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The three leading industry mother funds in Shanghai (integrated circuits, biomedicine, and artificial intelligence), which were established not long ago and have a total scale of approximately 89 billion yuan, will be established in the form of limited partnerships. Shanghai Guotou Pioneer Private Equity Fund Management Co., Ltd. (hereinafter referred to as "Guotou Pioneer") will serve as the fund manager, and the fund term is 15 years.

In terms of fund size, the three major fields of integrated circuits, biomedicine and artificial intelligence have corresponding scales of 45.001 billion yuan, 21.501 billion yuan and 22.501 billion yuan respectively. The scale of integrated circuits exceeds the sum of the other two fields.

How do Shanghai's three leading industry mother funds invest? Which links in the three major areas will they focus on? This is the focus of market attention. A reporter from China Business News learned from a person in charge of a Shanghai state-owned capital that the investment implementation plan of the mother fund has not yet been fully finalized.

In recent years, Shanghai has been facing the world's technological frontiers, continuously strengthening its layout in cutting-edge emerging fields, seizing the commanding heights of future industries, and gradually embarking on a path of promoting high-quality industrial development through technological innovation, forming a group of representative science and technology innovation companies with core technologies. With the launch of the Science and Technology Innovation Board five years ago, a number of integrated circuit, biopharmaceutical and artificial intelligence companies were listed, and while continuously increasing R&D investment, they have also consolidated their core competitiveness.

89 billion yuan invested in three major areas

Tianyancha shows that on July 22 this year, Shanghai Guotou Pioneer Artificial Intelligence Private Equity Investment Fund Partnership (Limited Partnership), Shanghai Guotou Pioneer Integrated Circuit Private Equity Investment Fund Partnership (Limited Partnership), and Shanghai Guotou Pioneer Biomedicine Private Equity Investment Fund Partnership (Limited Partnership) (collectively referred to as the "Shanghai Three Major Pioneer Industry Funds") were registered and established, and their registered places are all Pudong.

The main LPs of Shanghai's three leading industry mother funds are Shanghai municipal investment platforms, Shanghai district investment platforms, Shanghai state-owned enterprises, and Shanghai's two major securities companies (Guotai Junan Securities and Haitong Securities).

According to the reporter, the specific investment plans of the three leading industry mother funds have not yet been fully implemented. A relevant person in charge of a Shanghai district-level investment platform that participated in the investment of the artificial intelligence mother fund said that they are very much looking forward to the implementation of the mother fund's investment plan, which will further drive the development and growth of scientific and technological enterprises in the district in the future. "We went to Shanghai Guotou to learn about it last week, but did not get the specific plan for the mother fund to invest." The relevant person in charge of the aforementioned Shanghai district-level investment platform told Yicai Global: "There are many bio-industry companies in our district waiting to be invested, so we are also very eager to understand the investment direction, specific investment methods and other details of the mother fund."

In the announcement disclosed by Guotai Junan, the general investment direction has been made clear. The integrated circuit mother fund will focus on integrated circuit related fields including but not limited to integrated circuit design, manufacturing and packaging and testing, equipment materials and components; the artificial intelligence mother fund will focus on artificial intelligence related fields including but not limited to smart chips, smart software, autonomous driving, smart robots, etc.; the biomedicine mother fund will focus on biomedicine related fields including but not limited to innovative drugs and high-end preparations, high-end medical devices, biotechnology, high-end pharmaceutical equipment, etc.

As the manager of the three leading industry mother funds, SDIC Pioneer is a wholly-owned subsidiary of Shanghai State-owned Capital Investment Co., Ltd. (hereinafter referred to as "Shanghai SDIC"), and its actual controller is the Shanghai State-owned Assets Supervision and Administration Commission.

It is worth noting that in mid-April this year, Shanghai State Investment Corporation and Shanghai Science and Technology Innovation Investment Group jointly reorganized. After the reorganization, Shanghai Science and Technology Innovation Group was directly held by Shanghai State Investment with 100% equity. The market generally believes that this joint reorganization will help Shanghai further develop cutting-edge technology industries, focus on "early investment, small investment, and hard technology", support breakthroughs in key core technologies and the transformation of scientific and technological achievements, accelerate the industrialization process, serve national strategies, build innovation sources and industry incubation investment platforms, and coordinate state-owned capital to enable the development of new quality productivity. It is understood that in the future, the fund management scale of Shanghai State Investment will exceed 200 billion yuan.

Listed companies in the three leading industries are accelerating their growth

July 22 also marks the fifth anniversary of the opening of the Science and Technology Innovation Board. As a domestic "hard technology" highland, the Science and Technology Innovation Board brings together a number of listed companies in the fields of integrated circuits, biomedicine and artificial intelligence. Many of these companies are located in Shanghai and have grown in Shanghai. After years of development, they have not only grown into leaders in their respective fields, but also become the "new business cards" of Shanghai's three leading industries.

According to a review by the First Financial Daily, as of the close of July 23, there were 443 listed companies in Shanghai, including 91 listed companies on the Science and Technology Innovation Board, with a total market value of 1.45 trillion yuan. In terms of industry, there were 41 companies in the new generation of information technology and 26 in biopharmaceuticals, accounting for 73.62% of the total number of companies in these two fields.

Integrated circuits and artificial intelligence are two industries that belong to the new generation of information technology. According to the classification of Shenwan's secondary industries, there are 28 companies listed on the Shanghai Science and Technology Innovation Board, covering design, equipment, wafer manufacturing, materials and other links. "Wafer aircraft carrier" SMIC (688981.SH) ranks first in total market value, reaching 392.088 billion yuan, and is also the first in market value on the Science and Technology Innovation Board; companies such as Lanqi Technology (688008.SH), AMEC (688012.SH), Huahong (688347.SH), and Shanghai Silicon Industry (688126.SH) have a market value of more than 10 billion yuan.

The recently disclosed A-share interim performance forecasts show that many Shanghai semiconductor listed companies have shown a gratifying performance growth in the first half of the year. EEPROM chip leader Juchen Co., Ltd. (688123.SH) released a performance forecast after the market on July 23. During the reporting period, the company achieved the best sales revenue in the same period in history. It is expected to achieve operating income of 515 million yuan in the first half of the year, a year-on-year increase of 62.37%; net profit attributable to the parent is 143 million yuan, a year-on-year increase of 124.93%. Juchen Co., Ltd. stated that with the recovery of demand in the downstream application market, the company's SPD products, NOR Flash products, automotive-grade EEPROM products, and industrial-grade EEPROM products used in industrial control and other fields have achieved rapid year-on-year growth in shipments. Previously, memory interface chip leader Lanqi Technology expected to achieve operating income of 1.665 billion yuan in the first half of the year, an increase of 79.49% over the same period last year; it is expected to achieve a net profit attributable to the parent of 583 million yuan to 623 million yuan, a year-on-year increase of 612.73% to 661.59%.

In addition to the Science and Technology Innovation Board, Shanghai's local semiconductor leading companies such as Will Semiconductor (603501.SH) and Shanghai Belling (600171.SH) have also achieved rapid growth in scale in recent years.

On the other hand, 26 listed biopharmaceutical companies are mainly engaged in medical devices, medical services, innovative drug research and development and other sub-tracks. In the first quarter of this year, these 26 companies achieved a total operating income of 8.3 billion yuan, compared with 7.62 billion yuan in the same period last year, an increase of about 9% year-on-year. The company with the highest market value is Junshi Biosciences (688180.SH), and 7 other companies with market values ​​exceeding 10 billion yuan, including Ellis (688578.SH), Yirui Technology (688301.SH), Xinmai Medical (688016.SH), and Sunshine Guojian (688336.SH).

Junshi Biosciences' Toripalimab is the first domestically produced oncology drug included in the Orbis project. Through this project, it has submitted and accepted the marketing application to the Australian Therapeutic Goods Administration and the Singapore Health Sciences Authority. Recently, Junshi Biosciences announced that the new indication of Toripalimab combined with bevacizumab for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma has been accepted for marketing, which is expected to drive Junshi Biosciences' performance growth in the future.