Core Insights - The private equity industry in China is undergoing a significant transformation, with leading firms accelerating their international expansion efforts, as evidenced by the approval of 10 new firms for Hong Kong's 9 license, bringing the total to 107 licensed firms [1][2]. Group 1: Industry Overview - As of November 26, 2023, the number of licensed private equity firms in China has surpassed 100 for the first time, indicating a shift from a trial phase to a new cycle of global competition [1]. - Among the licensed firms, subjective private equity firms dominate with 69 firms, followed by quantitative firms with 28, and mixed strategy firms with 10 [5]. Group 2: New Entrants and Market Structure - The newly approved firms include an equal number of subjective and quantitative private equity firms, with a clear tiered structure in terms of management scale [3]. - In the existing 107 licensed firms, large-scale private equity firms (over 10 billion) hold a significant market share, with 35 firms managing over 100 billion, accounting for nearly 50% of the total [3][4]. Group 3: Drivers of International Expansion - Key factors driving the internationalization of leading private equity firms include the high initial costs of compliance and market entry, a strong client base with global asset allocation needs, and accumulated compliance advantages [4]. - The global market offers diverse asset classes and financial instruments, which support private equity firms in expanding their investment strategies and identifying differentiated return opportunities [8]. Group 4: Future Outlook - The trend of private equity firms seeking global expansion is expected to continue, with industry experts predicting a new wave of growth in cross-border business over the next 3 to 5 years [8].

Core Insights - The private equity industry in China is undergoing a rapid transformation, with leading private equity firms accelerating their international expansion efforts [1][6] - As of November 26, 2023, the number of licensed private equity firms in Hong Kong has surpassed 100, indicating a significant milestone in the internationalization of Chinese private equity [1][2] Group 1: Industry Overview - A total of 10 new private equity firms have been approved for the Hong Kong license this year, with a balanced distribution between subjective and quantitative firms [2] - The majority of licensed firms are large-scale, with 35 firms managing over 10 billion yuan, representing nearly 50% of the total licensed firms [2][3] - The trend indicates that large private equity firms are becoming the main players in cross-border operations due to their financial strength and established client bases [2][6] Group 2: Firm Characteristics - Among the 107 licensed firms, subjective private equity firms dominate with 69 firms, accounting for over 60% of the total [3] - The large-scale private equity firms are primarily focused on international expansion, with 35 firms having obtained the Hong Kong license [4] - The historical timeline shows that 2021 and 2023 were peak years for large private equity firms obtaining the Hong Kong license, with multiple firms receiving approval during these years [5] Group 3: Strategic Drivers - The push for international expansion is driven by the need to diversify risks, enhance investment strategies, and meet the growing global asset allocation demands of clients [6] - The increasing regulatory requirements for cross-border operations favor larger firms that have accumulated compliance advantages over time [2][6] - The anticipated deepening of financial market integration between Hong Kong and mainland China is expected to create new opportunities for private equity firms in the next 3-5 years [6]

Core Viewpoint - The private equity industry in China is undergoing rapid internationalization, with a significant increase in the number of licensed private equity firms in Hong Kong, indicating a shift from a trial phase to a new cycle of global competition [1][2]. Group 1: Growth of Licensed Private Equity Firms - As of November 26, 2023, there are 107 licensed private equity firms in Hong Kong, marking a historic milestone of surpassing 100 firms [1]. - In 2023, 10 new firms received licenses, with a balanced distribution between subjective and quantitative private equity firms, each contributing 5 firms [2]. - Among the licensed firms, those managing over 10 billion yuan dominate, with 35 firms managing over 100 billion yuan, accounting for nearly 50% of the total [2]. Group 2: Characteristics of Licensed Firms - The majority of licensed firms are subjective private equity firms, totaling 69, which represents over 60% of the total [4]. - Quantitative private equity firms account for 28 firms, approximately 26.17%, while mixed firms (subjective + quantitative) make up 10 firms, less than 10% [4]. Group 3: Drivers of Internationalization - The leading private equity firms are becoming the main players in cross-border operations due to their substantial financial resources, which allow them to absorb the high initial costs associated with compliance and market entry [3]. - There is a strong demand for global asset allocation among institutional investors and high-net-worth individuals, providing a natural client base for private equity firms looking to expand internationally [3]. - The stringent regulatory requirements for cross-border operations favor larger firms that have accumulated compliance advantages over time [3]. - Expanding into overseas markets is seen as a strategic necessity for private equity firms to overcome domestic competition and explore new growth avenues [3]. Group 4: Future Outlook - The trend of private equity firms accelerating their global expansion is expected to continue, driven by the need to diversify risks and enhance service capabilities to meet growing investor demands [7]. - The deepening integration of Hong Kong's financial market with mainland China's asset management industry is anticipated to create new opportunities for cross-border business expansion in the next 3 to 5 years [7].

Group 1 - The Chinese capital market is increasingly seen as a "ballast" in the global economic landscape, with A-share total market value surpassing 100 trillion yuan in August 2025, indicating a mature market ecosystem [2] - Hong Kong's IPO market leads globally with 78 new listings and over 210 billion HKD raised in the first ten months of 2025, reflecting a strong international capital interest in Chinese assets [2] - The upcoming 19th HED China Summit in Shenzhen on January 15, 2026, will gather over 400 decision-makers from private equity, securities, banking, and trust sectors to explore new opportunities in Chinese assets [2] Group 2 - Since the initiation of the "924 market," the Chinese capital market has seen both valuation and performance improvements, with the Shanghai Composite Index reaching 3,836.77 points, a cumulative increase of over 38% [3] - The technology and advanced manufacturing sectors are identified as core growth engines, with the number of technology companies in the top 50 A-share market increasing from 18 to 24 since the end of the 13th Five-Year Plan [3] - The Hong Kong Hang Seng Technology Index has risen nearly 40% year-to-date, with major companies like Alibaba and Kuaishou experiencing significant rebounds [3] Group 3 - International capital's attitude towards Chinese assets has shifted from cautious observation to proactive investment, with net inflows of foreign mutual funds into the Chinese stock market reaching 50.6 billion USD in the first ten months of 2025, a 344% increase compared to the entire year of 2024 [4] - Actual foreign investment in China amounted to 621.93 billion yuan, with significant growth in high-tech industries and investments from countries like the UAE and the UK increasing by over 13% [4] - The summit will feature insights from various institutional representatives on the underlying logic of "overweighting" Chinese assets and the selection criteria for foreign capital [4] Group 4 - Over 20 leading private equity firms have established branches in Singapore and Hong Kong since 2025, with a 35% year-on-year growth in managed assets [5] - The overseas managed assets of Chinese private equity firms surpassed 80 billion USD in the first three quarters of 2025, expanding investment areas to Southeast Asia, Europe, and the US technology stocks [5] - The summit will include discussions on the opportunities and challenges of private equity firms going global, focusing on market expansion strategies and capturing alpha opportunities [5] Group 5 - The HED China Summit addresses the evolving investment logic in China, shifting the focus from "whether to invest" to "how to efficiently allocate assets" [6] - The summit aims to replace generic discussions with precise dialogues and create a high-end communication platform for resource linkage [6] Group 6 - The summit invites over 400 industry decision-makers to engage in deep dialogues with industry leaders, facilitating resource matching and cooperation for investment strategies in the new year [7]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 量化投资近几年凭借亮眼业绩，吸引了无数投资者的目光，在近5年市场波动加剧，震荡下行的环境下，私募量化多头策略逆市实现96.15%的收 益； 尤其是在近 3年AI、大数据的加持下，私募量化多头策略在近1年、近2年、近3年的收益表现均位居首位。 私募排排网数据显示，今年来A股虽已走出趋势性行情， 但量化多头以 35.76%的收益领跑，而主观多头策略32.15%的收益，依旧略有落后。 | 私募二级策略 | 9月 | �年来 | 近一年 | 近两年 | 近三年 | 近五年 | | --- | --- | --- | --- | --- | --- | --- | | 喜《圣杀 | 2.55% | 35.76% | 46.90% | 55.99% | 72.94% | 96.15% | | 王观多头 | 4.21% | 32.15% | 36.76% | 48.75% | 52.78% | 58.09% | | 宏观策略 | 4.87% | 24.54% | 30.00% | 51.75% | 61.17% | 114.79% | | 复合策略 | 2.1 ...

本报讯 （记者王宁）近日，排排网（香港）有限公司（以下简称"排排网全球"）执行总裁张朝晖在首届对冲基金颁奖典礼 暨家族办公室颁奖典礼上表示，当下，海外长线资金持续增配中国资产，国内私募凭借对中国经济增长的深度理解，成为外资 落地中国的首选通道，可助力将A股、港股、美元债、大宗商品等大类资产纳入同一策略框架，既分散风险又延伸产品线，满 足机构与高净值客户的多元规划需求。 据了解，排排网全球的设立，旨在以科技为翼，把沉淀20余年的金融科技能力与经验延伸至全球。平台将深度链接对冲基 金、共同基金、保险及教育等多维资源，构建一站式信息枢纽，让高净值华人无论身处何地都能同步捕捉全球机会。 （编辑 张昕） 张朝晖介绍说，现阶段，部分量化私募创始人兼具海外知名对冲基金模型经验与本土数据挖掘能力，能够将成熟算法快速 适配本土微观结构，形成"全球经验+本土适配"的复合壁垒。此外，还能直接吸纳海外投研人才、运营人才，提升风控与治理 水平，推动国内私募行业整体向机构化、国际化升级。 据排排网全球不完全统计，截至目前，持有香港9号牌的私募机构已近400家，国际化步伐明显提速。其中，百亿元级私 募"出海"占比较高。在张朝晖看来，私募加 ...

Core Viewpoint - The private equity industry is experiencing a resurgence in overseas expansion, with many firms obtaining Hong Kong's Type 9 license and attracting foreign institutional funds to invest in the A-share market [1][2]. Group 1: Market Dynamics - The number of private equity firms holding the Type 9 license has reached 87 as of July 21, 2023, including 58 subjective and 20 quantitative firms [2]. - International investors are increasingly interested in Chinese asset managers, with funds from regions like the Middle East and Europe being directed towards the Chinese market [2][3]. - The Chinese market's investment appeal is bolstered by supportive macroeconomic policies and emerging growth sectors such as advanced manufacturing and green technology [3][7]. Group 2: Role of Securities Firms - Chinese and foreign securities firms are actively competing in the private equity overseas business, providing services such as license applications, fundraising, and trading [1][4]. - Securities firms play a crucial role in the entire process of private equity overseas expansion, from recommending intermediaries for license applications to providing compliance and legal support [5][6]. - The demand for services related to private equity overseas expansion has significantly increased, leading to a noticeable uptick in business for securities firms [4][5]. Group 3: Opportunities and Challenges - The private equity industry faces both opportunities and challenges in overseas markets, including the need for international experience and the high operational costs associated with overseas expansion [7]. - While overseas markets offer lower interest rates and abundant financing resources, challenges such as obtaining licenses and higher operational costs remain significant hurdles [7]. - Understanding international investors' needs and clearly articulating investment strategies are essential for success in the overseas market [7].

Group 1 - The core viewpoint of the articles highlights the resurgence of private equity firms venturing overseas, driven by a recovering market and increasing interest from international investors in the Chinese market [1][2] - Several private equity firms have obtained the Hong Kong Type 9 license, with a total of 87 firms holding this license as of July 21 this year, including 58 subjective and 20 quantitative private equity firms [2] - International investors are showing significant demand for access to the Chinese stock market, prompting private equity firms to develop products tailored to these investors [3] Group 2 - Chinese private equity firms are expanding their global presence to diversify revenue sources and enhance their investment capabilities, with a focus on A-share investments [2][5] - Domestic and foreign brokerages are actively supporting private equity firms in their overseas endeavors, providing services such as license applications, fundraising, and compliance support [4][5] - The integration of overseas trading systems is crucial for quantitative private equity firms, which rely on high-quality market data and efficient trading infrastructure [6] Group 3 - The current environment presents both opportunities and challenges for private equity firms, including the need for international experience and the high operational costs associated with overseas markets [7] - The interest from high-net-worth individuals in China for diversified investments is increasing, while international investors are also keen on the Chinese market, creating a "dual outbound" dynamic [7] - Understanding international investors' needs and clearly articulating investment strategies are essential for private equity firms to succeed in the global market [7]

【导读】私募出海风再起，券商竞逐相关业务 中国基金报记者 吴君 见习记者 舍梨 伴随着市场回暖，今年以来，私募出海风再起，多家私募取得香港9号牌，同时，一些私募获 得了海外机构资金青睐，将所募资金投向A股市场。 受访机构表示，中国市场的配置价值让私募出海更有"底气"，同时，通过全球化布局，私募 能够拓展多市场、多策略的收益来源。不少中资海外券商、外资券商积极竞逐私募出海业 务，提供牌照申请、资金募集、融资融券、交易等多种服务。当前，私募出海机遇与挑战并 存，私募需要专注于提升运营能力和积累海外基金投资业绩。 私募出海提速： 从牌照布局到竞争力构建 今年以来，黑翼资产、前海博普资产、磐松资产等量化私募获得了香港9号牌照，为未来业务 出海拿下许可证。据私募排排网统计，截至今年7月21日，已获得9号牌照且牌照为存续状态 的私募共有87家，其中，主观私募有58家，量化私募有20家，"主观+量化"的私募有9家。 "据我了解，今年有几家私募拿到了中东、欧洲的资金，如养老金、主权基金等长线资金。与 此同时，一些海外机构投资人想接触和了解优质的中国管理人，因为现在他们对中国市场兴 趣浓厚，希望积极配置。"一家中资券商的市场人 ...

私募出海渐成趋势。私募排排网数据显示，截至8月1日，已获得香港证监会发放的9号牌照且牌照为存 续状态的内地私募共有87家，其中管理规模超50亿元的私募占比超四成。据悉，获取香港9号牌的私 募，可成立香港资管子公司或关联公司，直接管理美元基金，实现投资端和募资端的全面出海。 业内人士称，随着全球增配中国资产的需求升温，私募业走上规范发展之路，管理人出海将成为中长期 趋势。在此过程中，具备长期业绩积累，合规风控体系健全的头部私募，更显出海优势，中小私募则须 进一步提升机构化、专业化水平。 私募"组团"拿9号牌 私募排排网数据显示，今年以来，黑翼资产和前海博普资产获得了香港9号牌照，至此，获香港9号牌照 且牌照为存续状态的私募达87家。其中，持牌的主观私募、量化私募和混合型（"主观+量化"）私募分 别有58家、20家和9家。 ■私募新观察 积极参与全球配置 87家内地私募获香港9号牌照 ◎记者 马嘉悦 在业内人士看来，出海是海外投资者与境内资管机构的一场"双向奔赴"。 王丽称，近年来，随着居民财富管理需求增长，私募业发展走上快车道，百亿级私募持续扩容。在此背 景下，越来越多私募意识到资金结构多元化对公司长期稳健发展 ...