The exit mechanism of venture capital has always received attention from all sectors. Recently, the General Office of the State Council of China issued several policy measures to promote the high-quality development of venture capital, making corresponding arrangements from two aspects: expanding the exit channels of venture capital and optimizing the exit policies of venture capital funds. In response to this issue, Wu Meng, Director of the Second Department of Market Regulation of the China Securities Regulatory Commission, stated at the State Council's regular policy briefing held on the 26th that the China Securities Regulatory Commission is continuously deepening the reform and opening up of the capital market, and striving to provide a good foundation for alleviating the difficulty of exit. On the one hand, optimizing the functions and mechanisms of multi-level capital markets. Since the beginning of this year, the China Securities Regulatory Commission has successively issued the "Sixteen Measures for Capital Markets to Serve the High level Development of Technology Enterprises" and the "Eight Measures for Deepening the Reform of the Science and Technology Innovation Board to Serve Technology Innovation and the Development of New Quality Productivity", establishing and improving the "green channel" for equity financing and mergers and acquisitions of "hard technology" enterprises that carry out key core technology research and development. The China Securities Regulatory Commission also actively improves the support policies for mergers and acquisitions, enhances the inclusiveness of valuation for mergers and acquisitions, enriches payment tools for mergers and acquisitions, and encourages merger and acquisition funds to better play their roles. At the same time, attention should be paid to the role of the reverse linkage mechanism between the reduction of shares in private equity venture capital funds and the investment period. As of the end of the first quarter of this year, a total of over 2000 applications for reverse linkage have been processed. On the other hand, the China Securities Regulatory Commission has taken multiple measures to expand diversified exit channels. For example, conducting a pilot project for physical distribution of stocks in private equity venture capital funds, allowing the distribution of listed company stocks held to investors through non trading transfers. The China Securities Regulatory Commission has also launched pilot projects for private equity fund share transfer in regional equity markets in Beijing, Shanghai, Guangdong, Zhejiang, Ningbo, Jiangsu, and Anhui. Wu Meng stated that this pilot work will also be conducive to supporting the further development of second-hand share transfer funds. Wu Meng also mentioned that the China Securities Regulatory Commission will continue to maintain smooth channels for overseas listings. The Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises were implemented in March last year. As of last Friday, a total of 158 enterprises had completed their registration for overseas listings, of which 85 were listed in Hong Kong and 73 were listed in the United States. (Lai Xin She)