Recently, a concept called "equity finance" has emerged. Take over the bag-holding, young folks. Going public is not the same as going public. Here's a good starting point: it's not just the so-called A-share state-owned assets, but the global financial capital markets are also like this. A historical trend is that in recent years, the valuations and capital scale of the primary market have become increasingly massive. The growth stages of companies are being significantly advanced and overdrawn in the capital market. Going public is often a signal for capital to exit. In the past, companies went public to raise funds for development; now it's to exit for investors. This historical trend will persist and intensify for a long time due to the vast size and mature surplus of private capital. Capital is historically and continuously celebrating with the largest IPOs in human history at the drop of a hat, and this will be the grave of countless people.