Core Viewpoint - The article emphasizes that facilitating exit channels is crucial for transforming "long money" into "active water" in the investment landscape [1] Group 1: Private Equity Fund Transfer - According to the China Securities Investment Fund Industry Association, private equity fund holders have the right to transfer their fund shares to other qualified investors, which helps mitigate risks and enhance liquidity for investors [1] - The transfer of private equity fund shares is favored by investors as it allows them to better seize market opportunities while avoiding inherent risks [1] Group 2: Policy Implications - The recent policy explicitly aims to "optimize the business process and pricing mechanism for private equity fund share transfers in regional equity markets," effectively lowering barriers to exit transactions [1] - This policy change is expected to enable fund shares to be priced and circulated more efficiently and transparently in the market, thereby improving capital turnover efficiency across the industry [1]

Group 1 - The development of venture capital is crucial for promoting a virtuous cycle among technology, industry, and finance [1] - The Chinese venture capital industry has grown significantly, playing an important role in supporting enterprise growth and fostering innovation [1] - The "exit difficulty" issue has become more prominent due to factors such as the slowdown of IPOs and a backlog of companies awaiting exit, impacting the investment cycle [1] Group 2 - The IPO has traditionally been the most relied-upon exit method for the Chinese venture capital industry, but the recent tightening of IPO regulations has led to a decrease in exit rates [2] - Fund managers are encouraged to seek alternative exit opportunities, such as mergers and acquisitions, to reduce dependence on IPOs [2] - There is a need for policy support to foster the development of merger funds and facilitate clearer exit channels for venture capital funds [2]