Professor Yang Lin is an engineering expert in the management of science and information systems, a member of the Chinese Academy of Engineering, who is mainly involved in intellectual decision-making theory and technology, information system theory and technology, and in the development of strategic planning and system management theory studies. The results of its research have provided a systematic basis for the digitization transition and digital economic development of domestic and foreign manufacturing industries, and have been widely applied in the management of complex product engineering practices in enterprises such as Chiri Motors, Marcos, etc., have contributed significantly to the intelligent transformation of digitization networks in enterprises.

Professor Sargent focused on macroeconomics, the international economy, volume finance, artificial intelligence and big data, and was also the recipient of the 2011 Nobel Prize for Economics. In recent years, he has focused on research in financial science and technology, particularly in China. The results of its research introduced “practical expectations” into macroeconomics and econometrics, created a micro-structure base for modern dynamic macroeconomics and explored macroeconomic performance logic from a complex perspective.

The Global Prize for Reflection is a major incentive for domestic and foreign scholars to explore in-depth research and practice areas (including, but not limited to, risk investment, virtual economy, complexity management, virtual commerce, financial science and technology, digital economy, macroeconomics, international finance, capital markets, etc.) created or supported by Professor Sakamoto, to propose relevant economic or management doctrines and methods that are consistent with China’s national circumstances and to promote good results in healthy economic and social development in China. The third evaluation in 2023 was geared towards studying the excellent results of the digital economy in a complex management approach.

Every two years, the “Global Prize for thought” is a committee of eminent scholars and experts to evaluate fair, fair and open evaluation procedures, such as the Statute of the Fund and the Rules for the Implementation of the Award for the “Conscious Global Award”, which have been evaluated by the Commission in terms of nominations, initial comments, final evaluations, approval by the Governing Council of the “Fifthing Fund” and publicity.

The Chairperson of the Commission of the “Global Prize for thought”, former Vice-Chairman of the National People’s Congress, put forward his thought-provoking research on economic and management, and encouraged Chinese scholars to combine theoretical research and practice in order to develop new doctrines and methods in addressing China’s major economic and management issues, and to encourage academic research to be “preliminary”. The creation of the Global Prize for Thinking is an encouragement for such innovative research. The “Population Fund” (public goods) will also continue to promote the application of innovative theory by domestic and foreign scholars to China’s development practices.

Introduction

The new wave entertainment officer, Inspector 8, recalled the performance of the pupil in the eighth quarter of the main investigation, each of which was very light, the cow sugar method, the space secrets method, the bodies of the cat, etc., the cold-blocking search, the temperature of the mind, the panic of the perpetrator and the colour defences, all of the details of which called “the occupants”.

After the resumption of trading of the above shares and the trading reflects the trading characteristics of the active market, the valuation will be restored to the closing price of the day, and no further announcement will be made at that time.

It is hereby announced.

CCB Fund Management Co., Ltd

May 12, 2022

Recently, China Life Insurance Co., Ltd. newly invested in Wuxi Guoshou Chengda equity investment center (limited partnership).

Statistics show that Wuxi Guoshou Chengda equity investment center (limited partnership) was established on February 25 this year. The executive partner is Guoshou Chengda (Shanghai) health care equity investment management Co., Ltd., and its business scope includes private equity investment, investment management, asset management, etc.

In the view of a partner of a large domestic equity investment institution, this is also an epitome of the continued overweight of insurance funds in equity investment in recent years.

It is worth noting that at the end of last year, the China Banking and Insurance Regulatory Commission issued the notice of the China Banking and Insurance Regulatory Commission on amending some normative documents in the field of insurance fund application (hereinafter referred to as “document 47”), which not only abolished the previous limit that the raising scale of a single fund invested by insurance funds in venture capital funds should not exceed 500 million yuan, Insurance funds are also allowed to invest in equity investment funds actually controlled by non insurance financial institutions, providing new policy support for insurance funds to expand the scope of equity investment.

A director of the equity investment department of an insurance company told reporters that since this year, they have been in close communication with a number of industry leaders PE / VC institutions, which actively invite insurance companies to invest in their new PE / VC products.

“At present, we maintain a relatively cautious investment strategy.” He spoke bluntly. The reasons are as follows: first, insurance companies need to comprehensively evaluate whether these PE / VC funds are in line with the business development plan of insurance companies, that is, equity investment is complementary to the main business of insurance. At present, his insurance company is more inclined to invest in venture capital institutions focusing on New drug research and development, AI diagnosis and treatment, Internet hospitals, biotechnology and other fields; Second, insurance companies will carefully check whether equity investment funds comply with relevant regulations. For example, the Interim Measures for equity investment of insurance funds (hereinafter referred to as “document 79”) stipulates that equity investment funds invested by insurance companies require the latter to have determined investment objectives, investment plans, investment strategies, investment standards, investment processes, follow-up management The decision-making process of investment and liquidation of insurance companies is relatively long.

The above-mentioned partners of large domestic equity investment institutions pointed out to reporters that the current domestic equity investment market still lacks “long-term investment funds”. If more insurance funds can actively participate in equity investment, it can not only guide more long-term funds to flow into domestic high-tech industry investment, help China’s industrial iterative upgrading, but also promote the “institutionalization” of fund-raising in the field of private equity investment, Boost the sound development of the venture capital industry.

Many people from venture capital institutions said frankly that it is still difficult to attract insurance funds and increase investment in venture capital funds and early projects- Visual China

According to the filing information of the fund industry association, incomplete statistics show that up to now, there are about 18 private fund managers initiated by insurance institutions, of which some insurance groups have initiated the establishment of two private fund managers, such as China Life Insurance launched Guoshou equity investment company and Guoshou Jinshi asset management company; Ping An Group created Ping An chuangying capital management company and Ping An basic industry investment fund management company; Taikang Insurance has established Beijing Taikang investment management company and Taikang health industry fund management company.

At present, these insurance private equity fund managers have established a total of 105 private equity funds.

“Among the 105 insurance private equity funds, many are based on a single equity investment project.” A person in charge of the asset allocation Department of an insurance asset management institution told reporters. The reason is that the equity investment of insurance companies in enterprise projects needs to be approved before, and the insurance companies need to weigh the matching between the assessment mechanism and the project investment cycle, so it is relatively safe to adopt the investment mode of “one project and one fund”.

It is worth noting that among 105 insurance private equity funds, 24 products have been liquidated.

He told reporters that behind this is the completion of the listing or M & A exit of the single projects invested in these fund products, which promotes the liquidation of relevant fund products.

In recent years, with relevant policies encouraging insurance funds to participate in equity investment, many insurance companies not only independently initiated private institutions to create PE products, but also increased equity investment in third-party PE products.

A founder of an equity investment fund funded by an insurance company told reporters that the biggest advantage of winning the LP contribution of the insurance company is that the existence and investment period of PE fund is relatively long. Even if the short-term economic cycle fluctuates greatly, PE fund can realize relatively stable investment return through cross cycle investment.

“Therefore, we rarely set foot in the mid and late stage project investment of high valuation pre IPO. Instead, we invest most of our funds in high-tech enterprises in the growth stage.” He said. In the actual operation process, to do this work well, we still need to do a lot of “balance” - for example, some insurance companies need to take into account the matching between the assessment mechanism and the investment cycle, and also suggest to invest in some mid and late projects that can be listed as soon as possible to achieve a higher DPI (cash return); In addition, individual insurance companies pay special attention to the investment safety of insurance funds, and there is an investment operation of “clear shares and real debts” in individual projects.

“At present, the biggest challenge for us is that the insurance company requires the investment direction of PE Institutions to complement the main business of the insurance company. It is suggested that we increase the equity investment in AI medical treatment, Internet health management, new drug research and development, and we have to adjust the investment strategy.” The founder of the equity investment fund spoke bluntly. If relevant departments can further relax the industry restrictions and amount ceiling of equity investment with insurance funds and continuously improve the risk tolerance of insurance companies, it will undoubtedly promote venture capital institutions to carry out investment more flexibly and realize higher economic effect and social value of equity investment with insurance funds.

Many people from venture capital institutions said frankly that it is still difficult to attract insurance funds and increase investment in venture capital funds and early projects.

“After the No. 47 document abolished the restriction that the raising scale of a single fund of insurance funds to invest in venture capital funds should not exceed 500 million yuan, we have contacted some leading venture capital institutions in the industry, but there is still a long way to go from the contact to reaching an investment consensus.” The head of the equity investment department of the aforementioned insurance company

It is understood that neosapience is a voice and video synthesis service provider founded in 2017. It mainly provides AI voice services for users such as content creators. At present, it has 170 “virtual dubbing actors” (only Korean and English). Last month, it added the video (portrait) function to make the virtual actors look like real people, The company then plans to add languages such as Spanish and Japanese.

Neosapience is known for its synthetic audio and video platform “typecast”, which allows text to be animated without studio recording or editing. Neosapience has also launched new tools for its typecast platform to produce better virtual actors and artificial intelligence roles that can sing and rap.

Regarding this investment, yeemin Chung, general manager of BRV capital management, said that so far, it has proved extremely difficult to demonstrate human level emotion through technology. Neosapience continues to be a leader in voice and video synthesis, and has successfully built a business infrastructure for individual creators and the entertainment industry, making it easy for media companies around the world to enter and completely changing the way emotions are embedded in digital and virtual content production.

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