The 25th China Private Equity Investment Annual Conference, co-hosted by ZERO2IPO (01945.HK) and Investment Community, with additional support from HTI Capital and Nanshan Strategic Emerging Industries Investment, was successfully held in Shenzhen from December 2 to 5, 2025. Under the theme "Empowering the Future," the event was upgraded to the "ZERO2IPO · Nanshan Venture Week" and innovatively integrated AI technology, capturing the attention of attendees with its cutting-edge presentation. The conference brought together top investment institutions, industry leaders, and tech innovators to shape the future of the sector.

The private equity market is currently showing positive momentum, with diversified fundraising structures and a growing focus on hard tech and strategic emerging industries. At this critical juncture of industry transformation, the conference provided a platform for trend analysis, idea exchange, and resource networking through multi-dimensional forums, thematic summits, and networking events, injecting new energy into high-quality development and national innovation strategies.

**Highlight 1: Decoding Industry Trends, Identifying Future Opportunities** On the morning of December 3, Ni Zhengdong, Founder and Chairman of ZERO2IPO Group, delivered an opening speech, reflecting on the 25-year evolution of China's venture capital industry. He noted, "Over the past two decades, capital has increasingly shifted toward hard tech, with over 70% of funds flowing into such enterprises. Meanwhile, foreign fund activity has declined, and state-owned capital now manages 65% of the market. Emerging fields like AI, biotech, and nuclear fusion hold immense potential." Jin Haitao, Chairman of Qianhai Ark Asset Management, highlighted China's technological progress from "learning to lead" on the global stage.

**Highlight 2: Strategic Dialogues on Industry Evolution** A key discussion featured Ni Zhengdong moderating a debate between 12 industry heavyweights, including Deng Feng (Northern Light Venture Capital), Fu Jixun (GGV Capital), and Li Jiaqing (Legend Capital). Participants were divided into two camps: the "Exploration Team" (focused on frontier tech) and the "Value Cultivation Team" (centered on实体经济). Topics ranged from market bubbles to risk management, offering diverse perspectives.

**Highlight 3: Deep Dives into Investment Strategies** The "Venture · Investment Trends Forum" tackled critical issues like GP accountability, international financial institution roles, and sector selection. Panel discussions covered cycles, exit strategies, early-stage compounding, and corporate venture capital (CVC) challenges. Notable speakers included Ying Wenlu (Yida Capital) and Tang Zhenyi (HSBC China), with insights from Cao Yonggang (Hony Capital) and Gan Jianping (INCE Capital).

**Highlight 4: Solving Exit Challenges** The "Exit Strategies" roundtable addressed industry-wide liquidity hurdles. Zeng Zhijie (Yuanhe Houwang) emphasized, "A healthy capital market is essential for exits." Wang Wei (DCP Capital) shared M&A risk control principles: "Fair valuations and strong cash flow are non-negotiable." Overseas expansion strategies were debated in the "New Paradigms for Global Expansion" session, with Qu Tian (ATM Capital) advising thorough market research before venturing abroad.

**Highlight 5: Frontier Sector Focus** The AI Summit explored embodied intelligence and hardware opportunities, with Li Feng (Frees Fund) noting, "The more transformative a field, the more cycles of hype and correction it endures." The Biotech Summit highlighted China’s innovation pipeline, AI-driven healthcare, and global market potential, as outlined by Xu Xiaolin (Huagai Capital).

**Highlight 6: Networking and Showcases** Interactive platforms like "X-Day" pitch sessions and the Nanshan Partnership Initiative fostered connections. The "INNO100" exhibition featured embodied robots, AI toys, and other innovations, while a badminton tournament capped off the event.

The four-day conference concluded with broad consensus on private equity’s role in industrial upgrading and economic growth, setting the stage for continued collaboration in driving innovation forward.