On December 26, the National Venture Capital Guidance Fund was officially launched. The National Development and Reform Commission held a special press conference. Bai Jingyu, director of the Innovation and High-tech Development Department of the National Development and Reform Commission, said that in the investment process, adhere to the direction of investing early, small, long-term, and hard in technology to guide and drive the development of the venture capital market. In response to current phenomena such as rushing to the popular circuit in the venture capital market, stealing fat and losing weight, and rushing to achieve results, funds are guided to insist on investing early, with seed stage and startup stage enterprises as the main investment targets. The scale of investment in such enterprises will not be less than 70% of the total size of the fund. At the same time, they insist on investing small, and require that the other party's valuation be less than 500 million yuan, and that the fund's single investment is no more than 50 million yuan to ensure that capital reaches the front end and end of all walks of life. Furthermore, guiding the fund to set a 20-year lifetime period has broken the 7-10 year life cycle limit of traditional venture capital funds, further relaxed investment cycle restrictions in areas with a long return cycle, such as innovative drugs, and truly achieve long-term principles.

On December 26, the National Venture Capital Guidance Fund was officially launched. The National Development and Reform Commission held a special press conference. Bai Jingyu, director of the Innovation and High-tech Development Department of the National Development and Reform Commission, said that in the investment process, adhere to the direction of investing early, small, long-term, and hard in technology to guide and drive the development of the venture capital market. In response to current phenomena such as rushing to the popular circuit in the venture capital market, stealing fat and losing weight, and rushing to achieve results, funds are guided to insist on investing early, with seed stage and startup stage enterprises as the main investment targets. The scale of investment in such enterprises will not be less than 70% of the total size of the fund. At the same time, they insist on investing small, and require that the other party's valuation be less than 500 million yuan, and that the fund's single investment is no more than 50 million yuan to ensure that capital reaches the front end and end of all walks of life. Furthermore, guiding the fund to set a 20-year lifetime period has broken the 7-10 year life cycle limit of traditional venture capital funds, further relaxed investment cycle restrictions in areas with a long return cycle, such as innovative drugs, and truly achieve long-term principles.