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Spots are limited, so act fast. Let us join together for the appointment with sustainability! [Click to register] Recently, CATL announced plans to contribute 400 million yuan to participate in the Shanghai Times Chenyuan Venture Capital Fund. Z.AI, known as the "first large-model stock," also recently partnered with Hangzhou state-owned capital to establish a 1 billion yuan intelligent venture capital fund. From power battery leaders to large-model newcomers, listed companies are intensively entering the primary market as LPs.

This newspaper's reporter noted that listed companies are writing increasingly larger checks, with single commitments in the hundreds of millions of yuan no longer uncommon; in GP selection, "repeat investments with familiar partners" and "group repeat investments" have become clear tendencies. Recently, CATL announced that as one of the limited partners, it participated in investing in Shanghai Times Chenyuan Venture Capital Partnership (Limited Partnership), with a subscribed contribution of 400 million yuan, and the fund's total subscribed contributions are 1.502 billion yuan.

The announcement shows that the fund mainly invests in new energy and future energy, the cross-integration of artificial intelligence and digital technology with energy and power, artificial intelligence, new quality productive forces, and future industries. The general partner and fund manager of the Shanghai Times Chenyuan Venture Capital Fund is Xiamen Puquan Private Equity Fund Management Partnership (Limited Partnership), and other LPs include state-owned capital from Guizhou, Changzhou, Shanghai, and other places.

Since the beginning of this year, CATL has made frequent contributions. According to disclosed announcements, as a limited partner, it has directly or through its subsidiary Ningbo Meishan Bonded Port Area Wending Investment Co., Ltd. and affiliated enterprise Fujian Mindong Times Rural Investment Development Partnership (Limited Partnership) participated in investing in multiple funds including the Hainan Times Green Industry Investment Fund and the Xiamen Times Yiyuan Venture Capital Fund.

CATL's contribution is not an isolated case. According to Tianyancha, the Zhejiang Z.AI Jiangmen Cognitive Intelligence Venture Capital Partnership (Limited Partnership) was recently established in Hangzhou, with registered capital of 1 billion yuan and a business scope of venture capital (limited to investing in unlisted enterprises). The fund was established with contributions from Hangzhou Shangcheng Linghang Venture Capital Co., Ltd., Hangzhou Chengtou Industrial Development Investment Partnership (Limited Partnership), Zhejiang Z.AI Xinpian Technology Co., Ltd., and others.

Among them, Zhejiang Z.AI Xinpian Technology Co., Ltd. is 100% held by Beijing Z.AI Huazhang Technology Co., Ltd. In January this year, Z.AI was listed on the main board of the Hong Kong Stock Exchange, earning the title of "first large-model stock." In May this year, Z.AI's wholly owned subsidiary Beijing Z.AI Future Technology Co., Ltd., Guotai Junan Innovation Investment Co., Ltd., Hubei Integrated Circuit Industry Fund, and other institutions jointly contributed to establish Shanghai Z.AI Guotai Haitong Artificial Intelligence Industry Venture Capital Partnership (Limited Partnership).

From power battery leaders to large-model newcomers, listed companies are intensively entering the primary market as LPs. The reporter found that in this round of listed companies acting as LPs, both the scale and methods of their contributions show new characteristics.

First, the scale has significantly expanded. Last month, Junzheng Group announced that the company and its wholly owned subsidiary Junzheng Chemical would jointly contribute 1 billion yuan to invest in the Tianjin Gaorong Changying Equity Investment Fund, making this contribution the fund's largest industrial LP. During the same period, Runze Technology also announced that it would subscribe 1 billion yuan to the Xiamen Times Shenyuan Venture Capital Fund with a total scale of 4.9 billion yuan.

It is worth noting that some listed companies' contribution proportions in funds have risen significantly. Previously, Cambridge Technology announced a contribution of 800 million yuan to participate in the Jiaxing Hujiang Optoelectronic Industry Fund, with a subscription ratio as high as 99.9988%. The fund mainly invests in optical devices, chips, and core IC fields. This case shows that some listed companies are no longer satisfied with being "small LPs," but are trying to gain more say in funds and investments.

In GP selection, "repeat investments with familiar partners" has become a clear tendency. Recently, Milikewei announced that its wholly owned subsidiary would contribute 50 million yuan to subscribe to a share of Hangzhou Junlian Jiatu Equity Investment Partnership, marking its fourth contribution to a fund managed by Legend Capital. Z.AI's ties with Jiangmen Ventures go deeper — Jiangmen Ventures was originally one of Z.AI's early investors. The executive partner of Z.AI's newly established fund is Hangzhou Jizhi Enterprise Management Consulting Co., Ltd., and its appointed representative is precisely Du Feng, founding partner of Jiangmen Ventures. The relationship between the two parties has upgraded from "investor and investee" to co-sponsoring a fund.

A fund under Lisi Capital is another sample worth observing. Since the beginning of this year, listed companies such as By-Health and Kairun Co., Ltd. have contributed to Tianjin Lisi Xingling Venture Capital Partnership, which has attracted much attention due to its investment in DeepSeek. In addition, listed companies such as Jiuan Medical and By-Health have repeatedly increased their bets across different funds of Lisi Capital. This "group repeat investment" phenomenon shows that when making LP decisions, listed companies increasingly value a GP's past industrial understanding and project implementation capability.