Affected by the geopolitical situation and the pressure on the global economy, the global stock market fluctuated significantly in the quarter. In the first quarter of 2022, the pace of domestic and foreign listing of Chinese enterprises slowed down as a whole (see: 98 Chinese enterprises listed in the first quarter of 2022, and the number of IPOs in Jiangsu Province led the national Qingke quarterly report). Accordingly, the number and financing amount of listed enterprises supported by VC / PE also fell, but the support rate of VC / PE continued to rise, and the domestic market performed well, The average book return level of VC / PE invested enterprises listed in China has reached the peak in recent 8 years, and Shenzhen Venture Capital, CICC capital, Yida capital and other institutions with "local" strategies have achieved good results.