VC/PE退出

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港交所锣声不停 VC/PE迎退出大年
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-02 03:42
Group 1 - The core viewpoint of the articles is that 2025 is expected to be a significant year for VC/PE exits, driven by a resurgence in the Hong Kong IPO market, which is providing a long-awaited exit window for these investment firms [1][6][8] - The Hong Kong capital market has seen a notable increase in IPO activity, with the number of IPOs and fundraising amounts rising significantly, making it a leading market globally [1][2][3] - In the first half of 2025, the number of IPO cases in China's equity investment market decreased to 935, a 43.3% year-on-year decline, but IPO cases for invested enterprises accounted for 62.4% of this total, indicating a shift towards successful exits through IPOs [1][6] Group 2 - The recovery of the Hong Kong IPO market is attributed to several factors, including market valuation recovery, a favorable funding environment, and supportive government policies that encourage mainland enterprises to list in Hong Kong [2][3][6] - The influx of southbound capital into the Hong Kong market has exceeded 700 billion HKD in the first half of 2025, significantly higher than in previous years, further fueling the IPO boom [2][3] - The strong performance of high-profile companies during their IPOs has created a demonstration effect, attracting more firms to consider listing in Hong Kong [3][4][6] Group 3 - VC/PE institutions are experiencing a resurgence in exit opportunities, with 73 listed Chinese enterprises receiving VC/PE support in the first half of 2025, a 35.2% increase year-on-year, and a record high penetration rate of 67% [6][8] - The total exit return for VC/PE institutions through IPOs reached 1,057.61 billion CNY in the first half of 2025, with an average return multiple of 3.83 times, indicating a significant recovery in exit performance [6][8] - The trend of mergers and acquisitions is also highlighted as a crucial exit strategy for VC/PE firms, as the number of listed companies in the A-share market continues to grow, providing more opportunities for strategic exits [6][8] Group 4 - Despite the overall positive outlook for IPOs, there remains a notable risk of share price declines post-IPO, with a 30% first-day drop rate for new listings in Hong Kong, indicating that not all companies will achieve ideal returns [8][9] - The performance of companies in the Hong Kong market is influenced by their valuation levels and the ability to attract investor interest, emphasizing the importance of clear growth paths and competitive advantages for successful listings [9][10] - The "new consumption + hard technology" sectors are identified as key growth areas in the Hong Kong IPO market, with significant activity in biotechnology, health, retail, and advanced manufacturing industries [9][10]
港交所锣声不停 VC/PE迎退出大年
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-02 03:41
21世纪经济报道记者 曹媛 深圳报道 今年,会是VC/PE的退出大年吗? "一定是的!"近期,21世纪经济报道记者采访多位风投创投(VC/PE)人士,几乎都给出了肯定回复。 今年,香港资本市场迎来久违的火热景象:明星企业扎堆上市,港交所IPO数量与募资金额节节攀升, 这股热潮正为积压已久的VC/PE机构打开"退出窗口"。 2025年上半年,尽管中国股权投资市场整体退出案例有所减少(935笔,同比下降43.3%),但清科数 据显示,其中被投企业IPO案例数为583笔,占比62.4%。中企被投企业港股及美股IPO案例数达到292 笔,同比上升32.7%。 其中,港股IPO主导退出市场,上半年港交所主板上市40家,募资金额居全球首位。上半年境内外上市 中企融资额前四均为港股项目,其中宁德时代赴港二次上市以超300亿元融资额领跑,恒瑞医药、海天 味业、三花智控等紧随其后。 去年,还有投资人公开说"我们投资的公司如果要去港股上市,我把他腿打断",港股IPO还被部分媒体 称为"PE坟场"。但今年风向一转,曾有5家企业同日上市,还有超200家企业排队港股IPO,业内笑 称"港交所的锣快不够敲了!" "港交所的锣快不够敲了" ...
抱歉,我们去排IPO了
投资界· 2025-03-31 07:59
"不考虑并购了" 作者 I 周佳丽 报道 I 投资界PEdaily "我们之前谈的很多潜在并购企业开始犹豫了。" 上海一家并购基金的合伙人分享起最新一幕。随着今年资本市场回暖,一些原本想要寻求 并购的公司改变主意,转而去排队IPO。 不久前,一位本土创投大佬聊起" IPO开闸"迅速引发沸腾,身边投资人也明显感受到IPO 开始变得忙碌。华东一家早期基金的创始管理合伙人透露: "我们的被投企业也接到了交易所的要求,鼓励他们主动申报。" 不卖了,改去排IPO,这样的情绪开始在创业公司圈子里蔓延开来。 投资人开始忙IPO 进入三月,沉寂的氛围被打破。一位本土创投大佬分享最新IPO观察—— " 我接到交易所通知,让我们有好企业赶紧申报, IPO 可能常态化,未盈利企业上市重新 开展,预计每年 1 50 - 2 00 家左右,即一周两三家左右。 " 几乎同一时间,证监会发布了《关于同意影石创新科技股份有限公司首次公开发行股票注 册的批复》,同意影石创新首次公开发行股票的注册申请。几经波折终于打开IPO大门, 影石创新成为2 0 25年科创板第一家注册通过企业。 信号渐渐强烈。梳理下来,三大交易所开年至今已共计受理IPO申 ...