且估值不低于140亿。 一笔退出，两条路线。 要么卖掉，要么港股IPO 且估值不低于140亿 简而言之，就是TPG为该投资项目定了两个退出方式，且基调明确：要么直接卖掉退出，要么港股IPO然后在二级市场退出，且估值不低于20亿美元（折 合人民币超过140亿元）。就看哪种方式价格美丽。 根据TPG等股东的规划，可预估的退出流程和时间线大概是： 2025年12月中旬，资料室（data room）已对潜在买家开放，初步意向买家收到Teaser； 2026年1月：发出第一轮投标函（First Round IOI），同步向港交所递交A1表； 2026年3月前，完成首轮市场探价：若出售路径价格满意，将跳过IPO直接签约；反之则全力推动上市聆讯。 数据显示，2024年APM全球同店销售增长23%，其中中国市场贡献62%，管理层预测，其2025年净利可能在1.6-1.9亿美元之间。 近日，据彭博社报道，美国私募股权投资机构TPG（德州太平洋）已聘请一家国际投行担任财务顾问，为所持摩纳哥轻奢珠宝品牌APM Monaco设计"双 轨"退出方案——即同步试探潜在买家与港股IPO窗口，目标估值"不低于20亿美元"。 2019年，TP ...

Core Insights - TPG is considering selling its stake in XCL Education, with a potential valuation of up to $2 billion for the company [1][3] - The first round of bidding for TPG's stake is expected to start in late December, aiming for completion by the end of 2026 [3] - This is not the first time TPG has been reported to consider exiting its investment in XCL Education, as previous reports in August indicated a valuation of around $1.5 billion at that time [3] Company Overview - XCL Education, headquartered in Singapore, is a leading school operator in Southeast Asia, managing 18 K-12 schools and 45 kindergartens across Singapore, Malaysia, Vietnam, and Thailand, serving approximately 20,000 students [3] - TPG is one of the world's top private equity firms, managing assets of approximately $286 billion, and has previously invested in the Asian education sector, including Asia Pacific University of Technology & Innovation in Malaysia and Eruditus in India [3]

IPO Overview - In May 2025, a total of 18 companies went public across all markets, with 6 in A-shares, 10 in Hong Kong, and 2 in the US, representing a year-on-year increase of 5 companies and a month-on-month decrease of 1 company [1][4] - The A-share market saw 3 companies listed on the Shenzhen Stock Exchange, 2 on the Shanghai Stock Exchange, and 1 on the Beijing Stock Exchange [7] IPO Participation and Trends - Investment institutions participated in 145 reduction events involving 85 listed companies in May 2025, with the number of shares reduced increasing by 70.64% month-on-month and the reduction amount rising by 28.92% [1][25] - The penetration rate of investment institutions in A-shares and Hong Kong stocks reached 100% in May 2025, consistent with the same period in 2024 [10] Secondary Market Activities - There were 134 old share transfer events in May 2025, a decrease of 14.71% from April 2025 and a 19.44% decline year-on-year [32] - The number of repurchase transactions was 104, involving 103 companies, reflecting a month-on-month decrease of approximately 27% and a year-on-year decrease of about 4% [32] Sector Analysis - Among the 16 new companies listed in May 2025, 4 were in the biopharmaceutical sector, 3 in manufacturing, with the remainder in new consumption and new energy sectors [12] - The electronic information sector had the highest reduction amount in May 2025, with the company Naxin Microelectronics (688052.SH) seeing over 800 million reduced [28] Investment Returns - Investment institutions such as Jianyin International, Renfa New Energy Fund, and Sequoia China each recorded 2 successful IPOs in May 2025 [16] - High Investment Group achieved a return of 26.26 times on its investment in Paige Biopharmaceuticals (2565.HK) based on the closing price on the IPO day [20]