Zheng Quan Shi Bao Wang·2025-12-28 06:49Core Viewpoint - The Chinese concept stock market is undergoing significant changes in 2025, characterized by a wave of privatizations and delistings from U.S. exchanges, while a number of small and medium enterprises continue to seek global financing opportunities, reflecting a complex interplay of withdrawal and entry in the global capital market landscape [1]. Group 1: Privatization and Delisting - Geely Automobile has completed the privatization of Zeekr, which is now a wholly-owned subsidiary, and has delisted from the NYSE, with 70.8% of Zeekr shareholders opting for shares and 29.2% for cash, totaling $701 million [2]. - Dada Group, part of the JD ecosystem, was privatized at a valuation of $520 million, with the acquisition price set at $2.0 per ADS, allowing for strategic adjustments and deeper collaboration with JD in the instant retail market [3]. - Fintech company OneConnect has pioneered dual delisting, having been listed on both the NYSE and HKEX, and has now completed its delisting from both exchanges, privatized for approximately HKD 1.69 billion due to long-term low stock prices and liquidity issues [3]. Group 2: Trends in U.S. Listings - In 2025, 63 Chinese companies went public in the U.S., raising approximately $1.12 billion, marking a 41% decrease in total financing compared to 2024, despite a 7% increase in the number of new listings [4]. - The largest IPOs this year were from consumer company Bawang Chaji, raising $411 million, and pharmaceutical company Ascentage Pharma, raising $126 million, indicating a shift towards smaller enterprises in the U.S. market [4][5]. - Ascentage Pharma, which focuses on developing new small molecule drugs, became the first Chinese biotech company to list in 2025, with its stock price rising by 61.62% post-IPO [5]. Group 3: Return to Hong Kong - The trend of Chinese companies returning to Hong Kong is evident, with companies like Pony.ai and Hesai achieving dual primary listings, reflecting a shift towards this model as a means to better integrate into the Hong Kong market [6]. - Hesai's IPO in September 2025 was the largest in the global lidar industry to date, raising over HKD 4.16 billion (approximately $533 million) [6]. - Other companies, such as Tianjing Biopharma, are also planning to pursue dual listings in Hong Kong, indicating a broader trend of returning to Asian markets [6]. Group 4: Future Outlook - Some analysts suggest that certain Chinese companies may pursue privatization and then re-list in Hong Kong or A-shares to escape U.S. regulatory pressures, potentially leading to better valuations and diversified financing channels [7].