During the first six months of this year, institutional LP subscriptions surged to RMB 872 billion, marking a 50% increase year-on-year. The total number of subscriptions also rose, reaching 3,315, up 2% from the same period last year. Both investments and exits in the venture capital market have demonstrated promising trends. Amidst the implementation of supportive policies, government and state-owned LPs have become increasingly active participants. Additionally, new developments in exit strategies have fueled further imagination among market stakeholders. Industry experts underscore that economic transformation and development, coupled with policy directives, are catalyzing a shift away from speculative and short-term investments towards long-term capital. As a result, the venture capital industry's ecosystem is undergoing a significant transformation.