Shenzhen: Continuously improve support policies for long-term capital investment, early investment, small-scale investment, long-term investment, and investment in hard technology.

The Shenzhen Local Financial Regulatory Bureau and the Shenzhen Securities Regulatory Bureau jointly issued the "Action Plan of Shenzhen Municipality for Leveraging the Role of the Capital Market to Build an Industrial Financial Center". It pointed out the need to nurture and strengthen patient capital to serve the development of new productive forces. Focus on industries such as artificial intelligence, new energy, and biomedicine, as well as key areas, continuously improving support policies for long-term capital investment in early stage, small scale, long term, and hard technology. Encourage the standardized development of angel investment, venture capital, and private equity investment. Promote state-owned assets and government investment funds to become more responsible long-term capital, patient capital and bold capital, guiding multi-level social financial capital to establish long-term performance evaluation, incentive constraints, and error-tolerant mechanisms. Promote the participation of diverse entities in venture capital, support enterprise risk investment by the "leader" companies in the industrial chain. Improve multiple exit mechanisms, actively carry out pilot projects for the transfer of private equity and venture capital shares, support government funds and social capital to participate in the establishment of acquisition funds and secondary market funds for private equity, and promote a virtuous cycle of "technology - industry - finance".