Private placement is divided into secondary market and primary market. The private equity investment stage in the secondary market is mostly located after VC, and gradually withdraws after listing, so the target is non-listed companies. In fact, PE will be invested. For example, when a listed company refinances, it will also choose to enter.

The goal of M&A Fund is events. Whether listed companies buy listed companies or listed companies buy non-listed companies, M&A funds can be involved, mainly depending on the interest of funds and the possible capital market premium. Because there are few mergers and acquisitions between domestic listed companies, most of them are listed companies.