Definition of private equity investment fund's exit from listing: Public listing (IPO) means that venture capitalists convert their private interests into public interests through public listing of enterprise shares, and realize capital appreciation after being recognized by the market. It can make investors get high returns in the past and is the most ideal exit channel for private equity investment.

Advantages of listing and withdrawal of private equity investment funds;

(1) can make private equity investment funds get better returns.

(2) It can not only win the reputation and raise the popularity for private equity investment funds and enterprises, but also help enterprises to broaden financing channels and get more financial support.

Disadvantages of listing and withdrawal of private equity investment funds;

(1) Both enterprises and private equity investment funds will face greater uncertainty. The Company Law and the Listing Rules of Shanghai Stock Exchange and Shenzhen Stock Exchange all have a one-year lock-up period for shareholders' share trading, and private equity investment funds need to bear certain risks during this one-year lock-up period.

(2) The requirements for the invested enterprise are higher, the cost is higher and the time is longer.

(3) The supervision is more and more strict, and it is more difficult to exit through IPO.