National Committee member of the Chinese People's Political Consultative Conference and Chairman of CITIC Capital, Zhang Yichen: Encouraging mergers and acquisitions funds to participate in industry consolidation and optimizing exit mechanisms.

National Committee of the Chinese People's Political Consultative Conference member and Chairman of Citic Capital Zhang Yichen proposed in the 2026 National Two Sessions to support merger and acquisition funds holding high-quality industrial resources to cooperate with upstream and downstream listed companies in mergers and acquisitions; regulatory authorities should take seriously the reasonable exit demands of merger and acquisition funds and not simply oppose their exit attributes to "patient capital", focusing on assessing the long-term operational capabilities of managers; by improving and promoting tools such as S funds and follow-up funds, provide compliant exit channels for funds reaching the end of their term to ensure that exits do not affect long-term industrial integration planning; encourage merger and acquisition funds to actively participate in industry consolidation in sectors such as retail, supply chain, modern services, etc., which have significant scale effects and demand for upstream and downstream industry upgrades.