Core Insights - The Chinese primary equity market is entering a phase of stock game, with increasing challenges related to capital inflow, particularly in the context of changes in IPO policies and macroeconomic adjustments [1] - From 2024 to 2025, a divergence is expected between domestic and overseas markets, with overseas markets rebounding and continuing to rise, while the domestic market remains sluggish [1] - The event aims to create an efficient and precise communication platform for LPs, GPs, and S fund managers, and to release the "2025 China S Market Research Report" to discuss market trends, address transaction challenges, and explore collaboration opportunities [1] Event Details - The conference is by invitation only for specific guests, welcoming S transaction buyers to register and offering a limited number of spots for sellers with actual exit assets [3] Additional Information - Registration inquiries can be made by scanning a WeChat QR code [4] - Related topics include new bell-ringers, a re-discovery of Hong Kong's new blueprint in the era of scientific innovation, and the launch of the first AIC industry mother fund in the country [5]

Group 1 - The core viewpoint is that China's primary equity market has entered a phase of stock game, with increasing severity in capital return issues, and the role of the S market as an exit point will become more significant against the backdrop of changes in IPO policies and macroeconomic adjustments [1] - From 2024 to 2025, a divergence is expected between the domestic and overseas markets, with the overseas market rebounding and continuing to rise, while the domestic market remains sluggish [1] - The event aims to create an efficient and precise communication platform for LPs, GPs, and S fund managers, and to release the "2025 China S Market Research Report" to discuss market trends, solve transaction challenges, and explore cooperation opportunities [1]

将投中网设为"星标⭐"，第一时间收获最新推送 到2025年，我们的S市场来到了一个什么样的阶段？ 整理丨 蒲凡 来源丨 投中网 当前，中国私募股权市场正经历"存量时代"与"创新升级"的双重考验，产业变革正催生强烈流动性需求， S 市场的战略价值正以前所未有的速度被激 活。例如低空经济领域， eVTOL 技术突破带动产业链融资激增，但长周期硬科技项目普遍面临 8-10 年投资回收期， LP 对流动性工具的需求空前迫 切； AI 领域， 2024 年全球相关投资额达 1200 亿美元，早期美元基金却因份额到期亟需通过 S 市场实现跨周期承接。 因此在政策端，北京、上海等多地开始陆续出台 S 基金管理细则，推动 S 市场从"散点探索"迈入制度建设阶段。 那么到 2025 年，我们的 S 市场来到了一个什么样的阶段？我们的 S 市场出现了什么样的新趋势？买卖双方的画像与偏好是否出现了新的变化？ 4 月 18 日，在"第 19 届中国投资年会·年度峰会"上，投中信息副总经理、研究咨询事业部总经理吴浠分享了最近的《 2025 年中国私募股权二级市 场专题研究报告》。 以下为现场实录，由投中网进行整理： 各位参会的嘉宾、各 ...