Recently, the wealth creation effect of hard technology companies such as Changxin Technology and Yushu Technology has made the “three-investment linkage” model of brokerage firms a hot topic in the industry. The prototype of the “three-investment linkage” concept was born in the burgeoning phase of direct brokerage investment business around 2010. At the time, the venture capital community believed that brokers' equity investment could link parent companies' investment banks and research institutes to form a synergetic advantage, falling short of ordinary market-based private equity investment and venture capital. After more than ten years of development, “investing early and investing small” and “three-investment linkage” have only now been elevated to a strategic level by brokerage firms, and actual implementation still faces multiple realistic tests. Various industry cases show that with the exception of leading institutions, some brokerage firms participated in early-stage investment projects that reached the IPO process, but the sponsorship and underwriting business was taken over by other agencies, making it impossible to “eat from fish head to fish tail.” The results of this highly anticipated collaboration model in actual operation within the brokerage system have attracted widespread attention in the industry. The so-called “three-investment linkage” model means that brokerage firms use forward-looking investment and research to judge industry trends, use investment to provide capital and industrial resource support to enterprises, and use investment banks to help enter the capital market. However, due to a late start on the investment side, insufficient capacity accumulation, and capital restrictions, most brokerage firms have less influence than the investment banking side in the short term. How should we evaluate the actual results of the “three-investment linkage” within a brokerage firm? A relevant person from a private equity subsidiary of a major brokerage firm said that it is possible to observe whether the strength of the brokers' private equity subsidiaries and alternative subsidiaries matches the industry position of the parent company's investment banks and research institutes. To a certain extent, this indicator can reflect whether the brokers' internal business can form effective mutual promotion.

Recently, the wealth creation effect of hard technology companies such as Changxin Technology and Yushu Technology has made the “three-investment linkage” model of brokerage firms a hot topic in the industry. The prototype of the “three-investment linkage” concept was born in the burgeoning phase of direct brokerage investment business around 2010. At the time, the venture capital community believed that brokers' equity investment could link parent companies' investment banks and research institutes to form a synergetic advantage, falling short of ordinary market-based private equity investment and venture capital. After more than ten years of development, “investing early and investing small” and “three-investment linkage” have only now been elevated to a strategic level by brokerage firms, and actual implementation still faces multiple realistic tests. Various industry cases show that with the exception of leading institutions, some brokerage firms participated in early-stage investment projects that reached the IPO process, but the sponsorship and underwriting business was taken over by other agencies, making it impossible to “eat from fish head to fish tail.” The results of this highly anticipated collaboration model in actual operation within the brokerage system have attracted widespread attention in the industry. The so-called “three-investment linkage” model means that brokerage firms use forward-looking investment and research to judge industry trends, use investment to provide capital and industrial resource support to enterprises, and use investment banks to help enter the capital market. However, due to a late start on the investment side, insufficient capacity accumulation, and capital restrictions, most brokerage firms have less influence than the investment banking side in the short term. How should we evaluate the actual results of the “three-investment linkage” within a brokerage firm? A relevant person from a private equity subsidiary of a major brokerage firm said that it is possible to observe whether the strength of the brokers' private equity subsidiaries and alternative subsidiaries matches the industry position of the parent company's investment banks and research institutes. To a certain extent, this indicator can reflect whether the brokers' internal business can form effective mutual promotion.