According to CoinMeta and OneMillion.AI, Chinese investment institutions are preparing at least 60 new dollar funds, aiming to raise approximately $35 billion, of which about 40 are venture capital funds. Sequoia China, IDG Capital, Matrix Partners, and Mingshi Venture Capital, among others, are currently raising funds or preparing to do so. This upswing is mainly driven by the listings of AI, robotics, and technology companies. Some investors regard Chinese AI as a hedge against the US market, as Chinese models are cheaper in price and lower in usage cost. After the listings of Zhipu and Minimax, early-stage investment institutions have also seen new opportunities for exit. However, this does not yet mark a return to a prosperous period for Chinese VC. Last year, only 97 Chinese-related funds raised $13.6 billion, far lower than the $110.5 billion and $150 billion raised in 2022. Large US institutions are still contracting, and it remains uncertain whether funds from Europe and the Middle East will be able to fill the gap.