2 Zhejiang venture capital circle “ half ”, State owned assets

source ： Rongzhong Finance （ID：thecapital） author ： Gu Bai   edit ： We

Yiwen tells you something about Zhejiang venture capital circle

In recent years , One of the impressions Zhejiang gives to the venture capital circle is the large-scale establishment of master funds . For example, a large-scale enterprise just recently established under the leadership of Zhejiang Jinhua financial investment group 100 Billion master fund was born , Actually , This is just the tip of the iceberg of Zhejiang venture capital .

As early as 1993 year , Zhejiang Province has established a wholly state-owned Zhejiang science and technology venture capital company , Start to try venture capital operation .2000 In, the provincial Party committee and the provincial government promoted the industrialization of high and new technology , Comprehensively enhance the comprehensive competitiveness of Zhejiang's economy , a 《 Several opinions of Zhejiang Province on encouraging the development of venture capital 》 And other relevant policy documents .

Encouraged by policy , A large number of venture capital institutions are surging in Zhejiang . according to an uncompleted statistic , In Zhejiang Province, there are various kinds of “ investment company 、 Asset management company ” And so on 2000 home , Including Meihua venture capital 、 PwC capital , Zhejiang business venture capital 、 Huarui investment 、 Alibaba 、 closely reasoned and well argued 、 Ginkgo Valley capital 、 Daosheng capital 、 The ant gold dress 、 Yuanjing capital 、 Kaitai capital 、 Bo has marketized many well-known enterprises such as capital VC/PE Institutions , In addition, it also includes a large number of state-owned capital operating in Zhejiang Province 、 State owned background institutions represented by Zhejiang venture capital group . near 7000 Billion capital invested in information technology 、 Artificial intelligence and other high-tech fields .

Overall speaking , Zhejiang Province PE More , Accounting for nearly 50%,VC The proportion of institutions is about 20%; And early institutions 、FOFs And the number of strategic investment institutions is relatively small . however , Including Sequoia 、 Warp and weft 、 High allocations 、 Shenzhen Venture Capital 、IDG And many other front-line organizations have invested in Zhejiang .

After nearly two decades of market-oriented operation and government promotion , The number and scale of venture capital institutions in Zhejiang are expanding , More and more successful projects have been invested . But on the other hand , Some investors also pointed out that , The overall development of venture capital in Zhejiang is still slow .

For this question , Zhou Kaibing, chairman of Hangzhou hi tech investment company, once said , The boundary of venture capital is not clear 、 The commercial system is complicated 、 Large market-oriented venture capital master funds lack , It is the pain and difficulty in the development of venture capital in Zhejiang .

Zhejiang venture capital , It can be said that it is a leading region in the country , But there are many problems in the commercial system , Including registration 、 Keep on record 、LP Share transfer 、 Extension of the maturity of the fund 、 The withdrawal of the fund is also a problem that it has to face and urgently needs to be solved .

01 new “ Specialty ” The master fund goes to the county

Zhejiang Province , Located in the south wing of the Yangtze River Delta along the southeast coast of China , In the east the east China sea , To the south is Fujian , West and Jiangxi 、 Anhui is connected , North and Shanghai 、 jiangsu 、 Anhui is a neighbor , It is one of the smaller provinces in China . As we mentioned earlier , This time, Jinhua City, which is making a large sum of money as the master Fund , Over the past year, the development of the master fund has been constantly , And “ Subsidence ” The trend is clear .

This year, 5 month , Yongkang, a county-level city under the jurisdiction of Jinhua City, disclosed , In Yongkang Municipal Finance Bureau and municipal industrial investment group 、 With the joint efforts of the Municipal Industrial Fund and other departments , Yongkang Guohe Xingneng equity investment partnership （ Limited partnership ） Incorporated . This marks the first in Zhejiang Province to “ Carbon neutralization 、 New energy ” The county-level master fund with the theme of was officially launched , And will assist Yongkang to build a green and low-carbon energy industry cluster . Total size of the fund 30 One hundred million yuan , Down payment 10 One hundred million yuan .

jinhua , said “ Heart of Zhejiang ”. It was called Wuzhou in ancient times , The central area of the Yangtze River Delta 27 One of the cities . As a county-level city in Zhejiang Province , So much attention can be paid to the guiding effect of the master fund , From the side, it can also reflect the general environment in which Zhejiang Province, as a venture capital hot spot, attaches importance to capital investment . On the other hand , The era of surging capital , The master fund has blossomed everywhere in many cities in Zhejiang , In particular, many districts and counties performed prominently .

Hangzhou, the capital of the province ,2021 In, all districts launched the master fund one after another ： Total scale proposed by Xiaoshan District 100 Billion yuan government industrial fund , In addition, Xiaoshan financial holding currently has a government industrial fund of 7 the , Four of them have the function of master fund , The government funds managed, operated and contributed by Xiaoshan financial holding group , The investment scale realized through the master sub fund has reached 246 One hundred million yuan . Besides , Tonglu economic development zone is located in 2021 In the first half of the year 10 The master Fund helps the development of county economy .

Ruian, a county-level city managed by Wenzhou ,2021 year 7 month , Announced at the high quality development forum of government industry fund , Ryanair's New Cooperative Fund 5 home 、 The scale of cooperation exceeds 50 One hundred million yuan , And investment projects 2 individual .

Ruian municipal government attaches great importance to the transformation and upgrading of traditional industries and the cultivation and growth of emerging industries ,2020 Planning the transformation of industrial funds since , Set up a government industry fund for high-quality development , Target size of the master Fund 100 One hundred million yuan , plan 5 Funds are available within the year , Equity participation in the operating sub fund 4 the 、 scale 45 Billion , The government promises to contribute 3.2 One hundred million yuan , Capital leverage is magnified 14 times , Cumulative investment projects 46 individual , Focus on supporting the digital economy 、 Action Phoenix 、 Integrate into the development of Yangtze River Delta 、“ The trinity ” And other industries .

02 Hangzhou ranks among the national venture capital cities TOP 5

“ Your father or your father ”！

Zhejiang Province governs 11 A prefecture level , They are Hangzhou , Ningbo City , Wenzhou City , Huzhou City , Jiaxing City , Shaoxing City , Jinhua City , Quzhou City , Zhoushan City , Taizhou City , Lishui City . But no matter Wenzhou 、 How much is happening in Jinhua , As the capital of Hangzhou , Always ahead in venture capital .

stay 2021 In the list of Chinese venture capital institutions , Beijing 、 Shanghai 、 Shenzhen 、 Guangzhou 、 Hangzhou is listed as a venture capital institution TOP5. Then Nanjing 、 Suzhou 、 Changsha 、 foshan 、 tianjin ; stay 《 The strength of venture capital investment in mainland capital cities 10 strong 》 In the list , Hangzhou ranks first . Many people in the investment circle say , Venture capital tends to favor new business forms 、 New economic industries with new business models . Especially for innovation and entrepreneurship cities like Hangzhou , The development of the venture capital industry depends more on cities “ new economy ” Development potential and industrial transformation and upgrading potential .

In recent years, Hangzhou has been guiding the fund of venture capital with its unique system and mechanism 、 Innovative service measures and excellent operation performance , It has established a good brand and reputation in the fund industry under the guidance of the government , Attract excellent venture capital institutions from all over the country to Hangzhou for cooperation and investment , Including deep venture capital 、 German capital 、 Pan Lin capital 、 Tongchuang Weiye and other excellent institutions landed in Hangzhou , Accumulated contracted sub funds 79 the , Agreement size 166.71 One hundred million yuan .

On the other hand , The scale of cooperation with the state guidance fund has expanded , It has attracted CCB pilot strategic emerging industry development fund 、 China Gold Qiyuan 、 The national emerging industry venture capital guidance fund and other national level guidance funds participate in , The scale of cooperation reached 13 Billion .

By 2021 year , Hangzhou venture capital guidance fund has approved the sub fund in total 106 the , Approved scale 262.88 One hundred million yuan , Guide the fund to approve the capital contribution 45.09 One hundred million yuan , The financial funds are enlarged through the guidance fund 5.8 times . Accumulated investment in enterprises 823 individual , The amount of investment 112.32 One hundred million yuan , Among them, Hangzhou enterprises 465 individual , Accumulated investment amount 60.98 One hundred million yuan , Of the total investment 54.29%.

Hangzhou venture capital guidance fund has been established through cooperation with special funds in related fields 、 Multi mode cooperation of specialized institutions , Accelerating the digital economy 、 Artificial intelligence 、 Cultivation of biomedicine and other industries , The cooperative medical and health special fund has been approved 12 the , Total scale 42.5 One hundred million yuan , Successfully support 8 A number of biomedical enterprises are listed , To raise 105.8 One hundred million yuan .

2021 year , Hangzhou venture capital guidance fund focuses on Hangzhou municipal Party committee 、 Major strategic deployment and industrial development planning of the municipal government , Focus on the key links of emerging industries in Hangzhou 、 Focus on supporting major projects in Hangzhou 、 Development of key enterprises and innovative enterprises , Give full play to the role of the government industrial master fund , Attract fund management teams with national or international influence to settle in Hangzhou , It has effectively promoted the overall situation of entrepreneurship and innovation and high-quality economic development in Hangzhou .

In order to fully understand the story of Zhejiang venture capital circle, we have selected several representative institutions of different types to interpret and analyze .

03 PwC capital ： Group army operation mode

Venture capital is always full of challenges and uncertainties , Especially at the moment when the market environment is changing rapidly .

PwC capital was established in 2004 year , Support 400 A number of start-ups , exceed 70 Home realization IPO list . since this year on , PwC gains 3 home IPO, Include 2017 Scientific innovation board invested in “AI The first one ” Cloud comes from technology .

Discover by combing , Compared with some investment institutions that always focus on a certain track , PricewaterhouseCoopers is one of the most important companies in the market “ Changeable ” Of . First, from 2012 Years by tradition PE Investment turns to focus on TMT, stay 2019 Years ago , We have been focusing on medical and health care , This can be seen from the number of investments , In previous cases, it was nearly 80 All families are subject to medical treatment , Far higher than other industries .

since 2020 Year begins , PwC has started to serve enterprises again 、 Advanced manufacturing 、 Energy conservation and environmental protection 、 Consumer service 、 Automobile traffic 、 New energy 、 Game hardware and other fields appear , And the investment stage has covered the early stage 、 The maturity period is PE investment .

Up to now , PwC's invested projects include ： qihoo 360、 The Himalayan FM、 Ink weather 、 Black horse of entrepreneurship 、 Cody dairy 、 CAITONG securities 、 Find steel mesh 、 Remy robot 、 Quick taxi 、 Same journey Tour 、 Exquisite tires 、 Guomai culture 、 Meet you 、 Baden medicine 、 But ophthalmology 、 School treasure online 、 Leke sports, etc .

Back to the healthcare field that PwC has always focused on , As early as 2011 Water testing began in , It has successively invested in Huatong pharmaceutical, a listed enterprise on the main board 、 Quanyuantang, an enterprise listed on the new third board, etc , And also voted for Huqingyutang 、Remebot、 Aijitaikang 、 Cognitive care 、 Mai ditu et al . To 2016 year , PricewaterhouseCoopers has cooperated with Jingxin holdings, which has pharmaceutical background, to establish the first phase of professional medical fund —— PricewaterhouseCoopers new Guzhou health industry fund , Officially deepen medical investment .

So far , PwC managed more than 50 only , Behind it LP Most of them are funded by well-known enterprise groups and families in Zhejiang Province . It should be noted that , PricewaterhouseCoopers has set up... In all the racetracks CEOclub, Facilitate the cooperation between the invested companies , Established the operation mode of the group army .

Not so long ago ,6 At the beginning of , It is mainly invested by Pujiang Equity Investment Management Co., Ltd., a subsidiary of Pujiang County State Investment Group, which is subordinate to Jinhua, Zhejiang Province 、 Pujiang County Science and technology innovation and venture capital fund with Jinhua Innovation Investment Development Co., Ltd. as the manager —— Pujiang County guoyinye new equity investment partnership ( Limited partnership ) Completion of filing .

according to the understanding of , The fund is managed by Jinhua Innovation Investment Development Co., Ltd , A private equity investment company jointly established by Jinhua financial investment group, a class I state-owned enterprise under Jinhua City, and Puhua capital . Mainly support the development of innovation and entrepreneurship enterprises registered and established within Pujiang County . At the same time, the fund will play a guiding role in attracting investment , Promote the implementation of a number of high-tech industries that are conducive to the long-term and stable economic and social development of the county , Promote the high-quality development of innovation and entrepreneurship in the county .

04 Huarui capital ： The exit ratio exceeds 50%, The listing proportion exceeds 20%

As one of the earliest private venture capital institutions in China ,2002 Huarui investment, established in , At present, it has venture capital fund 60 More than a , The management capital has exceeded 10 billion yuan , Total investment 200 A project , Which about 40 Three companies have been listed . Exit ratio exceeds 50%, The listing proportion exceeds 20%, It is one of the institutions with a high exit rate and listing ratio of local investment projects in China .

Carefully observe the investment layout of Huarui , It will be found that it is mainly a technology-based industry , Focus on early performance 、 Throw small 、 Venture capital mission of investment technology , Pay attention to electronic information 、 Biological medicine 、 New energy 、 New materials and other fields . meanwhile , Huarui investment pays close attention to regional economic development , Actively implement the regional future star investment plan , Promote regional economic investment attraction and industrial transformation and upgrading .

From the perspective of the invested projects , Huarui has Zhefu shares 、 Crystal photoelectricity 、 Zanyu Technology 、 Cixing Co., Ltd 、 Chinese online 、 Installation test 、 Infineon Electronics 、 CAITONG securities 、 Zhongxin fluorine material 、 Wanxing technology 、 Yunda Wind Power Co., Ltd 、 Xinhua shares 、 Leisai intelligence 、 Jintian copper 、 Twin gun technology 、 Star semi guide 、 Guangmai Technology 、 And metabiology, etc 30 More than investment enterprises have realized IPO list , And medical technology 、 Taiyizhishang 、 Zhangwei technology 、 Doyle creatures 、 Blue sky environmental protection 、 Tianchuang environmental protection 、 Deep drawing intelligence, etc 10 More than investment enterprises have achieved their listing goals through mergers and acquisitions .

Since its establishment, Huarui investment has always insisted on taking root in the local market , Combined with the current situation of domestic industrial development and the demand of private capital , It has large and medium-sized enterprises in the province LP shareholders 180 More than , Investment formation includes LED、 semiconductor 、 The Internet of things 、 Equipment automation 、 A number of emerging industrial chains including health care .

This year's 8 month 6 Japan , Huarui investment will usher in the 20 A birthday . Founder zongpeimin said , Industries are generally divided into upstream industries 、 In the middle 、 The downstream , Huarui investment will first find the key fulcrum enterprises in the industrial chain , Invest along this fulcrum , At the same time, it can connect the upstream and downstream resources and technologies of the industry . With LED Take industry as an example , Huarui invests in 2007 The layout is around , First, I invested in LED Infineon electronics developed by drive power supply , Then they successively launched crystal optoelectronics 、 Distant photoelectricity 、 Maoshuo power supply 、 The middle is photoelectric 、 senior engineer LED、 JWT microelectronics and other projects , Many of them have been successfully listed .

About post investment , Affected by the epidemic situation and international factors in the past two years , It has become the focus of the venture capital circle . Huarui investment has created “1+X” Pattern , That is, take a brother enterprise as the fulcrum , Supplemented by a number of other invested enterprises , Work together . The post investment meeting of the ecosystem shall be held at least once a month . For example, Huarui investment once held the Huarui solar energy industry brothers' gathering in Hangzhou .

05 Zhejiang business venture capital ： Free and uninhibited , Rooted in Zhejiang

As the largest managed fund in Zhejiang Province , Professional equity investment management organization with the most investment projects and the best investment benefits , Zhejiang business venture capital , It can be said to be the business card of Zhejiang venture capital circle , It is also the first private holding venture capital institution in Zhejiang that has successfully landed on the new third board , The management mode integrating internationalization and localization , It has achieved a great success in the field of equity investment in China “ Zhejiang merchant experience ”.

data display ,2022 year 3 month , The market value of Zhejiang new third board enterprises TOP 100 In the list , Zheshang venture capital 143.15 The market value of 100 million yuan ranks first .

however , Not long ago , of “ The president of Zhejiang's largest private equity fund has fallen ” The news is rampant , Attract the attention of the investment circle .

The cause of the matter is , One is as long as 5000 Word letter of report suddenly spread . Yang, the informant, said that Hua Yiyu, chief executive of Zhejiang venture capital, was suspected of raping and PUA Female subordinates , And threatened to accuse the informer of extortion （ The informant said that Hua gave her a nickname 200 ten thousand ）. Because the content is too hot , Once exposed , It triggered a violent response . Although Zheshang venture capital immediately stated that ： The name “ Female subordinates have been controlled ”、“ Don't believe in rumors, don't spread them ”. But the experienced netizens don't seem to buy it . We won't tell you who is right and who is wrong in these tidbits .

According to the information of China Foundation Association , Zheshang venture capital was founded in 2007 year 11 month , The registered capital is 7.22 Billion , The management scale exceeds 10 billion yuan .2021 Annual report , Realize operating revenue 1.04 One hundred million yuan , Net profit attributable to shareholders of the listed company 560.39 Ten thousand yuan , They are down year on year 13.6% and 49.02%. Its self built headquarters building is located in the new financial cluster area, Xixi Road, Hangzhou , And has been in Beijing 、 Shanghai 、 Shenzhen 、 shenyang 、 Set up subsidiaries in Silicon Valley, etc .

Equity penetration can be found , The shareholders of Zheshang venture capital and LP The team gathered Zhejiang state-owned capital operation Co., Ltd 、 Zhejiang second light industry group 、 ChuanHua group 、 Xilinmen Group 、 Binjiang group 、 Hongshiliang group 、 Wellcome group 、 Hangzhou financial investment group 、 Property group 、 Energy group 、 Youth treasure group 、 Meihao holding group 、 Hangshi group 、 Holley Group 、 Wanma group 、 Wynn group 、 Urban Construction Group 、 HANGGANG group and China Poly 、 China helped 、 Dozens of famous enterprises such as Zhongcheng trust 、 Hundreds of Zhejiang merchants, central enterprises and famous financial institutions .

at present , Zheshang venture capital focuses on big health investment 、 Big spending 、 new economy 、 New manufacturing and other fields , management 30 There are more than funds 、 The new third board fund 、 Fixed growth fund 、 M & a funds , The scale of assets under management exceeds 500 RMB 100 million . The funds under management have successively invested in Huashu media 、 Huace film and television 、 Bainmei 、 Xilinmen 、 Cixing Co., Ltd 、 Zhongxin technology 、 Oriental Fashion 、 Lianchuang Electronics 、 Yueling Co., Ltd 、 Dewey video 、 Zheng Meiji 、 Flyletter 、 Guanghui auto 、 Innovative healthcare 、 Handing Co., Ltd 、 Huaqing is flying 、 Jintong Technology 、 Lianchuan Biology （871474）、 Huimin.com 、 Micro credit net 、 Cao Cao's car 、 The daily optimal fresh 、 Too beautiful Medical 、 Hongruan Technology 、 Danghong technology 、 Panshi Co., Ltd 、 Mingshikang ophthalmology 、 Ba nine Ling 、 Ivy's mouth 、 Foreign affairs, tourism, etc 150 More enterprises .

Get into 2022 After year , Zhejiang venture capital adjusted its strategy in time , The performance has improved significantly , According to the financial report of Zhejiang venture capital ,2022 First quarter of 2009 , The company achieves revenue 4282.35 Ten thousand yuan , Year-on-year growth 98.75%, Net profit 604.32 Ten thousand yuan , Year-on-year growth 44.66%.

06 Zhejiang venture capital ： Steady old scalper

all the time , Zhejiang venture capital is a low-key and practical venture capital industry “ old ox ”, Small scale but outstanding performance .

Zhejiang venture capital group was established in 2000 year 9 month , The registered capital is RMB 1 One hundred million yuan , It is a professional venture capital institution approved by the people's Government of Zhejiang Province , The shareholder is Zhejiang development Assets Management Co., Ltd., a subsidiary of Zhejiang state owned assets operation company 、 Zheneng power, which is controlled by Zhejiang energy group 、 Zhejiang Juhua, which is controlled by Zhejiang Juhua Group 、 Hangzhou Dino Investment Management Co., Ltd. and Zhejiang Electric Power Industry Corporation under State Grid Zhejiang electric power .

More than ten years since its establishment , Zhejiang venture capital in new materials 、 Equipment manufacturing 、 Information electronics 、 Energy conservation, environmental protection and consumption upgrading have built obvious industrial advantages and investment experience . With “ Boutique venture capital ” Target , follow “ Less and better ” The principle of choice , It has led the investment for nearly 30 A project , Ruitai technology 、 Western materials 、 Xingyuan environment 、 Huatie technology 、 State inspection group 、 Tiantie industry 、 Zhejiang Mine Heavy Industry Co., Ltd 、 Huaguang new material 、 Jieqiang equipment and other projects have been successfully listed .

Not long ago ,6 month 8 Japan , Zhejiang venture capital investment 2 Enterprises were successfully listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange on the same day , Gongs and drums sing together . These two projects are new and emerging specialized, special and new enterprises .

Huahai Qingke listed on the Shanghai Stock Exchange's science and technology innovation board , Is a high-end semiconductor equipment manufacturer , It produces high-end chemical mechanical polishing （CMP） The equipment has broken the monopoly of international giants in this field for decades , Effectively reduce the procurement cost of domestic IC manufacturers and their dependence on foreign equipment . Yubang new materials listed on the growth enterprise market of Shenzhen Stock Exchange , Is the most important supplier of PV welding strip products in China , With high brand and market share , In R & D strength 、 The product quality is at the domestic advanced level .

It has to be mentioned here ： Zhejiang state owned Capital Operation Co., Ltd , Formerly known as Zhejiang comprehensive Assets Management Co., Ltd , It was founded on 2007 year .2016 year 6 month , Provincial Party committee 、 The provincial government adjusted the provincial state-owned assets operation company into a provincial-level enterprise , And manage the assets under the former provincial Railway Group 、 finance lease 、 Fund management and other business segments are injected into the company , Further consolidate the foundation for development .2017 year 2 month , Zhejiang state owned Capital Operation Co., Ltd. was officially reorganized and established . The data shows , This is the only provincial state-owned capital operation platform in Zhejiang Province .

By 2020 end of the year , Total assets of Zhejiang state-owned capital 2242 One hundred million yuan , Have 12 Wholly owned by 、 Holding company , Holding a stake in a provincial first-class enterprise property Zhongda Group 、 How much I love the group 、 Anbang guard 3 companies , And hold Zhejiang venture capital 、 Zhejiang equity exchange 、 Cassia 、 In favor of the group and a number of other key enterprises , Initiated the establishment of Zhejiang provincial state-owned enterprise reform and development fund 、 Zhejiang Xinxing Power Investment Fund 、 Zhejiang emerging industry fund 、 Zhejiang provincial state-owned asset securitization investment fund and other multi fund , The participating countries are new countries （ Zhejiang ） The establishment of investment funds and other funds .

5 End of month , Another message came out , hand 2000 The state-owned capital of Zhejiang Province with a capital management power of billion yuan was condemned by the Hong Kong stock exchange . We need to start with Huaying architecture （01582.HK） When it comes to listing .

Huaying building is located in 2019 year 9 Disclosed at the time of offering in January , After listing, Zhejiang state-owned capital will become the controlling shareholder , Relevant restrictions on the sale of equity of Huaying construction shall be observed . But Huaying Architecture （2019 year 10 month ） After listing , Zhejiang state-owned capital has carried out a series of restructuring transactions in a short time , Make the equity from 45.95% Be reduced to 37.90%, Huaying construction did not disclose .

The data shows , As a state-owned investment platform , Zhejiang's state-owned capital has invested abroad 22 Only fund , Involving Zhejiang salt capital 、 Zhejiang business venture capital 、 Zhejiang Fuzhe integrated circuit industry development Co., Ltd , And Zhejiang rich Zhejiang integrated circuit is also the second phase of the big fund LP.

In direct investment business , Zhejiang's state-owned capital is also actively involved , For example, Tianwei food 、 Golden arowana 、 China's salt industry 、 Zhejiang equity exchange and other cases . In terms of investment rounds , Tianwei food 、 Golden Arowana will be added after listing ; China's salt industry in 2019 Start equity financing in , Zhejiang state-owned capital and a number of state-owned capital, such as Sichuan development 、 National new central enterprises 、 Guangxi Financial Investment Group, etc. entered . Besides , Zhejiang equity exchange 2015 Equity financing in , Zhejiang's state-owned capital has also invested heavily , The shareholding ratio reaches 33.3%, Become the largest shareholder .

Back to Zhejiang venture capital ,2017 In, Zhejiang funded operation platform was restructured , Strong support from state-owned shareholders , welcome “ Golden period of development ”. stay “ One enterprise, one policy ” In the context of authorization , Experienced internal organization adjustment 、 After the optimization of investment management system and a series of market-oriented mechanism reforms , The company's project decision-making is more professional 、 The internal control management is more standardized , Development is getting better . at present , The annual return on capital of Zhejiang venture capital exceeds 40%, It has boosted the transformation, upgrading and development of a large number of enterprises .

07 At the end

Just the day before the press release , Word got out , Printed and distributed by SASAC of the State Council 《 Circular of the State Council on relevant matters concerning the reform of state owned capital investment companies 》, The state owned assets supervision and Administration Commission of the State Council has made a comprehensive assessment on the pilot reform of state-owned capital investment companies , State Investment Group 、 China Resources 、 China Merchants Group 、 China building materials and China Baowu five state-owned enterprises were officially transformed into state-owned capital investment companies .

Actually , Invested by state-owned capital 、 The operating company manages the enterprise in the way of managing capital , It is no longer the direct management of enterprises by government departments , But is advantageous to the enterprise marketization main body status establishment , It is conducive to the independent operation of the enterprise 、 Improve efficiency and efficiency . One of the main contents of the new round of state-owned enterprise reform , That is to reform the authorized management system of state-owned capital by focusing on capital management .

before , The Third Plenary Session of the 18th Central Committee of the Communist Party of China proposed , We should reform the authorized management system of state-owned capital , Reorganize and establish state-owned capital investment 、 Operating company is one of the core contents ;《 The central committee of the communist party of China 、 The guiding opinions of the State Council on deepening the reform of state owned enterprises 》 and 《 Several opinions of the State Council on reforming and improving the state owned assets management system 》 There are also relevant requirements .

As far as Zhejiang is concerned , Support and master fund under various policies 、 Under the action of state-owned capital, it has indeed attracted a large number of marketization PE/VC to ground , In the future, these institutions will still face more market-oriented competition and cooperation in the process of coexistence and development . Of course , This is also the inevitable course of its development .