Core Viewpoint - In January 2026, three private equity firms entered or returned to the 100 billion yuan club, indicating a significant shift in the private equity landscape in China, driven by insurance capital actively entering the market [2][3][4]. Group 1: New Entrants to the 100 Billion Yuan Club - The number of private equity firms with over 100 billion yuan in assets reached 114 as of January 19, 2026, an increase of one from the end of 2025 [4]. - The three firms that entered or returned to the 100 billion yuan club are Hengyi Chiying (Shenzhen) Private Equity, Guoyuan Xinda, and Suijiu Private Equity [4][5]. - Hengyi Chiying (Shenzhen) Private Equity was established in late May 2025 and had a management scale of only 0 to 500 million yuan by the end of 2025, but it quickly surpassed 100 billion yuan in January 2026 [4][5]. Group 2: Performance and Background of New Entrants - Guoyuan Xinda has shown strong long-term performance, with its scale increasing from over 2 billion yuan to surpassing 100 billion yuan within a year [5]. - Suijiu Private Equity is making a comeback to the 100 billion yuan tier after previously being part of it [5]. - The insurance capital's accelerated entry into the private equity sector is primarily driven by the need for yield-enhancing tools and risk diversification in a low-interest-rate environment [5]. Group 3: Strategy Types and Internationalization - Among the 114 private equity firms, quantitative strategies dominate, with 55 firms (48.25%) employing this approach, while 46 firms (40.35%) use subjective strategies [7][8]. - The trend of private equity firms "going abroad" is accelerating, with 38 firms holding Hong Kong's Type 9 license, representing 33.33% of the total number of 100 billion yuan private equity firms [8].

Group 1 - The total number of private equity firms managing over 10 billion yuan has reached 114 as of January 19, 2026, showing a slight increase of 1 firm compared to the end of 2025 [1] - Within this period, there has been a notable dynamic adjustment among the firms, with 2 institutions exiting the 10 billion yuan tier and 3 institutions either newly entering or returning to this group [1] - The three firms that have newly entered or returned include Suijiu Private Equity, which rejoined after previously being in the tier since 2021, and Guoyuan Xinda and Hengyi Chiying (Shenzhen) Private Equity, which are making their debut in the 10 billion yuan category [1] Group 2 - Hengyi Chiying (Shenzhen) Private Equity, established in May 2025, achieved a remarkable growth from a management scale of 0-500 million yuan at the end of 2025 to surpassing 10 billion yuan within just one month [1] - The firm has a distinct insurance capital background, being controlled by Ping An Asset Management Co., Ltd., and is one of three private equity firms in China with such a background [1] - The trend of insurance capital accelerating its layout in the private equity securities industry is driven by the low interest rate environment, as insurance capital seeks effective ways to enhance returns and diversify risks [2] Group 3 - Quantitative strategies remain the mainstream choice among the 10 billion yuan private equity firms, with 55 firms adopting this strategy, accounting for 48.25% of the total [2] - Subjective strategy private equity firms number 46, making up 40.35%, while mixed strategies combining subjective and quantitative approaches account for 10 firms, or 8.77% [2] - The internationalization of 10 billion yuan private equity firms is accelerating, with 38 firms obtaining the Hong Kong No. 9 license, representing 33.33% of the total and 28.57% of all firms holding this license [2]