The secondary market strategy of Gefei private equity is as follows: With the boundary of vision (visible &; Intangible) is the ordinate, and the transaction boundary (tangible &; The abscissa is divided into four quadrants. The transaction mainly revolves around the shares of "tangible+tangible", "tangible+intangible" and "intangible and intangible". This is the real challenge of S share valuation and pricing, that is, S buyers' understanding of GP investment ability and the underlying assets of the fund. Obviously, a parent fund with a large number of "potential trading arsenals" and an investment institution with direct investment ability like Gefei Assets will have more advantages.