内地私募出海加速！持香港9号牌数突破百家，头部私募成布局主力

Core Insights - The private equity industry in China is undergoing a rapid transformation, with leading private equity firms accelerating their international expansion efforts [1][6] - As of November 26, 2023, the number of licensed private equity firms in Hong Kong has surpassed 100, indicating a significant milestone in the internationalization of Chinese private equity [1][2] Group 1: Industry Overview - A total of 10 new private equity firms have been approved for the Hong Kong license this year, with a balanced distribution between subjective and quantitative firms [2] - The majority of licensed firms are large-scale, with 35 firms managing over 10 billion yuan, representing nearly 50% of the total licensed firms [2][3] - The trend indicates that large private equity firms are becoming the main players in cross-border operations due to their financial strength and established client bases [2][6] Group 2: Firm Characteristics - Among the 107 licensed firms, subjective private equity firms dominate with 69 firms, accounting for over 60% of the total [3] - The large-scale private equity firms are primarily focused on international expansion, with 35 firms having obtained the Hong Kong license [4] - The historical timeline shows that 2021 and 2023 were peak years for large private equity firms obtaining the Hong Kong license, with multiple firms receiving approval during these years [5] Group 3: Strategic Drivers - The push for international expansion is driven by the need to diversify risks, enhance investment strategies, and meet the growing global asset allocation demands of clients [6] - The increasing regulatory requirements for cross-border operations favor larger firms that have accumulated compliance advantages over time [2][6] - The anticipated deepening of financial market integration between Hong Kong and mainland China is expected to create new opportunities for private equity firms in the next 3-5 years [6]