For the most part, this is triggered when the proceeds are less than the liquidation preference, which means that the founders will get nothing.

多数情况下这在收益少于清算优先收益时才被激发，这意味着创始人将什么也得不到。

youdao

Any remittance made by foreign investors from the proceeds of the sale or transfer of shares of assets upon liquidation or winding up of enterprises are exempted from the payment of any tax.

外国投资者通过销售或者通过清算进行资产股份转让或者企业清理所获得的收益如果汇回本国，将免除任何税收。

youdao

The reason is that the VCs often get liquidation preferences, which means they will get the lion share of the proceeds.

FORBES: The IPO Curse