A轮融资的“++++++”号，为何越来越多了

Core Viewpoint - The trend of companies undergoing multiple rounds of financing without progressing to higher rounds is becoming increasingly common in the Chinese venture capital market, particularly in sectors like artificial intelligence, semiconductors, aerospace, and medical devices [1][5][7]. Financing Trends - Zero Gravity Aircraft Industry (Hefei) Co., Ltd. recently completed its A++++ round of financing, raising nearly 300 million yuan, marking a total of nearly 700 million yuan raised in three rounds within two months [1]. - In 2025, 571 companies received "+ round" investments totaling approximately 40.43 billion yuan, with A+ rounds being the most prominent, increasing by 35% year-on-year [3]. - The proportion of A+ rounds in the overall investment events has risen significantly from 1.21% in 2015 to 7.15% in 2024, with 407 A+ round events recorded [3]. Industry Distribution - Companies in "+ round" financing are primarily concentrated in high-tech sectors such as artificial intelligence, semiconductors, aerospace, and medical devices, which require sustained funding due to their long development cycles and high technical difficulties [5]. Reasons for Stagnation in Rounds - Companies that secure multiple A round financings often have validated business models and products, attracting investor interest [7]. - The phenomenon of prolonged financing cycles and increasing "+" signs is attributed to companies not achieving significant valuation increases, often due to insufficient technological advancement or lack of commercial orders [8]. Investor Behavior - Investors are becoming more cautious, and the decision-making processes vary significantly among different types of investors, which can lead to missed financing opportunities [8]. - 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 [8]. 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 rounds [10]. - The AI sector has seen a revaluation of companies, with many 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 [11].