Group 1 - The core viewpoint of the article highlights the increasing trend of large-scale private equity firms obtaining the Hong Kong 9 license, indicating a positive shift towards global expansion in the domestic private equity sector [1][2] - As of November 25, 2025, there are 107 licensed private equity managers in the market, with 10 new approvals since 2025, reflecting a proactive approach to global positioning [1] - Large-scale private equity firms dominate the licensed sector, with 35 firms managing over 10 billion and 19 firms managing between 5-10 billion, together accounting for nearly 50% of the total [1] Group 2 - The analysis by Liu Youhua, Director of Wealth Research at Paipai Network, identifies several factors supporting the dominance of large-scale private equity firms: high initial costs for cross-border operations, strong demand for global asset allocation from institutional investors and high-net-worth individuals, compliance advantages, and the necessity to explore overseas markets for growth [2] - The years 2021 and 2023 marked peaks for large private equity firms obtaining the 9 license, with at least 6 firms each year achieving this milestone [3] - Notable firms that received the 9 license in 2021 include Zhongou Ruibo, Jiukun Investment, and Ming Shi Fund, while in 2023, firms like Shanghai Dapu Asset and Inno Asset were among those approved [3]