On June 5, Cheng Hehong, Chief Counsel of the China Securities Regulatory Commission (CSRC), disclosed at the '2025 Tianjin Wudadao Financial Forum' that the CSRC aims to bolster long-term and patient capital, refining the long-cycle evaluation framework for private equity funds to better align with the growth trajectory of technology innovation enterprises. Simultaneously, the CSRC will foster the growth of private equity secondary market funds (S funds), transition the pilot fund share transfer program into standard practice, and broaden the pilot initiative enabling funds to distribute physical stock to investors, thereby fostering a healthy capital circulation. Furthermore, the CSRC remains committed to steering medium- and long-term funds into the market, refining pertinent systems, and ensuring that long-term funds are deployed for long-term investments. Cheng Hehong also underscored the importance of adhering to fundamental equity investment principles to establish and enhance a fair and equitable legal relationship between private equity investment funds, technology innovation enterprises, and their founding shareholders.