This wave of changes in the financing ecosystem can profoundly shake industry perceptions. More and more investors are optimistic about local teams and are willing to increase their investments. What's the key? The exit cycle is ridiculously short.

No need to endure multiple rounds like traditional financing, which has such long cycles that it becomes unbearable. The current approach is: seed/angel funding → team develops product validation → achieve cash flow → quick exit. The entire process has become several times more efficient.

Valuation logic is also reversing. In the past, valuation was based on user numbers; now, it depends on real revenue and competitive barriers. These are the hard indicators.