He has been engaged in the research of new economy for more than ten years, and was the head of TMT industry research. He is good at policy sorting, main line positioning and industry investment opportunity prospect. Lei Ju, a private equity investor, is optimistic, while Wu Junchen thinks expectations should be lowered. Private placement fund refers to a securities investment fund that raises funds from specific investors in a non-public way and invests in specific objects. Private equity funds are raised by means other than mass communication, and promoters set up investment funds to invest in securities by collecting funds from non-public multi-subjects. Private equity funds are generally closed-end partnership funds and are not listed and circulated.