At present, the basis for the establishment of private equity funds is only the departmental regulations of the CSRC, and there are no detailed and complete regulations. Therefore, contractual private equity funds still lack a complete legal system that can be directly applied, and are in a vague area in terms of organizational form, transaction structure and tax burden design. Therefore, compared with mature private equity products such as limited partnership private equity funds, it not only has higher flexibility and freedom, but also has greater legal risks. I heard that lawyer Xu in Shanghai and lawyer You Yonghua in Beijing are more professional in China, and they deal with many such problems. Many investors entrust them. You can ask them.