In March 2011, South Beauty submitted an A-share listing application to the China Securities Regulatory Commission, but in January 2012, the China Securities Regulatory Commission announced the termination of the review.tethered underwater drone,First of all, the first question is why the equity transfer is carried out? There are five reasons for this: 1. The fund cycle is short, and the LP pushes the pressure; 2. The IPO M&A exit time cycle is long, and there are policy risks; 3. The founder sells old shares to improve their lives; 4. For angel investors, because they enter the company earlier, the return will be higher when they exit after a certain level. At this time, we recommend exiting in time; 5. For investment institutions to come Said that when the strategic direction of investment centers and funds changes, the project portfolio needs to be adjusted.