近期的创投圈，空气中弥漫着一种久违的躁动，募资、投资、退出节奏开始同步加速流转。 拐点，往往在共识凝聚之前便已到来。 当港交所行政总裁陈翊庭在公开论坛上直言， 海外"长钱"对中国资产的认知已从"不能投"转变 为"不能不投"时， 一级市场等待已久的发令枪，响了。 IPO的钟密集敲响 "退出大年"来了。 在历经多年蛰伏后，一级市场在今年迎来了关键的转折点。多项指标悄然回温，而港股闸门大开， 给"退出"这个老大难题，注入了新的希望。 导读： 新一批敲钟人，已在路上…… 作者丨FOFWEEKLY "去年还在为项目退出发愁，今年好几个项目都被券商建议尽快启动港股上市流程。"一家双币基 金合伙人表示，退出预期的改善，直接盘活了整个投资链条。一方面，基金更有底气去和LP沟通 后续募资；另一方面，对于面临"融投管退"中最后一环的后期项目，明确的上市路径也使其估值 体系得以重构，避免了"流血融资"的尴尬。 除了直观感知以外，数据端也同样火爆。 10月22日，在2025HKEX中国机遇论坛上，香港交易所集团行政总裁陈翊庭介绍：港交所新股发 行规模大幅增长，截至9月底的IPO融资总额达1829亿港元，较2024年同期增长超过两倍。 ...

Core Viewpoint - The article discusses the recent recovery of the Hong Kong stock market and its implications for the primary market, highlighting significant IPO activity and the potential for investment returns [6][25]. Group 1: Market Recovery - The Hong Kong stock market has shown a remarkable turnaround, with the Hang Seng Index rising over 20% and IPO fundraising exceeding 100 billion HKD in 2025 [6]. - From January to August 2025, 59 companies went public, marking a 37% increase compared to 2024, with total funds raised reaching approximately 134.5 billion HKD, a nearly sixfold year-on-year increase [6]. Group 2: Investment Returns - Successful IPOs have revitalized investor confidence, with cornerstone investors in companies like Yaojie Ankang achieving returns of up to 10 times their investment [10][11]. - The case of Yaojie Ankang illustrates that despite market volatility, early investors can still realize substantial gains, with cornerstone investors earning significant returns even after a drop in stock price [10]. Group 3: Implications for Fund Management - A successful IPO can provide hidden value that may offset several years of management fees for a fund, enhancing overall fund performance [13][18]. - For instance, the IPO of Ming En Biotechnology resulted in an average return of over 300% for investors, with some achieving returns exceeding 600% [14][15]. Group 4: Importance of Exits - The article emphasizes that continuous profitability and successful exits are crucial for maintaining investor trust and securing future fundraising [20][25]. - The case of Yushu Technology demonstrates how a single successful investment can significantly impact a fund's overall performance, with potential valuations reaching up to 1 billion HKD [22][23].

Group 1 - The current capacity for IPO exits is limited, and mergers and acquisitions (M&A) will be the main focus for future development [1] - There is a significant amount of existing assets that need to be addressed through M&A, which is crucial for revitalizing these assets and promoting economic transformation [1] - The optimization of exit channels is essential for the high-quality development of equity investment funds, with exit being the most challenging aspect of the investment process [1] Group 2 - The demand for M&A is driven by changes in economic development requirements, including the succession of private enterprises and policy adjustments [2] - The State-owned Assets Supervision and Administration Commission (SASAC) is encouraging state-owned enterprises to increase investments in strategic emerging industries, with venture capital funds established by these enterprises nearing 100 billion [2] - Regulatory support, such as the encouragement from the China Securities Regulatory Commission for equity investment funds to acquire listed companies, is expected to broaden exit opportunities [2]

Core Insights - The Shanghai biopharmaceutical industry is transitioning from "capital frenzy" to "capital rationality" as evidenced by the significant $162 million Series D financing of Jixing Pharmaceutical in 2024, despite a cooling global capital market [1][3][4] - The investment landscape in Shanghai reflects a resilient ecosystem, with high-quality projects still attracting capital, indicating a solid foundation for innovation and development [1][3] Industry Layout - Shanghai's biopharmaceutical industry is no longer limited to Zhangjiang, with the government promoting a "1+5+X" spatial planning strategy that includes a core area and several specialized industrial zones [2][3] - This multi-point distribution and differentiated development model enhances the overall structure of the biopharmaceutical sector in Shanghai [2] Financing Trends - After a peak period from 2019 to 2021, the financing landscape has returned to a more rational state, with a significant decline in the number and total amount of financing events in 2023 and 2024 [3][4] - In 2024, approximately 217 financing events were recorded, totaling around 18 billion yuan, with a notable drop in the number of IPOs and a shift towards early-stage investments [3][4] Sources of Capital - The funding landscape in Shanghai is diverse, with government funds acting as a stabilizing force, while social and industrial capital play a major role in driving investments [4][5] - In 2024, the Shanghai biopharmaceutical sector saw a significant increase in corporate venture capital investments compared to 2023 [4] Investment Focus - Innovation drugs remain the primary focus of investment in Shanghai's biopharmaceutical sector, particularly in areas such as oncology, metabolic diseases, and rare diseases [6] - Emerging fields like medical devices and digital healthcare are also gaining traction, indicating a diverse investment ecosystem [6] Exit Mechanisms - The IPO channel is no longer the sole exit strategy for investors, with mergers and acquisitions becoming increasingly important [7] - In 2025, Shanghai plans to establish a 10 billion yuan biopharmaceutical M&A fund to facilitate exit strategies beyond IPOs [7][9] Policy Support - Policies have been instrumental in shaping the capital ecosystem for Shanghai's biopharmaceutical industry, with recent initiatives aimed at fostering innovation and investment [8][9] - The introduction of various action plans and funding mechanisms is expected to enhance the investment environment and support the growth of the sector [9][10] Challenges and Solutions - The industry faces challenges such as funding structure imbalances, constrained exit channels, and mismatched funding cycles [11][12] - To address these issues, recommendations include establishing early-stage funds, improving exit pathways, and enhancing post-investment management [14]