中国私募股权二级市场（S市场）正在以前所未有的速度爆发。数据显示，仅在2025年上半年，人民币 基金的S市场交易额就飙升至创纪录的773亿元，同比增长近九成。然而，在这片繁荣的景象之下，一 种被业内称为"左手倒右手"的奇特交易模式，正成为最主要的核心驱动力。 "退出长城"与"大退潮" 中国私募股权市场正矗立着一道几乎难以逾越的"退出长城"。 2024年，A股IPO市场迎来至暗时刻。全年仅有100家企业成功上市，数量创十年新低；募资总额仅 673.53亿元，同比暴跌81%，首次跌破千亿大关。更令人震惊的是，当年IPO终止企业高达426家，是过 会企业的八倍。随着新"国九条"发布，沪深主板上市净利润门槛从6000万元提升至1亿元，创业板新增 最近一年净利润不低于6000万元的要求，退出通道被进一步收窄。 传统退出渠道似乎正在全面堵塞，并购市场同样不容乐观——尽管全年交易规模达2万亿元，但真正能 够承接PE项目退出的战略并购寥寥无几。2018-2020年投资高峰期进入的项目，原本计划3-5年退出，如 今普遍延期两到三次，陷入"退出无门"的窘境。 全球私募市场同样面临严峻考验。超过3万亿美元的未退出资产积压在系统中， ...

Core Insights - Companies backed by venture capital (VC) are opting for mergers and acquisitions (M&A) instead of initial public offerings (IPOs) due to uncertainties in the U.S. public markets, trade policies, and economic conditions [1][3] - The report indicates that the total number of exits in Q2 remained stable compared to Q1, with most exits coming from M&A and acquisitions [1] - The first half of the year saw only 27 VC-backed companies go public, marking the lowest number in at least a decade [3] Industry Trends - Analysts suggest that the recent uptick in IPO activity appears to be a reset rather than a full recovery, with significant trends expected in sectors like artificial intelligence, national security, defense, and cryptocurrency through 2025 [3] - Companies in these sectors, such as Circle Internet Group, CoreWeave, and Voyager Technologies, have performed well since their IPOs [3] - The number of private equity (PE) backed IPOs in Europe and the U.S. dropped dramatically from 116 in 2021 to just 9, prompting PE firms to reconsider their exit strategies [3] Market Conditions - The decline in IPOs is attributed to higher interest rates and market volatility, making it more challenging for companies to go public or sell at acceptable prices [4] - Due to the ongoing IPO drought, venture capitalists are increasingly turning to the secondary market for trading private company stocks, which has seen significant growth in recent years [4]