The core appeal of private equity funds (hereinafter referred to as "funds" or "investors") is to withdraw. The exit channels include the target company's reduction of shares through the secondary market premium after IPO (the following contents do not distinguish between "equity" and "shares"), the sale of shares to rear-wheel investors or acquirers at an appropriate price, the requirement of the founder to buy back shares through the gambling repurchase clause when the company's operating performance fails to meet expectations, and the claim of the maximum priority liquidation right in the company's liquidation process.

However, the planning and implementation of the exit link often face many legal problems or risks, such as the lock-up period and reduction rules after the completion of IPO, the tax problems involved in the transfer of secondary market, and the applicability of the three stock transfer methods in the secondary market.