It is difficult to simply compare the returns of equity investment. In the second phase of Huasheng issued by Huaxing Capital, 5% of the funds are mainly used to invest in overseas listed companies to dismantle VIE structure and return, and the other 5% is used to invest in other enterprises. In this issue, IDG issued an equity fund together with Bosera Fund, mainly to invest in PRE-IPO enterprises, and partly to dismantle VIE structure and return to domestic listing (not listed companies). Huaxing Capital mainly worked as a financial consultant before, and it didn't take long to do equity investment. Many projects haven't completely withdrawn, and there are few historical achievements to check. IDG has managed more than 1 equity funds in 22 years, with an average annual compound interest return of 3%, and the worst fund has an annual compound interest return of more than 25%. See the table below for specific comparison.