VC is venture capital, and many people also call it angel investment or seed fund. It invests in start-up enterprises, and because of the uncertainty of the development of entrepreneurial enterprises, it carries greater risks; PRE-IPO refers to an enterprise that invests and goes public before the initial public offering. At this time, the development of the enterprise is basically clear and the investment risk is small; PE is the abbreviation of private equity fund, which not only has PRE-IPO investment, but also acquires and transforms listed companies to realize equity appreciation. Although VC, PRE-IPO and PE are at different stages of development, what they have in common is that they can all withdraw their capital after listing. The reform of non-tradable shares has realized the full circulation of the securities market, solved the exit problem of equity investment, and made VC, PRE-IPO and PE investment possible; The construction of multi-level capital market and the reform of issuance and financing system have greatly lowered the threshold for listing, relaxed the restrictions on various equity investments, and made VC, PRE-IPO and PE investments more realistic. The issuance and listing of Goldwind Technology made a group of equity investors quickly become billionaires, created another wealth myth, and once again showed the charm of equity investment to the society. Public listing makes enterprises become public companies, but it also changes the pricing method of equity: before listing, equity is generally priced on the basis of net assets or current profits, while after listing, it is priced on the basis of future profits of enterprises, and the value of equity is the discounted value of future profits. This difference in pricing is the most important basis for VC, PRE-IPO and PE to realize value-added investment (PE's acquisition and investment in listed companies is mainly based on the reform of the management and business structure of listed companies involved, so as to improve the profitability of the target company and enhance the equity value). Entrepreneurs run enterprises, and their annual profits are relatively limited. Even if they accumulate for a long time, it is difficult to break through wealth. Once listed, entrepreneurs become capitalists, and equity wealth expands rapidly. The "richest man" on China's rich list is basically from listed companies, which is also the reason. Investors in the capital market need to endure the torture and risk of stock price fluctuation, and the income is lower than that of VC, PRE-IPO and PE investment. Especially when the stock market valuation level is high, equity investment will become more and more popular. In fact, VC, PRE-IPO and PE are also a supplement to the capital market. A sound and mature capital market is inseparable from the participation of VC, PRE-IPO and PE. Active VC, PRE-IPO and PE investments not only bring new listing resources to the capital market, but also increase the vitality of the capital market and make the pricing of the capital market more efficient. However, there are still many restrictions on VC, PRE-IPO and PE in the relevant domestic systems, such as profit records in the three years before listing, equity circulation in the one year after listing, equity investment in the three years before listing, etc., which increase the risks of VC, PRE-IPO and PE investment and reduce the capital flow and efficiency of equity investment. With the approval of issuance, equity investment in the form of funds and trusts was rejected across the board, which also restricted the development of VC, PRE-IPO and PE.