The specialized business funds focus on mergers and acquisitions (M&A), private investments in public equity (PIPE), mixed-ownership reforms, and distressed asset investments, with total assets under management reaching RMB 7 billion. The M&A investment business was initiated in 2022 through a partnership between the venture capital group and Nanjing State-owned Assets Mixed-ownership Reform Fund. Together they established an M&A fund, which raised additional capital through private fundraising and acquisition financing to acquire Jiuzhou Starry Sky Technology Co., Ltd., China's leading PE fiber specialist, at market price, with the listing entity incorporated in Nanjing.