A轮融资的“++++++”号，为何越来越多了

Core Insights - The trend of companies undergoing multiple rounds of financing without advancing to higher rounds is becoming increasingly common in the Chinese venture capital market, particularly in the A+ and B+ rounds [4][10][12]. Financing Trends - Zero Gravity Aircraft Industry (Hefei) Co., Ltd. recently completed an A++++ round of financing, raising nearly 300 million yuan, marking a total of approximately 700 million yuan raised over three rounds in two months [1]. - In 2025, 571 companies received "+ round" investments totaling about 40.43 billion yuan, with at least 19 companies securing multiple "+ round" investments [8]. - A+ round financing events have significantly increased, with 331 occurrences in the first half of this year, a 35% year-on-year increase, representing 8.84% of total investment events [9]. Industry Characteristics - Companies in high-tech sectors such as artificial intelligence, semiconductors, aerospace, and medical devices are predominantly found in the "+ round" financing category, which is characterized by high technical difficulty and long development cycles [10][12]. - The extended financing cycles and the prevalence of "+" rounds are attributed to companies not achieving significant valuation increases due to either insufficient technological advancement or lack of commercial orders [12][14]. Investor Behavior - Investors are becoming more cautious, with varying decision-making processes based on their backgrounds, which can lead to missed financing opportunities [13]. - The performance of the secondary market significantly influences the primary market, with a sluggish secondary market causing investors to reduce their commitments to the primary market [13]. Market Dynamics - The recent surge in IPOs has provided a much-needed exit window for VC/PE firms, boosting investor confidence and facilitating smoother transitions from A rounds to B and C rounds [16][17]. - The AI sector is experiencing a valuation shift, with companies that were previously stuck in A+++ rounds now qualifying for B and C rounds due to heightened market interest and recognition of their technological value [17].