Legal analysis: the private equity fund that invests in the equity of a limited liability company transfers all or part of its equity to other shareholders of the company without procedural restrictions. However, if the equity is transferred to a person other than the shareholders of the company: First, notify other shareholders in writing and get the consent of half of the shareholders. At the same time, the article stipulates that if other shareholders fail to reply within 30 days from the date of receiving the written notice, it shall be regarded as agreeing to the transfer, and stipulates that if less than half of the shareholders agree to the transfer, the shareholders who disagree shall purchase the transferred equity, otherwise it shall be regarded as agreeing to the transfer. Therefore, private equity funds can withdraw whether they transfer their shares internally or externally, but if less than half of the shareholders agree to transfer, it may take 30 days to wait. Second, other shareholders, under the same conditions, have the preemptive right to the shares that shareholders agree to transfer. This is mainly a restriction on the transferee rather than the transfer price.

Legal basis: Article 71 of the Company Law of People's Republic of China (PRC). Shareholders of a limited liability company may transfer all or part of their shares to each other. Shareholders' transfer of equity to persons other than shareholders shall be approved by more than half of other shareholders. Shareholders shall notify other shareholders in writing to agree to the transfer of their shares. If other shareholders fail to reply within 30 days from the date of receiving the written notice, they shall be deemed to have agreed to the transfer. If more than half of the other shareholders do not agree to the transfer, the shareholders who do not agree shall purchase the transferred equity; Do not buy, as agreed to transfer. Under the same conditions, other shareholders have the priority to purchase the equity transferred with the consent of shareholders. If two or more shareholders claim to exercise the preemptive right, their respective purchase proportions shall be determined through consultation; If negotiation fails, the preemptive right shall be exercised in accordance with their respective investment proportions at the time of transfer. Where there are other provisions on equity transfer in the articles of association, such provisions shall prevail.