As early as 2024, the Center actively collaborated with The Division of High-tech Industries and Science and Technology Innovation, LSAA to explore the rules and operational approaches of the "Fund Conversion from Grants to Investments" initiative. It participated in multiple thematic seminars and put forward several effective suggestions. In early 2025, the Center identified more than ten reserve projects for the initiative. Later, during the application for the first batch of projects in the first quarter, it organized 5 key projects to participate in the solicitation drive. PKU-IICSH conducted a comprehensive review of the eligibility of the applying entities and the completeness, rationality and authenticity of the application materials. Subsequently, it entrusted authoritative third-party institutions to evaluate the projects’ market feasibility and technological innovation. In the end, the two projects of OneSyn and Qicai Micro passed the internal project approval of the Center and the record-filing approval of the Administrative Committee, and officially signed the implementation agreements for the "Fund Conversion from Grants to Investments" pilot program. After the signing, PKU-IICSH will, in accordance with the requirements of LSAA, ensure the process management and supervision of the implemented projects to help them achieve construction goals and realize the successful equity conversion under the initiative.

Beyond the "Fund Conversion from Grants to Investments" pilot program, PKU-IICSH has also actively explored various forms of concept verification and forward-looking incubation models, including the establishment of internal R&D centers, direct investment or equity acquisition through resource replacement, and pre-incubation, all of which have yielded sound results. In particular, focusing on the country’s future strategic emerging industries, the Center has made proactive layout plans. At the end of 2023, it established the Low-Altitude Intelligent Connectivity Technology R&D Center and joined hands with over a dozen relevant enterprises in Lingang to jointly build Shanghai’s first "Low-Altitude Integrated Flight Demonstration Platform", contributing to Lingang’s participation in the low-altitude economy.

In addition, centering on the core goal of enterprise cultivation, PKU-IICSH has pioneered a closed-loop business model of "Concept Verification + In-depth Incubation + Precision Investment". It took the lead among "Sci-Tech Innovation Platforms" in Lingang to obtain the qualification of the private equity fund manager. Over the past year or so, Yanyuan Fund, a subsidiary of the Center, has successively made investments in a number of high-quality projects, including GALBOT, COMTEK, Beiqi Biotechnology, QIMING PHOTONICS, PsiBot, and YXME. These investments have further demonstrated the market value of focusing on the transformation of early-stage scientific and technological achievements. Among them, YXME has confirmed its settlement in Lingang, which will further contribute to the development of Lingang’s integrated circuit industry.

At this conference, the Administrative Committee of Lingang Special Area, in addition to releasing the "Twelve New Policies for Lingang Makers", also announced that it will leverage the Sinan Fund(司南基金), Yanyuan Fund and social funds set up by Shanghai-based financial institutions to form a sci-tech innovation fund matrix. It will also coordinate with banks, insurance companies and surety institutions to pool over 5 billion yuan of exclusive financial resources for Lingang’s sci-tech innovation. Lin-gang Special Area Administration will also allocate 500 million yuan to establish the Lingang Start-up Fund, an angel fund dedicated to investing in seed-stage and start-up enterprises developing in Lingang. This further affirms the significance of the Center’s early layout in the field of early-stage sci-tech equity investment at the initial stage of its construction, and lays a solid foundation for the ecological development of Peking University’s scientific and technological achievement transformation work in the next phase.

Currently, under government guidance, there is widespread consensus on the effectiveness of "integrating grant support with investment" and "linking investment attraction with investment" in cultivating and attracting high-tech enterprises. From a market perspective, the model of "linking incubation with investment" is increasingly favored by investment institutions, incubators and other entities. Meanwhile, "ecologicalization" has become a more consistent choice for both government and market players.

The year 2025 marks Peking University’s Sci-Tech Innovation Year. To better serve the transformation of the university’s scientific and technological achievements, further enhance the cultivation of sci-tech enterprises and support local development, the Center has focused on proposing the " INNO-YES Sci-Tech Innovation Ecosystem" development plan. The plan includes specific initiatives such as INNO-YES LAB, INNO-YES Incubator, Yanyuan Fund and Yanyuan International Sci-Tech Innovation Competition. Endorsed and initiated jointly by the Department of Science and Technology Development of Peking University and the Peking University Alumni Association, the plan is led and promoted by the Center, and co-constructed and shared by relevant parties including Peking University’s off-campus research institutions, alumni service platforms and the university’s ecological partners. It aims to build a systematic, professional, branded and international sci-tech service platform, rooted in Peking University and oriented towards industries, to deeply serve the transformation of scientific and technological achievements, promote the in-depth integration of scientific and industrial innovation, and accelerate the development of new productive forces.

In the near future, INNO-YES Incubator, a subsidiary of the Center, will hold its inauguration ceremony, and the first Yanyuan International Sci-Tech Innovation Competition will kick off. With the continuous support of Yanyuan Fund in place, the Center is confident in further enhancing its ability to attract and cultivate projects on a broader scale. It is certain that more high-quality early-stage projects will receive support through the "Fund Conversion from Grants to Investments" initiative, obtain investment from Yanyuan Fund, be empowered by Yanyuan Sci-Tech Innovation Ecosystem, and gain development advantages for the "first kilometer" and subsequent stages of their sci-tech innovation and entrepreneurship journey.

After six years of efforts, Lingang Special Area has continuously promoted the integrated development of scientific and technological innovation and industrial innovation, achieving remarkable results. As a young sci-tech innovation platform in Lingang, PKU-IICSH will fully integrate itself into this "young city for the youth". For the Center, the journey to build a world-class university-affiliated sci-tech service platform has only just begun.