On December 26, 2025, the National Venture Capital Guidance Fund was officially launched in Beijing. The three regional funds—the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, the Yangtze River Delta Venture Capital Guidance Fund, and the Greater Bay Area Venture Capital Guidance Fund—formally signed agreements with the first batch of 49 sub-funds and 27 project representatives. This not only marks the implementation of a national-level financial strategic tool but also represents, at the critical juncture where the conclusion of the "14th Five-Year Plan" intersects with the planning of the "15th Five-Year Plan," a resolute vote of confidence by China in shaping new development drivers and strengthening national strategic scientific and technological capabilities. It sounds the rallying call to support high-level technological self-reliance through systematic capital deployment.
The establishment of the National Venture Capital Guidance Fund is an important initiative to develop venture capital, strengthen patient capital, and guide financial capital to invest early, invest small, invest long-term, and invest in hard technology. This is not merely a pooling of funds but represents a new paradigm for national capital mobilization and allocation—through a transmission mechanism of "guidance fund → outstanding市场化 sub-funds → cutting-edge innovation projects," guiding more patient capital to dare to invest in seed-stage and early-stage hard-tech enterprises.
Huo Fupeng, Chairman of the National Venture Capital Guidance Fund Co., Ltd., stated that regional funds are important vehicles for implementing national strategic intentions, functional entities for achieving national capital amplification and conducting investment operations, and key links in ensuring the fund's smooth operation and efficient management between the upper and lower levels.
Within this national blueprint, Shenzhen Capital Group (SCGC), as a critical hub connecting top-level design with market frontiers, has assumed management responsibilities for the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund (referred to as the "Greater Bay Area Fund"). This fund was registered in Shenzhen on December 22, with a target size of RMB 50.45 billion and a term of up to 20 years. SCGC serves as the manager, while SCGC and China Resources Capital jointly act as the general partners. This represents a concrete measure by national, provincial, and municipal governments to collaboratively implement the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China and the Central Economic Work Conference, developing venture capital and accelerating the construction of the Guangdong-Hong Kong-Macao Greater Bay Area International Science and Technology Innovation Center.
The Greater Bay Area Fund adheres to the principle of "investing early, investing small, investing long-term, investing in hard technology," employing a dual-drive approach of "sub-funds + direct investment." It primarily invests in seed-stage and early-stage technology enterprises in strategic emerging industries and future industries, fully supporting original and disruptive technological innovation and critical core technology breakthroughs, promoting the transformation of major scientific and technological achievements into productive forces, and serving the nation's goal of high-level technological self-reliance.
Within this framework, Efung Capital, as a professional force deeply focused on biomedicine, finds its participation in this initiative carrying significance far beyond a mere agreement. This not only marks the deep integration of Efung's market-oriented professional capabilities with national strategic intent but also entrusts Efung with greater responsibility and mission in the new era.
Looking ahead, Efung Capital will continue to take national strategic direction as its compass, focusing on areas such as gene therapy, synthetic biology, high-end medical devices, and critical life science tools—domains facing bottlenecks and at the frontier of disruption—resonating in sync with national efforts. Together, Efung will sail into the deep blue waters of technological innovation and industrial transformation, jointly writing a magnificent chapter on how financial capital supports the building of a technology powerhouse.