Another fund of funds in Jiangxi landed, 10 billion

It’s Jiangxi again.

The investment community-Decoding LP learned that the Jiangxi Pingxiang City Industrial Guidance Fund has recently completed registration, marking the official establishment of the Pingxiang City 10 billion FOF and entering the operation stage. This guidance fund with a total scale of 10 billion yuan was jointly funded and established by cities and counties in Jiangxi Province and managed and operated in a market-oriented manner, adopting the “1+N” mother-sub-fund investment model.

Pingxiang, as a typical old industrial city and resource-based city in Jiangxi Province, is now also investing in venture capital. Right now, government guidance funds have become an important way for local governments to attract investment, and Jiangxi’s enthusiasm has left a deep impression on the outside world.

Another 10 billion FOF in Jiangxi

Specifically, Jiangxi Guokong Private Equity Fund Management Co., Ltd. is the fund manager of the Pingxiang City Ten Billion Fund of Funds, and Pingxiang City International Investment Group is the management agency. Based on the principle of “rolling development” to mobilize social capital inside and outside the city, focus on supporting strategic emerging industries, advanced manufacturing, modern service industry, electronic information industry, technological innovation, energy conservation and environmental protection, Cultural tourism, modern agricultural industry, traditional pillar industries and other key industries in the city and areas of industrial transformation and upgrading, green industries such as carbon peak and carbon neutrality, and key enterprises in the city to be listed, to speed up the construction of a “1+2+N” modern industrial system .

As one of the leading state-owned enterprises in Pingxiang City, Pingxiang City International Investment Group is also actively carrying out capital operations and vigorously promoting industrial investment while focusing on its main business.

According to data from Pingxiang State-owned Assets in September, through “going out”, Pingxiang City State Investment Group cooperated with Huixin Capital, Qindao Capital, Dongfang Junyuan and other institutions to participate in 35 investment projects in the form of equity investment funds, with a cumulative investment The amount is 265 million yuan, of which a number of invested companies have been listed, including Huayang International, Keshun shares, Kexiang shares , 800 million space-time , Rui Keda , etc. Emdoor Information , Yunhanxincheng , and Chentai Technology The investment company passes or submits for IPO review.

And through “bringing in”, the group promotes the combination of industrial investment and investment attraction, investing 1.015 billion yuan, and successively attracted listed companies Hangzhou Xilinmen Furniture, Ningbo Shuangma Machinery, Shenzhen Mammoth Electric Technology, Chongqing Qiteng Technology, Shenzhen Haimu Xinwei Electronics, Jiangxi Jingtai New Material Technology Co., Ltd. and other enterprises settled in Pingxiang, with a total investment of about 12 billion yuan. Among them, Ningbo Shuangma Machinery was renamed Bole Intelligence after it settled down to create an intelligent manufacturing industrial park, which led to five related industrial chain enterprises to settle in Anyuan District, and will submit IPO materials in the near future. It is expected to become the first headquarters to move to A listed company after Pingxiang.

The successful establishment of the Pingxiang Industry Guidance Fund can accelerate the linkage between provinces, cities and counties, lead social capital and financial capital to invest in key areas of Pingxiang’s industrial development, and strive to promote “resource investment + policy investment” to “capital investment + ecological investment”. “Transformation, promote the industrial transformation and upgrading of Pingxiang City and the sustained, rapid and healthy development of the economy.

As one of the main birthplaces of China’s modern industry, Pingxiang has the reputation of “Jiangnan Coal Capital” and “Industrial Town”. Today, Pingxiang City is deeply promoting the “No. 1 Development Project” to make the digital economy better and stronger, and is making every effort to cultivate emerging industries such as electronic information, new energy, and new materials. On the whole, the GDP of Pingxiang City in 2021 will reach 110.830 billion yuan, double that of 2012. The industrial structure has been significantly optimized, and economic development has achieved both quantitative and qualitative improvements.

This year in Jiangxi, tens of billions of funds of funds lined up

As you can see, Jiangxi’s tens of billions of guidance funds have been lined up this year.

“Research on the establishment of Jiangxi Province’s modern industry development guidance fund, and build a 100-billion-level industrial investment fund group in Jiangxi Province.” Through “Several Measures on Promoting the High-quality Development of Jiangxi’s Capital Market in the New Era”, we see that Jiangxi is accelerating the development of equity investment funds. determination.

Not long ago, the Jiangxi Provincial Modern Industry Guidance Fund recently issued a GP selection announcement to recruit outstanding VC/PE institutions from all over the world. With a registered capital of 60 billion yuan, this may be the largest guiding fund in Jiangxi. According to the data, the Jiangxi Provincial Modern Industry Guidance Fund is led by Jiangxi Sinopharm, and Jiangxi Sinopharm Private Equity Fund Management Co., Ltd. (hereinafter referred to as “Sinopharm Fund Company”), a subsidiary of Jiangxi Sinopharm, serves as the fund management agency. The purpose of the establishment of the fund is very clear-to use a large platform and a large fund to promote the transformation and upgrading from “resource investment + policy investment” to “capital investment + ecological investment”, and provide strong capital momentum to support the modern economic ecosystem of Jiangxi Province.

There is also Nanchang’s 20 billion fund of funds coming. In November this year, at the 2022 Nanchang Electronic Information Industry Development Conference, Nanchang City stated that it is stepping up the establishment of the Nanchang Modern Industry Guidance Fund of 20 billion yuan and the Nanchang Modern Industry Fund of 2 billion yuan to provide strong financial guarantees for the development of enterprises .

It is reported that Nanchang is benchmarking against the highlands of the domestic electronic information industry, formulating a “road map” and “timetable” for catching up, and making every effort to build a “central electronic information industry center”, a “national electronic information manufacturing base” and a “world-class VR center”. ——The goal is to reach 500 billion yuan in the overall industry scale of electronic information by 2025.

In addition, in July this year, Jiangxi State Control and Jiujiang Municipal People’s Government signed a strategic cooperation framework agreement. The two parties decided that the Jiangxi Provincial Modern Industry Guidance Fund (hereinafter referred to as: the Provincial Guidance Fund) will initiate the establishment of the Jiujiang Modern Industry High-quality Development Guidance Fund with a total scale of 10 billion yuan in Jiujiang City. This is the second time that the Provincial Guidance Fund has established a regional development fund in cooperation with Ji’an City in July, and it has once again settled in an inland city of the province, marking the departure of the 100 billion-level Provincial Guidance Fund.

Earlier in mid-April, Jiujiang City established the Jiujiang Industrial Industry Investment Guidance Fund with a total scale of 10 billion yuan, which mainly invests in the first and leading industries at the city and county levels. Focusing on strategic emerging industries, advanced manufacturing, and high-tech industries, increase the attraction of major projects with high technological content and strong support, especially unicorn companies, gazelle companies, and “5020” projects, in order to create new Industrial centers provide strong capital momentum.

At almost the same time, Jiangxi Ji’an publicly selected the city’s industrial development guidance fund manager. It is reported that the total size of the fund is 26 billion yuan, and the first phase size is 5 billion yuan. It adopts the “1+N” mother-sub-fund combination operation mode.

At present, Ji’an City is accelerating the construction of the “1461” modern industrial system, which is the first electronic information industry. There are well-known enterprises such as Helitai , Mulinsen , and Luxshare in the jurisdiction. At the same time, there are nearly 100 electronic circuit board industry clusters. There are 4 leading industries of biomedicine and general health, advanced manufacturing, green food, and new materials, 6 people-enriching industries of green rice, Jinggang pomelo, organic tea, organic vegetables, characteristic medicinal materials, and characteristic bamboo and wood, and 1 tourism industry.

It can be seen that Jiangxi’s tens of billions of funds of funds have come one after another. Through the establishment of guidance funds, attract VC/PE to “build nests” in the local area, so as to cultivate local emerging industries.

However, it is not easy to operate the government guidance fund well. Especially for local governments, how to formulate reinvestment standards according to local actual conditions to attract high-quality GPs? After the VC/PE lands, can the funds be in place in time? How to ensure investment efficiency? How to give full play to the advantages of market-oriented operation, so that the fund can be invested smoothly and get a return? These series of problems are realistic and unavoidable.

This article is from the WeChat public account “Decoding LP” (ID: LPdaily1945) , author: Liu Yi, 36 Krypton is authorized to publish.

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