From the perspective of exit efficiency, if you choose to go public, it will generally take two years or more to complete the initial public offering and listing from the date when the brokers enter the market to determine the benchmark date of share reform. After a successful listing, there is usually a limited sales period, and it takes a long time to realize the final exit. Generally, the registration system is implemented in the OTC market, and the time is relatively short; For the agreed transfer, the buyer and the acquired party can make delivery after agreeing on the transaction price and terms.

Moreover, there is no lock-up period after the transaction, and the equity investment fund can recover cash faster by means of agreement transfer and withdrawal, so as to realize rapid withdrawal; The time required for liquidation exit is affected by the announcement of creditor's rights and the disposal of assets, and the time required for liquidation of different enterprises varies greatly. So choose D.