The recovery momentum of China's VC market became more evident in the third quarter. Data from IT Juzi shows that in Q3, a total of 3,566 investment and financing events occurred in the domestic primary market (excluding M&A, IPOs, and post-IPO financing), with total investment and financing reaching 424.81 billion yuan (undisclosed financing amounts are not included in the statistics), up 42.1% and 74.3% year-on-year, respectively. VC funds are accelerating their flow into hard tech sectors such as advanced manufacturing, artificial intelligence, healthcare, and robotics.