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Today, I saw a project in the primary market, and people in the industry were speechless. For a good project, investors have to think twice, not only to see whether you are in line with the trend of the times, but also whether you have core technology, and the key is whether you have stable dividends to help investors exit in a healthy way.

Now, some people have started to publish all kinds of weird projects on Xiaomoushu. According to the screenshots, a company focuses on light-speed flying saucers and interstellar development, which can achieve energy freedom, quickly cure diseases, remove lesions, and store and transmit information in infinite compressed space.

The screenshots show that this alien technology supports interstellar spacecraft, the global public sports network, the dynamic equations of flying saucers, and some kind of space repulsion field.

The most amazing thing is that the theoretical basis of the project has been completed, the technical drawings have been completed, all the machine parts have been completed, 100 million yuan has been raised, 5% of the equity has been transferred, and a phone number is also included.

Are you treating investors like fools? Someone in the screenshot replied: The market is so bad, please don’t tarnish the image of the industry, otherwise others will treat our industry like fools.

Some industry insiders also said that the rampant spread of such weird projects is really disrupting the market, undermining everyone's confidence, and causing a sense of collapse of the world.

You know what? The above alien technology financing project is not exaggerated. Several years ago, someone was already studying time tunnels and wrote a business plan with a valuation of 5.4 trillion. Now this 100 million financing is already very cautious.

The endless emergence of weird projects can only mean that the market is short of money and it is difficult to reap the profits. So I will cheat. Low-level cheating is boring, so let's try some imaginative cheating. What if there is a stupid son in a landlord's family?

Let's take a quick look at the current primary market. Li Ran has said before that the primary market is almost dead. Whether it is Source Code Capital's layoffs or Today Capital's layoffs of the primary team, whether it is the difficulty of IPO counter-cyclical adjustments and exits or the serious shrinkage in the number of investors' investments, all of these illustrate the dire situation of the primary market.

Recently, I saw an industry insider @陆家嘴男孩 compiled a PE/VC status chart. Let’s learn from it together. 1) The top Sequoia Capital is still looking at projects frequently. For example, Xiaohongshu recently received financing, among which top PE/VC companies Sequoia Capital, Hillhouse Capital and Boyu Capital are involved.

2) There is almost no information about Matrix Partners China in the investment community, but the news about the spin-off of Matrix Partners China has been all over the Internet. Zhang Ying, a top investor of Matrix Partners China, has recently frequently talked about how primary investors can exit their investments. He does not approve of investors exiting through dividends, but supports employees getting returns in advance through dividends.

3) Cao Yi of Source Code Capital has left the company, and Huang Yungang has taken over, but he lacks strong fundraising capabilities. Recently, there have been news of layoffs at Source Code Capital. It can be imagined that Source Code Capital is not busy investing, but busy exiting to recover cash flow.

4) CMC raised 1 billion yuan in Anhui, but could not invest in many projects in the new energy sector. CMC was originally a US dollar fund, but it began to transform into a RMB fund in 2023, shifting from consumption to hard technology.

5) I don’t know what 5Y Capital and IDG Capital are doing. In January, 5Y Capital invested in Xinchen New Materials, which has built a 2,000-ton automotive-grade high-purity crystal main salt LiFSI production capacity, mainly used to produce lithium batteries; in addition, 5Y Capital, Sequoia, Hillhouse Capital, Yunfeng Capital, etc. were involved in the recent financing of Xiaopeng Flying Car.

As for IDG, it is still investing intensively in 2023, but it is difficult to find relevant investment information in 2024. However, according to statistics from netizens, it seems that there are quite a few investment projects, but they are concentrated in blockchain.

In January, IDG and Sequoia Capital invested in Shumeiwanwu, a cross-border e-commerce company founded by Ren Lifeng, a member of the Douyin founding team. In addition, IDG Capital's Internet technology investment and financing platform announced its official entry into the Chinese market, which attracted strong attention from the capital circle.

6) Hony Capital is really powerful. Now it only does special projects and is more inclined to market-oriented investment. The guarantee agreement requires too high a rate of return. I don’t know where the confidence comes from. Under such circumstances, it should be difficult to take on good investment projects.

7) As for Boyu Capital, netizens call it a Buddhist investment. It invested through Wanwu in the early stage and followed Hillhouse Capital in the later stage. It is still stuck in the secondary market. The most well-known one may be Jinke Service. Boyu Capital is the second largest shareholder. It invested at HK$26 and now it is HK$7.69, a loss of 70% in 3 years.

8) There are also Hillhouse Capital, Shenzhen Capital Group, Qiming Venture Partners, CICC Capital, CPE Yuanfeng Fund, etc. Apart from betting and litigation, I don’t know what they are busy with.