The guiding fund shall operate in accordance with the principle of "government guidance, market operation, scientific decision-making and risk prevention", and the supporting objects are mainly various venture capital enterprises established in China according to the procedures stipulated in the Interim Measures for the Administration of Venture Capital Enterprises. In the process of supporting the establishment and development of venture capital enterprises, it is necessary to innovate the management mode and realize the effective combination of government policy intentions and the operation of supported venture capital enterprises according to market principles; It is necessary to explore the establishment of a scientific and reasonable decision-making and evaluation mechanism to effectively prevent risks and realize the sustainable development of the guiding fund itself; Guiding funds are not used in areas where the market has been fully competitive and do not compete with the market for profits.

Guide the operation mode of the fund:

(1) Share participation. The guiding fund mainly attracts social capital and initiates the establishment of venture capital enterprises through equity participation.

(2) Financing guarantee. According to the credit report provided by the credit reporting agency, it can provide financing guarantee for venture capital enterprises with good historical credit records and support them to enhance their investment ability through debt financing.

(3) Follow-up investment or other means. Guidance funds with strong industrial orientation or regional orientation can explore ways to support the development of venture capital enterprises and guide their investment direction through follow-up investment or other means. Among them, the follow-up investment is only limited when venture capital enterprises invest in early enterprises or start-ups of high-tech industries that need the government's key support and encouragement. Guiding funds can invest in start-ups according to appropriate equity ratio, but they should not directly engage in venture capital operation in the name of "follow-up investment", but should play the role of commercial venture capital enterprises in discovering investment projects, evaluating investment projects and implementing investment management.

Venture capital enterprises supported by guiding funds shall stipulate in their articles of association or limited partnership agreements and other legal documents that a certain proportion of funds will be invested in start-up enterprises or entrepreneurial enterprises of high-tech industries that need the government's key support and encouragement. The guiding fund shall supervise the supported venture capital enterprises to invest and operate in accordance with the prescribed investment direction, but shall not interfere with the daily management of the supported venture capital enterprises. The guiding fund does not act as the trustee of the supported corporate venture capital enterprises or the general partner of the limited partnership venture capital enterprises, and does not participate in the investment in the establishment of venture capital management enterprises.