On December 26, 2025, the National Venture Capital Guidance Fund officially kicked off its operations. This fund employs a three-tier structure, encompassing a guidance fund company at the helm, followed by regional funds, and then sub-funds. It has taken the lead in setting up three regional funds in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. Each of these regional funds boasts a scale of over 50 billion yuan. At present, all of them have successfully gone through industrial and commercial registration procedures and have also formed the inaugural batch of 49 sub-funds along with 27 investment projects. The core objective of this fund is to steer financial capital towards early-stage investments, investments in small-scale enterprises, long-term investments, and investments in cutting-edge tech. By doing so, it aims to tackle the financing hurdles that cutting-edge tech companies encounter and to drive the seamless integration of technological innovation and industrial upgrading.