Shenzhen Baoan's against the trend to pry the 200 billion fund groups to change the capital market

21st Century Business Herald reporter Luo Yiqi Shenzhen Report

For the technology innovation industry, venture capital and financial capital are important forces to promote growth.

Shenzhen, a capital of innovation, is focusing on strengthening this advantage. In the "Fourteenth Five -Year Plan", which was released in January this year, the financial agglomeration function zone that should be coordinated with complementary financial agglomerations was mentioned. On the month, the Shenzhen Municipal Local Finance and Administration Bureau also issued the "Several Measures on Promoting the continuous and high -quality development of Shenzhen Venture Capital Investment Investment Investment".

Based on this, during the recently held 2022 Shiyan Lake International LP Summit Forum, the Shenzhen Baoan District Party Committee and District Government based on the work deployment of "planning and constructing Baoan Bin Binhai International Financial Center" to propose to build a "four one" working system for finance. Strengthen the combination of production and finance and promote the docking of LP (fund investor) and GP (fund managers).

Of course, the continuous changes in the external environment in the near future are putting some pressure on the capital market, and it is also a new opportunity.

Chen Wei, chairman of Dongfang Fuhai and chairman of the Shenzhen Entrepreneurship Investment Association, told a reporter from the 21st Century Business Herald that recently the primary market feels difficulty in raising fundraising, investment speed and efficiency; new stocks such as new shares have emerged. However, on the one hand, on the one hand, the economy is currently facing downward pressure and international capital flowing; on the other hand, China is unswervingly developing scientific and technological innovation and the development of multi -level capital market construction.

"Because we are doing long -term investment, the market changes are actually relatively cheap. So at this time, I think it is the best time to test the level of GP investment management." He continued that the company's internal investment principle was in the market in the market, that is, in the market, it was in the market in the market. Investment when relatively sluggish, and wait until the market is better.

Strengthen financial support

According to reports, Baoan District, as an industrial area and innovative district, has gathered the largest national high -tech enterprises in the province.

Based on this background, the "four one" working system mentioned above covers four aspects: policy, funds, alliances, and forums.

"A set of policies" refers to Baoan District supporting the development of the financial industry and financial support for the real economy, and creating a better development environment for the integration of the production and finance of Baoan District. Implement "Ten Finance" in Baoan District's "Several Measures on Promoting the High -quality Development of Advanced Manufacturing and Modern Service Industry".

"One Fund" is to upgrade the Baoan District Industrial Investment Guidance Fund to the Development Fund of the Bay Area (Baoan) Industry Integration. It is planned to invest 18 billion yuan in government financial funds within 5 years. Social capital jointly promoted the total size of the fund group to more than 200 billion yuan.

"A Alliance" is to initiate the establishment of the Bay Area (Baoan) Industry and Formation Alliance to create a normal and institutionalized cooperation mechanism.

The "one forum" is also the aforementioned Shiyan Lake International LP Summit Forum, highlighting industrial financial cooperation, and creating a "LP+Venture Capital Agency+physical enterprise" full chain communication platform.

Chen Wei said in an interview since then that financial attributes must have a gathering effect and pay attention to quality. In the future, it is impossible for Shenzhen to have only one venture capital center, of which Baoan Bay has a chance.

He comprehensively observed that the location advantage of Baoan District has become highlighted. "First, Baoan is the core place of the Greater Bay Area; second, Baoan actually assumes most of the functions after the front sea expansion; The effect, especially the manufacturing industry has a unique foundation. Now Baoan is increasing efforts to grasp entrepreneurship and innovation and improve the venture capital environment, which brings great opportunities for Baoan. "

In his opinion, the core of the agglomeration effect is not the physical space, but more in the gathering of resources, that is, the venture capital environment and ecological construction. In fact, the growth rate of local GDP and the number of IPO listings are closely related to the number of venture capital funds behind.

"Shiyan Lake International LP Conference can make LP and GP more docking, which will help industry development for improving the venture capital environment, improving fundraising difficulties, and making LP and GP. "Chen Wei continued.

Accelerate integration and empowerment

The changes in the external environment also means that the industry and capital need to be more efficiently integrated to promote the industry to the stage of high -quality development.

Chen Wei told reporters that most of the head venture capital agencies in Shenzhen have experienced more than 20 years of storms and several financial crises. Therefore, the current stage is a stress test, but it is not fatal. "In fact, this market will cause higher investment selection standards and need better investment entrepreneurs and innovative projects."

At the forum, Lin Qi, chairman of Guangdong Yuecai Fund, pointed out that from the perspective of GP and LP, last year's equity trading market data reached a new high, but since the second half of last year, fundraising and withdrawal from a five -year low. With the fluctuation of the secondary market in the first half of the year, the expected gap between investors and investors is increasing; superimposed the global situation turbulence, which makes the current market wait and see. "In terms of fundraising, the funds are concentrated on the head, and the investment has also shifted from the original business model innovation to technological innovation. The evaluation of the project also returns to the project evaluation logic."

In the opinion of Zhang Jian, vice president of Shenzhen Venture Capital, the current LP is becoming more and more professional, and it is more and more difficult to do GP. At the same time, the fundraising environment and project financing from last year to this year are relatively difficult. The previous high valuation will face the valuation environment. From the perspective of government guidance funds, we must first pay more attention to industrial coordination. How to amplify multiple to leverage more social capital to participate in strategic emerging areas; in addition, it is empowerment. Both GP and LP need to be empower. The higher the coming.

Yao Xiaoxiong, chairman of the Shenzhen Angel Mother Fund, also said that this year, he clearly felt that the investment rhythm was slowing down and related to changes in the external environment, but it was still confident in the future.

According to him, in the past, more investment in traditional funds, but in the past two years, it has changed: one is to increase support for the transformation project of the results of the results of the scientific research institutes in colleges and universities, so the cooperation has been established. Strengthen the establishment of the corresponding fund cooperation with the Industrial Group, because industrial groups have in -depth understanding of the industry, pre -investment can accurately analyze the project, and can also empower upstream and downstream resources after investment. Come and take the initiative to apply for government funds.

A investor emotion to reporters that although the capital market has been cold recently, there is still visible growth demand and kinetic energy in the field of science and technology. "The original investment business model is too easy. The current investment requires a longer period of precipitation. This is a bad money. Everyone must be psychologically prepared. Of course, I think there are still many opportunities, but they have to be tied in."

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