Of course. Direct investment business includes PE, VC, mergers and acquisitions, etc. Direct investment subsidiaries can finance private equity funds and act as fund managers.

Why didn't it go deep (in fact, brokers are doing a lot now):

1, the policy time is not long, and many laws and regulations are imperfect. Brokers have just obtained qualifications, and not all brokers are qualified.

2. In principle, the way for brokers to carry out PE business must be a direct investment subsidiary independent of other businesses of brokers, and there is an information barrier between them. Direct investment subsidiaries cannot directly use existing business resources in other businesses of securities companies.

3. The talent transfer process has not been completed.

4. Last year, the PE industry as a whole was in a downturn, and brokers were in a period of gaining momentum.

I hope it helps.