On November 12, 2024, the 2024 Autumn Forum, hosted by Yuanhe Chencun, was held in Suzhou. As an annual venture capital event, this year's autumn forum featured the theme: " Seize the momentum, uphold integrity, and the traveler always reaches their destination. "Looking back over the past year, the external environment remains challenging and complex, as we continue to navigate profound adjustments and transformations in this new era. At the same time, the investment industry is witnessing a continuous evolution in its development paradigm, with the primary market rapidly reshaping its new landscape and emerging order. In the face of these changes and evolving dynamics, we must embrace innovation while staying true to our core principles. After all, we firmly believe that those who adapt wisely will go the farthest, and those who evolve effectively will always find lasting success."

This summit was honored to welcome Liu Hua, Deputy Secretary of the Party Working Committee and Deputy Director of the Management Committee of Suzhou Industrial Park; Liu Chengwei, Secretary of the Party Committee, Chairman, and President of Yuanhe Holdings; and Huang Jing, Distinguished Professor and Doctoral Supervisor at Shanghai International Studies University, as well as Director of the Institute for U.S. and Asia-Pacific Studies at the Shanghai Institute of Regional and National Studies—along with many other leading domestic investors who gathered in Suzhou to align their strengths, seize opportunities, and jointly explore the future.

In his opening remarks, Liu Chengwei, Party Secretary, Chairman, and President of Yuanhe Holdings, noted that the private equity industry entered a period of deep adjustment over the past year. Despite widespread market pressures, Yuanhe Holdings and its various market-oriented platforms have maintained a steady investment pace, with overall investment amounts surpassing last year's levels. As one of China's earliest market-driven fund-of-funds platforms, Yuanhe Chenkun has steadily grown over the past 18 years, continuously refining its strategies through pragmatic and determined execution. The firm has remained steadfast in its commitment to advancing technological innovation, achieving remarkable progress—and once again securing an investment from the National Council for Social Security Fund.

Liu Chengwei, Secretary of the Party Committee, Chairman, and President of Yuanhe Holdings

In recent years, the international landscape has been undergoing rapid and unpredictable changes, with global economic trade and geopolitical dynamics growing increasingly complex. As a result, the global financial markets are grappling with significant uncertainties. Huang Jing, Distinguished Professor at Shanghai International Studies University, Doctoral Supervisor, and Director of the U.S. and Asia-Pacific Research Institute at the Shanghai Institute for Regional and Country Studies, highlighted in his keynote speech titled "The Post-Election Geopolitical Landscape and Its Economic Implications" that, amid this intricate domestic and global environment, China remains steadfast in its commitment to reform and opening-up, continuously advancing high-level, comprehensive engagement with the outside world. This not only shapes the future trajectory of China’s economic development but also underscores the nation’s evolving role and influence on the global stage. Moreover, as Chinese enterprises navigate the challenges of international competition, they must fundamentally shift away from a price-driven competitive model, fully embracing the demands of "new-quality productivity." To do so, companies need to relentlessly enhance their capabilities in technological and industrial innovation, driving a transformative move toward innovation-led growth.

Huang Jing, Distinguished Professor and Doctoral Supervisor at Shanghai International Studies University, and Director of the Institute for U.S. and Asia-Pacific Studies at the Shanghai Institute of Area and Country Studies

Liu Hua, Deputy Secretary of the Party Working Committee and Deputy Director of the Administrative Committee of Suzhou Industrial Park, stated in his speech that this year marks the 30th anniversary of the park's development and construction. He emphasized that the park's unique approach—characterized by "learning from others, fostering innovation, achieving harmony, and pursuing mutual success"—has become one of Suzhou's "three key strategies" driving reform, opening-up, and modernization efforts. The park has established a highly efficient and collaborative industrial ecosystem, created an open platform for international cooperation, nurtured a vibrant innovation-driven environment, and implemented a seamless mechanism linking investment attraction, project implementation, and capital deployment—all while actively promoting two-way investment promotion. Standing at a new starting point as it looks toward the future, the park is committed to earnestly putting into practice the guiding principles of General Secretary Xi Jinping: "We must continue expanding international cooperation and strive to build a world-class, high-tech park that is both open and innovative." In line with this vision, the park will vigorously advance high-level openness, cutting-edge innovation, and sustainable, high-quality development.

Liu Hua, Deputy Secretary of the Party Working Committee and Deputy Director of the Administrative Committee of Suzhou Industrial Park

As a leading, market-oriented fund-of-funds manager in China, Yuanhe Chencun has been deeply involved in the growth journey of China’s private equity industry. Leveraging its long-standing expertise and extensive experience in managing fund-of-funds investments, Yuanhe Chencun has adeptly identified both internal and external shifts over the past year. While continuing to focus on "investing early, investing small, and investing in technology," as well as maintaining strategic allocations to early- and growth-stage VC funds, the firm has also proactively aligned itself with evolving economic dynamics, uncovering fresh opportunities amid changing market trends. During his speech, Xu Qing, Managing Partner at Yuanhe Chencun, emphasized that China’s economy is undergoing profound structural transformations—and that all emerging opportunities lie precisely within these shifting structures. In the face of significant changes sweeping through the primary market, particularly in fundraising and exit strategies, GPs must adapt swiftly to thrive in this entirely new market landscape.

Xu Qing, Managing Partner at Yuanhe Chencun

"In the new context, we will continue to stick to industry-focused investments, but we’re placing greater emphasis on identifying emerging growth opportunities within niche sectors—driven by three key forces: AI, global expansion, and ESG. In terms of investment stages, we’ll also remain committed to early-stage and growth-phase VC investments, leveraging our core strengths while actively exploring opportunities in corporate venture capital (CVC) and later-stage teams. Looking ahead, we aim to support the rise and development of China’s M&A market by strategically uncovering and nurturing top-notch M&A talent and teams," said Xu Qing.

As China's capital markets and financial landscape continue to mature, the role of finance in serving the real economy and driving high-quality industrial development has become increasingly prominent in recent years. At the summit, Xu Qing, Managing Partner at Yuanhe Chenchun, Chen Ping, Partner at Quande Xue Capital Management, Li Hao, Founding Partner at Zhongke Chuangxing, Liu Sheng, Chairman and President of Zhongji Xuchuang, and Lin Zheyin, Founder of Guyu Capital, gathered under the theme "Empowering Industries through Finance: Co-Creating New Pathways for High-Quality Development," engaging in an in-depth discussion on the synergy between capital and industry—and how capital can better catalyze industrial growth.

Roundtable Discussion: Financial Empowerment of Industries, Jointly Creating New Pathways for High-Quality Development

This autumn forum was chaired by Ya Rong La, Partner at Yuanhe Chencun. Focusing on hot topics and emerging growth opportunities in the current primary market, this year's autumn forum also featured special roundtable discussions on topics such as CVC, AI, M&A, and overseas expansion.

Yuanhe Chenkun Partner, Ya Rong La

During the roundtable discussion titled "Integration and Symbiosis: The Evolution and Ecological Innovation of CVC," Li Huajie, Senior Partner at Yuanhe Chencun, along with Hao Bixi, Founding Partner of Jinhé Capital, Li Wang, Founding Partner of Juhé Capital, Wang Pengfei, Founding Partner and General Manager of Qian Investment, and Zhu Lin, Managing Partner and CEO of Boyuan Capital, engaged in a lively debate covering topics such as the nature and models of CVC, the evolution of CVC across different industry cycles, and the logic behind CVC exit strategies.

Roundtable Discussion: Integration and Symbiosis – The Evolution of CVC and Ecological Innovation

During the roundtable discussion titled "Charting China's AI Investment Path Toward a Smart Future," Wang Jipeng, Senior Partner at Yuanhe Chukun, joined forces with Cao Xi, Founding Partner at Lisi Capital; Huang Yungang, Managing Partner at Source Code Capital; Liang Bin, Vice President at Tianshu Zhixin; and Wang Xiao, Founding Partner at Jihe Venture Capital. Together, they shared insights from their respective experiences, delving into the current state of AI development in China, the expansion of AI applications into large-scale industrialization, and the associated challenges—and the promising investment opportunities that lie ahead.

Roundtable Discussion: Paving the Path for China’s AI Investments Toward a Smart Future

At the M&A Roundtable Forum, Zhang Huan, Partner at Yuanhe Chencun, joined Chen Weihao, Managing Director at DCP Capital, Cheng Yong, Founding Partner at Wo Yan Capital, Wang Tingfu, Founding Partner at Xingfu Capital, and Zhang Tong, Partner at Chenyi Fund, to discuss M&A strategies, trends, and systemic opportunities in China’s market—titled "Tides Rising: Uncovering Systemic Opportunities in China's M&A Landscape"—while also sharing insights on current market conditions.

Roundtable Discussion: Waves of Change—Unlocking Systemic Opportunities in China's M&A Market

In 2024, Chinese companies continuing to expand overseas are gaining significant momentum, as going global has become an undeniable trend. During a roundtable discussion on the theme of "Going Global," Yuanhe Chencun Partner Zeng Chun joined forces with He Zhenyu, Founding Partner of Xiaohujing Capital; Liu Bin, Founder of Lingyue Equipment; Lu Pengyu, Co-founder and Vice President of Polymaker; and Yan Li, Founding Partner and CEO of Zhongding Capital, to explore key topics such as the challenges and opportunities faced by Chinese enterprises venturing abroad.

Roundtable Discussion: Opportunities and Challenges for Chinese Companies Going Global Amidst the Restructuring of Global Supply Chains

Adapt to the times, and innovate with the momentum. Standing at the forefront of this new era, we hope every friend will embrace change with enthusiasm, while staying steady and resilient—focusing on the long term and seizing the fresh opportunities that arise from ongoing transformation.