(II) Investment stage: the fund management institution makes capital investment in the invested enterprise, which mainly includes project development and preliminary examination, project establishment, signing investment memorandum, due diligence, investment decision-making, signing investment agreement and investment delivery.

(3) Post-investment management stage: On the one hand, the fund management institution tracks and monitors the operation of the invested enterprise and implements investment risk management; On the other hand, it will provide value-added services to the invested enterprises in various ways to help them develop and grow.

(4) Exit stage: The equity investment fund will realize its equity in the invested enterprise through listing, listing transfer, agreement transfer, liquidation, etc. Withdraw its investment in the enterprise and then distribute it to the investors and managers of the fund according to the agreement.