Recently, the operational performance of nine large bank-affiliated financial asset investment companies (AICs) has come to light. Notably, the net profits of the ‘established’ AICs under the five major state-owned banks experienced significant year-on-year growth in the first half of the year, amassing a total of RMB 17.349 billion. This represents an approximate 140% increase, with CCB Investment witnessing a nearly 500% surge. In the meantime, the four newly established AICs, namely CITIC Bank Financial Investment, CMB Investment, Industrial Bank Investment, and China Post Investment, have all turned a profit. Behind these remarkable achievements lies a profound transformation within the industry structure. Bank-affiliated AICs are swiftly moving away from a sole reliance on the debt-to-equity swap business model and are vigorously venturing into the hard technology venture capital arena as ‘patient capital’. Take ChangXin Technology as an illustration: the AICs of the five major banks are all its shareholders, collectively holding approximately 1.915 billion shares. By the market close on September 4, the market value of these stakes had reached RMB 104.9 billion.