On December 26, the National Venture Capital Guidance Fund, a government-led fund worth hundreds of billions of yuan established by the National Development and Reform Commission, was officially launched. The first batch of three regional funds for the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area were established and began operations. Conch Capital, a subsidiary of Conch Group, also invested in the establishment of the fund's general partner.