At the 4th Asian Investment Summit held a few days ago, the changes in macroeconomic situation at home and abroad in the past two years and China's policy orientation towards PE and VC under this background aroused heated discussions among the guests present. Most representatives of private equity funds believe that the opening of direct investment by brokers at the end of last year will have a direct impact on the current market structure of private equity funds. Brokers favor mature enterprises. Bai, the special assistant investment director of Yingjieshen Innovation Investment, believes that securities companies will not invest in some start-up enterprises. Guo Min, executive director of Guanghua Private Equity Research Center, believes that it is wise to focus on mid-and late-stage enterprises because the current economic situation is still declining. From this perspective, direct investment by brokers has its advantages. However, more private investors believe that any mature mid-and late-stage enterprises grow up from early small enterprises. If no one cultivates these "seedlings", it will be difficult to achieve sustained economic growth in the future. "Many funds chasing several similar companies will also cause a waste of funds." Liang Yingjie, director of HSBC Direct Investment Co., Ltd., talked about his views from another angle. Zhong Zhang, director of strategic investment of Intel Capital, said that the biggest difference between private equity funds and direct investment by brokers is that brokers are mainly engaged in financial operations, but obviously, apart from capital, what SMEs lack most now is managers who can help companies grow. Zhang Zhong believes that funds with government background have great advantages and rich information resources in the industry. The advantage of private equity fund is that it can provide professional managers for small and medium-sized enterprises, help companies grow and grow together with enterprises. Bai believes that the biggest advantage of local private placement lies in personal connections. It can invest in RMB and foreign currency, and its national network is a potential resource advantage that can be further developed. As a representative of foreign private equity funds, Liang Yingjie believes that in fact, when many funds come in, there are many enterprises in the middle and late stages, and the investment in different stages actually reflects the style problems of different investors. For example, there are many enterprises in the early stage, and different VCS of the same project will have different results. More VCS need to choose companies suitable for investment. When the market is relatively high, you can put money into the middle and early projects, and you can refer to the practical experience. Jason, executive director of Yu Xintian Capital Investment Company, agrees. He believes that local capital does have advantages at present, mainly in industrial policies, but in the long run, foreign capital also has many advantages. There is still a gap between local capital and foreign capital in terms of strategy, selected industries and in-depth value-added services provided for enterprises. Chen Yongjian, managing partner of Bibury Law Firm in the United States, believes that China has a vast market and it is good to have local investors, overseas investors and brokers in the investment environment. There are no specific figures in recent statistics, but it can be seen that funds pay more attention to investment in the middle and late stages, and need a healthy investment environment in the early, middle and late stages. There are now 200,000 angel investors in the United States, investing 40 billion dollars every year. China is far behind, and the whole financing channel process needs to be improved. For angel investors, investors need to participate in the early, middle, growing and late stages to help the China market.