Guangdong Investment & Financing Report (January 2026) | "Super National Team" Guangdong-Hong Kong-Macao Fund Launches

A comprehensive scan of Guangdong's investment and financing landscape, interpreting monthly market hotspots and discerning trends behind the data. Guangdong Investment & Financing Report (January 2026)

[Summary] January 2026 saw continued active momentum in Guangdong's investment and financing market. A provincial-level guiding fund worth hundreds of billions was established, the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund commenced operations, and the scale of newly registered funds increased by nearly 70% year-on-year. Investment deal volume and value in the primary market both rose compared to the previous year, while exit amounts surged by over 200%. The number of IPO counseling registrations and Hong Kong listing applications increased significantly year-on-year. Long-term capital, including insurance funds and AIC funds, made strategic deployments. At the industry level, sectors like electronic information, advanced manufacturing, and healthcare attracted intense investment interest. Geographically, Shenzhen solidified its position as the core hub for primary market activity.

I. Key Events of the Month 1. Official Announcement of Guangdong's Hundred-Billion-Yuan Guiding Fund: Features no fixed term and non-interference by the government in investment decisions. 2. The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund officially launched a public selection process for sub-fund management institutions and completed fundraising of 50 billion yuan. 3. Guangzhou initiated a "Subsidy-to-Investment" pilot program, allowing for 100% loss tolerance on single projects.

II. Market Data 1. Newly Registered Funds 59 new funds completed registration with the Asset Management Association of China (AMAC) this month, representing a 40.48% year-on-year increase but a 41.00% month-on-month decrease. The total registered capital for these new funds reached 36.899 billion yuan, a 69.94% increase compared to the same period last year.

2. Primary Market Investment Activity A total of 123 Limited Partners (LPs) based in Guangdong recorded capital commitments this month. 182 investment deals were completed in the primary market, accounting for 16.90% of the national total. This represents a 15.92% year-on-year increase, though a 12.08% decrease from the previous month. The total disclosed investment amount reached 11.681 billion yuan, up 40.10% year-on-year and 1.10% month-on-month. By industry, Electronic Information was the most active sector in Guangdong's primary market with 62 deals, followed by Advanced Manufacturing (40 deals), Healthcare (20 deals), and Traditional Manufacturing (17 deals). Among deals with disclosed amounts, Shenzhen Airlines secured the largest financing of the month at 4.082 billion yuan. Biren Tech, a leading humanoid robotics company, completed its Series B financing on January 30th, raising 1.391 billion yuan. Notably, 9 out of the top 10 financing events this month involved companies from Shenzhen, with one from Zhuhai.

3. Primary Market Exits 69 exit events were completed in Guangdong's primary market, a slight increase of 1.47% year-on-year but a significant decrease of 44.35% month-on-month. The total disclosed exit value amounted to 4.546 billion yuan, surging 245.97% year-on-year, though down 71.97% from the previous month.

4. IPO Progress Two Guangdong-based companies completed listings: one on the Shanghai STAR Market and one on the Hong Kong Exchange. On January 8th, EDGE MEDICAL-B listed on the Main Board of the Hong Kong Exchange. The company issued 27,722,200 shares, representing 7.2% of its total share capital post-issuance, at an offer price of HK$43.24 per share. The total funds raised were HK$1,198.70 million, with net proceeds of HK$1,116.60 million. On January 28th, Shenzhen Csl Vacuum Science And Technology Co.,Ltd. listed on the Shanghai STAR Market. The company issued 16,930,559 shares, representing 25.01% of its total share capital post-issuance, at an offer price of 92.18 yuan per share. The total funds raised were 1,560.6589 million yuan, with net proceeds of 1,413.7576 million yuan. This month, two additional Guangdong companies received registration approval for A-share listings: Dapu Micro and Shangshui Intelligent. Two companies passed listing reviews: Peicheng Technology and Bangze Chuangke. A significant 66 Guangdong companies completed A-share IPO counseling registration, a 112.90% year-on-year increase, though down 38.89% month-on-month. 29 Guangdong companies submitted applications for listing on the Hong Kong Exchange, a massive 383.33% year-on-year increase, with no change from the previous month. Four Guangdong companies passed listing hearings: Zhaowei Machinery, WOL, Han's Laser, and Dongpeng Beverage.

5. Mergers & Acquisitions by Listed Companies Among M&A deals with disclosed values, the total transaction amount involving Guangdong-based listed companies reached 126.365 billion yuan, accounting for 8.52% of the national total. The number of deals was 130, representing 12.22% of the national total. Furthermore, a major transaction this month saw Huadian Heavy Industries Group, acting as the lead investor, complete the acquisition of the China business of Qinhuai Data for 28 billion yuan via cash payment. This acquisition is one of the largest recent deals in the computing power infrastructure sector in Asia. As the acquiring entity was registered in Yichang, Hubei, it is not included in the above statistics.

6. Insurance Capital Investment Activity On January 2nd, Biren Tech listed on the Hong Kong Exchange. In its share placement, Ping An Life Insurance subscribed for approximately HK$117 million.

7. AIC Fund Investment Activity ICBC Financial Asset Investment Co., Ltd. and CCB Financial Asset Investment Co., Ltd. invested 4 billion yuan and 1 billion yuan, respectively, to acquire shares in the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund.

III. Regional Developments 1. Shenzhen Releases Three-Year Action Plan for State-Owned Capital Fund Matrix This plan focuses on Shenzhen's "20+8" strategic emerging industries and future industries. It aims to build a state-owned capital fund matrix covering stages from seed and startup to growth and maturity, forming a multi-layered, complementary, and synergistic full-chain fund system. The goal is to continuously enhance capital supply for technological innovation, leverage the long-term guiding and amplifying effects of state capital, and prioritize support for hard tech sectors like semiconductors, integrated circuits, artificial intelligence, and biopharmaceuticals.

2. Hengqin-Guangdong-Macao Deep Cooperation Zone Industrial Investment Fund Expands from 10 Billion to 30 Billion Yuan Established in August 2023, the fund had, by December 2025, committed to 34 sub-funds and 24 key direct investment projects. It successfully achieved exits for three direct investment projects, including Iflytek Medical, during the investment period. The fund demonstrated strong overall performance, with an annualized return rate of 7.89% and a Distribution to Paid-in Capital (DPI) ratio of 4.28%.

3. Foshan Qiandeng Lake VC Town Sees Over 21 Portfolio Companies Go Public in One Year In 2025, institutions based in this town participated in investments that led to 21 successful listings. These included 4 on the Shenzhen ChiNext Board, 1 on the Beijing Stock Exchange, 8 on the Shanghai STAR Market, 5 on the Shanghai Main Board, and 3 on the Hong Kong Exchange. The industries spanned key strategic emerging sectors such as semiconductors, AI, advanced manufacturing, health tech, and new materials.

IV. Major State-Owned Investment Fund Activities Data Source: CVSource, Qichacha, Public Data