Let's talk about future plans.

The main reason I've stayed with Longbridge for so long is that there are many outstanding community members here. Even if some of them might stop trading in the future, I sincerely hope they will stay and continue to share and communicate.

As my current projects reach a certain stage, I expect that next year or the year after, I will set up a VC fund with a few old friends, serving as both an LP and a GP, and start 布局 ing the primary market. I feel that within Longbridge, there are actually many potential entrepreneurs with high cognitive levels and strong execution capabilities hidden among us.

I am also an entrepreneur myself. The financing for this round mainly relies on VCs and listed companies introduced by acquaintances. Looking back, I found that cold-emailing or contacting investors through various backend channels is almost ineffective. The result is that teams with money and connections find it very easy to raise funds, while entrepreneurs without money or connections struggle to get by, and sometimes can't raise any money at all.

Some old Longbridge friends know that I have some business interests in Indonesia, but they have now entered a mature bottleneck phase, and there's not much daily operation requiring my attention. Plus, with the recent political instability in the region, there aren't many incremental opportunities. As for new projects, I am currently pushing forward an AI project. I am very confident about it and expect it to take off within 1-2 years. Since starting this round of financing in late June, investors have basically been finalized, and we managed to raise nearly 100 million RMB even before our data certification was fully complete. This shows that we have the ability to execute quickly and sustainably.

So, once my other commitments lighten up a bit, I will seriously consider becoming a GP myself to address the real pain points in the current primary market. Besides ourselves, I know some small and medium-sized funds. For example, there's a small fund in Shenzhen with a scale of around 800-1 billion RMB. They said that after raising money in 2024, they basically don't dare to invest anymore. But their boss explicitly stated that for projects I'm involved in, they would definitely be willing to co-invest. That's fine; I can bring them along to participate in early-stage venture capital.

I've seen many institutions that talk big about investing in disruptors but are actually just talking on paper and don't genuinely believe they can back good projects. For instance, a partner from a certain 'Qiu Fund' was late for meetings with entrepreneurs, didn't understand many things during the conversation but pretended to, and finally flew into a rage. We made it clear directly: we don't need such investors.

Therefore, the core problem entrepreneurs face in the primary market is: opportunities always go to those with money and resources, while true doers with ideas and technology often lack channels to connect with real investors. Existing so-called matchmaking channels mostly just use excuses to collect fees, with very weak actual connection capabilities.

I hope that for the fund I build in the future, even if we ultimately decide not to invest, we are still willing to meet with entrepreneurs first. Of course, a threshold is necessary. The threshold I want to set is continuous participation and speaking on Longbridge. Through someone's posts, I can sense what kind of person they are, their logical framework, cognitive structure, and potential execution ability. This is what I truly value.

Talking so much, I actually want to add one point. Everyone might worry that this way, Longbridge becomes my only source of deals. Please rest assured, we will also arrange a dedicated team to carefully read the BP email inbox. Cold emails won't be ignored; someone will definitely read them seriously. Of course, if one day our fund becomes too successful, reaching tens or hundreds of billions in scale, omissions are inevitable, and we'll fix them then. But at least in the startup phase, I believe this fund can indeed bring some relief to the current primary market.

Saying this, there's a bit of sentimentality involved. I've always believed that besides the macro environment, the micro environment and soft power are what truly determine a country's strength. I won't join collective hysteria, nor will I cater to collective hatred. I just hope to be a Noah's Ark, giving those enterprises that truly have the potential to create jobs and social value a chance to shine.

Of course, there will definitely be difficulties along the way. For example, a good project runs out of money halfway through; no problem, we raise more, or I personally add more. It might also happen that we misjudge like other institutions; that's okay too. At least we won't preset that every word an entrepreneur says is false. We will choose to believe first, and then conduct background checks.

But please don't treat us like XX. For example, I had the honor of participating in a program recently, where an entrepreneur running a door-to-door barber platform added me on WeChat. Later, I deleted him. The reason was simple: he claimed to have partnered with a major tech giant, had tens of thousands of artisans on his platform, and covered numerous cities. These pieces of information are easy to verify during background checks. The result? Many details didn't match up. So, I want to say here:

When dealing with us, you'd rather have nothing than lie. Honesty is the bottom line I value most personally.

Speaking of which, we've thought of a few backup names for the fund.

For instance, 'Shuiyu Venture Capital.' In Cantonese slang, 'Shuiyu' (soft-shell turtle) roughly means someone who is gullible, has lots of money, and comes easily—a bit self-deprecating, quite interesting;

We also considered 'Ark Capital,' but it clashes with Cathie Wood's ARK. Although Cathie Wood has invested in many failed projects, she provided crucial lifeline funding when many great companies were on the verge of collapse. I think doing such things is inherently meritorious.

However, thinking it over, naming it now doesn't really matter; let's just get started first. So, what I've shared today serves as a preview. As long as everything goes smoothly, we will definitely turn these ideas into reality step by step.

Finally, I sincerely wish all projects success, growing into hundred-billion-dollar giants, giving me enough capital to invest in the next outstanding enterprise.

I hope I can write the first check for the dreams on Longbridge, and even more so, I hope I can write the first check for the great creators of the next generation.