer Angel Venture Capital Fund. The former focuses on aerospace and military industry, life technology, semiconductor chips , new energy, new materials and other fields, and invests no less than 80% of the funds in seed-stage and angel-stage companies. The latter closely follows the "544" modern industrial system proposed by the Xianyang Municipal Government, and uses the power of provincial and municipal guidance funds to accelerate the transformation of Xianyang's scientific and technological achievements.
The above investment path is also the second batch of funds to further extend the overall empowerment of Qin Chuangyuan.
Among them, the "new materials" industry supported by Shaanxi Caijin Special New Materials Equity Investment Fund and the "aerospace" industry supported by Chuanghe Rongfa (Shaanxi) Aerospace Venture Capital Fund have recently completed special sessions at Qin Chuangyuan The project roadshow and matching meeting will next step to accelerate the precise matching of needs between enterprises and venture capital institutions. We will continue to pay attention to the dynamics of the sub-fund.
In addition, the "Qin Chuang Yuan Technology Innovation Fund" emerged as LP behind the two funds of Shaanxi Chuanfa Chuangxing Photon Venture Capital Fund and Shaanxi Qin Chuang Yuan Hard Technology Venture Capital Fund, and Shaanxi Finance Inno Qin Chuang Angel Fund also The "Xixian New Area War Development Fund" has emerged. These financial forces located in the core area of Qinchuangyuan choose to join the sub-fund, which will provide direct advantages for local transformation of technology projects. We will also focus on Xianyang Angel Fund below.
Back to the industry itself, it can be said that the "batch operation" of the guidance fund is completely aimed at the industry segmentation track, and is well versed in capital. While implementing the innovation-driven development strategy and decision-making deployment, it selects existing The purpose of managers with market experience and rich individual thinking is to "use the power of guidance to let thousands of miles of horses race on the big track."
▲Picture: GP list of 6 sub-funds
The key is that the matching degree is very high.
For example, Zhongke Chuangxing, which is responsible for the management of the photonics field, is the crystallization of of Xi'an Institute of Optics and Mechanics. In recent years, it has invested in a number of companies focusing on optoelectronic technology, including the most outstanding photonic chip company in China - Xizhi Technology, Kunyou Optoelectronics, Yuanjie Semiconductor, etc. are all star projects that China Science and Technology Innovation Star has invested in. The local company it participated in, Juguang Technology (688168), was successfully listed on the Science and Technology Innovation Board in December 2021.
For example, Duncheng Investment, which is responsible for the field of new materials, is a private equity fund grown in Xi'an. It focuses on new materials and new energy. It and its holding group Xingzhengwei have invested in 10 companies that have entered the list of 300 reserve companies listed in Shaanxi, including Super Crystal Technology, Western New Zirconium, Huayi Microelectronics, Tuoer Microelectronics, Changyu Aviation, Western Power, Ouzhong Technology, Dayi Group, Tianyi Biotech, and Gerun Animal Husbandry.
It can be seen that in the selection process, the guidance fund intends to match the echo between the industry track and local high-quality GPs.
It is worth mentioning that the investment angel's Inno Angel Fund was established in April 2013. It is one of the top 10 early investment institutions in China. Its main manager is from Tsinghua University. It has currently managed more than 5 billion yuan in total, and its investment It has launched more than 500 entrepreneurial projects, among which , Meituan , Youzu.com, Desheng Technology, etc. have been successfully listed. This is also the first time that Inno Angel Fund has come to Shaanxi to set up a sub-fund.
1+N: Entering Xianyang for the first time
At this point, readers should be aware that many "first times" appear in this batch of funds. In fact, this is also the first time that guidance funds have come to Xianyang in a prefecture.
In the sub-fund of Xianyang Xinyan Pioneer Angel Venture Capital Fund, we can see that the guiding fund invested 35 million yuan and held 35% of the shares; Xianyang guiding fund also participated and invested 40 million yuan as LP, holding 35% of the shares. 40% of shares. And it has adopted a "double GP" model. The manager of Xianyang is Shaanxi Weiwei Private Equity Fund.
here releases a signal: Guiding funds began to actively intervene in the Xixian integration process in the form of venture capital cooperation.
html On May 16, Shaanxi Province’s Leading Group for Promoting Xi’an-Xianyang Integrated Development held a meeting. Liu Guozhong, Secretary of the Shaanxi Provincial Party Committee and leader of the leading group, emphasized at the meeting that it is necessary to fully and accurately implement the new development concept of , and integrate innovation synergy and industry Collaboration is given a more prominent place.
In accordance with this concept, Xianyang City made it clear in the report of the Eighth Party Congress that accelerating the Xi'an-Xianyang integration process will be the biggest reform and the most practical opening up. Based on these statements, we once published "Shaanxi "Turning Point" Observation 4: Xianyang proposed the "biggest reform"? "In the article, issues regarding the industrial development of the two cities are discussed in detail.
As shown in the figure above, Xi'an's plan for the six pillar industries and Xianyang's five leading industries have clearly differentiated divisions of labor, with only slight overlap in two areas. So at this time, Xianyang needs big capital to achieve innovation-driven development. From the standpoint that everyone is chasing emerging industries, the "Xianyang New Research Pioneer Angel Venture Capital Fund" has sent a very strong signal: it is more optimistic about capital boosting. Transformation of scientific and technological achievements”.
In the view of Financial Lollipop, Xianyang actually has the advantage of making an upward breakthrough.
For example, geographical proximity is conducive to achieving scientific and technological breakthroughs: Xianyang itself is very close to Qin Chuangyuan, and even part of the functional area is located in Xianyang. Therefore, the sub-fund investment also focuses on supporting original innovation, transformation of scientific and technological achievements, and high-end technology. Incubation and cultivation of industrial projects.
For example, the Xianyang Municipal Government has made basic preparations: after the "City-to-County" initiative, there has been another big move: Can Xianyang become a demonstration model of "platform integration"? "It can be seen from the article that Xianyang Financial Holdings, one of the three major municipal platforms in Xianyang, is responsible for innovative breakthroughs in the industry chain (it is currently the largest shareholder of Rainbow Shares and ).
For example, industrial capital has already established an industrial foundation in Xianyang: in Xianyang High-tech Zone alone, industrial opportunities have emerged, such as the new display industry chain, a large number of modern food industries have emerged in Sanprinciples, and are brewing in Binchangxun. Showing the transformation from traditional energy chemicals to fine chemicals, this kind of industrial foundation is the largest application platform for the transformation of scientific and technological achievements.
Therefore, driven by Xixian integrated , the layout of Shaanxi Financial Investment has greater significance, and we will also maintain a long-term focus on "the first entry into Xianyang".
For example, Zhongke Chuangxing, which is responsible for the management of the photonics field, is the crystallization of of Xi'an Institute of Optics and Mechanics. In recent years, it has invested in a number of companies focusing on optoelectronic technology, including the most outstanding photonic chip company in China - Xizhi Technology, Kunyou Optoelectronics, Yuanjie Semiconductor, etc. are all star projects that China Science and Technology Innovation Star has invested in. The local company it participated in, Juguang Technology (688168), was successfully listed on the Science and Technology Innovation Board in December 2021.
For example, Duncheng Investment, which is responsible for the field of new materials, is a private equity fund grown in Xi'an. It focuses on new materials and new energy. It and its holding group Xingzhengwei have invested in 10 companies that have entered the list of 300 reserve companies listed in Shaanxi, including Super Crystal Technology, Western New Zirconium, Huayi Microelectronics, Tuoer Microelectronics, Changyu Aviation, Western Power, Ouzhong Technology, Dayi Group, Tianyi Biotech, and Gerun Animal Husbandry.
It can be seen that in the selection process, the guidance fund intends to match the echo between the industry track and local high-quality GPs.
It is worth mentioning that the investment angel's Inno Angel Fund was established in April 2013. It is one of the top 10 early investment institutions in China. Its main manager is from Tsinghua University. It has currently managed more than 5 billion yuan in total, and its investment It has launched more than 500 entrepreneurial projects, among which , Meituan , Youzu.com, Desheng Technology, etc. have been successfully listed. This is also the first time that Inno Angel Fund has come to Shaanxi to set up a sub-fund.
1+N: Entering Xianyang for the first time
At this point, readers should be aware that many "first times" appear in this batch of funds. In fact, this is also the first time that guidance funds have come to Xianyang in a prefecture.
In the sub-fund of Xianyang Xinyan Pioneer Angel Venture Capital Fund, we can see that the guiding fund invested 35 million yuan and held 35% of the shares; Xianyang guiding fund also participated and invested 40 million yuan as LP, holding 35% of the shares. 40% of shares. And it has adopted a "double GP" model. The manager of Xianyang is Shaanxi Weiwei Private Equity Fund.
here releases a signal: Guiding funds began to actively intervene in the Xixian integration process in the form of venture capital cooperation.
html On May 16, Shaanxi Province’s Leading Group for Promoting Xi’an-Xianyang Integrated Development held a meeting. Liu Guozhong, Secretary of the Shaanxi Provincial Party Committee and leader of the leading group, emphasized at the meeting that it is necessary to fully and accurately implement the new development concept of , and integrate innovation synergy and industry Collaboration is given a more prominent place.
In accordance with this concept, Xianyang City made it clear in the report of the Eighth Party Congress that accelerating the Xi'an-Xianyang integration process will be the biggest reform and the most practical opening up. Based on these statements, we once published "Shaanxi "Turning Point" Observation 4: Xianyang proposed the "biggest reform"? "In the article, issues regarding the industrial development of the two cities are discussed in detail.
As shown in the figure above, Xi'an's plan for the six pillar industries and Xianyang's five leading industries have clearly differentiated divisions of labor, with only slight overlap in two areas. So at this time, Xianyang needs big capital to achieve innovation-driven development. From the standpoint that everyone is chasing emerging industries, the "Xianyang New Research Pioneer Angel Venture Capital Fund" has sent a very strong signal: it is more optimistic about capital boosting. Transformation of scientific and technological achievements”.
In the view of Financial Lollipop, Xianyang actually has the advantage of making an upward breakthrough.
For example, geographical proximity is conducive to achieving scientific and technological breakthroughs: Xianyang itself is very close to Qin Chuangyuan, and even part of the functional area is located in Xianyang. Therefore, the sub-fund investment also focuses on supporting original innovation, transformation of scientific and technological achievements, and high-end technology. Incubation and cultivation of industrial projects.
For example, the Xianyang Municipal Government has made basic preparations: after the "City-to-County" initiative, there has been another big move: Can Xianyang become a demonstration model of "platform integration"? "It can be seen from the article that Xianyang Financial Holdings, one of the three major municipal platforms in Xianyang, is responsible for innovative breakthroughs in the industry chain (it is currently the largest shareholder of Rainbow Shares and ).
For example, industrial capital has already established an industrial foundation in Xianyang: in Xianyang High-tech Zone alone, industrial opportunities have emerged, such as the new display industry chain, a large number of modern food industries have emerged in Sanprinciples, and are brewing in Binchangxun. Showing the transformation from traditional energy chemicals to fine chemicals, this kind of industrial foundation is the largest application platform for the transformation of scientific and technological achievements.
Therefore, driven by Xixian integrated , the layout of Shaanxi Financial Investment has greater significance, and we will also maintain a long-term focus on "the first entry into Xianyang".
