1. Only the source of funds has changed, from traditional private placement to public offering. And private equity is not the essential feature of private equity. (Our Chinese translation of private equity is likely to cause some confusion in understanding.) Then, after Blackstone went public, it is still private equity, or the "new overlord of Wall Street".

2. Impact on other private equity As the leader of private equity, Blackstone's every move will have a significant impact on the industry. It can be said that Blackstone's listing will be a weather vane, which represents a trend, that is, public financing. If Blackstone is listed successfully, other private equity companies may seriously consider listing. The benefits of public financing are obvious, and the amount of funds is bound to be larger. Moreover, the liquidity of the share itself ensures the stable development of the investment business. For its taboo information disclosure, Blackstone is also trying its best to become an "alternative listed company".

3. Impact on investors From another point of view, private equity, which has always been mysterious and low-key, originally belonged to the rich, has now begun to be civilian and open, and everyone can participate. Investors accused Blackstone Group of violating the US Federal Securities Law in its IPO financing documents, and there were two concealment behaviors. Investors said that Blackstone Group knew clearly before the IPO financing that their investment in bond insurers had been greatly weakened after the bond insurers had shifted their focus from conservative municipal bonds to collateralized debt obligations (CDOs) backed by subprime mortgages. In addition, although Blackstone Group clearly knows that their investment in Freescale Semiconductor Company is also in trouble, the registration form of securities application for listing does not truthfully indicate the above investment problems. American investors are unlikely to file a lawsuit. I feel that this lawsuit is unlikely to win. It is very likely that both parties will finally reach a settlement. Maybe Blackstone Group will lose some money or even no compensation. Because there are two possibilities, one possibility is that Blackstone did know that the investment object had changed at the time of IPO, because Blackstone is probably a member of the board of directors of bond insurers, so he should be able to know when the object management strategy or portfolio has undergone major changes. However, Blackstone went public in June 27, and subprime loans broke out in July 27, so Blackstone can also use this reason to say that when it went public, it did not think that bond insurers had great risks in investing in a large number of CDOs, so it did not make a major disclosure.