The Rongzhong 2025 (the 14th) China Capital Annual Conference has successfully concluded.
In recent years, with the integration and breakthroughs of technologies, we can clearly sense the exponential trend of the AI revolution. The investment banking industry, as the lookout of technological innovation, the promoter of economic prosperity, and the participant of social progress, stands at the critical moment of the new technology transition and the new cycle transformation. Facing this magnificent new map, we have no choice but to become the singularity awakener. As the singularity approaches, we keep our eyes sharp; as the awakener of the era, we come together to become the leader of industrial investment, the companion of innovative enterprises, and the creator of the new world, looking towards a farther future.
From January 16 to 17, 2025, in Beijing. At the starting point of the new year, Rongzhong 2025 (the 14th) China Capital Annual Conference, hosted by Rongzhong Finance and Economics and Rongzhong Consulting, was grandly held. It gathered investment institutions, macro experts, and star hot enterprises to deeply think about the future investment and technology, achieve critical awakening, and enjoy unlimited possibilities!
This conference takes "Singularity Awakener" as the theme. On the first day of the conference, Zhu Shan, the chairman of Rongzhong, delivered the opening speech with the theme of "Steering the New Situation and Navigating the New Voyage". Zhu Shan reviewed that in 2024, equity investment industry rose to become a national strategy for the first time. All policies and measures fully reflect the high attention paid by the central leadership to the VC/PE industry. The investment and financing activity in the Yangtze River Delta has further increased. He believes that from the perspective of the sector, artificial intelligence is still booming. Last year, the artificial intelligence sector attracted an investment scale of 44 billion yuan, of which the investment in large models accounted for 78%, with an amount of more than 33 billion yuan.
Looking forward to 2025, Zhu Shan proposed that the problem of difficult fundraising for institutions this year will be alleviated to some extent. While the macro policy is relaxed, it will inject more liquidity into the market. Moreover, the top institutions, industrial capital, and government investment platforms will form a joint force, complementing each other's advantages and sharing resources. With the support of the concepts of long-term capital and patient capital, in the new year, the private equity investment market will usher in new opportunities.
Subsequently, Liu Zhou, the founding partner and chairman of Dachen Chuangzhi, delivered a keynote speech with the theme of "Stay at the Table and Wait for a Turnaround". In this speech, he pointed out that in the great changes unseen in a century, the world and China have entered a new cycle, and China's VC/PE is facing new challenges, new missions, and new opportunities. Liu Zhou believes that the IPO situation in 2025 will be more optimistic than in 2024, and calls on all investors to adhere to high-quality investment, improve the quality of projects, and traverse the economic fog. He said, "Confidence is more important than gold. We must believe in the power of 'belief', the power of 'trend', and the power of 'company'. Venture capital is not only a business, but also a method that can bring social progress, a thinking method and philosophy, and a force that promotes and shapes business innovation."
Next, Ying Wenlu, the chairman of Yida Capital, delivered a keynote speech with the theme of "Complying with the Development Trend of the Times and Being the Singularity Awakener in the New Wave". In the speech, he said that in 2024, the venture capital industry has received unprecedented attention. The frequent and large-scale documents and meetings of the Party Central Committee and the State Council, and the first "Stabilizing the Stock Market" of the Political Bureau of the Central Committee all indicate that the special historical role of the venture capital industry has been fully highlighted.
Ying Wenlu pointed out that with the changes in the international situation, domestic substitution will become an inevitable trend, and the Chinese investment industry will also usher in more opportunities. The transformation and upgrading of the technology industry is imminent. 2025 will be a year with abundant funds, low capital costs, and a more friendly business environment, which is a good time for institutions to increase their layout.
Sheng Xitai, the founding partner and chairman of Hongtai Fund, delivered a keynote speech with the theme of "Changes and Constants in the Technological Super Cycle". He pointed out that this year, investors have felt the intensification of technology bans, the "winter" of the economic sense, and the plight of innovative capital. However, under the technological structure cycle this year, we still need to adhere to the unchanging paths of structural transformation, technological innovation, building a strong manufacturing country, going global, and being a brave adventurer in the adverse wind. We must adhere to our original intention. "Pessimists are always right, but only optimists can succeed". Seeing more positively leads to more possibilities, while seeing negatively leaves no opportunities.
Chen Wei, the chairman of Oriental Fortune Capital, then brought a keynote speech with the theme of "Innovation: Ushering in China's iPhone Era". He mentioned that the rapid development of China's mobile terminals and mobile Internet has enabled China to seize the initiative in the entire field of artificial intelligence applications. To usher in China's "iPhone moment", the industry needs to rely on innovation and technology, as well as the joint efforts of founders and capital. Now, there are more and more academicians and scientists among Chinese entrepreneurs, and the technological content is getting higher and higher. This year, with the continuous relaxation of investment and financing policies, technology investment will face a more optimistic situation.
In the roundtable forum on the same day, guests from institutions such as Datai Capital, Shanghai Guohai Investment, Tangxing Capital, FreesVC, Guokechuangtou, Haier Capital, Hongshan Kechuangtou Group, Yaotu Capital, Lushi Investment, Guangzhou Jin Kong Fund, Fudan Kechuang Mother Fund, Jiarui Capital, CRRC Transformation and Upgrading Fund, Qingxin Capital, Guokejiahe, Yongxin Ark, Shaanxi Investment Growth, Zhongxing Zhongtou, Xinwei Capital, Zijin'gang Capital, Zheke Investment, CDH VGC, Yizhuang Chanye Investment, Jinsha River United Capital, Songhe Capital, Huarui Investment, Huakong Fund, Huatai Zijin, CCB Equity, Lianxin Capital, Youshan Investment, Guohai Innovation Capital, etc. discussed topics such as "How Smart Money Layouts Frontier Technology Investment", "The Long-Term Value Discovery of Investing Early, Investing Small, and Investing in Technology", "Focusing on the Industry, Deep Exploration of the Enterprise Growth Ecology and Extension of the Industrial Chain", "How to Accelerate Technological Innovation and Future Industries", and "PE Investment, Leading Industry Integration and Industrial Convergence". They had wonderful discussions and collisions.
At the conference on the 17th, Wang Zhongmin, the chairman of the Shenzhen Institute for Financial Stability and Development and the former vice chairman of the National Council for Social Security Fund, delivered a keynote speech with the theme of "The Capital Patience and Capital Duration Behavior Model Determined by the Capital Structure", deeply discussing the decisive role of the capital structure on the capital patience and duration behavior model. He pointed out that the capital structure, including the capital transaction structure and the capital market structure, is the basis for the existence of patient capital and long-term capital. Taking Elon Musk and Jensen Huang as examples, Wang Zhongmin expounded the importance of the founder capital focusing on partner capital, angel and seed investment capital, and chasing future social capital under the founder model. He also said that under this model, the change in the capital structure enables the capital to effectively play its role in the form of partnership at the business level.
Wang Zhongmin further analyzed the characteristics of the capital structure at different stages. In the VC stage, the investment behavior under the founder model reflects the investment in the future rather than the pursuit of short-term returns. In the PE stage, in order to expand the scale and market share, a large amount of PE capital is needed. At this time, the emergence of transaction structures such as different rights for the same share is to allow the founders to maintain the decision-making power and motivate them to make more efforts for the company's development. Wang Zhongmin emphasized that the increase in capital transaction opportunities has increased the total amount of social capital, and the dynamic optimization of the capital structure adjustment continues. At the same time, mergers and acquisitions are also important in the optimization of the capital structure. A large number of mergers and acquisitions may be that listed companies acquire unlisted early-stage innovative companies. These acquisition behaviors are often based on the strategic layout of future technologies and markets.
Subsequently, Wang Xindong, a member of the Party Committee and Vice President of Shenzhen Capital Group, delivered a keynote speech with the theme of "Expanding Patient Capital and Improving the Venture Capital Ecology". He first emphasized the deep enabling role of patient capital and venture capital in technological innovation, pointing out that the development of venture capital and patient capital has become a national strategy and is crucial to the economic transformation and upgrading of our country. Wang Xindong mentioned that venture capital is an important carrier of patient capital. Start-up enterprises face huge uncertainties and need the patient companionship of venture capital to cross the "Valley of Death" and conduct technological iterations and risk explorations.
Wang Xindong put forward suggestions for expanding patient capital, including exploring the issuance of ultra-long-term special treasury bonds to establish a perpetual mother fund, increasing the proportion of social security and annuity investment in the venture capital market, reducing the risk factor of insurance capital investment in venture capital funds, and increasing the participation of bank wealth management subsidiaries in venture capital. He also mentioned that patient capital needs to balance long-term returns and short-term benefits, and achieve the overall long-term patience effect through successive funds, subsequent round investments, and mergers and acquisitions. Taking the practice of Shenzhen Capital Group as an example, Wang Xindong introduced the company's efforts in discovering and achieving great enterprises, emphasized the importance of corporate values and the founder team, and shared the company's achievements in professional investment and diversified businesses.
