A pioneering batch of private venture capital institutions has triumphantly issued technology innovation bonds totaling 1.35 billion yuan, featuring a minimal interest rate of just 1.85%. These bonds now offer a maximum term of 10 years, significantly reducing financing costs and expanding the issuer base for the "tech board" segment of the bond market. By integrating risk-sharing and counter-guarantee mechanisms, the credit chain's robustness has been fortified, easing fundraising pressures on venture capital institutions and fostering long-term investments in technological innovation. However, smaller and medium-sized venture capital firms continue to grapple with challenges, including stringent rating criteria, limited credit enhancement options, and a misalignment between fund utilization and exit timelines. Industry experts advocate for the refinement of risk-sharing frameworks, the optimization of term structures, and the establishment of differentiated access criteria to foster a thriving market environment.