According to the "Guidelines for Stock Issuance and Underwriting of Science and Technology Innovation Board of Shanghai Stock Exchange", investors who participate in the issuer's strategic placement mainly include: (1) large enterprises or their subsidiaries that have strategic cooperation relationship or long-term cooperation vision with the issuer's business; (2) Large insurance companies or their subordinate enterprises, large state investment funds or their subordinate enterprises with long-term investment intentions; (3) Securities investment funds established by public offering shall be operated in a closed mode with strategic placement as the main investment strategy. (4) The relevant subsidiaries of the sponsor institutions participating in the follow-up investment; (5) The senior managers and core employees of the issuer participate in the special asset management plan established by this strategic placement; Other strategic investors who meet the requirements of laws, regulations and business rules.