On January 8, 2025, the 4th "FOF - Bairen Hui" came to a successful conclusion in Yizhuang, Beijing. The event was hosted by Sycamore Capital, co-organized by CICC Capital, Beijing Science and Technology Innovation Company, and Yizhuang State Investment Corporation, and held with the support of Beijing Branch of Zheshang Bank Co., Ltd., Oriental Institute for Strategic Studies, and FOF Weekly.

At the same time, this event has also received strong support from the Asset Management Association of China and the Insurance Asset Management Association of China!

With the theme of "Breaking the Situation and Restructuring - Building a Meta-Fulcrum of the Fund of Funds", the 4th "FOF Bairenhui" attracted the active participation of many financial institutions such as national funds, government guidance funds at all levels, central/state-owned financial institutions, market-oriented FOF, AIC, AMC, insurance asset management, etc., and brought together experts and helmsmen in the field of FOF to discuss the way of "breaking the situation and restructuring" of the industry in the predicament.

The first "FOF - Bairen Hui" set off from Beijing, passed through Qingdao and Hefei, and once again returned to the "place of origin". As the capital, Beijing is rich in financial and scientific and technological resources, efficient policy transmission, and active cutting-edge exchanges, making it a highland for the development of the FOF industry. As a key area of "Three Cities and One District", Yizhuang is the core carrier of Beijing's high-tech industry and innovation center.

Based on Beijing's outstanding advantages in the field of financial technology and Yizhuang's unique charm and profound heritage in industrial innovation, this year's "FOF - Bairen Hui" has received unprecedented attention and enthusiasm. There were 190 guests present at this year's Bairenhui, including 17 government representatives, 11 national funds, 85 government guidance funds at all levels, 16 central/state-owned financial institutions, 20 listed companies, 11 socialized fund of funds, and 4 insurance asset managers, covering Beijing, Guangdong, Zhejiang, Hubei, Fujian, Jiangsu, Anhui, Shandong, Shanghai, Sichuan, Hunan, Guangxi, Shaanxi, Chongqing, Yunnan, Liaoning, Tianjin and other provinces and cities.

Organizer's Speech: Liu Qiankun, Chairman and Founding Partner of Sycamore Capital

As Liu Qiankun, Chairman and Founding Partner of Sycamore Capital, said in his opening speech, "Different from similar activities, Bairenhui adheres to the principles of 'non-commercial, non-profit, no media, no reporting, no invitation, no participation' and public welfare, aiming to provide a closed-door, private, high-end and efficient communication platform for the industry." At the end of the year, we invite leaders from all walks of life of the parent fund to gather in Beijing Yizhuang for a "Chinese New Year's Eve dinner".

Keynote speech

Keynote sharing

In this event, we specially invited representatives of the 3rd, 4th and 5th organizers/co-organizers to participate in the handover ceremony of Bairenhui. This link is not only a summary and review of the achievements of the past few activities, but also a prospect and plan for future development.

At the handover ceremony, the guests were:

During the two-day agenda, the guests discussed the latest trends and practical cases of the FOF in promoting scientific and technological innovation, promoting industrial upgrading, and optimizing the investment ecology from enterprise visits, keynote speeches, summit dialogues, roundtable discussions and parallel exchange sessions.

Pinnacle Dialogue

Roundtable discussion

This year's "FOF - Bairen Hui" also set up four closed-door seminars, with the themes of "New Pattern of Guiding Funds", "Diversification of Exit Methods", "New Vitality of Patient Capital" and "Innovation of Socialized Capital", respectively, to conduct in-depth discussions on hot topics of FOF. These closed-door seminars provided a more intimate and professional platform for the participants to discuss in more depth the specific problems and solutions of the FOF in different areas.

A new pattern of guidance funds

The seminar included representatives from more than 40 institutions, including Qingdao Tangdao Bay Financial Science and Technology Innovation Zone, Xiamen Municipal Party Committee Financial Office, Haining Economic Development Zone, China Guoxin, Caitong Capital, Jingguorui Fund, Liugong Group, Tianjin Haihe Industrial Fund, Sichuan Development Industry Guidance Fund, Hubei Provincial Guidance Fund, Beijing Science and Technology Innovation Company, and Chongqing Industry Guidance Fund.

The guests at the meeting focused on sharing their successful cases and experiences in the practice of FOF investment and investment promotion, as well as the problems and difficulties faced in practice, including reinvestment, investment, compliance, exit and other aspects. At the same time, the guests in the seminar analyzed and interpreted the [State Office Document No. 1] just promulgated, and the guests at the meeting said that it further promoted the innovation of local guidance funds, pointed out the direction for the guidance funds, and allowed the guidance funds to strengthen the development and progress of China's industry.

Seminar 1: New Pattern of Guidance Funds

Diversify the way to exit

In the context of IPO tightening, diversified exit methods such as S funds, mergers and acquisitions, and conversion of old stocks have become the new focus of attention. This seminar mainly analyzed the difficulties and pressures of the National Fund and the Government Guidance Fund in the process of setting up the S Fund, and the guests also shared the experience of their respective institutions in the process of practical operation and conducted in-depth exchanges. At the same time, the guests at the meeting believed that "mergers and acquisitions" will become one of the important channels for the exit of listed companies held by the government platform itself. At present, the government platform has both listed companies and existing projects, as well as sub-funds, and the exit of these projects is facing great pressure, and the guests at the meeting have fully discussed this and actively sought a variety of solutions.

Guests at the seminar included representatives from CICC Capital, Shandong Private Equity Asset Management Association, Cinda Assets, Qianhai Ark, Yuecai Fund, VAST Industry and Finance, Shenzhen Investment Holding Capital, Shanxi Securities Innovation, Huayang Capital, Tongxin Capital, Liugong Xin Shisheng Fund Co., Ltd., Yuhang State Investment, Xi'an Urban Development Group, Oriental State-owned Assets, Huafeng Measurement and Control (688200.HK). SH), Xiangteng New Materials (001373. SZ), Great Wall Wealth Asset Management and other representatives of more than 20 institutions.

Workshop 2: Diversification of exit methods

Patience capital new vitality

The seminar included representatives from nearly 20 institutions, including Guoxin Fund, SDIC Chuanghe, Guolian Innovation, Guangxi Beigang Financial Holdings, Beijing Municipal Government Guidance Fund, Chongqing Science and Technology Venture Capital Group, Hanjiang Holdings, Oriental Strategic Research Institute, and Yizhuang Guotou.

The guests shared their successful cases and experiences in the practice of long-term capital and patient capital, as well as the constraints and difficulties faced in practice. Especially for the [25 Articles of Document No. 1] just promulgated on the evening of January 7 this year, the guests at the meeting said that this is a major benefit to further promote entrepreneurship and innovation and help patient capital, and at the same time, everyone is also very concerned about the introduction of detailed rules and supporting policies.

Seminar 3: New Vitality of Patient Capital

Socialized capital innovation

The seminar included participants from Beijing State Management Group, Anhui Tongling State-owned Assets Supervision and Administration Commission, Shenzhen Association of Listed Companies, China Everbright Limited, Qianhai Ark, China Securities Construction Investment Capital, Guangxi Guidance Fund, Hunan High-speed Private Equity Fund Company, Bloomage Biotech (688363. SH), Pathfinder (300005. SZ), GEM (002340. SZ), Liugong Co., Ltd. (000528. SZ), Nippon Venture Capital, Chun Last Family Office and other representatives of nearly 20 institutions.

The guests believed that there are a lot of opportunities for the parent fund to participate in mergers and acquisitions, especially in cooperation with high-quality listed companies, through the establishment of M&A sub-funds to acquire high-quality assets, and to strengthen the chain, supplement the chain and extend the chain around the industrial side, so as to inject new vitality into the development of the industry. However, for S fund, although it can extend the exit period to a certain extent, it does not fundamentally solve the problem of "difficulty in exiting", and it is still necessary to further explore a more effective exit mechanism.

Seminar 4: Socialized FOF Innovation

Through the in-depth exchanges and discussions in these closed-door seminars, the participants had a more comprehensive and in-depth understanding of the hot issues of the FOF in different fields, which provided new ideas and directions for the innovation and development of the FOF industry. At the same time, these seminars also built a bridge for cooperation and exchanges among the participants, and promoted the synergy and cooperation within the FOF industry.

With the successful conclusion of the 4th "FOF - Bairen Hui", the guests at the meeting expressed that they had gained a lot and were full of expectations for the development prospects of the FOF industry. Liu Qiankun said that he will continue to be committed to promoting exchanges and cooperation in the FOF industry, and provide more powerful support and guarantee for the role of FOF in scientific and technological innovation and industrial upgrading.