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On July 22, the STAR Market (Sci-tech Innovation Board) was launched on the Shanghai Stock Exchange. The first 25 stocks made their debuts. Among the 25 tech startups were 6 co-invested by enterprises in the SIG system, including CRSC, Ronbay Technology, Montage Technology, Endovastec, Raytron and AMEC. This is an iconic event of SIG serving Shanghai's three new major tasks and support the integrated development of Shanghai International Financial Center and Shanghai Sci-tech Innovation Center.

By September 30, 11 of the tech startups co-invested by enterprises in the SIG system had applied for listing on the STAR Market.

Under major national and municipal strategies, SIG has built a unique industry fund ecosphere and innovation investment ecosystem, given play to the cluster, amplification and driving effects of industry funds on technology innovation investment, effectively connected state-owned capital, industrial capital, financial capital and other elements, generated a social capital of nearly 1 trillion yuan, and supported the building of Shanghai Sci-tech Innovation Center and the development of tech enterprises by means of marketization.

Overall layout and sci-tech investment system

As a state-owned capital operation company focusing on financial investment, SIG has given full play to its function as a local financial and state-owned capital platform, employed the leading and driving role of state-owned capital, the system operation advantage of industry-finance integration, as well as the "amplification effect" and "radar effect" of FOF, kept improving the system, mechanism and operation level of investment management, endeavored to promote the integration of innovation chain, industry chain and capital chain in the Yangtze River Delta, built an innovation investment ecosystem integrating industry funds, FOF platforms and equity investment, and continuously cultivated and supplied new driving forces for quality STAR market listing resources.

In terms of industry funds, since setting foot in industry funds in 2009, SIG has accumulated rich advantage and experience in industry fund operations, built China's earliest industry fund management companies such as "GP" and "Guohe", initiated Sailing Capital International, implemented the RMB internationalization strategy, invested in overseas high-tech enterprises, accumulated professional capabilities and market advantage, set up Zhangjiang Sci-tech Innovation Fund, Minhang National Technology Achievement Transformation Fund and CICC Yangtze River Delta Sci-tech Innovation Development Fund, focused on major technology innovation in strategic emerging industries, integrated and utilized high-end innovation resources and advantageous financial capital, and jointly promoted the transformation of key technology achievements and investment & financing cooperation.

To further improve the level of investment management, SIG established two FOF platforms-"Sci-tech" and "Growth" on the basis of industry funds.

With the core mission of serving the building of Shanghai Sci-tech Center, Shanghai Sci-tech Center PE Capital (Shanghai Sci-tech Capital) is China's first private equity fund named after "sci-tech center", a national strategy.

Through energization in multiple dimensions such as capital, management and data, Shanghai Sci-tech Capital has focused on Shanghai's major functional innovation platforms, strategic projects and supporting areas, injected in central-local cooperation resources and regional government cooperation resources, optimized its business layout outside Shanghai, given play to the leading role of Shanghai in economic development, the radiating role of Shanghai Sci-tech Center and the service role of Shanghai Financial Center, greatly expanded the ecological capacity of industry funds, and comprehensively improved the operation level of industry funds. With focus on Shanghai's major functional innovation platforms, strategic projects and supporting areas, Shanghai Sci-tech Capital has invested in sub-funds in strategic emerging industries such as IT, biomedicine, advanced manufacturing, environmental protection and new energy, and given full play to its platform advantage as a municipal FOF and its role in resource agglomeration. Guided by Shanghai's action of "Light of Pujiang", Shanghai Sci-tech Capital has initiatively aligned itself with outstanding enterprises up to the standard of STAR market listing, conducted policy coordination, provided policy service and endeavored to transfer more "quality resources" to the STAR Market. Based on the goal of developing Shanghai Sci-tech Center, Shanghai Sci-tech Capital has focused on industries like AI, biomedicine, enterprise service, cloud computing, self-driving, semiconductor and 5G, strengthened industrial research, and studied investment direction and opportunities. Shanghai Sci-tech Capital has selected the best managers and sub-funds. In ways such as management team interview, project visit, limited partner interview, public information consultation and field spot document check, Shanghai Sci-tech Capital has conducted due diligence investigation into the situation, management institutions, core teams, internal management and investment performance of sub-funds. By contacting outstanding sub-fund managers, deepening industry chain operations, tapping and fostering promising startup enterprises, Shanghai Sci-tech Capital has helped them stand out in the market. On the basis of analyzing key and renowned fund managers, Shanghai Sci-tech Capital has contacted over 200 fund managers. Based on the historical performance, team management capacity and investment strategies of sub-funds, Shanghai Sci-tech Capital has established a reserve project database and followed up some 80 sub-funds. Shanghai Sci-tech Capital has regularly reviewed the overall asset allocation and strategy implementation of funds and dynamically optimized investment portfolios. In terms of industry configuration, Shanghai Sci-tech Capital's investment in IT, biomedicine, advanced manufacturing, environmental protection and new energy account for 49 percent, 30 percent, 17 percent and 4 percent respectively. In terms of stage configuration, the early-stage investment and growth stage investment account for 88 percent in total. In terms of regional distribution, Shanghai Sci-tech Capital's investment in Shanghai and the Yangtze River Delta roughly accounts for 30 percent and 50 percent respectively. Shanghai Sci-tech Capital's fund operations show its functional orientation of serving the building of Shanghai Sci-tech Center. In terms of direct investment, Shanghai Sci-tech Capital has focused on key industrial segments such as AI, biomedicine, enterprise service, industrial internet, advanced manufacturing and IC design, and directly supported and cultivated the best sci-tech enterprises selected from the best. As of late September 2019, Shanghai Sci-tech Capital has made decisions to invest in 27 sub-funds, with a total amount of 3.5 billion yuan; and signed 21 sub-fund agreements with a total amount of 2.5 billion yuan, driving a total sub-fund investment of over 22 billion yuan. Sub-funds have invested in 183 projects, including enterprises like Synyi AI, Allsense, MicroPort Endovascular, Rocksensor and UnionTech in fields such as AI, biomedicine, IC and advanced manufacturing. Besides, through direct investment platforms, Shanghai Sci-tech Capital has invested in tech startups like Golden Cloud, Yitu, Webstock, Supremind and Xinyang New Material.

Shanghai Growth FOF committed to building a FOF platform integrating platform FOF, market FOF and share trade FOF is an important strategic hub of SIG linking industry funds. Yangtze River Delta Collaborative Advantageous Industry Fund (Yangtze River Delta Fund) managed by Shanghai Growth FOF Co., Ltd. (Growth) is committed to building an ecological carrier of capital integration in the Yangtze River Delta, building an innovation investment ecosystem based in Shanghai and radiating the Yangtze River Delta, and leading the integrated and high-quality development of the industry chain. With market-oriented "FOF + sub-fund" as the operation model, Yangtze River Delta Fund has focused on two key factors: "integration" and "high quality", given full play to the function of the FOF in capital amplification and capability of element integration, and conducted key operations in an innovation industry chain driven by AI, IoT and biotechnology; through asset allocation and resource coordination on three main lines: hard technology sub-fund, industry chain sub-fund and independent innovation project, Yangtze River Delta Fund will drive a total social capital of over 50 billion yuan, promote the collaborative innovation of regions through trans-regional industry chain cooperation, speed up the formation of a globally competitive superior industry cluster, and keep injecting innovation power for the national strategy of the integrated development of the Yangtze River Delta. With the constant deepening of fund investment and operation, industry funds in the Yangtze River will cover projects with a total market value of 200 billion yuan, 1,000 innovation projects, 200 advanced technology projects, and work closely with the upstream and downstream sectors of the key industry chains in cities in the Yangtze River Delta.

In terms of equity investment, SIG has kept improving its capacity for active investment with focus on two main lines: strategic emerging industries and fintech. In recent years, SIG has invested in "unicorn" projects such as Ant Financial, Cambricon, Whale Cloud and Qianxun SI. Based on its advantage in state-owned capital operation and industry-finance integration, SIG has strengthened the post-investment management of invested companies, comprehensively energized tech startups and guided them in applying for STAR market listing. SIG has conducted prospective operations in fintech, initiated Shanghai's first fintech industry alliance, connected and integrated the industry chain and innovation chain where leading technologies are used through deep technology reserves and industrial depth in the alliance. Besides, SIG has participated in the investment and construction of an international fintech industry park, initiated a united innovation laboratory, created favorable working environment for fintech enterprises, established a mechanism for the integrated operation of enterprises, universities, research institutes and investors, and provided spatial carriers and intellectual support for the building of Shanghai Fintech Center.

Market-based operation

The appointment and salaries of management teams and business teams of SIG's industry funds are market-based, and fund management companies appoint chairmen only. The market operation mechanism is also reflected in fund initiation, capital and project sources, investment decision making, business performance assessment, incentive & constraint mechanism and professional services. The mechanism has improved the professional level of fund management operation. GP Capital has joined hands with Growth FOF to build the eFront investment business management system, establish a digital and traceable blockchain-like investment management system controlled in full process and covering fund lifecycles, and form a "smart" control platform. GP Capital's "PE Fund Lifecycle Management System" was nominated for Shanghai Financial Innovation Award 2018. In the context of financial regulation intensification, the system has tightened internal risk control and conducted full-process investment control to establish solid long-term competitiveness for GP Capital. As an important way to accomplish information exchange, Yangtze River Delta Fund has developed the fund investment management system in association with the world leading eFront data platform. From dimensions such as GP's business performance, investment portfolio management, investment portfolio monitoring and underlying operation data analysis, Yangtze River Delta Fund is committed to establishing all-dimensional data labels, accomplishing the systematic management of lifecycle, conducting the most comprehensive evaluation through data mining, strengthening investment management, giving full play to advantage of FOF products in information gathering and resource integration, energizing outstanding fund managers, and achieving the vision of building strategic platform ecology through renovating platform informatization.

Shanghai Sci-tech Capital has made the market a key power of capital allocation. It brought together state-owned capital operation platforms, financial groups and listed industry groups to form a mixed ownership capital structure. It has established a fund evaluation and filtration mechanism, well designed over 80 indexes with focus on fund setup, management team and managers' historical performance, conducted a systematic and in-depth analysis of funds from dimensions such as fund investment strategy, structure and agreement articles, as well as managers' personal capacity, internal control level, incentive system and previous performance, to ensure the objectivity and effectiveness of fund filtration. Besides, the fund evaluation indexes also highlight the weight of the index of correlation with Shanghai Sci-tech Center, to ensure that fund investment focuses on the core goal of serving the building of Shanghai Sci-tech Center. Through the hierarchical authorization mechanism of "Board of Shareholders-Board of Directors-Fund-investment Decision-making Committee", it has made decisions on fund investment. Besides, it has established incentive and constraint mechanisms such as shareholding by the management team, compulsory co-investment and investment profit distribution.

In terms of post-investment management, Shanghai Sci-tech Capital has strengthened normalized post-investment management with focus on investment strategy implementation, underlying project tracking, movements of key persons, investment agreement performance, management of voted matters, regular report analysis, compliance matter implementation and major matter monitoring. It has energized management in a bidirectional way: given play to the information and resource advantage of FOF in technology innovation, strengthened value-added services for sub-fund and investment projects in policy consultation, strategic layout, resource connection and information sharing, guided outstanding tech startups in strengthening technical connection and business cooperation with industry groups, central enterprises, state-owned enterprises and other enterprises, to promote industrial transformation and upgrading, develop new application scenarios of advanced technologies and speed up the commercialization of advanced technologies.

SIG is also building an internal-external capital collaboration platform, and attracting more international and external outstanding fund managers to join its industry funds to boost the capacity of industry fund ecology. In ways such as capital energizing, management energizing and data energizing, SIG's FOF platform has organically integrated the creativity of its outstanding team with the resource integration capacity of the platform system, and kept capturing emerging technology highlights and industry sparks in information interaction and collision.