B[Science and technology bonds are moving from testing the waters to customization, and the venture capital fundraising ecosystem is being restructured] September 18th. Recently, domestic venture capital institutions have been actively issuing science and technology bonds, with continuous innovations in terms design. New products such as ultra-long-term artificial intelligence industry chain science and technology bonds, exchangeable terms science and technology bonds, and targeted issuance of science and technology bonds have been launched one after another. The bond market is adapting to the long-term nature of hard technology investment through diversified mechanisms. While science and technology innovation bonds help venture capital institutions relieve financial pressure and support long-term science and technology innovation investments, the industry is also faced with practical problems such as mismatch of asset liability periods, high debt issuance thresholds for private institutions, and poor credit enhancement channels. Experts said that the market-oriented innovation of science and technology innovation bonds still needs to continue to be deepened. By improving the credit enhancement mechanism, enriching the product system, and cultivating the investment ecology, we can further open up the capital channels for the bond market to serve scientific and technological innovation. (China Securities Journal) B[Arrowyuan Technology has completed a new round of financing and will be invested in first flight mission assurance, recycling and reuse verification, and commercial delivery capability building] September 16th, according to today’s news from the official WeChat public account of Arrowyuan Technology, the company has recently completed the B++ round of financing, and the total financing in the past six months has exceeded 2.3 billion yuan. Series B financing was jointly led by IDG Capital, Chaos Investment, Hangzhou Capital, Songyuan Venture Capital, etc., followed by Heda Investment, Linglan Capital, Huafu Capital and other institutions, and old shareholders such as Jiuzhi Capital, Tianwen Times, Jinsha Capital and other investors continued to invest. This round of financing will focus on first flight mission assurance, recycling and reuse verification, and commercial delivery capability building. It is reported that the company's Yuanxingzhe 1 will be ready for its first flight by the end of 2026. After the first flight, the company will switch to subsequent batch deliveries, and it is expected to launch commercial launch services within 2027. (Reporter Wang Bin) B[Ministry of Industry and Information Technology: Guide various investment funds to strengthen support for high-quality open source projects] On September 4, the General Office of the Ministry of Industry and Information Technology issued the "Artificial Intelligence Small and Medium-sized Enterprise Entrepreneurship Support Plan (2026-2028)". It pointed out that the guarantee of financing services should be strengthened. Give full play to the guiding role of the National Small and Medium Enterprise Development Fund, the National Artificial Intelligence Industry Investment Fund, and the National Integrated Circuit Industry Investment Fund, drive social capital to establish a number of early-stage venture capital funds and venture capital funds focusing on the field of artificial intelligence, and build a patient capital support system covering the seed stage, start-up stage, and growth stage. An artificial intelligence investment and financing column has been added to the financing area of the gradient cultivation platform for high-quality small and medium-sized enterprises, and the "online roadshow" function has been launched to promote efficient connection between venture capital institutions and entrepreneurial enterprises. Guide various investment funds to strengthen their support for high-quality open source projects and form a closed loop of open source ecology for healthy development. Encourage all localities to join venture capital institutions, incubation carriers, etc., to promote the overall allocation of venture capital and computing power supply, data supply, pilot incubation and other resources, and explore new support methods such as computing power equity participation, data equity participation, investment and incubation linkage, etc. A[Nova Fusion completes 1.2 billion Pre-A series financing Setting three records for domestic private nuclear fusion financing scale, speed and valuation] On August 31, Nova Fusion Energy Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Nova Fusion") completed a total of 1.2 billion yuan in Pre-A series financing (including Pre-A and Pre-A+ rounds). So far, Nova Fusion has created 16 companies Within the month, it has completed three rounds of financing: 500 million yuan angel round, 700 million yuan angel + round, and 1.2 billion yuan Pre-A series. The cumulative financing scale has reached 2.4 billion yuan, and the post-investment valuation has exceeded 10 billion. It has refreshed the domestic private nuclear fusion track's three records of financing scale, speed and valuation. The company's valuation ranks first among domestic private nuclear fusion companies. In this Pre-A series of financing, Meituan Longzhu and Hillhouse Ventures continued to increase their investment, and Lenovo Ventures and Guozhong Capital entered the game as new strategic investors. "Nova One" has completed the engineering design and core component development and has fully entered the final assembly and integration stage. The team is sprinting towards the first plasma discharge at the end of 2026, with the goal of becoming the first private enterprise in China to achieve a fusion temperature of 100 million degrees Celsius. (Reporter Guo Songqiao)
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