Services · Five Business Clusters

Structure / Business lines

Four lines,
four kinds of subject matter.

We divide our work not by industry but by what is actually being transacted: research activity, the right to use or the ownership of an existing technology, tangible goods, or capital. Each subject matter brings its own contract type, settlement arrangements, deliverable and allocation of risk — so a client can tell from this table which kind of contract they need.

Four business lines, by subject matter of the transaction
Line	Business line	Subject matter	Forms
A	Research	Research activity as the subject matter; what is delivered is new knowledge or a new technical solution	Contract research · commissioned by industry, delivered by us Commissioned research · we assemble the parties, the institute delivers Project participation · as lead or participating institution
B	Trade in services	The right to use, or the ownership of, an existing technology; or cross-border delivery of technical services	Technology transfer · transfer of ownership Technology licensing · patents, software copyrights, know-how, SEPs Technology trade brokerage Cross-border technical services and offshore R&D Licensing of intangible assets · data, software
C	Trade in goods	Tangible goods as the subject matter; physical ownership is transferred	Electronic products · industrial smart terminals Cultural goods · creative products and merchandise
D	Investment	A long-term return on capital invested, alongside lines A to C	M&A and transaction advisory Co-investment · growing alongside the ventures we back

Notes: in line A the deliverable is new knowledge and ownership is agreed clause by clause; in line B, technology transfer and technology development contracts registered with the competent authority may qualify for VAT relief; line C is the sale of tangible goods; line D is investment of our own funds and involves no fundraising from third parties; any fund management activity is carried out only by a licensed entity.

01

Industrial terminals & SaaS

Cash flow

02

Contract research

Profit core

03

IP & capitalization

High margin

04

Cross-border services

Growth

05

Think tank & advisory

Capability

A

Service list

Six dimensions · itemized

CLUSTER 01

Industrial Terminals
& SaaS

Cash flow · Base load

Built on repeat purchase and high certainty. Hardware terminals open the scenario; SaaS subscriptions and systems integration build a stable inflow. This is the base load of the business.

Industrial smart terminals

Purpose-built industrial smart terminals, acting as the physical entry point for customer contact and data capture.

Tiered annual subscriptions

Standardized, tiered annual subscription products sized to customers of different scale, securing recurring revenue.

Application software

Applications customized to industry scenarios with continuous feature releases, raising stickiness and closing a software-plus-service loop.

Systems integration

One-stop integration connecting hardware, software and data flows — from point products to a whole solution.

CLUSTER 02

Contract Research &
University–Industry Collaboration

Profit core

Applied research driven by industrial demand and monetized through technology output, research services and commercialization — the core of revenue and profit. We take on commissioned research and horizontal projects for government and industry, and drive deep university–industry collaboration.

Commissioned research

Natural sciences, engineering, agricultural science and medical research, delivered on behalf of government and corporate clients.

Development · transfer · consulting

Three of the four technical services — technology development, transfer and consulting — taken to market.

Open-call challenge mechanism

Industry sets the question, science answers it, the market marks the paper: companies pose the problem, government and industry publish it, competitors bid, contracts are signed in the open.

Collaboration platform

A platform connecting laboratory results to industrial application, and making research spending repeatable.

CLUSTER 03

Intellectual Property
& Capitalization

High margin · Compounding

Full-lifecycle value capture: confirmation, valuation, balance-sheet recognition, trading and licensing, extending to investment banking and IP-backed securitization (ABS). Certificates become assets that can be priced, traded and financed.

IP valuation center

A standardized valuation framework giving auditable support for pricing, recognition and trading of IP assets.

IP trading desk

A trading venue that matches transfers, licenses and partnerships, restoring liquidity to dormant portfolios.

Capitalization projects

Securitization, pledge financing and other instruments implemented end to end, converting IP value into financial value.

Equity incubation

Early equity positions in high-potential IP projects, grown with capital and resources over time.

CLUSTER 04

Cross-border Services
Trade & Regional Cooperation

Cross-border · Growth

Policy frameworkBelt and Road Initiative · CEPA · Greater Bay Area

The full cross-border chain, linking quality resources at home and abroad, with regional coordination driving international cooperation and innovation in services trade. A network anchored in the Greater Bay Area, linked to Hong Kong, Macao and the Taiwan region, reaching RCEP and Belt and Road markets.

Cross-border technical services

Cross-border technical services, offshore R&D, cross-border IP licensing and international services trade.

Regional coordination

A Greater Bay Area focus including Hong Kong, Macao and the Taiwan region, extending into Belt and Road and RCEP cooperation.

International network

A Hong Kong branch coordinates overseas resources, a Greater Bay Area operations center executes locally, and an international desk builds the global network.

Internationalization fund applications

Policy matching, application documentation and technology-contract registration liaison for internationalization support funds such as Jing Kefa [2024] No. 12 — covering technology going global, overseas R&D centers, international technology transfer and other tracks — eight in total.

CLUSTER 05

Think Tank &
Industry Advisory

Capability monetized

Value logicTurning tacit knowledge into standardized, reusable capability

Top-level industrial planning and policy analysis, end-to-end capital markets advisory, standards and regulatory alignment, and expert support — covering the full lifecycle from strategic positioning to execution, as one integrated practice.

Industrial planning & policy

Top-level industrial planning, policy research and technology roadmaps for governments and industrial parks.

Capital markets advisory

Listing compliance and capital path planning, with a focus on risk control and investor engagement.

Standards & regulation

Aligning technology standards and market rules, driving the cycle from technology to product, standard and use case.

Expert network

Senior industry experts who support complex technical judgement and cross-checking.

Taxonomy / Service list

Every result, described
in six dimensions.

This is the registration standard behind the itemized service list in our annual report. We publish it so that clients know, before we start, how a result will be transferred, how it will be priced, and how the return will be settled.

Table 1 · Technology transfer service list · registration fields
#	Dimension	Options	Note
01	Transfer mode	AssignmentLicenseEquity in kindTechnical contract	Technical contract = development, consulting or service agreement
02	Technology source	Publicly funded programDual-use researchUniversity / institute / hospitalNew R&D institute / companyCross-border transfer	Domestic and overseas sources recorded separately
03	Pricing method	NegotiatedListedAuction	Chosen by asset type and transaction context
04	Destination	Domestic province / cityOverseas country	Used to compute the cross-border share
05	Service type	Four technical servicesEvaluationTechnology investmentInformation platformOther	Development, transfer, service, consulting
06	Revenue model	CommissionEquityMarket making	Brokerage, equity participation and liquidity provision

Note: the list records only projects with a transfer value above RMB 100,000. Registration number refers to the technology contract recognition and registration number.

Process

From enquiry to landing,
in five steps.

STEP 01

Intake

Define the technology direction, the use case and the commercial objective; sign NDA and mandate; produce a needs statement.

STEP 02

Scouting

Search candidates through the global technology-source network and expert base; deliver a long list with fit analysis.

STEP 03

Evaluation

Assess maturity, IP stability, team and implementability; deliver a technology due diligence report.

STEP 04

Deal structure

Choose assignment, license or equity in kind; match negotiated pricing, listing or auction; agree how returns are settled.

STEP 05

Landing

Contract registration, pilot-scale validation, investment matching and incubation; track outcomes after transfer.

Who we serve

Four kinds of client,
four different starting points.

Universities and institutes

You hold a portfolio of results but do not know which one can be sold. We start from discovery and evaluation: grading, proof of concept and market matching.

Ownership and compliance pathways for institutional IP
Result screening, valuation and equity contribution
Design of revenue-sharing arrangements

Companies

You have a defined technical problem and need outside research capacity. We organize the work through contract research and open-call challenges, delivered against milestones.

Technical diagnosis and problem breakdown
Commissioned research and joint laboratories
Technology acquisition, licensing and M&A

Governments and parks

You need to build a regional innovation system and an industrial ecosystem. We support industrial planning, platform building and international channel development through to execution.

Industrial planning and technology roadmaps
Transfer institutions and platform building
International cooperation and talent attraction

Investors

You need judgement at the technology layer. Third-party due diligence and technology credit assessment give you conclusions that can be checked.

Technology due diligence and verification
Patent stability and SEP analysis
Post-investment technical resourcing

From identifying a technologyto growing a business.

Four lines,four kinds of subject matter.