The startup company chooses RMB financing, and its listing path is to transform the company from a (domestic) limited liability company into a (domestic) joint stock limited company and list it in China. If the startup company chooses to accept dollar financing in the form of JV, its listing path is to be restructured into a foreign-invested joint stock limited company and listed in China. If a startup chooses to accept US dollar financing under the VIE framework, its listing path is overseas listing (such as the US or Hong Kong market). In the American market, the price-earnings ratio of China companies is usually twenty or thirty times; The average P/E ratio of domestic GEM is 50-60 times, so both entrepreneurs and VC/PE have huge profit space. For example, if a startup plans to go public in China, it can choose RMB financing or USD JV financing.

It is worth noting that the domestic listing is currently based on the approval system (for the purpose of protecting public investors, the China Securities Regulatory Commission will strictly examine the ownership structure and evolution, business, related transactions and horizontal competition of listed companies), while the US listing is based on the registration system (emphasizing the principles of information disclosure and formal review, not judging the investment value of listed companies), and the domestic listing requires higher profitability of listed companies. Therefore, the threshold of domestic listing is relative to overseas listing. In addition, because the development of domestic capital market is in a relatively primary stage, the policy documents issued by China Securities Regulatory Commission and other competent departments and the related legislation in the future are quite uncertain. For example, due to various reasons, such as the split share structure reform and the fluctuation of the secondary market, the China Securities Regulatory Commission has repeatedly suspended and resumed accepting domestic IPO applications, and China enterprises have also experienced several overseas listing booms and red chip return booms. In recent years, the reform of strategic emerging board and stock issuance registration system proposed by China Securities Regulatory Commission is still in the research stage, and the specific legislation and implementation are uncertain. With the gradual development and maturity of the domestic capital market, the boundaries of fund selection in different currencies are gradually blurred, and many VC/PEs offer dual-currency selection. RMB and USD funds only represent a form of fund-raising, and there is no completely insoluble gap between them. More, it is still necessary to decide whether to choose a US dollar fund or a RMB fund according to the business characteristics of each startup.