On July 11, 2023, the 6th Partners' Conference and Portfolio Company Exchange Meeting of West Fountain Global Fund were successfully held at the West Lake State Guest House in Hangzhou.

Chairman Ni Zewang of SCGC Capital, CFO Yu Hao of SCGC Capital, chairman You Jiangwei of ShenZhen State-Owned Duty-Free Commodity Group, chairman Zhou Guohui of Eternal Asia, General Manager Zhou Quan of Capital Operations Department at Shum Yip Group, chairman Ye Zonggao of Sane Group, chairman Lin Wentan of Tinno Technology Group, chairman Wan Feng of Txd Technology, and other LP entities or LP representatives, along wiht the management partners, directors, and investment teams of West Fountain Global Fund, attended the conference both online and offline.

During the conference, the management team of West Fountain Global Fund reported the investment and operational performance of the fund in 2022, summarized the investment achievements since its establishment, and clarified the work plan for 2023. Within a short span of six years since its establishment, West Fountain Global Fund has invested in 31 companies and successfully achieved the IPO and non-IPO exits of 12 companies in global capital markets. Among them, domestically listed companies include ASR Semiconductor, Bestechnic Technology, Fudan Microelectronics, and Mesnac; internationally listed companies include Desktop Metal, Innoviz Technologies, and Illumina Inc. (Grail); non-IPO exits include Wave Computing, Exceed, GROOVEX, KeChow, and Longcheer Technology. ASR Semiconductor, one of the invested companies, went public on the Shanghai Stock Exchange's SSE STAR Market on January 14, 2022. Originally planning to raise 2.38 billion yuan, it exceeded expectations and eventually raised a net amount of RMB 6.546 billion, oversubscribed by nearly RMB 4.2 billion. In addition to the listed and non-IPO exited companies, the fund currently has one company awaiting approval for listing in the domestic market, namely Beijing E-Town Semiconductor, and two invested companies in the IPO application process, Shanghai Ark Biopharmaceutical and Anologix. Overseas US dollar funds have been arranging listings and exits for invested companies such as Ambiq, Formlabs, Tytocare, and Impact. The management team of West Fountain Global Fund continues to uphold the basic strategy of "global deployment and prudent investment," strictly controlling the quality of investment projects, and systematically promoting portfolio adjustments. In 2020, the fund attempted to shift its investment focus and invested in early-stage projects such as Exceed, which was subsequently acquired by Genesys Telecommunications Laboratories, Inc., a global leader in cloud customer service solutions in 2022. The angel round investment in the Israeli third-generation blood glucose monitoring project, Tingo, also achieved excellent results with a doubled valuation within a year. With the strong support of all partners and the collaborative efforts of the entire team, West Fountain Global Fund has excellently completed all annual tasks.

During this partners' conference, West Fountain Global Fund also arranged face-to-face meetings between the founders of the portfolio companies and the fund partners. These founders included Chairman Dai Baojia of ASR Semiconductor, CEO Zhao Guoguang of Bestechnic Technology, CEO Wu Zheng of Ark Biopharmaceutical, CEO Zhang Ting of Regend Medical, and CEO Liu Chungang of Encoo Technology. The founders of the invested companies provided updates on their latest developments and future plans to the fund partners. The fund partners had fruitful exchanges with the founders, gaining insights into their companies' world-leading positions in their respective industries and their outstanding performance in a challenging economic environment. The fund partners highly praised the fund management team's exceptional investment acumen. Additionally, the conference featured presentations by Mr. Jiang Ruiming, Managing Partner at Merits and Tree Law Firm, who shared key points about IPOs in the biopharmaceutical industry, and Ms. Qi Shuting, from Hankun Law Firm, who discussed important considerations for overseas mergers and acquisitions. During the partners’ conference, partners of the West Fountain Global Fund not only received the annual work report from the fund management team but also had face-to-face interactions with the founders of the invested companies and received regulatory insights regarding IPOs. All partners expressed great satisfaction with the enriching and comprehensive arrangements of the conference.

The partners of West Fountain Global Fund expressed their full recognition of the fund's excellent investment performance and extended their gratitude to the management team for their diligent work. Chairman You Jiangwei of ShenZhen State-Owned Duty-Free Commodity Group stated, "We appreciate the dedicated efforts of the West Fountain Capital Management team. As a traditional state-owned enterprise, we look forward to exploring and learning more about cutting-edge technology to facilitate our company’s industrial transformation and upgrading." Chairman Zhou Guohui of Eternal Asia remarked, "West Fountain Capital Management has achieved remarkable results in 2022. I extend my gratitude to the management team and hope that we can continue to strive for excellence and achieve even greater success." Ms. Zhou Quan, General Manager of Shum Yip Group Operations Department, expressed her appreciation on behalf of Chairman Lv Hua, "On behalf of Shum Yip Group, I want to express my gratitude to the West Fountain Capital Management team. They have not only invested in excellent projects but also demonstrated exceptional post-investment management. We hope to have deeper communication and cooperation between West Fountain Capital Management and Shum Yip Capital Financial Platform in the future." Ms. Yu Hao, the CFO of SCGC Capital, highly praised the team's philosophy of allocating three parts to investment and seven parts to management, expressing admiration for their risk management and due diligence work. Lastly, Chairman Ni Zewang of SCGC Capital pointed out, "In the challenging year of 2022, VC investments were generally difficult, and USD funds struggled to generate good returns, while fundraising was also extremely challenging. However, West Fountain Global Fund has maintained its leading position among the funds managed by SCGC Capital. As an internationalized investment platform of SCGC Capital, West Fountain Global Fund is the only Chinese domestic investment team that has successfully expanded globally. I am delighted that West Fountain Global Fund has achieved outstanding results and invested in blockbuster projects such as ASR Semiconductor. I believe that the fund will continue to bring forth more successful projects in its investment portfolio. I express my gratitude to the fund management team for their dedicated efforts. The outlook for 2023 remains challenging, and it is during difficult times that a team's strength is truly tested. I hope that the management team of West Fountain Capital Management will remain steadfast in their global investment strategy and seize more opportunities to invest in high-quality projects."

The sixth partners' conference of West Fountain Global Fund has successfully concluded. In 2023, the team of West Fountain Global Fund will continue to work diligently, leveraging the advantages of the parallel fund structure and overseas resources, to discover more cutting-edge high-tech projects and deliver lucrative investment returns for the partners.