美国砸出资本大招！私人市场向全民开放，全球资本要变天？

Core Insights - The U.S. House of Representatives passed the Investment Act with a vote of 302, breaking down barriers for ordinary investors to access private markets, previously reserved for the wealthy [3][4] - The act allows individuals to invest in unicorns by passing an SEC-approved exam, eliminating the previous wealth threshold of $1 million in net assets or $200,000 in annual income [3][4] - The cap on venture capital fund sizes has increased from $10 million to $50 million, significantly expanding access to private market investments [3][4] Investment Landscape - The U.S. private market has seen a 15.7% annual return over the past decade, compared to 9.2% for the S&P 500, indicating a strong demand for alternative investment channels [4] - The number of publicly listed companies in the U.S. has decreased from 7,322 in 1996 to less than 4,000 in 2025, while the number of unicorns has surged from 39 in 2013 to 1,207 in 2025, highlighting a shift in asset availability [4][5] - The act aims to address capital misallocation by allowing ordinary investors access to high-potential startups, thus injecting capital into underfunded regions [5] Global Capital Flow - The reform is expected to attract high-quality startups to the U.S., with financing costs for U.S. startups projected to decrease by 15%-20% [7] - Foreign investors held $21.2 trillion in U.S. equities as of September 2025, and the act is anticipated to reverse the trend of capital outflow from the U.S. [7] - Other regions, including Europe and Southeast Asia, are beginning to explore similar reforms, indicating a potential global shift towards capability-based investor access [7] Implications for China - The reform presents both challenges and opportunities for China, with potential short-term capital outflows to the U.S. but a long-term need for China to enhance its capital market openness [8][9] - China's Qualified Foreign Institutional Investor (QFII) system could be optimized to allow more ordinary investors to participate in innovative enterprises [9] - The competition will push Chinese startups to enhance their core competencies and accelerate the evolution of the domestic venture capital industry [9][11] Strategic Insights for Entrepreneurs and Investors - Entrepreneurs must focus on core technologies and sustainable business models to thrive in a more competitive global capital environment [11] - Investors should leverage China's capital market openings to invest in high-growth companies benefiting from global capital flows [11] - The essence of the Investment Act is to innovate the system to release capital vitality, emphasizing the importance of efficiently matching capital supply and demand [11][12]