Cheng Hehong, Chief Lawyer of the China Securities Regulatory Commission: Promote the pilot transition of fund share transfer business to regular practice, expand the pilot of distributing stocks of physical assets to investors through funds.

Cheng Hehong, Chief Lawyer of the China Securities Regulatory Commission, stated in his keynote speech at the 2025 Tianjin Wudadao Financial Forum on June 5th that the next step is to cultivate and strengthen long-term capital and patient capital. He emphasized guiding private equity funds to optimize long-term performance assessment mechanisms, better aligning with the characteristics of technology innovation enterprises. He also expressed support for the development of private equity secondary market funds, promoting the pilot transformation of fund share transfer business to regular operations, expanding the pilot distribution of stock shares to investors, and promoting a virtuous cycle of "fundraising, investment, management, and exit". Furthermore, he highlighted the need to continue guiding medium and long-term funds into the market, and continuously improving the "long-term investment" system. Cheng Hehong stressed adhering to the basic legal principles of equity investment, promoting the construction and improvement of a more fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises and their founding shareholders.