VC/PE全年IPO成绩单

Core Viewpoint - The IPO market for Chinese companies showed signs of recovery in 2025, with an increase in the number of IPOs supported by VC/PE institutions and a significant rise in the value of their holdings [3][10][21]. Group 1: IPO Performance - In 2025, a total of 164 Chinese companies went public with the support of VC/PE institutions, representing a year-on-year increase of 27.1% [12]. - The total financing amount for these IPOs reached approximately RMB 170.83 billion, up 94.9% from the previous year [12]. - The average issuance return multiple for VC/PE supported IPOs rose from 3.01 in 2024 to 3.79 in 2025, indicating a recovery in return levels [11][18]. Group 2: Institutional Participation - The number of institutions benefiting from IPOs increased significantly, with 34.5% more institutions participating compared to the previous year [4]. - Five VC/PE institutions achieved over 10 IPOs in 2025, a notable increase from just one in 2024 [10]. - The top 10 institutions held a combined market value of RMB 145.72 billion in newly listed companies, a substantial increase from RMB 46.53 billion in 2024 [10]. Group 3: Sector Trends - The leading sectors for VC/PE supported IPOs shifted from semiconductors and IT in 2024 to biotechnology/healthcare, mechanical manufacturing, and semiconductors in 2025, highlighting a trend towards hard technology [11]. - Notable IPOs included companies like Moxiang Co., Moer Technology, and Xi'an Yicheng, each involving over 40 participating VC/PE institutions [11]. Group 4: Market Penetration - The VC/PE penetration rate in the Chinese IPO market was approximately 66.4% in 2025, a slight increase from the previous year [15]. - The penetration rate for A-shares was 76.7%, while the overseas market stood at 57.3%, indicating a stronger growth in the domestic market [15]. Group 5: Future Outlook - The IPO market in 2025 released positive signals, with more VC/PE institutions successfully harvesting IPO projects and a significant increase in the value of their holdings [21]. - The ongoing reforms in the A-share and Hong Kong markets are expected to continue providing important exit channels for VC/PE institutions, despite challenges in the U.S. listing environment [21].