Jiang Xiaojian: CVCs often have more patience, but it is not so good for individual companies to acquire competitors.

During the Wuzhen Summit of the World Internet Conference in 2025, Jiang Xiaojian, a professor at the University of Chinese Academy of Social Sciences and former deputy secretary-general of the State Council, pointed out that in recent years, the investment of the three major platforms Alibaba, Tencent, and Ant Group has far exceeded that of traditional VC institutions such as Hillhouse. At the same time, there will be more strategic investments and patient capital in entrepreneurial investments. In Jiang Xiaojian's view, this evolution of the trend may also pose risks. "If large companies see potential competitors, they may acquire them directly, preventing them from becoming my competitors. If this becomes very common, it will affect the competitiveness of our venture capital field, leading to the problem of bigger companies becoming stronger," Jiang Xiaojian said. She hinted, "Some individual companies do have this problem now, but it is not very prominent overall."