In 2025, China's venture capital industry has officially emerged from its previous adjustment cycle, with a clear warming trend becoming visible. State-owned capital is playing an increasingly important role within this landscape.

While many perceive state-owned capital primarily as Limited Partners providing funding, direct investment by state-owned entities is now increasingly common. This includes not only major national-level funds but also a vast number of sizable local state-owned investment vehicles, which have become one of the most crucial pillars of China's venture capital sector. In terms of activity levels, many state-owned institutions have even surpassed top-tier market-oriented VCs, acting as principal players in this year's primary market.

From the central government to local levels, state-owned capital is forming a cohesive investment force through multi-level coordination, with funds continuously concentrating on strategic emerging industries such as hard tech, healthcare, and advanced manufacturing. This not only injects strong momentum into the industry's recovery but also precisely aligns with the development needs of achieving industrial chain autonomy and controllability.

This article selects representative, highly active major state-owned institutions from 2025, which serve as a microcosm of the broader state-owned platform landscape. By梳理 their key investment projects and strategic logic, we attempt to decode the investment pathways and core directions of state-owned forces during the venture capital industry's recovery, presenting a detailed annual investment overview for the market.

As a longstanding leader among state-owned institutions, Shenzhen Capital Group (SCGC) maintained a relatively high investment frequency in 2025. According to data from CVInfo, the number of its investments and the total deal value remained largely flat compared to the previous year, though overall activity still sits some distance below the peak levels seen in prior years.

Furthermore, data from IT桔子 indicates that SCGC was one of the most active state-owned institutions this year, ranking second in the market for investment count in the first half and remaining near the top for the full year, solidifying its position as the leading "big brother" among state-owned peers.

In terms of sector focus, SCGC closely adhered to the main themes of hard tech and strategic emerging industries, concentrating heavily on core areas like advanced manufacturing, semiconductors, and biopharma. Regarding investment scope, compared to many locally-focused state-owned institutions, SCGC exhibits stronger market-oriented characteristics, with investments spread nationwide and a very low proportion concentrated in the Guangdong-Shenzhen region. In deal size, SCGC typically participates in financing rounds exceeding 100 million yuan, with even seed rounds at the tens of millions level, demonstrating its capital commitment to high-quality projects and resolve for long-term partnership.

Looking at specific high-value deals, SCGC deployed capital across multiple points in the semiconductor sector. It participated in Eagle Semiconductor's 700 million yuan B+ round, securing a high-quality growth-stage target, while also co-leading Pusen Mei's A+ round and participating in Yunmai Xinlian's A round, tapping into early-stage innovation potential and achieving full-cycle coverage. The biopharma track also saw密集 activity, with SCGC jointly leading Newray Medical's 800 million yuan D round and participating in Maikekang Biotech's several-hundred-million-yuan D+ round, reflecting its long-term, deep cultivation logic for high-barrier medical hard tech.

Additionally, SCGC positioned itself in the frontier commercial aerospace sector by leading a Pre-A round for spacecraft measurement, tracking, and control service provider Xingyi Space. It also maintained exposure to sub-sectors like artificial intelligence and automotive/transportation. Its investment portfolio demonstrates both a focus on core themes and maintained diversity and synergy, showcasing the "patient capital"特质 of state-owned institutions and their project judgment capabilities.

Beijing E-Town Capital is a representative active state-owned institution from Beijing. According to IT桔子 statistics based on investment count, this institution's investment volume grew 70% year-over-year in the first half of 2025, potentially ranking it among the top ten most active state-owned institutions market-wide, clearly indicating an accelerated investment pace this year.

In sector layout, E-Town Capital closely follows the direction of hard tech and strategic emerging industries, focusing heavily on healthcare, advanced manufacturing, semiconductors, and communication equipment. Its investment cases cover both high-quality growth-stage targets and early-stage innovative projects.

For example, the healthcare track is a key focus for E-Town Capital. It led a nearly 100 million yuan A+ round for Bohui Biotech,挖掘 early innovation potential and demonstrating long-term optimism for high-barrier medical hard tech. The advanced manufacturing sector also saw密集 action; E-Town Capital participated in the several-hundred-million-yuan B round for JiaSu JinHua and the $100 million A round for Xinghai Tu, positioning itself in core robotics targets. It also participated in the several-hundred-million-yuan A+ round for automotive parts company Mavel, aligning with the new energy vehicle industry upgrade trend. Furthermore, E-Town Capital participated in Shimo Microelectronics' B round,完善 its layout in communication equipment and semiconductors.

These moves not only closely align with Beijing's定位 as a "nationally influential scientific and technological innovation center with global impact" but also empower industrial chain autonomy and controllability through capital, showcasing the characteristics of local state-owned institutions in deeply cultivating their regions and serving industry.

As a representative state-owned institution from Suzhou, Oriza Holdings' moves in 2025 have also attracted significant market attention. Data from IT桔子 shows Oriza's investment volume grew 100% year-over-year in the first half; separately, CVInfo data indicates its total deal value for the year is roughly on par with peak levels seen in recent years.

In terms of sector focus, Oriza Holdings closely adheres to the main lines of hard tech and healthcare, extensively covering several core areas including healthcare, advanced manufacturing, and semiconductors.

Among these, the healthcare track is Oriza's traditional strength and key focus area. Just this month, it participated in Shengyin Biotech's $110 million B round, securing a high-quality growth-stage target in biopharma; simultaneously, it increased its stake with additional investment in Minjie Medical's several-hundred-million-yuan B round and Mingche Tech's tens-of-millions A round, covering the full chain of medical devices from growth stage to early stage.

It was also highly active in advanced manufacturing and semiconductors, participating in the several-hundred-million-yuan strategic financing for Magic Atom and the several-hundred-million-yuan C round for Insaysay, positioning itself in core robotics and high-end equipment manufacturing targets, while also布局 the tens-of-millions angel round for Caike YuanTu,挖掘 early innovation potential in new materials.

Fortune Capital is a private equity fund management institution established in January 2022, initiated primarily by Shanghai State-owned Investment Capital (SIIC) and jointly with several industrial groups. Its major shareholder, SIIC, is a core municipal platform responsible for state-owned capital investment and operation, conducting market-oriented operations through subsidiaries.

2025 was a highly active year for Fortune Capital, with both the number and value of investment deals remaining high. Compared to its initial establishment period, it has achieved leapfrog growth, demonstrating the rapid development and market-oriented operational strength of this new state-owned background fund.

Looking at representative investment cases, the AI sector is a key focus for Fortune Capital, with investments covering multiple sub-scenarios. For instance, it participated in Wu Wen Xin Qiong's 500 million yuan A+ round, led the several-hundred-million-yuan Pre-A round for Qianjue Robotics and the nearly 100 million yuan A+ round for Jiliu Tech; it also participated with nearly 100 million yuan in the angel round investment for large language model company Memory Tensor, forming full-chain coverage from early to growth stages. On the hardware side, it invested in Lingrui Zhixin and Jiyi Wei,布局 packaging领域 with Shenghe Jingwei, and additionally invested in the recently listed "GPU star" Muxi Shares.

These布局 leverage both the industrial resources and capital advantages of major shareholder SIIC and adhere to market-oriented investment logic, closely following the development主线 of hard tech and industrial chain autonomy/controllability.

Chengdu Science and Technology Investment Group (CDSTI), established in March 2021 with a registered capital of 10 billion yuan, focuses on cultivating three core businesses: "fund direct investment, direct investment, and value-added services," concentrating on technological innovation and the new economy.

Looking at its direct investment performance in 2025, data from CVInfo shows that both the number and value of CDSTI's investment deals are at relatively high levels since its establishment, with the total deal value hitting a new record, demonstrating strong investment momentum and capacity for absorbing high-quality projects.

In terms of representative cases, CDSTI focuses heavily on several areas including advanced manufacturing, healthcare, aerospace, and semiconductors. Its investment cases cover both growth-stage and early-stage projects, forming a布局 logic of "core sector focus + regional industrial empowerment."

For example, it jointly led the several-hundred-million-yuan B round for Gongyuan Sanqian and invested in the several-hundred-million-yuan A round for Nengna Intelligent Equipment, locking in growth-stage, high-quality targets in the high-end equipment manufacturing track,契合 the intelligent manufacturing industry upgrade trend. In healthcare, it increased its stake in Maikekang Biotech's D+ round, continuing its long-term optimism for high-barrier biopharma projects. Simultaneously, it actively布局 frontier sectors, leading a round for commercial aerospace attitude control system developer Lanyue Space and making an exclusive investment in commercial aerospace storage solutions provider Aikesa Tech,卡位细分 fields within commercial aerospace and完善 its hard tech industrial chain layout.

It is worth mentioning that since the second half of this year, several CDSTI portfolio companies, including Jiaoda Tiefa, JinFang Pharmaceutical, Xi'an Yicai, and Delijia, have listed on capital markets, achieving密集 listings across different markets and industries, delivering a strong report card.

In 2025, Hefei Innovation Investment entered a period of high activity, becoming a "dark horse" within the state-owned venture capital camp. According to IT桔子 data based on direct investment count, its number of investment deals in the first half surpassed that of SCGC, ranking first among all state-owned institutions. Furthermore, its first-half "record" far exceeded its full-year performance from the previous year, showing猛 growth momentum and highlighting its rapid response and布局 capabilities for quality projects.

In sector focus, Hefei Innovation Investment closely follows the主线 of hard tech and strategic emerging industries, concentrating on areas like advanced manufacturing, healthcare, and semiconductors. Its investment cases cover the full cycle from seed rounds to Buyout.

For instance, in January this year, the transfer of shares via agreement in the listed company Wenyi Technology to Hefei Innovation Investment was completed. The institution had previously stated in a media response that Hefei Innovation Investment itself is a company focused on angel investment in Hefei, having "invested in many related projects on the industrial chain, mainly aiming to do relevant resource integration work." This reveals its strategy of industrial chain布局 and its orientation towards investing according to Hefei's industrial development needs.

Additionally, Hefei Innovation Investment led a nearly 100 million yuan A+ round for Anhui Kaien, participated in the 20 million yuan seed round for Baimai New Materials, the tens-of-millions A round for Keshte, and the nearly 100 million yuan B+ round for Aikenuo Biotech, covering multiple sub-sectors such as semiconductors, new materials, and biopharma. Its investment portfolio demonstrates both focus on core themes and maintained diversity and synergy.

C&D Emerging Investment is a member of Xiamen C&D Group, which serves as Xiamen's "face." In recent years, C&D Emerging Investment (including subsidiaries like Xiamen C&D Emerging Venture Capital) has invested in a large number of projects across sectors including biopharma, semiconductors, and consumer. According to CVInfo, it was also active in 2025, particularly focusing on healthcare hard tech, demonstrating distinct sector focus characteristics and long-term investment logic.

Specifically, the healthcare track was a core investment focus for C&D Emerging Investment in 2025, covering full-cycle projects from early-stage R&D to growth stage. In early-stage exploration, it participated in Tuoji Pharmaceutical's Pre-A round and increased its stake with additional investment in Shize Biotech's tens-of-millions B+ round, reflecting long-term optimism for high-barrier innovative drug fields. For growth-stage布局, it participated in Changsen Pharmaceutical's B+ round and Andao Pharmaceutical's C round, locking in high-quality targets with mature pipelines and commercial potential. Furthermore, C&D Emerging Investment did not miss opportunities in emerging sectors, participating in two consecutive rounds for Jiushi Intelligent and investing in multimodal large model enterprise Shengsu Tech, supplementing its布局 in AI and automotive smart driving, enriching its investment portfolio's diversity.

Overall, leveraging the industrial resources and capital strength of C&D Group, C&D Emerging Investment both承接 Xiamen's state-owned focus on strategic emerging industries and precisely captures industry innovation trends, showcasing the dual characteristics of local state-owned institutions: "industrial synergy + value investing."

As a representative state-owned institution from Shandong and the first VC listed on the A-share market, Luxin Venture Capital Group is also empowering Shandong's industrial upgrade and cultivation of emerging industries through a combination of "direct investment + flagship funds + market-oriented funds."

Its investment布局 closely follows the hard tech主线 while贴合 regional industrial development needs. Through diverse methods like equity acquisition and growth-stage investment, it focuses heavily on several areas including semiconductors and advanced manufacturing.

Specifically, the semiconductor track was a key布局 direction for Luxin Venture Capital in 2025. It led the several-hundred-million-yuan B round for Zhongke Jilian, securing a high-quality growth-stage target in semiconductors. In advanced manufacturing, Luxin adopted a dual strategy of "acquisition + cultivation." On one hand, it invested in Hongming Hongke, entering the advanced manufacturing new materials sub-sector; simultaneously, it布局 the A round for Hanke Technology,挖掘 early innovation potential in high-end equipment manufacturing, forming full-chain coverage from mature enterprise empowerment to early-stage project cultivation.

It has been noted that recent public data shows Luxin Venture Capital has cumulatively invested in over 320 enterprises, including 120 specialized, refined, distinctive, and innovative ("Little Giant") enterprises. It has助推 44 companies to list on major domestic and international capital markets, including 26 enterprises from Shandong.

In 2025, against the backdrop of a comprehensive recovery in the venture capital industry, leading state-owned institutions are reshaping the market landscape as the main force, becoming the core driver of the industry's recovery.

From an investment performance perspective, the multiple leading state-owned institutions we analyzed exhibit characteristics of "comprehensive activity, differentiated布局." Established players like SCGC and Oriza Holdings advance steadily, continuing to lead the pack; new forces like Hefei Innovation Investment and Fortune Capital show迅猛 growth, highlighting their vitality through high frequency and large-volume investments; regional state-owned institutions closely follow local industrial strategies, forming a布局态势 of "deep cultivation locally, radiating nationally."

Capital flows are highly concentrated, with hard tech emerging as the common thread. Sectors like semiconductors, biopharma, and advanced manufacturing collectively account for the core share of investment, while frontier tracks like AI and commercial aerospace are accelerating in volume,契合 the core needs of industrial chain autonomy/controllability and innovation-driven development.

In terms of investment models, state-owned institutions are undergoing a deep transformation from单一出资 and financial investment towards industrial chain investment and even industrial operation. Simultaneously, the特质 of patient capital is突显, with most institutions covering full-cycle projects from seed to growth stage. They挖掘 potential unicorns through early-stage布局 while locking in more certain returns with large-scale investments in growth-stage targets, forming a virtuous cycle of "cultivation—investment—exit." The密集 listings of portfolio companies from institutions like CDSTI and C&D Emerging Investment corroborate the effectiveness of this logic.

Looking ahead to 2026, the core position of state-owned capital in the venture capital market is likely to be further consolidated. Ni Zhengdong, founder of ZERO2IPO Group, recently stated publicly that the proportion of state-owned LPs has risen from 15% in 2010 to 55% in 2025, while the proportion of state-controlled capital has grown from 27% to 81%. Additionally, state-owned参股 funds accounted for 8% in 2025, meaning that within China's current equity investment market, the state-owned system now accounts for nearly 90%, playing a crucially important role.

As policy dividends continue to be released and exit channels are continuously optimized, the deep挖掘 of hard tech sectors will remain the investment core. Directions such as semiconductor industrial chain autonomy/controllability, AI industrial application, and biopharma innovation translation are expected to receive more capital倾斜. Simultaneously, regional state-owned synergy effects will进一步增强, with investment布局围绕 industrial clusters like Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing becoming more密集. Driven by the dual engines of market-oriented operation and industrial synergy, state-owned institutions will continue to empower the real economy, injecting stronger capital momentum into industrial chain upgrading and the rise of emerging industries.