Group 1 - The recent trend in capital operations involves major shareholders extending the lock-up period for private equity fund acquisitions from the original 6 months to 12 or even 18 months [1][2] - In May, over 10 listed companies, including Weiling Co., Daile New Materials, and Luoxin Pharmaceutical, saw major shareholders terminate their agreement transfers, with the number of terminations in May nearly matching the total from the previous four months [1] - The new regulations stipulate that major shareholders must transfer at least 5% of the company's total shares to a single acquirer, and the acquirer cannot reduce their holdings within the first 6 months [1] Group 2 - The 6-month lock-up period coincides with the financial reporting cycle, allowing major shareholders to potentially exploit undisclosed performance data for profit [2] - The "major shareholder agreement transfer + private equity fund acquisition" model is not entirely negative, as it can prevent market disruptions from large sell-offs and introduce professional institutions to optimize the equity structure [2][3] - Extending the lock-up period helps balance the protection of minority investors with market liquidity, reducing short-term speculative arbitrage opportunities [2][3] Group 3 - Binding the lock-up period to the company's information disclosure cycle curbs short-term arbitrage and fosters the entry of patient capital into the market [3] - Private equity firms can act as strategic investors or patient industrial capital, promoting the integration of strategic investment and value discovery [3] - The commitment to lock-up periods exceeding 12 months by private equity firms encourages the cultivation of a long-term investment culture in the capital market [3]