《Science and Technology Innovation Board Daily》News on October 22nd (Reporter Mei Chen) Recently, a related company of Yunfeng Fund, Shanghai Yunfeng Investment Management Co., Ltd. (referred to as Shanghai Yunfeng), underwent changes in its industrial and commercial registration, with its registered capital decreasing from 0.29 billion RMB to 10 million RMB.

Regarding this reduction of capital, the reporter of 《Science and Technology Innovation Board Daily》 learned from Yunfeng Fund that in December 2013, after the completion of the fundraising and entry into the investment phase of its first fund, Shanghai Yunfeng increased its registered capital to 0.29 billion yuan before this reduction of capital.

"This reduction and adjustment of capital signifies that the RMB denominated first phase of Yunfeng Fund, which has been in existence for over 14 years, is entering the final stage of liquidation and exit, about to complete all projects for post-investment services and exits."

The reporter of 《Science and Technology Innovation Board Daily》 noted that Shanghai Yunfeng was established in July 2010, with Yu Feng as the legal representative, and held 60% and 40% of the shares by Huang Xin and Jack Ma respectively.

Before the devaluation, Shanghai Yunfeng had invested in more than 200 projects. According to Cailianshe Venture-Tracking data, biomedical, electronics and information, enterprise services, high-end equipment, as well as automotive transportation, education and training, artificial intelligence, were all sectors that Shanghai Yunfeng had recently invested in.

In the most active biomedical field, Shanghai Yunfeng has made key investments in companies such as Chenghui Medical, Vitailong, Juzi Biology, Kangluo Guardian, Lixin Pharmaceutical, BGI Genomics, WuXi AppTec, and many more. Currently, Yunfeng Fund has successfully IPOed multiple invested projects in this area, including Juzi Biology, Kangluo Guardian, WuXi AppTec, Yakang Biomedical, BGI Fund, and Tengsheng Boyao-B.

The most recent company that completed an IPO is Qiniu Intelligence (02567.HK), in which Shanghai Yunfeng holds 11.44% through Magic Logistics. In addition, Suteng Juchuang (2498.HK) and Longqi Technology (603341) are also projects of Shanghai Yunfeng that achieved IPOs this year.

According to Cailian Press's Venture Capital Information Platform, in terms of old stock transfers, Shanghai Yunfeng has achieved old stock transfer exits in the Central Xinjing Wafer Semiconductor and Emerson Fresh projects since the beginning of this year.

In November 2020, Shanghai Yunfeng participated in the equity investment of Central Xinjing Wafer Semiconductor. In August 2021, the company completed a 3.3 billion yuan Series B financing and completed the listing counseling work in the same year. In August 2022, the listing application of Central Xinjing Wafer Semiconductor was accepted by the CSRC and was inquired in September of that year. However, the IPO sprint for this project was terminated in July this year.

Yunfeng Fund stated that it has set up five RMB investment funds and four US dollar investment funds. The settlement of early funds indicates that the company is further optimizing its strategy and portfolio, strengthening the investment layout of subsequent funds.

An investor told the Star Daily reporter that exiting is an important task in fund investment. "In the market, although state-owned LPs are the main contributors, some boutique funds can also attract the attention of listed companies or high-net-worth LPs. These funds mainly speak through performance."

The investor told the Star Daily reporter, "Compared to the previous blind pool funds, individuals LPs or listed companies now tend to prefer special funds. On one hand, special funds have only one project, which makes it much simpler for individual LPs to judge based on the project; on the other hand, single-project special funds also have better control over the IPO pace."

"Generally speaking, the project sprint for IPO of special funds takes about 3-4 years. If it cannot be listed, the project may miss the opportunity or the IPO dividend period," the investor said.