Since the establishment of Zhifu Capital in 2017, based on the strong fundraising ability of XinHu wealth, Zhifu Capital believes that with the change of national development model, the proportion of indirect financing will be gradually reduced, and direct financing which represented by equity will usher in a real development period. Meanwhile, consider the risk of economic downward growth and the constant metamorphose of financing market, Zhifu Capital will mainly focus on fund of fund (FoF) opportunities, by cooperating with the most successful GPs to lower the portfolio risk in order to support the investors to optimize their asset allocation. We also believe that in the conversion of indirect financing to direct financing, there will be opportunities in industry of medical care, health care, culture, entertainment, and education.