In June and July, there was a marked surge in the number of A-share companies undergoing ownership changes, with 17 and 19 companies announcing such transitions, respectively. This significantly outpaced the 8 companies in May and the levels observed during the same period last year. Among these 36 companies experiencing ownership shifts, private enterprises were predominant, accounting for 31 companies or 86% of the total. Behind this influx of ownership changes lie various factors, including generational turnover, relaxed regulatory policies, and capital's pursuit of profits. These factors collectively illustrate the challenges faced by the transformation of the private economy and the dynamic nature of the capital market. Notably, in contrast to past instances where industrial capital predominantly took the lead, this year's ownership changes in A-share companies have seen fewer moves by industrial giants, with equity investment institutions emerging as the primary acquirers. In the current market landscape, high-quality "shell resources" retain significant bargaining power, and it is often private equity (PE) institutions with strong industrial backgrounds and project reserves that are capable of making substantial financial commitments.