From hot money to long money, the venture capital industry will usher in an ecological reconstruction.

In the first half of this year, institutional LPs subscribed capital totaled 872 billion yuan, a 50% increase year-on-year, with 3,315 transactions, a 2% increase year-on-year. Investment and exits in the venture capital market have also shown positive changes. With a series of supportive policies being implemented, governments and state asset LPs are more proactive in investing, providing market participants with new opportunities. Industry insiders believe that with economic transformation and continuous policy guidance, hot money and fast money are accelerating the transformation into long-term investments. The entire venture capital industry is experiencing a moment of transformation.