National-level merger and acquisition funds are imminent, and venture capital exits may no longer rely excessively on IPOs.

Among the various statements on venture capital at this year's National Two Sessions, the heavyweight measure of "establishing a national-level merger and acquisition fund" has attracted high attention from the venture capital circle and the industry. This is another "national team" fund that has emerged following the National Entrepreneurship Investment Guiding Fund. Industry analysis believes that it will focus on the long-term considerations of national development and promote the integration of industries serving national strategic industries. For the venture capital industry, these two funds will work together in a coordinated manner, complementing each other, and together form a capital relay system covering the entire lifecycle of enterprise growth. Zhang Yichen, a member of the National Committee of the Chinese People's Political Consultative Conference and Chairman and CEO of CITIC Capital Holdings Limited, pointed out that the national-level merger and acquisition fund, with its strategic vision and operational scale, will create a specialized merger and acquisition exit channel, guide industry integration and the merger and restructuring of listed companies, providing high-quality asset pools for listed companies and also opening up core exit pathways for the primary market, fundamentally changing the situation of excessive reliance on IPOs.