Private equity includes the following types

Ordinary shares traded privately by listed companies, ordinary shares issued privately by unlisted companies and preferred shares convertible into ordinary shares by unlisted companies.

1. Non-publicly traded common stock of listed companies: refers to the non-publicly traded common stock of listed companies, which belongs to private equity through private negotiation or block trading.

2. Non-publicly issued ordinary shares of non-listed enterprises: refers to the non-publicly issued ordinary shares of non-listed enterprises, which are issued by private placement or private placement and belong to private equity.

3. Preferred stock that can be converted into common stock by non-listed enterprises: refers to the non-public issuance of preferred stock by non-listed enterprises, which can be converted into common stock under certain conditions and belongs to private equity.