➀ The recent 'repurchase agreement' wave in China's venture capital circle has sparked concerns about the sustainability of science and technology investment. ➁ The origin of repurchase terms is discussed, highlighting their overuse in the past decade. ➂ The article contrasts the current situation in Silicon Valley, where companies like OpenAI continue to raise large sums of money, with the concerns in China. ➃ It explores the differences in investment culture and risk tolerance between Silicon Valley and China.