On August 16th, the China Shipbuilding (601989) announced that it has received a reduction plan notice from National Venture Capital Fund, which plans to reduce its holdings of no more than 0.456 billion shares, accounting for 2.00% of the total share capital of the company, through centralized bidding or block trading.

The announcement showed that National Venture Capital Fund holds 1.39 billion shares of China Shipbuilding (601989), accounting for 6.10% of the company's total equity. The reduction period is within 3 months after 15 trading days from the disclosure date of this reduction plan, between September 9, 2024, and December 8, 2024.

The National Venture Capital Fund invested in China Shipbuilding (601989) through a placement in 2017, and the latter purchased assets through this method to achieve restructuring.

According to the announcement, National Venture Capital Fund, China Cinda, China Eastern, National Venture Capital Fund, Structural Adjustment Fund, China Life Insurance, Huabao Investment, and China Best Fund purchased 42.99% of large shipbuilding and 36.15% of military shipbuilding at a price of 5.76 yuan per share.

According to the asset appraisal report at the time, the assessed value of the transaction target assets was 21.963 billion yuan, of which the assessed value of 42.99% equity of large shipbuilding was 16.597 billion yuan, and the assessed value of 36.15% equity of military shipbuilding was 5.365 billion yuan.

After investing, National Venture Capital Fund voluntarily locked for 36 months and has not reduced its holdings. As of the close of today, the share price of China Shipbuilding (601989) was 5.65 yuan/share.

National Venture Capital Fund, full name China National Capital Corporation for Venture Capital, is the largest national-level venture capital fund approved by the State Council. The total design scale is 200 billion yuan, and the first-phase scale is 100 billion yuan.

The fund is initiated and controlled by China National Innovation Group, aiming to support enterprise technology innovation and industrial upgrading projects, and to promote the implementation of national strategies. China National Innovation Group contributed 34 billion yuan, and China Postal Savings Bank, China Construction Bank, and Shenzhen Investment Holding Co., Ltd. contributed 30 billion yuan, 20 billion yuan, and 16 billion yuan respectively.

When the fund was established, the chairman of China National Innovation Group stated that the task of leading the establishment and operation of the state-owned capital venture capital fund was entrusted to China National Innovation Group by the State-owned Assets Supervision and Administration Commission of the State Council, which fully trusted China National Innovation Group. "China National Innovation Group will regard the operation of the state-owned capital venture capital fund as an important task for state-owned capital operation, adhere to market-oriented and professional principles, and make every effort to create good performance for shareholders, implement the national innovation development strategy, optimize the layout structure of state-owned capital, and achieve value preservation and appreciation."

An investor told the "Science and Technology Innovation Board Daily" that the National Venture Capital Fund's reduction plan may be considered an orderly exit. "The National Venture Capital Fund was established in 2016, and from the perspective of time, it has also reached the exit stage." The investor believes that the orderly exit of state-owned capital will help promote market competition, improve industry efficiency, and safeguard the value preservation and appreciation of state-owned assets.