SDIC Anxin Co., Ltd. was incorporated in Shanghai Industrial and Commercial Bureau on May 2007 1997. The legal representative is Shi Hongxiang, and the business scope of the company includes investment management, enterprise management, asset management and business information consulting services. In a sense, the capital of the "national team" represents the national will. From their investment layout, we can interpret the wind direction of industrial development and the focus of industrial planning. Let's first define the capital of the "national team". The "national team" capital generally includes the following situations: SASAC is an investment company registered and established on behalf of the State Council. Investment companies funded by ministries and directly affiliated institutions. Investment companies funded by central enterprises. Government guidance funds or industrial special funds funded by local governments and local ministries and commissions. The representative of the first type of investment institutions is China Guo Xin Holdings Co., Ltd., and China Guo Xin is a wholly state-owned company approved by the State Council and an investment institution authorized by the state. The State-owned Assets Supervision and Administration Commission of the State Council, representing the State Council, is a pilot enterprise of state-owned capital operation companies. China Guo Xin, as the initiator and controlling shareholder, initiated the establishment of the "National Venture Capital Fund", which has a layout in the medical field and invested in Xiluodi, Lianying Medical and Haihong Holdings. The representatives of the second type of investment institutions are the National Scientific and Technological Achievements Transformation Guidance Fund (hereinafter referred to as the Transformation Fund) established by the Ministry of Science and Technology and the Ministry of Finance. The Transformation Fund has also established and operated several Zhi Zi funds that invest in various industries. In the medical field, the sub-funds of the Transformation Fund have invested in Suzhou Mindray Microelectronics, Shanghai Ding Jing Biomedical, Henry Medicine, Huajian Future, Bai Na Biology and so on. Representatives of the third type of investment institutions include Sinopharm Capital initiated by China Pharmaceutical Investment Company, Guo Kejiahe initiated by Chinese Academy of Sciences Holdings, SDIC Innovation initiated by SDIC Group, SDIC Entrepreneurship, etc. It should be pointed out that such investment institutions are not all funded or managed by state-owned capital, but jointly funded and managed by state-owned capital and social capital. There are more fourth types of investment institutions. The model is that local governments, ministries and commissions cooperate with professional investment institutions and large enterprises to set up industrial funds specifically for a certain field and operate according to the mechanism of "policy guidance and market operation".
From the perspective of capital types, investment institutions initiated by ministries and state-owned enterprises are the mainstream, and there are many projects involved. For example, Guo Kejiahe, directly managed by State-owned Assets Management Co., Ltd. of Chinese Academy of Sciences (hereinafter referred to as Guo Ke Holdings), several industrial funds under CICC, SDIC Hi-Tech under SDIC Group, SDIC Venture and other ministries and state-owned enterprises have rich capital and resource reserves, and the "national" background provides them with a strong endorsement of trust, which can play a role in capital agglomeration. From the time of participation, the "national team" investment institutions began to invest in the medical field around 20 1 1, and flourished around 20 16. At that time, the "national team" capital completed a number of investments in the medical field, such as 201kloc-0/65438+10, and CMB International and SDIC made innovative investments in Nuohe Zhiyuan. 20 16 12, CMB International re-invested in Firestone Medicine. SDIC Innovation invested in Cinda Bio and Yasheng Medicine in June 5438+065438+ 10 and February of that year.
From the investment field, the investment targets of "national team" funds are mainly distributed in biomedicine, medical devices, genes, medical AI and other fields, and the layout in the field of "Internet+medical care" is less. This is related to the investment logic of the "national team" capital, and it is more inclined to long-term sustained investment and industrial guidance or support. After the emergence of cutting-edge technology or innovation model, it will take some time to verify its growth, and the "national team" capital will enter the market at this time.