上市公司一级市场参与意愿尚待抬升 CVC逆势受捧

Group 1 - The global IPO market is showing signs of warming in 2025, but this enthusiasm has not yet translated to the primary market for A-share listed companies, with the number of events involving the establishment of industrial funds remaining at last year's low levels [1][2] - A-share listed companies are increasingly favoring Corporate Venture Capital (CVC) as a preferred General Partner (GP) choice, attributed to CVC's strong industrial empowerment capabilities and its higher lower limit and better liquidity in the current fundraising environment [1][4] - The number of events involving A-share listed companies establishing industrial funds is reported to be 341 this year, which is consistent with last year's figures, while the investment focus of newly established industrial funds is primarily on sectors closely related to the listed companies, particularly in biotechnology and semiconductors [2][3] Group 2 - The active mergers and acquisitions market has positively influenced sentiment in the primary market, with investors seeking a balance between liquidity and potential returns [3] - CVCs are gaining popularity among Limited Partners (LPs), with approximately 7.53% of A-share listed companies having established CVCs, mainly concentrated among industry leaders [4][5] - CVCs have a higher lower limit for investment returns, with 33.07% of unicorn companies having received investments from Chinese CVCs, indicating a strong potential for investment returns [5][6]