Securities firms hope to collaborate with top venture capital firms and deeply engage in early-stage investments in "hard technology" companies.

On July 13, the Shanghai Stock Exchange officially piloted the introduction of a system for senior professional institutional investors for the fifth set of listing standards for the Science and Technology Innovation Board. From the perspective of market participants, securities firms' private equity fund subsidiaries and alternative investment subsidiaries have encountered new development opportunities. Interviewees believe that top securities firms, with strong investment banking capabilities and outstanding equity investment capabilities, will benefit greatly from the reforms, while the development dividends for small and medium-sized securities firms are relatively limited. In this context, more securities firms hope to form strong alliances with top venture capital institutions, leveraging their ability to identify promising opportunities and expanding their own business scope.