In early June, a number of prominent hard-tech companies unveiled fresh advancements in the primary market. On June 2, QuantumCTek and GigaDevice concurrently revealed the progress of setting up their industrial funds and submitted them for regulatory approval. The following day, June 3, ChangXin Memory Technologies, a frontrunner in memory chips, teamed up with Advanced Micro-Fabrication Equipment (AMEC), Alibaba, and other entities to establish a private equity fund valued at nearly RMB 4 billion. Tang Jincao, the founder of the Mother Fund Research Center, pointed out that traditional RMB and USD funds are currently grappling with widespread difficulties in fundraising and exit strategies. In contrast, industrial capital is bucking the market downturn and showing signs of growth. A growing number of hard-tech companies are stepping into the role of limited partners (LPs), injecting capital into pivotal segments of the industrial chain and cutting-edge technology sectors. In pioneering domains such as integrated circuits, artificial intelligence, quantum computing, and biotechnology, hard-tech companies that were once reliant on external funding are now evolving into financiers of the innovation ecosystem, marking a transition from being 'investees' to becoming 'investors'.