CSC(SH:601066) Zheng Quan Shi Bao·2026-01-18 18:08Group 1 - The core viewpoint of the articles highlights the resurgence of the S transaction market in China, driven by the revival of unprofitable companies going public, which has significantly boosted the confidence of primary equity investors and led to increased trading activity in the S transaction market [1][4] - The S transaction market in China is expected to reach new highs in both scale and transaction volume by 2025, with a reported 867 transactions in the first three quarters of 2025, representing a 234% year-on-year increase, and a total transaction scale of approximately 92.3 billion yuan, up 182% year-on-year [1][4] - The emergence of three distinct buyer groups in the S transaction market is noted, including market-oriented mother fund teams, financial institutions, and local state-owned platforms, with the latter expected to become increasingly active starting in 2024 [2][3] Group 2 - The number of newly established S funds has reached a record high of 42, although the total scale of these funds does not match the previous two years, with state-owned enterprise LPs contributing 50.2% of the total LP investment [3] - Innovative trading models, such as "S-S transactions" and the bundling of tail-end assets for sale, are emerging in the S transaction market, providing opportunities for investors to liquidate assets at lower prices to meet fund liquidation needs [3] - The potential for growth in the Chinese S transaction market is significant, driven by supportive policies, accelerated IPO processes, and a recovering capital market, which enhances the attractiveness of S shares [4][5]