Core Insights - The IPO market for Chinese companies is showing signs of recovery in 2025, with a total of 247 companies listed, supported by VC/PE institutions, indicating a positive trend in both domestic and international IPOs [2] VC/PE Institutions IPO Performance - In 2025, 164 Chinese companies supported by VC/PE institutions went public, involving 951 institutions, marking a 34.5% year-on-year increase in the number of institutions benefiting from IPOs [3] - The total book value of shares held by VC/PE institutions in newly listed companies reached approximately RMB 358.51 billion, a significant increase of 87.7% year-on-year [3] - Including SPAC listings, 23 VC/PE institutions held shares worth over RMB 7 billion at year-end, totaling RMB 253.42 billion [3] Total IPO Volume and Penetration Rate - The total number of VC/PE-supported IPOs rose by 27.1% in 2025, with 71 companies listed in the first half and 93 in the second half [10] - The total financing amount from VC/PE-supported IPOs was approximately RMB 170.83 billion, reflecting a 94.9% increase year-on-year [11] - The VC/PE penetration rate in the Chinese IPO market was about 66.4%, with A-shares showing a higher penetration rate of 76.7% compared to 57.3% in overseas markets [14] Average Book Return - The average book return multiple for VC/PE-supported IPOs increased to 3.79 times, reversing a downward trend since 2022 [17] - In 2025, four VC/PE institutions achieved IPO projects with returns exceeding 100 times, compared to only one in 2024 [9] Industry Trends - The distribution of VC/PE-supported IPOs shifted towards biotechnology/healthcare, mechanical manufacturing, and semiconductors, indicating a stronger focus on hard technology [10] - Notable IPOs included companies like Moxing Technology and Xian Yicai, which attracted over 40 participating VC/PE institutions, with book values around RMB 20 billion [10] Conclusion - The 2025 IPO market for Chinese companies signals a positive outlook, with increased participation from VC/PE institutions and significant growth in the book value of shares held [20] - Future strategies for VC/PE institutions should focus on enhancing research capabilities in the technology sector and fostering long-term value development in portfolio companies [20]
2025年VC/PE机构IPO成绩单发布