Optimization of systems, judicial innovation, dual-drive resolution of private equity governance and liquidation difficulties.

Recently, the China Securities Investment Fund Industry Association issued the revised "Guidelines for the Filing of Private Equity Investment Funds No. 3 - Change of Private Equity Investment Fund Managers", and jointly launched two typical cases with the Beijing Financial Court, marking the entry of private equity fund risk disposal into a new stage of "self-regulation + judicial practice" coordinated efforts. The new regulations, through optimizing the change process, respecting contractual autonomy, and other aspects, provide a clear institutional path for resolving the dilemma of "missing" or "unable" managers; while the accompanying cases, from the judicial perspective of representative litigation and enforcement, provide key practical examples for breaking through the liquidation deadlock. Industry insiders believe that this series of measures collectively build a full-chain governance framework, aimed at effectively solving the longstanding governance and liquidation difficulties in the industry, injecting strong institutional momentum and legal protection for the high-quality development of the private equity fund industry.