The 2026 China Science and Technology Innovation Investment Summer Summit and Shaanxi Science and Technology Innovation Industry Ecosystem Conference concluded successfully.
Wang Zhongmin, Former Vice Chairman of the National Council for Social Security Fund, Delivered a Keynote Speech Titled "What Does the Transaction Structure of an Excellent LP Look Like?" Wang Zhongmin pointed out that in the face of high uncertainty in future industries, the LP transaction structure is not a tool to avoid risks, but an institutional key to undertaking and managing risks. He summarized the first logic with the line "The boundless scenery lies on the perilous peak" — risks must be ALL IN; the second logic with "Understanding the World Through Boundaries" — the transaction structure is the analysis layer connecting micro enterprises and macro industries; the third logic with "The Transaction Structure Penetrates Countless Folds" — each layer of market fold amplifies investment capability by an order of magnitude.
He believes that from national industrial guidance funds to funds of funds, and from funds of funds to professional funds, the penetration of LP identities enables risk-averse capital to invest in the most cutting-edge fields of social and economic development. The differentiated equity transaction structure, from equal shares with equal rights to different shares, different rights and different benefits, maximizes the power of innovation. Eventually, transaction innovations in the primary market are "folded" into the secondary market through systems such as the registration-based IPO system, enabling public capital and social capital to share the dividends of the times. At present, the global industrial landscape is undergoing systematic reconstruction driven by AI and led by new quality productive forces.
Against this backdrop, the top-level national design clearly points out that future industries are forward-looking, strategic and disruptive, and should be developed in a dislocation manner according to local conditions to promote the coordinated quality improvement of future industries, emerging industries and traditional industries. Following this historical trend, the investment industry needs to take long-termism as the foundation and hard technology as the anchor to deeply cultivate industries, and grasp the next round of growth opportunities while serving high-quality industrial development.
From July 29 to 30, 2026, the 2026 (12th) China Science and Technology Innovation Investment Summer Summit (Limited Partner Summit, Innovative Industry Summit) and Shaanxi Science and Technology Innovation Industry Ecosystem Conference, hosted by Rongzhong Finance and Qinchuangyuan Science and Technology Innovation Investment Group, grandly opened at the Shangri-La Hotel Xi'an. The two grand events were held jointly to build China's top industrial ecosystem.
As a major hub of science and education resources and the birthplace of the "hard technology" concept, Shaanxi is completing the key transition from "a province rich in science and technology resources" to "a highland of science and technology capital" along this direction. The 2026 list of provincial pre-IPO reserve enterprises selected 530 high-quality enterprises, 170 of which are from Xi'an High-tech Zone, covering core tracks such as photon information, semiconductor integrated circuits, biomedicine, aerospace, new materials, new energy energy storage, and intelligent equipment. The three dimensions of system, capital and projects are synchronized, making Shaanxi a high-frequency destination for outstanding national venture capital institutions to expand westward at present, and creating a replicable model for the virtuous cycle of "science and technology-industry-finance" in western China.
In 2026, limited partners make steady and far-sighted plans, and the investment pattern has evolved into a new ternary combination of "industrial capital leading, financial capital exerting efforts, and state-owned capital conducting precise regulation". Investors reshape value, accumulate strength for long-term goals and practice with steadfast dedication. Under the policy guidance of new quality productive forces innovation, enterprises give full play to their strength, break boundaries and reconstruct, and the future has arrived.
The two-day summit comprehensively discussed investment trends, hard technology and the development of future industries, built an industry-finance ecosystem for limited partners, investors and enterprises, and promoted the integration and connection of the entire investment industrial chain. Meanwhile, multiple series of Rongzhong ecosystem docking activities were held simultaneously.
On July 29, the Limited Partner Summit themed "Steady Orientation" officially kicked off. Su Huchao, Executive Deputy Director of the Finance Office of Shaanxi Provincial Party Committee, Executive Deputy Secretary of the Finance Working Committee of Shaanxi Provincial Party Committee, and Director of Shaanxi Provincial Local Financial Regulatory Bureau, attended and delivered a speech.
Su Huchao pointed out that in recent years, Shaanxi has successively issued 50 measures for science and technology finance and 16 measures for capital market reform, and explored to form the "one body with two wings" structure of science and technology finance, which takes the reform of the "five mechanisms" of science and technology finance as the core, and takes the integration and reorganization of science and technology innovation funds and the transformation and upgrading of traditional finance as the two wings. In response to issues of common concern in the industry such as the fault tolerance mechanism, Shaanxi explored and launched a hierarchical loss tolerance system, with a maximum loss tolerance rate of 50% for venture capital sub-funds and 70% for seed angel funds. As of the end of June, the balance of science and technology loans across the province reached 978.202 billion yuan, the total scale of the science and technology innovation fund cluster exceeded 100 billion yuan, leveraging nearly 800 billion yuan of social capital. There are 85 A-share listed companies in the province, and 530 provincial pre-IPO reserve enterprises in 2026, of which technology-based enterprises account for 97.36%. As a major province of science and education and a national regional science and technology innovation center, Shaanxi has profound science and innovation genes and a solid industrial foundation. In the next step, Shaanxi will continue to improve supporting services for venture capital, reserve high-quality science and technology innovation projects, deepen in-depth cooperation with various capitals across the country, and sincerely invite venture capital institutions to take root in Shaanxi and share the development opportunities of hard technology.
Subsequently, Zhu Shan, Chairman of Rongzhong Group, delivered a speech as the organizer. Zhu Shan comprehensively summarized the operation trend of China's equity investment market in the first half of 2026, studied and judged the development law combined with the long-term industry performance benchmark, and conducted in-depth sharing focusing on the construction of local venture capital ecosystem and Shaanxi's science and technology innovation investment opportunities. Zhu Shan said, "Head institutions have reached a consensus on 'jointly betting' on star projects. Geographically, the Yangtze River Delta takes the lead, the Pearl River Delta and Beijing-Tianjin-Hebei region are active, Chengdu-Chongqing region follows closely, and the western region has huge potential." He also said, "The team tracked the real performance of 2233 RMB funds from 2013 to 2024, and built an industry performance benchmark. The core conclusion is that fund performance is closely related to the year of establishment and the industrial cycle, a single indicator is not sufficient to evaluate funds, and there is a significant performance gap between funds under the same conditions."
For the future of China's venture capital industry, Zhu Shan put forward three judgments: First, the era of RMB funds has just begun, and the final pattern should be the combination of "state-owned capital + market-oriented + localized US dollar funds". Second, the maturity of LPs is a prerequisite for the maturity of GPs, and the evolution speed of LPs in the next few years will determine the evolution speed of the entire industry. Third, the evolution speed of independent third-party institutions will determine the iterative development and information efficiency of the industry. Whoever can help GPs and LPs reduce friction and improve transparency will get the ticket to the industry empowerment platform.
Immediately after that, Tao Feng, Party Secretary and Chairman of Chang'an Huitong Group and Chairman of Qinchuangyuan Venture Capital, delivered a speech as the organizer. Tao Feng said that relying on Shaanxi's unique advantages in location, science and education and industry, this conference focuses on the core theme of industrial innovation and intelligent creation of the future, and builds a collaborative exchange and cooperation platform for government, industry, enterprises, research institutes and finance.
He further introduced that as a provincial science and technology finance platform, Qinchuangyuan Science and Technology Innovation Investment Group continues to improve the science and technology innovation fund system, deepen the reform of science and technology finance, and gather high-quality industrial capital. The purpose of this conference in cooperation with Rongzhong Finance is to dig deep into the development opportunities of Shaanxi's science and technology innovation, link high-quality resources across the country, improve the regional science and technology innovation ecosystem, and help Shaanxi achieve self-reliance and self-improvement in science and technology and build a strong province of science and technology.
In the keynote speech session, Zhu Min, Former Vice President of the International Monetary Fund (IMF), delivered a keynote speech on "China's Science and Technology Going Global: Opportunities and Challenges". Zhu Min said that China's science and technology going global is building new competitive advantages relying on the deep integration of manufacturing and artificial intelligence, but the global economy has entered a new stage of geopolitical pricing, the risk structure has shifted from economic and financial variables to geopolitical uncertainty. Chinese enterprises need to strengthen their own technology and manufacturing foundation, and rely on professional, credible and high-quality third-party services to truly grasp the historical opportunity of this round of science and technology going global.
Wang Zhongmin, Former Vice Chairman of the National Council for Social Security Fund, Delivered a Keynote Speech Titled "What Does the Transaction Structure of an Excellent LP Look Like?" Wang Zhongmin pointed out that in the face of high uncertainty in future industries, the LP transaction structure is not a tool to avoid risks, but an institutional key to undertaking and managing risks. He summarized the first logic with the line "The boundless scenery lies on the perilous peak" — risks must be ALL IN; the second logic with "Understanding the World Through Boundaries" — the transaction structure is the analysis layer connecting micro enterprises and macro industries; the third logic with "The Transaction Structure Penetrates Countless Folds" — each layer of market fold amplifies investment capability by an order of magnitude.
He believes that from national industrial guidance funds to funds of funds, and from funds of funds to professional funds, the penetration of LP identities enables risk-averse capital to invest in the most cutting-edge fields of social and economic development. The differentiated equity transaction structure, from equal shares with equal rights to different shares, different rights and different benefits, maximizes the power of innovation. Eventually, transaction innovations in the primary market are "folded" into the secondary market through systems such as the registration-based IPO system, enabling public capital and social capital to share the dividends of the times.
In the morning roundtable forum, institutional investors from firms including Puhua Capital, CAS Star, ICBC Capital, Shanghai State Investment Pilot, Zhejiang Venture Industry, Qinchuangyuan Venture Capital, Huitong Investment, Tangxing Capital, Guoxin Fund, Shanghai Pudong Science and Technology Innovation Group Haiwang Capital, Shanghai Aviation Industry Fund, Futian Capital Operation Group, Wuhan Venture Capital Group, Hongshan Science and Technology Investment Group, and Guangzhou Jinkong Fund conducted two wonderful discussions on the themes of "Synchronization of Industry and Investment, Ecological Co-construction of State-owned Capital and Market-oriented Capital under the Emerging Industry Track" and "Going Through Cycles, The Allocation Logic and Exit Rebalancing of Patient Capital".
In the afternoon session, Jiao Zhenhua, Deputy Party Secretary and General Manager of Chang'an Huitong Group, gave a themed presentation titled "How Can Patient Capital Stay 'Patient' — Practice from Shaanxi".
He said that at present, China's science and technology innovation investment has entered a new cycle dominated by hard technology and prevailing long-termism.
Relying on the advantages of science and technology, education and industry, Shaanxi relies on the reform of "three reforms" for the transformation of scientific and technological achievements, "four projects" for the development of technology-based enterprises, and "five mechanisms" for science and technology financial services, to fully release the comprehensive efficiency of the superposition and integration of scientific and technological innovation, industrial innovation and financial service innovation, accelerate the improvement of total factor productivity, and achieve solid results in innovation-driven high-quality development. Based on the local science and technology innovation ecosystem, Qinchuangyuan Venture Capital has built a business layout of "dual-engine drive of funds and direct investment, dual support of source creation and services", and improves the science and technology innovation ecosystem from multiple aspects including innovation source creation, pilot test empowerment, industry-university-research collaboration, science and technology financial services, and promoting the implementation of innovation systems.
Jiao Zhenhua said that Qinchuangyuan Venture Capital adheres to the concept of openness, sharing and co-construction, and calls on all sectors to deepen all-round cooperation in resources, technology and capital, work together to activate the hard technology potential of Shaanxi, and jointly create a win-win new ecosystem for the science and technology innovation industry.
Next, Rongzhong Finance grandly released the "Quantum Nine-Dragon Chart". This is Rongzhong relying on the "Star Map" industrial map system, the first time to systematically sort out the core forces of China's quantum industry in the form of "Nine-Dragon Chart", bringing the industry a panoramic map that clearly presents the industrial pattern, technical context and core enterprises.
In the afternoon roundtable forum, guests from institutions including Huayi Venture Capital, Puyao Xinye, Chuangdong Investment, Haiyuan Capital, Shangqi Capital, Jiangxi Jiangtou Capital, Jiangxi Jiangtou Fund, Jishi Venture Capital, Wanlin International, Sh