{"id":24943,"date":"2026-07-07T13:12:49","date_gmt":"2026-07-07T05:12:49","guid":{"rendered":"https:\/\/openhub365.cn\/?p=24943"},"modified":"2026-07-14T10:04:57","modified_gmt":"2026-07-14T02:04:57","slug":"85-%e5%95%86%e5%8a%a1%e8%8b%b1%e8%af%ad%ef%bc%9a%e6%8a%95%e8%9e%8d%e8%b5%84%e4%b8%8e%e8%b5%84%e6%9c%ac%e8%bf%90%e4%bd%9c","status":"publish","type":"post","link":"https:\/\/openhub365.cn\/index.php\/2026\/07\/07\/85-%e5%95%86%e5%8a%a1%e8%8b%b1%e8%af%ad%ef%bc%9a%e6%8a%95%e8%9e%8d%e8%b5%84%e4%b8%8e%e8%b5%84%e6%9c%ac%e8%bf%90%e4%bd%9c\/","title":{"rendered":"85.\u5546\u52a1\u82f1\u8bed\uff1a\u6295\u878d\u8d44\u4e0e\u8d44\u672c\u8fd0\u4f5c"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\u4e86\u89e3\u66f4\u591a<a href=\"https:\/\/openhub365.cn\/index.php\/2026\/06\/01\/%e4%bb%8e%e5%8f%a5%e5%85%b3%e8%81%94%e8%af%8d%e8%a7%a3%e6%9e%90%e7%9b%ae%e5%bd%95\/\" data-type=\"post\" data-id=\"11310\">\u4ece\u53e5\u5173\u8054\u8bcd\u89e3\u6790\u76ee\u5f55<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">201.&nbsp;founder share<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8fa\u028and\u0259 \u0283e\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u521b\u59cb\u4eba\u80a1\u4efd\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u521d\u521b\u516c\u53f8\u521b\u59cb\u56e2\u961f\u6301\u6709\u7684\u539f\u59cb\u80a1\u6743<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aFounder share usually has multi-year lock-up limits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u521b\u59cb\u4eba\u80a1\u4efd\u901a\u5e38\u8bbe\u7f6e\u591a\u5e74\u9650\u552e\u7ea6\u675f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">202.&nbsp;seed round<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/si\u02d0d ra\u028and\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u79cd\u5b50\u8f6e\u878d\u8d44\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u521d\u521b\u9636\u6bb5\u9996\u8f6e\u5c0f\u989d\u52df\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSeed round funds support product prototype development.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u79cd\u5b50\u8f6e\u8d44\u91d1\u7528\u4e8e\u4ea7\u54c1\u539f\u578b\u7814\u53d1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">203.&nbsp;Series A<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8s\u026a\u0259ri\u02d0z e\u026a\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010A\u8f6e\u878d\u8d44\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4ea7\u54c1\u843d\u5730\u540e\u89c4\u6a21\u5316\u6269\u5f20\u9996\u8f6e\u673a\u6784\u878d\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMost startups complete Series A within two years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u591a\u6570\u521d\u521b\u4f01\u4e1a\u4e24\u5e74\u5185\u5b8c\u6210A\u8f6e\u878d\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">204.&nbsp;Series B<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8s\u026a\u0259ri\u02d0z bi\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010B\u8f6e\u878d\u8d44\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5e02\u573a\u62d3\u5c55\u3001\u6e20\u9053\u6269\u5f20\u9636\u6bb5\u878d\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSeries B capital is used for national market expansion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1aB\u8f6e\u8d44\u91d1\u7528\u4e8e\u5168\u56fd\u5e02\u573a\u62d3\u5c55\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">205.&nbsp;Series C<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8s\u026a\u0259ri\u02d0z si\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010C\u8f6e\u878d\u8d44\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6210\u719f\u76c8\u5229\u524d\u51b2\u523a\u3001\u7b79\u5907\u4e0a\u5e02\u5927\u989d\u878d\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSeries C investors target pre-listing high-growth firms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1aC\u8f6e\u6295\u8d44\u4eba\u7784\u51c6\u4e0a\u5e02\u524d\u9ad8\u589e\u957f\u4f01\u4e1a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">206.&nbsp;due diligence<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/dju\u02d0 \u02c8d\u026al\u026ad\u0292\u0259ns\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5c3d\u804c\u8c03\u67e5\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6295\u8d44\u524d\u8d22\u52a1\u3001\u6cd5\u52a1\u3001\u4e1a\u52a1\u5168\u9762\u6838\u67e5<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe team spent one month finishing financial due diligence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u56e2\u961f\u8017\u65f6\u4e00\u6708\u5b8c\u6210\u8d22\u52a1\u5c3d\u804c\u8c03\u67e5\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">207.&nbsp;financial audit<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/fa\u026a\u02c8n\u00e6n\u0283l \u02c8\u0254\u02d0d\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d22\u52a1\u5ba1\u8ba1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u7b2c\u4e09\u65b9\u6838\u67e5\u4f01\u4e1a\u8d22\u62a5\u771f\u5b9e\u6027<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAll financing requires a formal financial audit report.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6240\u6709\u878d\u8d44\u5747\u9700\u6b63\u5f0f\u8d22\u52a1\u5ba1\u8ba1\u62a5\u544a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">208.&nbsp;legal due diligence<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8li\u02d0\u0261l dju\u02d0 \u02c8d\u026al\u026ad\u0292\u0259ns\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6cd5\u52a1\u5c3d\u8c03\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6838\u67e5\u80a1\u6743\u3001\u5408\u540c\u3001\u8bc9\u8bbc\u3001\u77e5\u8bc6\u4ea7\u6743\u98ce\u9669<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aLegal due diligence will check all patent ownership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6cd5\u52a1\u5c3d\u8c03\u4f1a\u6838\u67e5\u5168\u90e8\u4e13\u5229\u5f52\u5c5e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">209.&nbsp;term sheet<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/t\u025c\u02d0m \u0283i\u02d0t\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u8d44\u6761\u6b3e\u6e05\u5355\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6295\u878d\u8d44\u6838\u5fc3\u6761\u4ef6\u610f\u5411\u6587\u4ef6\uff0c\u65e0\u5b8c\u5168\u6cd5\u5f8b\u7ea6\u675f\u529b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aBoth sides signed a non-binding term sheet first.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u53cc\u65b9\u5148\u7b7e\u7f72\u65e0\u7ea6\u675f\u529b\u6295\u8d44\u6761\u6b3e\u6e05\u5355\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">210.&nbsp;definitive agreement<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/d\u026a\u02c8f\u026an\u0259t\u026av \u0259\u02c8\u0261ri\u02d0m\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6b63\u5f0f\u6295\u8d44\u534f\u8bae\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5177\u5907\u5b8c\u6574\u6cd5\u5f8b\u6548\u529b\u7684\u6700\u7ec8\u5165\u80a1\u5408\u540c<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe definitive agreement defines all dilution rules.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6b63\u5f0f\u6295\u8d44\u534f\u8bae\u7ea6\u5b9a\u5168\u90e8\u80a1\u6743\u7a00\u91ca\u89c4\u5219\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">211.&nbsp;dilution<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/da\u026a\u02c8lu\u02d0\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u7a00\u91ca\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u589e\u53d1\u65b0\u80a1\u540e\u539f\u6709\u80a1\u4e1c\u6301\u80a1\u6bd4\u4f8b\u4e0b\u964d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMultiple financing rounds cause continuous equity dilution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u591a\u8f6e\u878d\u8d44\u4f1a\u6301\u7eed\u9020\u6210\u80a1\u6743\u7a00\u91ca\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">212.&nbsp;fully diluted share count<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8f\u028ali da\u026a\u02c8lu\u02d0t\u026ad \u0283e\u0259 ka\u028ant\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5b8c\u5168\u7a00\u91ca\u603b\u80a1\u672c\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5305\u542b\u671f\u6743\u3001\u53ef\u8f6c\u503a\u5168\u90e8\u8f6c\u80a1\u540e\u7684\u603b\u80a1\u4efd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aValuation is calculated based on fully diluted share count.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f30\u503c\u6309\u7167\u5b8c\u5168\u7a00\u91ca\u603b\u80a1\u672c\u8ba1\u7b97\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">213.&nbsp;employee stock pool<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026am\u02c8pl\u0254\u026ai st\u0252k pu\u02d0l\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5458\u5de5\u671f\u6743\u6c60\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u9884\u7559\u80a1\u4efd\u7528\u4e8e\u6838\u5fc3\u5458\u5de5\u80a1\u6743\u6fc0\u52b1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe reserve 10% equity as employee stock pool.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6211\u4eec\u9884\u755910%\u80a1\u6743\u4f5c\u4e3a\u5458\u5de5\u671f\u6743\u6c60\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">214.&nbsp;profit multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8pr\u0252f\u026at \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u51c0\u5229\u6da6\u500d\u6570\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u4f30\u503c\u00f7\u5e74\u5ea6\u51c0\u5229\u6da6\uff0c\u4e3b\u6d41\u4f30\u503c\u6307\u6807<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMature manufacturing firms trade at low profit multiple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6210\u719f\u5236\u9020\u4f01\u4e1a\u51c0\u5229\u6da6\u4f30\u503c\u500d\u6570\u504f\u4f4e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">215.&nbsp;EBITDA<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u026a\u02c8b\u026atd\u0259\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8861\u91cf\u4f01\u4e1a\u6838\u5fc3\u7ecf\u8425\u73b0\u91d1\u6d41\u6307\u6807<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aBuyout funds focus heavily on stable EBITDA growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5e76\u8d2d\u57fa\u91d1\u9ad8\u5ea6\u5173\u6ce8\u7a33\u5b9aEBITDA\u589e\u957f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">216.&nbsp;runway extension<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8r\u028cnwe\u026a \u026ak\u02c8sten\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u73b0\u91d1\u5468\u671f\u5ef6\u957f\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u65b0\u878d\u8d44\u62c9\u957f\u4f01\u4e1a\u73b0\u91d1\u53ef\u8fd0\u8425\u65f6\u957f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThis round financing brings runway extension of 36 months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u672c\u8f6e\u878d\u8d44\u5c06\u73b0\u91d1\u5468\u671f\u5ef6\u957f36\u4e2a\u6708\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">217.&nbsp;burn control<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/b\u025c\u02d0n k\u0259n\u02c8tr\u0259\u028al\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u63a7\u70e7\u94b1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u7f29\u51cf\u5f00\u652f\u964d\u4f4e\u6708\u5ea6\u73b0\u91d1\u6d88\u8017\u901f\u5ea6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aBurn control becomes priority amid capital winter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8d44\u672c\u5bd2\u51ac\u4e0b\u63a7\u70e7\u94b1\u6210\u4e3a\u9996\u8981\u4efb\u52a1\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">218.&nbsp;capital winter<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl \u02c8w\u026ant\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u5bd2\u51ac\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5e02\u573a\u52df\u8d44\u96be\u5ea6\u4e0a\u5347\u3001\u6295\u8d44\u6536\u7d27\u5468\u671f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMany startups slow expansion during capital winter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8d44\u672c\u5bd2\u51ac\u4e2d\u5927\u91cf\u521d\u521b\u653e\u7f13\u6269\u5f20\u8282\u594f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">219.&nbsp;capital boom<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl bu\u02d0m\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u672c\u70ed\u6f6e\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8d44\u91d1\u5145\u8db3\u3001\u6295\u8d44\u6d3b\u8dc3\u7684\u5e02\u573a\u5468\u671f<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAI industry experienced a capital boom in recent years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4eba\u5de5\u667a\u80fd\u884c\u4e1a\u8fd1\u5e74\u8fce\u6765\u8d44\u672c\u70ed\u6f6e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">220.&nbsp;buyout fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ba\u026aa\u028at f\u028cnd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e76\u8d2d\u57fa\u91d1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6536\u8d2d\u6210\u719f\u4f01\u4e1a\u63a7\u80a1\u6743\u4f18\u5316\u8fd0\u8425\u540e\u9000\u51fa<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aBuyout fund relies on debt and operational improvement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5e76\u8d2d\u57fa\u91d1\u4f9d\u9760\u6760\u6746\u4e0e\u8fd0\u8425\u6539\u5584\u83b7\u5229\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">221.&nbsp;growth fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0261r\u0259\u028a\u03b8 f\u028cnd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6210\u957f\u578b\u57fa\u91d1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6295\u8d44\u5df2\u9a8c\u8bc1\u5546\u4e1a\u6a21\u5f0f\u7684\u6210\u957f\u671f\u4f01\u4e1a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aGrowth fund targets profitable scale-up enterprises.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6210\u957f\u57fa\u91d1\u7784\u51c6\u53ef\u76c8\u5229\u89c4\u6a21\u5316\u4f01\u4e1a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">222.&nbsp;angel investor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8e\u026and\u0292l \u026an\u02c8vest\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5929\u4f7f\u6295\u8d44\u4eba\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4e2a\u4eba\u51fa\u8d44\u6295\u8d44\u6781\u65e9\u671f\u521d\u521b\u9879\u76ee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aAngel investor provides seed capital and industry resources.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5929\u4f7f\u6295\u8d44\u4eba\u63d0\u4f9b\u79cd\u5b50\u8d44\u91d1\u4e0e\u884c\u4e1a\u8d44\u6e90\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">223.&nbsp;venture capitalist<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8vent\u0283\u0259 \u02c8k\u00e6p\u026at\u0259l\u026ast\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u98ce\u9669\u6295\u8d44\u4eba\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u7ba1\u7406\u57fa\u91d1\u6295\u8d44\u65e9\u671f\u9ad8\u6210\u957f\u521b\u4e1a\u516c\u53f8<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aVenture capitalist judges projects by team and track record.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u98ce\u6295\u4f9d\u9760\u56e2\u961f\u4e0e\u8fc7\u5f80\u4e1a\u7ee9\u5224\u65ad\u9879\u76ee\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">224.&nbsp;general partner (GP)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8d\u0292enr\u0259l \u02c8p\u0251\u02d0tn\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u666e\u901a\u5408\u4f19\u4eba\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8d1f\u8d23\u52df\u8d44\u3001\u6295\u7ba1\u3001\u9000\u51fa\uff0c\u6536\u53d6\u7ba1\u7406\u8d39\u4e0e\u5206\u6210<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aGP bears full operational responsibility for the fund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u666e\u901a\u5408\u4f19\u4eba\u627f\u62c5\u57fa\u91d1\u5168\u90e8\u8fd0\u8425\u8d23\u4efb\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">225.&nbsp;limited partner (LP)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8l\u026am\u026at\u026ad \u02c8p\u0251\u02d0tn\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6709\u9650\u5408\u4f19\u4eba\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4ec5\u51fa\u8d44\uff0c\u4e0d\u53c2\u4e0e\u65e5\u5e38\u6295\u8d44\u51b3\u7b56<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInsurance companies and pensions are large LPs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4fdd\u9669\u3001\u517b\u8001\u91d1\u662f\u5927\u578b\u6709\u9650\u5408\u4f19\u4eba\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">226.&nbsp;management fee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8m\u00e6n\u026ad\u0292m\u0259nt fi\u02d0\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u7ba1\u7406\u8d39\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1aGP\u6bcf\u5e74\u6309\u7ba1\u7406\u8d44\u4ea7\u6536\u53d6\u8fd0\u8425\u8d39\u7528<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe standard management fee rate is 2% per year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6807\u51c6\u57fa\u91d1\u7ba1\u7406\u8d39\u8d39\u7387\u4e3a\u6bcf\u5e742%\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">227.&nbsp;carried interest (carry)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6rid \u02c8\u026antr\u0259st\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4e1a\u7ee9\u5206\u6210\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8d85\u989d\u6536\u76caGP\u63d0\u53d6\u7684\u5956\u52b1\uff0c\u901a\u5e3820%<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aCarried interest is only paid after hitting hurdle rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4ec5\u8fbe\u6807\u57fa\u51c6\u6536\u76ca\u7387\u624d\u53d1\u653e\u4e1a\u7ee9\u5206\u6210\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">228.&nbsp;portfolio company<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/p\u0254\u02d0t\u02c8f\u0259\u028ali\u0259\u028a \u02c8k\u028cmp\u0259ni\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u540e\u4f01\u4e1a\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u5df2\u5b8c\u6210\u51fa\u8d44\u6301\u80a1\u7684\u9879\u76ee\u516c\u53f8<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund has 30 portfolio companies across sectors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u8de8\u884c\u4e1a\u6301\u670930\u5bb6\u6295\u540e\u4f01\u4e1a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">229.&nbsp;post-investment management<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/p\u0259\u028ast \u026an\u02c8vestm\u0259nt \u02c8m\u00e6n\u026ad\u0292m\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u6295\u540e\u7ba1\u7406\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u4e3a\u88ab\u6295\u4f01\u4e1a\u63d0\u4f9b\u6218\u7565\u3001\u8d44\u6e90\u8d4b\u80fd<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPost-investment management helps portfolio firms scale fast.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6295\u540e\u7ba1\u7406\u52a9\u529b\u88ab\u6295\u4f01\u4e1a\u5feb\u901f\u6269\u5f20\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">230.&nbsp;IPO (Initial Public Offering)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cc\u026an\u026a\u0283l \u02c8p\u028cbl\u026ak \u02c8\u0252f\u0259r\u026a\u014b\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9996\u6b21\u516c\u5f00\u4e0a\u5e02\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u767b\u9646\u8bc1\u5238\u4ea4\u6613\u6240\u516c\u5f00\u53d1\u884c\u80a1\u7968<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aIPO is the most lucrative exit route for VCs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e0a\u5e02\u662f\u98ce\u6295\u6536\u76ca\u6700\u9ad8\u7684\u9000\u51fa\u8def\u5f84\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">231.&nbsp;M&amp;A (Merger &amp; Acquisition)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccm\u025c\u02d0d\u0292\u0259 \u0259nd \u02cc\u00e6kw\u026a\u02c8z\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e76\u8d2d\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4f01\u4e1a\u5408\u5e76\u6216\u6536\u8d2d\u80a1\u6743\u5b9e\u73b0\u9000\u51fa<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMid-sized startups mainly exit via M&amp;A deals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e2d\u578b\u521d\u521b\u5927\u591a\u4f9d\u9760\u5e76\u8d2d\u5b9e\u73b0\u9000\u51fa\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">232.&nbsp;share transfer<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u0283e\u0259 tr\u00e6ns\u02c8f\u025c\u02d0(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u8f6c\u8ba9\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8001\u80a1\u4e1c\u5411\u7b2c\u4e09\u65b9\u76f4\u63a5\u51fa\u552e\u6301\u80a1\u53d8\u73b0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSecondary share transfer is common in pre-IPO firms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e0a\u5e02\u524d\u4f01\u4e1a\u8001\u80a1\u8f6c\u8ba9\u5341\u5206\u666e\u904d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">233.&nbsp;listing prospectus<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8l\u026ast\u026a\u014b pr\u0259\u02c8spekt\u0259s\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u62db\u80a1\u8bf4\u660e\u4e66\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1aIPO\u62ab\u9732\u5168\u90e8\u4e1a\u52a1\u3001\u8d22\u52a1\u3001\u80a1\u6743\u7684\u6cd5\u5b9a\u6587\u4ef6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe listing prospectus must be submitted to regulators.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u62db\u80a1\u8bf4\u660e\u4e66\u9700\u63d0\u4ea4\u76d1\u7ba1\u673a\u6784\u5ba1\u6838\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">234.&nbsp;stock liquidity<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/st\u0252k l\u026a\u02c8kw\u026ad\u0259ti\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u7968\u6d41\u52a8\u6027\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4e8c\u7ea7\u5e02\u573a\u80a1\u7968\u4fbf\u6377\u4e70\u5356\u7684\u96be\u6613\u7a0b\u5ea6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aLarge-cap listed firms enjoy high stock liquidity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5927\u76d8\u4e0a\u5e02\u516c\u53f8\u80a1\u7968\u6d41\u52a8\u6027\u66f4\u5f3a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">235.&nbsp;market sentiment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8m\u0251\u02d0k\u026at \u02c8sent\u026am\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u5e02\u573a\u60c5\u7eea\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8d44\u672c\u5e02\u573a\u6295\u8d44\u4eba\u6574\u4f53\u98ce\u9669\u504f\u597d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWeak market sentiment delays many IPO plans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f4e\u8ff7\u5e02\u573a\u60c5\u7eea\u63a8\u8fdf\u5927\u91cf\u4e0a\u5e02\u8ba1\u5212\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">236.&nbsp;risk exposure<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/r\u026ask \u026ak\u02c8sp\u0259\u028a\u0292\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u98ce\u9669\u655e\u53e3\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u5728\u5355\u4e00\u884c\u4e1a\u3001\u9879\u76ee\u6295\u5165\u8d44\u91d1\u5360\u6bd4<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aWe limit risk exposure to one single sector below 20%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5355\u4e00\u8d5b\u9053\u98ce\u9669\u655e\u53e3\u63a7\u5236\u572820%\u4ee5\u5185\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">237.&nbsp;asset allocation<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u00e6set \u02cc\u00e6l\u0259\u02c8ke\u026a\u0283n\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u4ea7\u914d\u7f6e\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1aLP\u5c06\u8d44\u91d1\u5206\u914d\u81f3\u80a1\u7968\u3001\u503a\u5238\u3001\u80a1\u6743\u57fa\u91d1\u7b49\u54c1\u7c7b<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aPension funds adopt balanced asset allocation strategy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u517b\u8001\u91d1\u91c7\u7528\u5747\u8861\u8d44\u4ea7\u914d\u7f6e\u7b56\u7565\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">238.&nbsp;institutional capital<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02cc\u026anst\u026a\u02c8tju\u02d0\u0283\u0259nl \u02c8k\u00e6p\u026atl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u673a\u6784\u8d44\u91d1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4fdd\u9669\u3001\u517b\u8001\u91d1\u3001\u653f\u5e9c\u5f15\u5bfc\u57fa\u91d1\u7b49\u5927\u989d\u51fa\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aInstitutional capital dominates primary investment market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u673a\u6784\u8d44\u91d1\u4e3b\u5bfc\u4e00\u7ea7\u6295\u8d44\u5e02\u573a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">239.&nbsp;government guidance fund<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8\u0261\u028cv\u0259nm\u0259nt \u02c8\u0261a\u026adns f\u028cnd\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u653f\u5e9c\u5f15\u5bfc\u57fa\u91d1\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5730\u65b9\u56fd\u8d44\u8bbe\u7acb\uff0c\u6276\u6301\u79d1\u521b\u4ea7\u4e1a\u7684\u6bcd\u57fa\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aGovernment guidance fund drives tech startup financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u653f\u5e9c\u5f15\u5bfc\u57fa\u91d1\u63a8\u52a8\u79d1\u521b\u4f01\u4e1a\u878d\u8d44\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">240.&nbsp;exit multiple<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8eks\u026at \u02c8m\u028clt\u026apl\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9000\u51fa\u56de\u62a5\u500d\u6570\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u9879\u76ee\u9000\u51fa\u56de\u6b3e\u00f7\u521d\u59cb\u6295\u8d44\u672c\u91d1<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aTop AI projects deliver over 10x exit multiple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4f18\u8d28\u4eba\u5de5\u667a\u80fd\u9879\u76ee\u9000\u51fa\u500d\u6570\u8d85\u5341\u500d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">241.&nbsp;valuation adjustment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02ccv\u00e6lju\u02c8e\u026a\u0283n \u0259\u02c8d\u0292\u028cstm\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4f30\u503c\u8c03\u6574\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u6839\u636e\u4e1a\u7ee9\u5b8c\u6210\u5ea6\u8c03\u6574\u4f01\u4e1a\u4ea4\u6613\u5bf9\u4ef7<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe contract contains clauses for valuation adjustment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5408\u540c\u5185\u542b\u4f30\u503c\u8c03\u6574\u76f8\u5173\u6761\u6b3e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">242.&nbsp;equity pledge<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8ekw\u0259ti pled\u0292\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u80a1\u6743\u8d28\u62bc\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u80a1\u4e1c\u5c06\u6301\u80a1\u62b5\u62bc\u7ed9\u91d1\u878d\u673a\u6784\u83b7\u53d6\u8d37\u6b3e<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aHigh equity pledge ratio raises capital risk warnings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9ad8\u80a1\u6743\u8d28\u62bc\u6bd4\u4f8b\u89e6\u53d1\u8d44\u91d1\u98ce\u9669\u8b66\u793a\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">243.&nbsp;syndicate of investors<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8s\u026and\u026ak\u0259t \u0252v \u026an\u02c8vest\u0259z\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8054\u5408\u6295\u8d44\u56e2\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u591a\u5bb6\u673a\u6784\u5171\u540c\u53c2\u4e0e\u540c\u4e00\u8f6e\u6b21\u878d\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aA syndicate of investors jointly led Series B financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u591a\u5bb6\u673a\u6784\u7ec4\u6210\u6295\u8d44\u56e2\u8054\u5408\u9886\u6295B\u8f6e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">244.&nbsp;lead investor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/li\u02d0d \u026an\u02c8vest\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u9886\u6295\u65b9\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u5355\u8f6e\u878d\u8d44\u51fa\u8d44\u6700\u591a\u3001\u4e3b\u5bfc\u6761\u6b3e\u8c08\u5224\u7684\u673a\u6784<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aLead investor takes charge of full due diligence work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u9886\u6295\u65b9\u4e3b\u5bfc\u5168\u5957\u5c3d\u804c\u8c03\u67e5\u5de5\u4f5c\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">245.&nbsp;follow-on investor<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8f\u0252l\u0259\u028a \u0252n \u026an\u02c8vest\u0259(r)\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8ddf\u6295\u65b9\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u8ddf\u968f\u9886\u6295\u65b9\u53c2\u4e0e\u672c\u8f6e\u878d\u8d44\u7684\u6295\u8d44\u673a\u6784<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aMany small VC firms act as follow-on investors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u5927\u91cf\u5c0f\u578b\u98ce\u6295\u673a\u6784\u4ec5\u4f5c\u4e3a\u8ddf\u6295\u65b9\u53c2\u4e0e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">246.&nbsp;fundraising target<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8f\u028cndre\u026az\u026a\u014b \u02c8t\u0251\u02d0\u0261\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u52df\u8d44\u76ee\u6807\u89c4\u6a21\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u57fa\u91d1\u8ba1\u5212\u52df\u96c6\u7684\u603b\u8d44\u91d1\u4e0a\u9650<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe new fund sets a 5 billion fundraising target.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8fd9\u652f\u65b0\u57fa\u91d1\u52df\u8d44\u76ee\u6807\u89c4\u6a2150\u4ebf\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">247.&nbsp;soft close<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/s\u0252ft kl\u0259\u028az\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u9996\u8f6e\u5173\u8d26\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u52df\u8d44\u4e2d\u9014\u9636\u6bb5\u6027\u505c\u6b62\u6536\u6b3e\uff0c\u4fdd\u7559\u8ffd\u52a0\u989d\u5ea6<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund hit soft close within six months.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u516d\u4e2a\u6708\u5185\u5b8c\u6210\u9996\u8f6e\u5173\u8d26\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">248.&nbsp;final close<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8fa\u026anl kl\u0259\u028az\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u57fa\u91d1\u6700\u7ec8\u5173\u8d26\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u52df\u8d44\u5f7b\u5e95\u7ed3\u675f\uff0c\u4e0d\u518d\u63a5\u53d7\u65b0LP\u51fa\u8d44<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aNo new investors can subscribe after final close.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u6700\u7ec8\u5173\u8d26\u540e\u4e0d\u518d\u63a5\u53d7\u65b0\u6295\u8d44\u4eba\u8ba4\u8d2d\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">249.&nbsp;capital deployment<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8k\u00e6p\u026atl d\u026a\u02c8pl\u0254\u026am\u0259nt\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u8d44\u91d1\u6295\u653e\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1aGP\u5c06\u52df\u96c6\u8d44\u91d1\u6301\u7eed\u6295\u5411\u5e95\u5c42\u9879\u76ee<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aThe fund reaches 70% capital deployment in 3 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u8be5\u57fa\u91d1\u4e09\u5e74\u5b8c\u621070%\u8d44\u91d1\u6295\u653e\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">250.&nbsp;secondary market<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\/\u02c8sek\u0259ndri \u02c8m\u0251\u02d0k\u026at\/<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3010\u4e8c\u7ea7\u80a1\u6743\u4ea4\u6613\u5e02\u573a\u3011<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bcd\u6027\uff1a\u540d\u8bcd\u77ed\u8bed(n.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u91ca\u4e49\uff1a\u4e70\u5356\u672a\u4e0a\u5e02\u4f01\u4e1a\u8001\u80a1\u3001\u57fa\u91d1\u4efd\u989d\u7684\u5e02\u573a<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u53e5\uff1aSecondary market provides early liquidity for fund LPs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bd1\u6587\uff1a\u4e8c\u7ea7\u80a1\u6743\u5e02\u573a\u4e3a\u57fa\u91d1\u51fa\u8d44\u4eba\u63d0\u4f9b\u63d0\u524d\u6d41\u52a8\u6027\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u8bf7\u70b9\u51fb\u8fd4\u56de\u9996\u9875<a href=\"https:\/\/openhub365.cn\/index.php\/2026\/07\/07\/%e5%95%86%e5%8a%a1%e8%8b%b1%e8%af%ad%e8%af%8d%e6%b1%87%e7%9b%ae%e5%bd%95\/\" data-type=\"post\" data-id=\"25150\">\u5546\u52a1\u82f1\u8bed\u8bcd\u6c47\u76ee\u5f55<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e86\u89e3\u66f4\u591a\u4ece\u53e5\u5173\u8054\u8bcd\u89e3\u6790\u76ee\u5f55 2&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[],"class_list":["post-24943","post","type-post","status-publish","format-standard","hentry","category-510"],"_links":{"self":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/comments?post=24943"}],"version-history":[{"count":0,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/posts\/24943\/revisions"}],"wp:attachment":[{"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/media?parent=24943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/categories?post=24943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/openhub365.cn\/index.php\/wp-json\/wp\/v2\/tags?post=24943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}