After more than three decades of rapid development of the private equity investment industry, China has now grown into an important pillar force indispensable to supporting the real economy. Among them, the exit link, as one of the three indispensable links in the operation of private equity funds, determines whether the private equity funds can realize value-added and exit smoothly, which is the ultimate goal of the whole investment activities. This paper compiles the relevant researches on the exit returns of listed companies in recent years, summarizes the factors and characteristics affecting the exit returns of China's IPOs, and the research results show that the realization of maximizing the exit returns of IPOs requires the joint efforts of investee companies, private equity investment institutions and macro policies.