The domestic primary market is currently exhibiting a strong "hard-tech orientation" and "head effect" on both the fundraising and investment fronts, presenting an overall trend of "rising volume and price with structural optimization." Based on incomplete public data, July 2026 saw the registration of four new private equity and venture capital fund managers, a 75.0% year-on-year decline but a month-on-month doubling. Additionally, 152 new private equity investment funds were filed, a 16.9% increase year-on-year and a slight 1.3% decrease month-on-month. A total of 686 new venture capital funds were registered, a surge of 180.0% year-on-year and a modest 14.7% increase month-on-month. On the investment side, momentum continued to rise, driven by tech narratives in the secondary market, with concentration in large-scale, head transactions. In July, 892 equity investment events occurred domestically, up 61.6% year-on-year and 17.2% month-on-month; the disclosed total investment amount reached 117.98 billion yuan, breaking the 100 billion yuan threshold for the second consecutive month after June, approximately 1.64 times the figure for July 2025. The average single investment amount remained largely flat year-on-year at 132 million yuan, but decreased by about 14.8% month-on-month. This month, Capital Plus focuses on three highly active institutions, interpreting their investment pace, stage, industry preferences, and portfolio companies.

10 New Funds Raised Over 2.1 Billion Yuan, One-Quarter of Projects Located in Shenzhen 'Home Base'

According to publicly disclosed information from the Asset Management Association of China and Tianyancha, Oriental Fortune Capital was established in 2006, focusing on Series A and B rounds. Its investment areas include information technology, energy conservation and environmental protection, healthcare, new materials, and cultural consumption. Since its inception, the institution has managed over 35 billion yuan in cumulative fund scale, with over 60 funds under management. It has invested in more than 600 projects, with over 150 achieving exits through IPOs, mergers, and acquisitions. As of the end of July 2026, Oriental Fortune Capital has registered and filed 10 new funds, with total registered capital contributions of 2.132 billion yuan. Among these, the Oriental Fortune Capital Selection III (Suzhou) Venture Capital Partnership (Limited Partnership) has a scale of 665 million yuan. Its limited partners include state-owned capital entities such as Changde Kaiyuan, Hunan Caixin Group, and Jinshi City Development Group. The fund has already invested in seven companies, with the highest equity stake, approximately 2.69%, held in ultrasound equipment R&D company "Qingding Equipment." During the statistical period, Oriental Fortune Capital publicly disclosed 12 equity investment events, about 2.4 times the number for the same period in 2025 and doubling from June, reaching a 13-month high. Historical data shows that the institution's investment activity in 2026 underwent a "W-shaped" recovery process, rebounding from a February low to 8 events in March, leveling off at around 5 events from April to June, before breaking the stalemate in July.

From an investment stage perspective, Oriental Fortune Capital's investment stage significantly shifted forward this month, with one-third of projects concentrated in the Angel round, and another one-third of invested companies in the Series A round. This indicates that amidst a restructuring valuation environment, the institution is capturing early-stage opportunities from "0 to 1" or "1 to 10," aiming to participate at lower prices to achieve higher multiple returns. In the remaining one-third of investment allocation, projects in Series B and C rounds each account for half, suggesting Oriental Fortune Capital prefers to invest in "mid-tier" enterprises whose business models have been validated but are not yet fully mature, still possessing significant growth potential.

By industry distribution, Oriental Fortune Capital's July investments were highly concentrated in the two core areas of advanced manufacturing and artificial intelligence, which together accounted for over 80% of the total. Advanced manufacturing, acting as a "ballast stone," occupied "half of the portfolio," covering sub-sectors such as electronic equipment, integrated circuits, intelligent equipment, and aerospace. This highlights the institution's alignment with the national policy direction of "new quality productive forces," betting on the high-end transformation of China's manufacturing industry. Concurrently, with the implementation of AI applications and the explosion of vertical models, Oriental Fortune Capital directed one-third of its funds into the AI track, aiming to capture the dividends of technological change.

Regarding the regional distribution of investments, Oriental Fortune Capital exhibits a pattern of "one superpower, multiple strong players, and wide net casting." Shenzhen, as its "home base," offers local advantages in information channels and post-investment management. In July, the number of invested projects in the city accounted for about one-quarter. Beijing is dense with AI and hard-tech talent, while Shanghai serves as an international financial center and a hub for integrated circuits, aligning with the institution's key focus areas of advanced manufacturing and AI. Furthermore, Oriental Fortune Capital has made placements in Jiangsu, Zhejiang, Anhui, Sichuan, and Hebei. Among these, Jiangsu and Zhejiang have long been manufacturing heartlands; Anhui, particularly Hefei, has emerged strongly in the new energy and display screen sectors in recent years. The institution's deep involvement in the Yangtze River Delta industrial chain cluster aids in identifying "hidden champions."

Triples Down on HiDream.ai After Three Months

Visual multimodal foundational model and application R&D company "HiDream.ai" announced the completion of a 1.5 billion yuan Series C financing round. The round was jointly led by ICBC Capital, Hongyi Asset Management, and Dunhong Capital, with participation from several institutions including Xiamen ITG Capital, Shanghai Film New Vision Fund, Hubei Yangtze River Industrial Investment Group, Huace Film & TV, Hangyuan Capital, Chuangyunhai Capital, Huafu Investment, Yuhang Financial Holdings, BOCOM Capital, and Ruosong Fund. Existing shareholders such as Hefei Industry Investment, Oriental Fortune Capital, Jinpu Investment, Jinhua Financial Investment, Zhongzhechuang, and Caixin Capital continued to add capital. The post-investment valuation of this round exceeds 1 billion US dollars, officially propelling the company into the ranks of AI unicorns. Notably, this marks the third financing round for HiDream.ai in the past three months. In April, during its Series B round, the company introduced Oriental Fortune Capital, Hefei Industry Investment, and Anhui AI Industry Investment. In May, the Series B+ round saw the entry of "national team" players like Shenzhen Capital Group, Jinpu Investment, and Hunan Caixin Group. Based on incomplete public information, the total financing amount across these three rounds exceeds 2 billion yuan. Founded in 2023, HiDream.ai specializes in self-developed native full-modal world models. Its independently developed HiDream-O1 series models, based on the original UiT architecture, achieve native integration and generation of various modalities including text, images, video, and 3D. The recently launched vivago R1, described as the world's first multimodal creative agent capable of unlimited-duration video generation and editing, has increased the effective availability success rate of content to 85%. The company's products and services currently cover over 50 million professional users and more than 40,000 enterprise clients across over 100 countries and regions.