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Based on the samples of all 209 enterprises successfully listed on Chinas ChiNext till April 2011, in this paper we discussed the roles of VC/PEs in their value-added effect such as the potential improvement on firms profitability, growth rate and high-tech state before and during their IPOs.It shows that among our samples, the VC/PE-backed firms have much lower profitability than non VC/PE-backed firms before going public.