新一批敲钟人，已在路上
FOFWEEKLY·2025-10-23 10:03

Core Insights - The investment landscape is experiencing a revival, with increased fundraising, investment, and exit activities in the venture capital sector [2][3][10] - There is a significant shift in international capital's perception of Chinese assets, moving from "cannot invest" to "cannot miss investing" [3][8] IPO Activity - The Hong Kong IPO market is witnessing a surge, with total IPO financing reaching HKD 182.9 billion by the end of September, more than doubling compared to the same period in 2024 [7] - The number of public listing applications being processed is close to 300, indicating a robust market environment [7][8] Exit Opportunities - The current year is being referred to as a "year of exits," with many projects being encouraged to initiate the IPO process, revitalizing the investment chain [5][6] - Improved exit expectations are allowing funds to communicate more confidently with Limited Partners (LPs) and restructure valuation systems for late-stage projects [6] Foreign Investment Trends - There is a noticeable increase in enthusiasm from overseas investors, particularly from Europe, the Middle East, and emerging markets, who are becoming foundational investors in Hong Kong IPOs [8][11] - Middle Eastern sovereign wealth funds are actively engaging with the Chinese market, exemplified by a USD 300 million equity investment fund focused on AI, new energy, and semiconductor sectors [12] Talent Market Changes - The talent market is also responding to the renewed investment activity, with several funds restarting key recruitment after a three-year freeze [13] - There is a growing demand for investment professionals to support Chinese companies' international expansion [13] Market Sentiment - The overall market sentiment is shifting positively, with increased trading activity and a clear opening of exit windows [10][15] - The current phase is characterized by a new cycle driven by institutional benefits and high-quality assets, marking a fundamental change in foreign LPs' attitudes towards Chinese assets [15]