Venture capital is an investment process in which capital is invested in the research and development of high-tech and its products with failure risk, aiming at promoting the commercialization and industrialization of high-tech achievements as soon as possible, so as to obtain high capital gains. From the perspective of operation mode, it refers to the process that investment intermediaries invest risks in high-tech enterprises with special potential under the management of professional talents, and it is also an investment mode that coordinates the relationship between venture capitalists, technical experts and investors, enjoys benefits and bears risks.

Listed companies are generally mature companies, so the increase of listed companies is not venture capital.

Strategic investment refers to "closely related to the business of the issuing company, hoping to hold the shares of the issuing company for a long time". Strategic investors are committed to long-term cooperation and seek long-term cooperative relations and interests.

So strategic investment may or may not be venture capital, depending on the stage of investment.