In 2021, Country Garden Ventures, a frontrunner in the industry looking to pivot its business model, poured 900 million into CXMT's Series C funding round. This move secured them a 1.56% stake in CXMT, which was valued at 40 billion at that time. By the end of 2024, however, Country Garden found itself ensnared in a web of debt and grappling with a strained cash flow. In a bid to alleviate its financial woes, the company sold its stake to Hefei State-Owned Assets for 2 billion. This sale came at a time when CXMT's valuation had soared to 128 billion. Fast forward to 2026, CXMT Technology made its debut on the STAR Market, and its market capitalization skyrocketed, at one point surpassing 3 trillion. Consequently, the current value of the stake Country Garden once held is estimated at around 46.8 billion. Despite having selected a promising investment target, Country Garden opted to divest its stake before its value could truly explode, primarily due to mismatches in funding timelines. This decision cost them a staggering paper gain of 44.8 billion. Country Garden's predicament underscores the inherent structural clash between the funding timelines and the investment cycles in hard tech during traditional enterprise transformations. In the realm of hard tech investments, the ability to 'endure long enough' often outweighs the importance of 'predicting accurately.'