According to incomplete statistics based on public data, 12 newly registered private equity and venture capital fund managers were added in October 2025, marking a year-on-year increase of 20% and a month-on-month surge of 200%. Meanwhile, 127 private equity funds and 267 venture capital funds were newly filed, totaling 394 funds—a 29.3% decline from September but a 54.5% rise compared to the same period in 2024.
China's primary equity investment market recorded 457 financing deals, reflecting an 8.0% year-on-year growth but a 33.4% month-on-month drop. The total disclosed financing amount reached approximately 42.88 billion yuan, up 118.4% year-on-year but down 3.3% month-on-month. The average single financing amount rose 102.2% year-on-year and 45.2% month-on-month to 93.8292 million yuan, marking the second-highest level this year.
Guotai Junan Capital, a wholly-owned private equity investment management subsidiary of Guotai Junan Securities, manages alternative assets including private equity, M&A funds, and new infrastructure, with cumulative assets under management exceeding 130 billion yuan. The firm focuses on emerging technology, biopharma, green development, consumer innovation, and aerospace/defense, operating through four fund clusters: direct investment funds, FoF/S funds, urban renewal funds, and M&A funds.
In October, Guotai Junan Capital established the Shanghai Lingang Guotai Junan Qihang Venture Capital Partnership (Qihang Venture Capital Fund) with a registered capital of 400 million yuan. The Lingang New Area Fund, a local government platform, contributed 90% of the capital. The fund has a 10-year investment period and a 5-year exit window, targeting seed, angel, and Series A startups in industries like integrated circuits, new energy vehicles, high-end equipment, and green development—aligned with Lingang's strategic priorities.
During the reporting period, Guotai Junan Capital disclosed nine equity investments, the highest since December 2024. Historically, the firm maintained a steady pace of 2-3 deals per month until September, followed by a sharp uptick in October.
By stage, Series A deals dominated (66.7%), while early-stage "seed projects" and Pre-IPO companies accounted for 22.2% and 11.1%, respectively. Sector-wise, new materials (44.4%) and advanced manufacturing (33.3%) led, reflecting their roles as foundational and transformative industries with high technical barriers and policy support. Geographically, 66.6% of investments went to Yangtze River Delta firms, evenly split among Jiangsu, Shanghai, and Zhejiang.
In a notable Pre-IPO deal, Guotai Junan Capital co-invested in SemiDrive, a high-end GPU chip and AI hardware solutions provider, alongside Yi Fang Da, Lingang Digital Tech, and Matrix Partners. SemiDrive, founded in 2018, specializes in AI computing and graphics rendering chips, offering three product lines. The company began A-share IPO preparations in July 2025 and holds a valuation exceeding 10 billion yuan.
Comments