Woofun AI reports that regulators instructed brokerage firms to suspend the expansion of cross-border Total Return Swap (TRS) business by asset managers starting the evening of June 23. This directive impacts private equity institutions utilizing cross-border TRS for overseas market investments, prompting them to evaluate strategic adjustments. A private equity firm with hundreds of billions in assets under management confirmed that while existing positions remain unaffected, new positions can no longer be opened. Some products are now restricted to selling existing holdings without the ability to initiate new ones. Regulatory authorities have not yet publicly released any official documents regarding this suspension.