Since the end of the 20th century, the iteration of technology has driven the surge of a technological wave. The world has gradually shifted from the Internet era and finally entered the era of scientific and technological innovation. Against this backdrop, competition among major powers has been on the rise, and "hard technology" has become a key focus for the development of various countries. The direction of China’s industrial policies has also gradually become clear, guiding various factors to flow into key industries. As an important channel for industrial enterprises to obtain direct financing, equity investment, amid the wave of hard technology, gathers various types of funds to cluster in strategic emerging industries.

Zero2IPO Research, under Zero2IPO Group (01945.HK), has conducted in-depth research on the capital sources of the equity investment market amid the wave of hard technology, and compiled the Amid the Wave of Hard Technology: Changes and Constants of LPs – 2022 Research Report on the Development of LPs in China’s Equity Investment Market. Against the backdrop of the shift in the logic of the times, adjustment of industrial structure, and changes in industry hotspots, the report focuses on the changes in LP participants, as well as the changes and persistence of various LPs in terms of external investment strategies and internal operation management. We hope this report can inspire in-depth thinking or resonate with various participants in the LP market. We also welcome all participants to communicate with us about the changes and constants in the LP market from their perspectives. May you gain insights from this report.