创投市场上半年“成绩单”出炉：募投退全面回暖

Fundraising Market - Institutional LP contributions surged by 50% in the first half of 2025, reaching 872 billion yuan, with the number of contributions increasing by 2% to 3,315 [2][3] - The number of newly registered funds reached 2,180, with a total scale of 1.32 trillion yuan, marking a year-on-year growth of 3% and 20% respectively [2] - The National Integrated Circuit Industry Investment Fund Phase III contributed 224 billion yuan to three funds, significantly boosting fundraising in the primary market [3] Investment Market - Overall investment scale decreased by approximately 5% compared to the same period last year, a significant reduction from the 50% decline in 2024 [4] - Many investors reported increased activity, with some indicating that they had invested in nearly 80% of the projects they funded in the previous year by mid-2025 [4][5] Exit Market - The number of IPOs increased by 20, with a growth rate of 21%, and Hong Kong IPOs accounted for 38% of the total [6][7] - The total amount of cash returned from divestments reached 58.7 billion yuan, doubling year-on-year, with the number of divestment events increasing by 150% to 1,315 [6][7] - The participation of investment institutions in secondary market transactions and buybacks increased, with 92% of secondary transactions and 78% of buyback transactions involving investment institutions [7]