There’s a type of startup model with a very high success rate. Overseas, mainly in the U.S., people master a certain technology and then return to China to start a business. The government provides funding support and other financing options, and these ventures can grow into massive companies. In the industry, this is often called the 'returnee entrepreneurship model' or 'technology transfer model.' Essentially, it leverages the tech gap between the U.S. and China, combined with China’s unique policy incentives and market scale, to achieve arbitrage. Companies like Baidu, Sohu, InnoLight, and ChangXin Memory are all examples of this model. At its core, this is a dual arbitrage of technology and market. Entrepreneurs build expertise in the world’s most advanced tech environments and then monetize it in the largest, least competitive, and most policy-friendly market. This window of opportunity still exists in fields like semiconductors, biopharma, and robotics. As long as the U.S.-China tech gap persists, this model won’t disappear.