# 中国风投两大怪象：明股实债与FA掮客

- 来源：Deedy (@deedydas)
- 发布时间：2026-07-29 01:23
- AIHOT 分数：32
- AIHOT 链接：https://aihot.virxact.com/items/cms4xl2cw03b1roa1zau0lf2k
- 原文链接：https://x.com/deedydas/status/2082154887119577125

## AI 摘要

Deedy Das 引用 Bohan 文章指出，中国风投生态存在两大独特现象：一是“明股实债”，创始人需承担个人连带责任并在6-8年内返还本金以满足出资人门槛；二是FA（财务顾问）撮合创业公司与VC交易并抽取2-5%佣金，提供“关系流动性”，因为文化上不存在冷启动，人脉主要通过微信群介绍。

## 正文

The craziest phenomena in the Chinese venture ecosystem to me from this article were：

- 明股实债， translatable as "ostensibly equity， in reality debt"， referring to how Chinese founders take personal liability and must return capital in a 6-8yr horizon to meet their backers' hurdle rate

- FA （financial advisors） who broker deals between startups and VCs for a 2-5% take， to provide "relationship liquidity" because culturally there are no cold inbounds： people meet mostly through WeChat group intros

Bohan doesn't write much （yet） but he's extremely knowledgable about the Chinese ecosystem， something we all ought to know more about.

### 引用推文

> Bohan：Everyone in the Valley has a take on whether China is winning AI, robotics, and biotech. Almost nobody understands how the capital works Notes from meeting Chin...