Abstract：Private Investment in Public Equity（PIPE）is a relatively new mode of financing in China. Nocomplete regulatory documents have been issued. However，due to its characteristics of easily constituting insider trading and harming the interests of minority shareholders，there are considerable compliance risks that must arouse regulatory attention. The compliance construction of PIPE in China should pay attention to the interests of minority shareholders，in which there are two strategies. One is to balance the interests of all parties，including the terms of the agreement to ensure the interests of minority shareholders and performance compensation commitments to minority shareholders，which can fundamentally reduce the occurrence of disputes. The other is to pay attention to the compliance of information disclosure and take the initiative to report important information to the regulatory authorities for increasing the trans⁃ parency of transactions and reducing the possible securities violations such as insider trading.