Core Viewpoint - The article discusses the resurgence of the IPO market, highlighting a significant increase in IPO preparations among VC/PE firms, particularly Blackstone, which has reached its highest level in five years [3][11]. Group 1: Blackstone's Performance - Blackstone's Q2 2025 financial report exceeded market expectations, with total revenue reaching $3.71 billion, a 33% year-on-year increase, and distributable earnings of $1.6 billion, up 26% [6][5]. - The firm's Assets Under Management (AUM) grew to $1.2 trillion, a 13% increase year-on-year, despite challenges such as fund redemptions [7]. - Blackstone's net exit income rose by 6% year-on-year to $326 million, signaling a market turnaround after a prolonged period of low IPO and M&A activity [8]. Group 2: IPO Market Recovery - In the first half of 2025, the U.S. completed 116 IPOs, a 3% increase in number and a 56% increase in fundraising compared to the previous year [9]. - The IPO of Cirsa in July marked a significant return for Blackstone, generating €2 billion in returns and indicating the opening of a new IPO window [9]. - Blackstone's CEO noted that several uncertainties have diminished, leading to a more optimistic economic outlook and a release of pent-up trading desire [10]. Group 3: Other VC/PE Firms - Other major VC/PE firms, such as Carlyle, are also preparing for a surge in IPOs, with Carlyle targeting $4-5 billion in exits this year [12]. - EQT reported €13 billion in asset realizations in the first half of 2025, three times higher than the same period last year, and is preparing for more IPOs [13]. Group 4: Chinese Market Dynamics - The Hong Kong stock market led globally with $14.1 billion in IPO financing in the first half of 2025, with significant interest in various sectors [16]. - A notable IPO was that of Weili Zhibo, which saw a 91% increase on its first day, indicating a strong recovery in the biotech sector [16]. - The A-share market experienced a surge in IPO applications, with a record number of submissions in June 2025, reflecting a rapid turnaround in market conditions [17][24]. Group 5: Market Sentiment and Strategy - The article notes a growing enthusiasm in the secondary market, with companies like Yushun Robotics and Zhiyuan Robotics seeing significant stock price increases due to IPO preparations [21][22]. - Investors are advised to focus on companies with net profits between $5 million and $10 million, as they may have better chances of successful IPOs in the current environment [23]. - The recovery in IPO activity is not uniform but is guided by precise policy measures, requiring companies to prepare in advance to take advantage of the current window [25].