我，投资人，今年赚到Carry了

Core Viewpoint - The article discusses the recent recovery of the Hong Kong stock market and its implications for the primary market, highlighting significant IPO activity and the potential for investment returns [6][25]. Group 1: Market Recovery - The Hong Kong stock market has shown a remarkable turnaround, with the Hang Seng Index rising over 20% and IPO fundraising exceeding 100 billion HKD in 2025 [6]. - From January to August 2025, 59 companies went public, marking a 37% increase compared to 2024, with total funds raised reaching approximately 134.5 billion HKD, a nearly sixfold year-on-year increase [6]. Group 2: Investment Returns - Successful IPOs have revitalized investor confidence, with cornerstone investors in companies like Yaojie Ankang achieving returns of up to 10 times their investment [10][11]. - The case of Yaojie Ankang illustrates that despite market volatility, early investors can still realize substantial gains, with cornerstone investors earning significant returns even after a drop in stock price [10]. Group 3: Implications for Fund Management - A successful IPO can provide hidden value that may offset several years of management fees for a fund, enhancing overall fund performance [13][18]. - For instance, the IPO of Ming En Biotechnology resulted in an average return of over 300% for investors, with some achieving returns exceeding 600% [14][15]. Group 4: Importance of Exits - The article emphasizes that continuous profitability and successful exits are crucial for maintaining investor trust and securing future fundraising [20][25]. - The case of Yushu Technology demonstrates how a single successful investment can significantly impact a fund's overall performance, with potential valuations reaching up to 1 billion HKD [22][23].