<\/span> <\/p>\n
\u3000\u3000\u5bfc<\/font>\u8bfb<\/font><\/p>\n \u3000\u3000T<\/font>H<\/font>E<\/font>C<\/font>A<\/font>P<\/font>I<\/font>T<\/font>A<\/font>L<\/font><\/p>\n <\/span><\/p>\n \u3000\u3000\u5929\u56fe\u6295\u8d44\u4e00\u65e6\u6210\u529f\u767b\u9646\u6e2f\u4ea4\u6240\uff0c\u6216\u5c06\u5f15\u53d1\u4e2d\u56fd\u521b\u6295\u5708\u7684\u65b0\u4e00\u8f6e\u4e0a\u5e02\u6f6e\u3002<\/p>\n \u3000\u3000\u672c<\/font>\u6587<\/font>\u51712840<\/font>\u5b57<\/font>\uff0c<\/font>\u7ea64<\/font>\uff0e1<\/font>\u5206<\/font>\u949f<\/font><\/p>\n \u3000\u3000\u4f5c<\/font>\u8005<\/font><\/font>|<\/font>\u963f\u5e03<\/font><\/font><\/font>\u7f16<\/font>\u8f91<\/font><\/font>|<\/font><\/font>\u543e<\/font>\u4eba<\/font><\/p>\n \u3000\u3000\u6765<\/font>\u6e90<\/font><\/font>|<\/font><\/font>\u878d<\/font>\u4e2d<\/font>\u8d22<\/font>\u7ecf<\/font><\/p>\n \u3000\u3000\uff08<\/font>I<\/font>D<\/font>\uff1a<\/font>t<\/font>h<\/font>e<\/font>c<\/font>a<\/font>p<\/font>i<\/font>t<\/font>a<\/font>l<\/font>\uff09<\/font><\/p>\n \u3000\u30005\u670819\u65e5\uff0c\u636e\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u56fd\u9645\u90e8\u62ab\u9732\uff0c\u6df1\u5733\u5e02\u5929\u56fe\u6295\u8d44\u7ba1\u7406\u80a1\u4efd\u6709\u9650\u516c\u53f8\uff08\u4e0b\u79f0\u201c\u5929\u56fe\u6295\u8d44\u201d\uff09\u5411\u8bc1\u76d1\u4f1a\u63d0\u4ea4\u300a\u80a1\u4efd\u6709\u9650\u516c\u53f8\u5883\u5916\u9996\u6b21\u516c\u5f00\u53d1\u884c\u80a1\u4efd\uff08\u5305\u62ec\u666e\u901a\u80a1\u3001\u4f18\u5148\u80a1\u7b49\u5404\u7c7b\u80a1\u7968\u53ca\u80a1\u7968\u6d3e\u751f\u7684\u5f62\u5f0f\uff09\u5ba1\u6279\u300b\u6750\u6599\u3002<\/p>\n \u3000\u3000\u4e00\u5929\u540e\uff0c\u65b0\u4e09\u677f\u6302\u724c\u4e3b\u4f53\u5929\u56fe\u6295\u8d44\u4e5f\u53d1\u5e03\u505c\u724c\u516c\u544a\uff1a2022\u5e745\u670819\u65e5\uff0c\u516c\u53f8\u5411\u4e2d\u56fd\u8bc1\u5238\u76d1\u7763\u7ba1\u7406\u59d4\u5458\u4f1a\u62a5\u9001\u4e86\u5173\u4e8e\u7533\u8bf7\u9996\u6b21\u516c\u5f00\u53d1\u884c\u5883\u5916\u4e0a\u5e02\u5916\u8d44\u80a1\u5e76\u4e0a\u5e02\uff08H\u80a1\uff09\u7684\u7533\u62a5\u6750\u6599\uff0c2022\u5e745\u670819\u65e5\uff0c\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u51fa\u5177\u4e86\u7b2c221033\u53f7\u300a\u4e2d\u56fd\u8bc1\u76d1\u4f1a\u884c\u653f\u8bb8\u53ef\u7533\u8bf7\u63a5\u6536\u51ed\u8bc1\u300b\u3002\u4e3a\u4fdd\u8bc1\u516c\u5e73\u4fe1\u606f\u62ab\u9732\uff0c\u7ef4\u62a4\u6295\u8d44\u8005\u5229\u76ca\uff0c\u907f\u514d\u9020\u6210\u516c\u53f8\u80a1\u4ef7\u5f02\u5e38\u6ce2\u52a8\uff0c\u6839\u636e\u76f8\u5173\u89c4\u5b9a\uff0c\u7533\u8bf7\u516c\u53f8\u80a1\u7968\u505c\u724c\u3002<\/p>\n \u3000\u3000\u5929\u56fe\u6295\u8d44\uff0c\u8981\u5230\u6e2f\u80a1IPO\u4e86\uff0c\u4e00\u65f6\u95f4\uff0c\u521b\u6295\u5708\u9707\u52a8\u3002<\/p>\n \u3000\u3000\u4e00\u76f4\u4ee5\u6765\uff0c\u867d\u7136\u4e00\u624b\u683d\u57f9\u4e86\u5927\u91cf\u4e0a\u5e02\u9879\u76ee\uff0c\u4f46\u56e0\u4e0a\u5e02\u6e20\u9053\u53d7\u9650\uff0c\u4e2d\u56fd\u5e02\u573a\u4e0aVC\/PE\u673a\u6784\u96be\u5230\u4e8c\u7ea7\u5e02\u573a\u5b8c\u6210\u8d44\u672c\u4e00\u8dc3\u3002\u5982\u4eca\uff0c\u5929\u56fe\u6295\u8d44\u7684\u7a81\u7834\uff0c\u6216\u8bb8\u5c06\u4e3a\u6295\u8d44\u884c\u4e1a\u4e0a\u5e02\u4f5c\u51fa\u793a\u8303\u3002<\/p>\n \u3000\u300001<\/p>\n \u3000\u300020\u5e74\uff0c\u6d88\u8d39\u6295\u8d44\u72d9\u51fb\u624b\u7684\u8bde\u751f<\/font><\/p>\n \u3000\u3000\u4f5c\u4e3a\u4e1a\u5185\u7684\u8001\u724c\u6295\u8d44\u673a\u6784\uff0c\u5929\u56fe\u6295\u8d44\u521b\u59cb\u4e8e2002\u5e74\uff0c\u5230\u4eca\u5e74\uff0c\u521a\u597d\u8d70\u8fc720\u5e74\u3002\u662f\u4e1a\u5185\u77e5\u540d\u7684\u6d88\u8d39\u8d5b\u9053\u72d9\u51fb\u624b\u3002<\/p>\n \u3000\u3000\u8ffd\u6eaf\u5386\u53f2\uff0c\u5929\u56fe\u6295\u8d44\u65e9\u5e74\u4ee5PE\u8d77\u5bb6\uff0c\u56e0\u6295\u8d44\u4e86\u5927\u91cf\u4e0e\u98df\u54c1\u76f8\u5173\u7684\u9879\u76ee\uff0c\u5305\u62ec\u98de\u9e64\u3001\u4f18\u8bfa\u3001\u5468\u9ed1\u9e2d<\/span><\/span>\u3001\u767e\u679c\u56ed\u3001\u5948\u96ea\u7684\u8336<\/span><\/span>\u3001\u5c0f\u7ea2\u4e66\u3001\u9c8d\u5e08\u5085\u3001\u95ea\u9001\u3001\u6c5f\u5c0f\u767d\u7b49\u3002\u56e0\u6b64\uff0c\u5929\u56fe\u4e5f\u88ab\u79f0\u4e3a\u201c\u5403\u8d27PE\u201d\u3002<\/p>\n \u3000\u3000\u5929\u56fe\u6295\u8d44\u7531\u539f\u5357\u65b9\u57fa\u91d1\u7ba1\u7406\u516c\u53f8\u526f\u603b\u7ecf\u7406\u517c\u9996\u5e2d\u6295\u8d44\u5b98\u738b\u6c38\u534e\u548c\u6bd5\u4e1a\u4e8e\u6e05\u534eMBA\u7684\u51af\u536b\u4e1c\u4e00\u540c\u521b\u7acb\u3002\u8d77\u521d\uff0c\u5929\u56fe\u7528\u81ea\u6709\u8d44\u91d1\u505aPE\u6295\u8d44\uff0c\u4ee5\u6295\u8d44Pre-IPO\u9636\u6bb5\u4e3a\u4e3b\uff0c2012\u5e74\uff0c\u5929\u56fe\u8fdb\u884c\u7b56\u7565\u8c03\u6574\uff0c\u5c06\u6295\u8d44\u6218\u7ebf\u6536\u7f29\u5230\u6d88\u8d39\u9886\u57df\u30022017\u5e74\uff0c\u5929\u56fePE\u57fa\u91d1\u5185\u90e8\u8fdb\u884c\u6539\u9769\uff0c\u5206\u522b\u6210\u7acb\u4e86VC\u3001PE\u548c\u5e76\u8d2d\u53ca\u63a7\u80a1\u6295\u8d44\u4e8b\u4e1a\u90e8\u3002\u5176\u4e2d\uff0cVC\u57fa\u91d1\u7531\u5929\u56fe\u5185\u90e8\u6700\u5e74\u8f7b\u7684\u7ba1\u7406\u5408\u4f19\u4eba\u6f58\u6500\u6267\u638c\u3002<\/p>\n \u3000\u3000\u4e00\u5e74\u540e\uff0c\u5929\u56fe\u53c8\u8bbe\u7acb\u5929\u4f7f\u57fa\u91d1\uff0c\u4ece\u7acb\u9879\u3001\u5185\u90e8\u63a2\u8ba8\u3001\u5236\u5b9a\u51b3\u7b56\u673a\u5236\uff0c\u5230\u6d3d\u8c08LP\u3001\u6ce8\u518c\u5907\u6848\uff0c\u524d\u540e\u4e0d\u8d85\u8fc790\u5929\u3002\u5176\u4e2d\uff0c\u5929\u4f7f\u57fa\u91d1\u7531\u5929\u56feVC\u57fa\u91d1\u6838\u5fc3\u56e2\u961f\u7ba1\u7406\uff0c\u5e76\u5ef6\u7eed\u72ec\u7acb\u51b3\u7b56\u673a\u5236\u3002<\/p>\n \u3000\u3000\u81ea\u6b64\uff0c\u5929\u56fe\u5df2\u7ecf\u5efa\u7acb\u4e86\u5168\u9762\u7684\u6295\u8d44\u677f\u5757\uff0c\u642d\u5efa\u4e86\u66f4\u654f\u6377\u7684\u6295\u51b3\u673a\u5236\u548c\u4f53\u7cfb\u3002<\/p>\n \u3000\u3000\u636e\u5929\u56fe\u6295\u8d442021\u5e74\u5e74\u62a5\u663e\u793a\uff0c2021\u5e74\u5168\u5e74\u901a\u8fc7\u5728\u7ba1\u57fa\u91d1\u4ee5\u53ca\u81ea\u6709\u8d44\u91d1\u5171\u5b8c\u6210\u9879\u76ee\u6295\u8d4456\u4e2a\u9879\u76ee\uff0c\u8f832020\u5e74\u589e\u957f51%\uff1b\u5408\u8ba1\u6295\u8d44\u91d1\u989d16.29\u4ebf\u5143\uff0c\u4e0e\u4e0a\u5e74\u768418.01\u4ebf\u6295\u8d44\u91d1\u989d\u57fa\u672c\u6301\u5e73\u3002<\/p>\n \u3000\u3000\u4ece\u6295\u8d44\u9879\u76ee\u6765\u770b\uff0c2021\u5e74\u5ea6\u5185\uff0c\u516c\u53f8\u6240\u6295\u7684\u7231\u56de\u6536\uff08\u4e07\u7269\u65b0\u751f\uff0c\u80a1\u7968\u4ee3\u7801\uff1aRERE\uff09\u4e8e6\u670818\u65e5\u767b\u9646\u7ebd\u4ea4\u6240\uff0c\u5948\u96ea\u7684\u8336\uff08\u80a1\u7968\u4ee3\u7801\uff1a2150.HK \uff096\u670830\u65e5\u5728\u6e2f\u4ea4\u6240\u4e0a\u5e02\u3002<\/p>\n \u3000\u30002021\u5e74\uff0c\u5929\u56fe\u6295\u8d44\u8425\u6536\u4e3a20.26\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u540c\u6bd4\u4e0b\u964d18.63%\uff1b\u5f52\u5c5e\u6302\u724c\u516c\u53f8\u80a1\u4e1c\u51c0\u5229\u6da6\u4e3a7.35\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f4.03%\u3002<\/p>\n \u3000\u300002<\/p>\n \u3000\u3000\u96f6\u7684\u7a81\u7834\uff0c\u201c\u4e09\u597d\u5b66\u751f\u201d\u5929\u56fe\u6765\u4e86\uff01<\/font><\/p>\n \u3000\u3000\u65e9\u57282015\u5e74\u4e0b\u534a\u5e74\uff0c\u5929\u56fe\u6295\u8d44\u6302\u724c\u65b0\u4e09\u677f\u30022017\u5e74\uff0c\u5929\u56fe\u6295\u8d44\u6210\u4e3a\u65b0\u4e09\u677f\u53d1\u884c\u521b\u65b0\u521b\u4e1a\u516c\u53f8\u503a\u5238\uff08\u53cc\u521b\u503a\uff09\u7684\u7b2c\u4e00\u652f\u6295\u8d44\u673a\u6784\u8bd5\u70b9\u80a1\u7968\uff0c\u89c4\u6a21\u8fbe18\u4ebf\u5143\u4eba\u6c11\u5e01\u3002<\/p>\n \u3000\u3000\u5728\u8d44\u672c\u5e02\u573a\uff0c\u51af\u536b\u4e1c\u628a\u5929\u56fe\u5b9a\u4e49\u4e3a\u201c\u4e09\u597d\u5b66\u751f\u201d\uff0c\u5f97\u5230\u4e86\u76d1\u7ba1\u5c42\u7684\u8ba4\u53ef\uff0c\u201c\u53cc\u521b\u503a\u7684\u7b2c\u4e00\u5355\u5c31\u7ed9\u4e86\u6211\u4eec\uff0c\u4e5f\u662f\u8fc4\u4eca\u4e3a\u6b62\u89c4\u6a21\u6700\u5927\u7684\u4e00\u5355\uff0c18\u4ebf\u3002\u6240\u4ee5\u76d1\u7ba1\u5c42\u8fd8\u662f\u6bd4\u8f83\u8ba4\u53ef\u6211\u4eec\u8fd9\u79cd\u901a\u8fc7\u4e13\u4e1a\u5316\u521b\u9020\u4ef7\u503c\u7684\u673a\u6784\u3002\u201d<\/p>\n \u3000\u3000\u5982\u4eca\uff0c\u5929\u56fe\u5411\u6e2f\u4ea4\u6240\u63d0\u4ea4\u62db\u80a1\u4e66\uff0c\u521b\u6295\u5708\u9707\u52a8\u3002<\/p>\n \u3000\u3000\u5929\u773c\u67e5\u6570\u636e\u663e\u793a\uff0c\u5929\u56fe\u6295\u8d44\u7684\u80a1\u4e1c\u5305\u62ec\u5143\u79be\u63a7\u80a1\u65d7\u4e0b\u7684\u5143\u79be\u8fb0\u5764\u3001\u76db\u4e16\u6295\u8d44\u3001\u676d\u5dde\u4ea7\u4e1a\u6295\u8d44\u3001\u78a7\u6842\u56ed<\/span><\/span>\u8d44\u4ea7\u7ba1\u7406\u6709\u9650\u516c\u53f8\u643a\u65d7\u4e0b\u6df1\u5733\u5e02\u5e15\u62c9\u4e01\u4e5d\u53f7\u8d44\u4ea7\u7ba1\u7406\u5408\u4f19\u4f01\u4e1a\uff08\u6709\u9650\u5408\u4f19\uff09\u7b49\u673a\u6784\u3002<\/p>\n \u3000\u3000\u5929\u56fe\u6295\u8d44\u5728\u65b0\u4e09\u677f\u7684\u516c\u544a\u663e\u793a\uff0c\u201c\u957f\u671f\u6301\u7eed\u7684\u5b9e\u8df5\u63a2\u7d22\uff0c\u5929\u56fe\u6295\u8d44\u5bf9\u5927\u6d88\u8d39\u9886\u57df\u4f01\u4e1a\u7684\u53d1\u5c55\u6218\u7565\u3001\u6210\u957f\u89c4\u5f8b\u3001\u54c1\u724c\u7ecf\u8425\u3001\u56e2\u961f\u5224\u65ad\u3001\u589e\u503c\u670d\u52a1\u7b49\u6838\u5fc3\u8d44\u6e90\u5efa\u7acb\u4e86\u9886\u5148\u7684\u8ba4\u77e5\u548c\u7ecf\u9a8c\uff0c\u5f62\u6210\u4e86\u591a\u7ef4\u5ea6\u3001\u5f3a\u5b9e\u8df5\u7684\u6295\u8d44\u4f53\u7cfb\u3002\u201d<\/p>\n \u3000\u3000\u5929\u56fe\u6295\u8d44\u5e74\u62a5\u4e2d\u63d0\u5230\uff0c\u201c2021 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