Core Insights - The private equity industry in China is undergoing a significant transformation, with leading firms accelerating their international expansion efforts, as evidenced by the approval of 10 new firms for Hong Kong's 9 license, bringing the total to 107 licensed firms [1][2]. Group 1: Industry Overview - As of November 26, 2023, the number of licensed private equity firms in China has surpassed 100 for the first time, indicating a shift from a trial phase to a new cycle of global competition [1]. - Among the licensed firms, subjective private equity firms dominate with 69 firms, followed by quantitative firms with 28, and mixed strategy firms with 10 [5]. Group 2: New Entrants and Market Structure - The newly approved firms include an equal number of subjective and quantitative private equity firms, with a clear tiered structure in terms of management scale [3]. - In the existing 107 licensed firms, large-scale private equity firms (over 10 billion) hold a significant market share, with 35 firms managing over 100 billion, accounting for nearly 50% of the total [3][4]. Group 3: Drivers of International Expansion - Key factors driving the internationalization of leading private equity firms include the high initial costs of compliance and market entry, a strong client base with global asset allocation needs, and accumulated compliance advantages [4]. - The global market offers diverse asset classes and financial instruments, which support private equity firms in expanding their investment strategies and identifying differentiated return opportunities [8]. Group 4: Future Outlook - The trend of private equity firms seeking global expansion is expected to continue, with industry experts predicting a new wave of growth in cross-border business over the next 3 to 5 years [8].

主观私募全球化布局积极性更高。数据显示，持牌的107家存续私募证券管理人中，主观私募数量达69 家，占比超六成，比量化和主观+量化混合的总和还要多。其次是量化私募，有28家持有香港9号牌 照，占比为26.17%。主观+量化混合私募数量最少，仅10家持有香港9号牌照，占比不足9.35%。 来源：深圳商报 据私募排排网不完全统计，截至11月25日，全市场存续私募证券管理人中，已有107家内地私募持有香 港9号牌照(香港9号牌照是内地机构进军国际资本市场的关键通行证)。其中，今年以来新增获批私募机 构达10家，反映国内私募全球化布局的积极态势。 从投资模式看，年内新增获批香港9号牌照的私募机构呈现均衡分布特征，主观私募与量化私募各占五 家，平分秋色。管理规模维度则呈现多梯队格局：100亿以上及0-5亿规模机构数量居首，均为3家，前 者包括黑翼资产、平方和投资、致诚卓远，后者为青柏资产、永信国际投资、鑫善投资；50亿-100亿规 模私募机构有2家，分别是优美利投资、前海博普资产；10亿-20亿和20亿-50亿规模私募机构各1家，依 次为龙航资产、弘尚资产。 (责任编辑：叶景) ...

Core Insights - The private equity industry in China is undergoing a rapid transformation, with leading private equity firms accelerating their international expansion efforts [1][6] - As of November 26, 2023, the number of licensed private equity firms in Hong Kong has surpassed 100, indicating a significant milestone in the internationalization of Chinese private equity [1][2] Group 1: Industry Overview - A total of 10 new private equity firms have been approved for the Hong Kong license this year, with a balanced distribution between subjective and quantitative firms [2] - The majority of licensed firms are large-scale, with 35 firms managing over 10 billion yuan, representing nearly 50% of the total licensed firms [2][3] - The trend indicates that large private equity firms are becoming the main players in cross-border operations due to their financial strength and established client bases [2][6] Group 2: Firm Characteristics - Among the 107 licensed firms, subjective private equity firms dominate with 69 firms, accounting for over 60% of the total [3] - The large-scale private equity firms are primarily focused on international expansion, with 35 firms having obtained the Hong Kong license [4] - The historical timeline shows that 2021 and 2023 were peak years for large private equity firms obtaining the Hong Kong license, with multiple firms receiving approval during these years [5] Group 3: Strategic Drivers - The push for international expansion is driven by the need to diversify risks, enhance investment strategies, and meet the growing global asset allocation demands of clients [6] - The increasing regulatory requirements for cross-border operations favor larger firms that have accumulated compliance advantages over time [2][6] - The anticipated deepening of financial market integration between Hong Kong and mainland China is expected to create new opportunities for private equity firms in the next 3-5 years [6]

Core Viewpoint - The private equity industry in China is undergoing rapid internationalization, with a significant increase in the number of licensed private equity firms in Hong Kong, indicating a shift from a trial phase to a new cycle of global competition [1][2]. Group 1: Growth of Licensed Private Equity Firms - As of November 26, 2023, there are 107 licensed private equity firms in Hong Kong, marking a historic milestone of surpassing 100 firms [1]. - In 2023, 10 new firms received licenses, with a balanced distribution between subjective and quantitative private equity firms, each contributing 5 firms [2]. - Among the licensed firms, those managing over 10 billion yuan dominate, with 35 firms managing over 100 billion yuan, accounting for nearly 50% of the total [2]. Group 2: Characteristics of Licensed Firms - The majority of licensed firms are subjective private equity firms, totaling 69, which represents over 60% of the total [4]. - Quantitative private equity firms account for 28 firms, approximately 26.17%, while mixed firms (subjective + quantitative) make up 10 firms, less than 10% [4]. Group 3: Drivers of Internationalization - The leading private equity firms are becoming the main players in cross-border operations due to their substantial financial resources, which allow them to absorb the high initial costs associated with compliance and market entry [3]. - There is a strong demand for global asset allocation among institutional investors and high-net-worth individuals, providing a natural client base for private equity firms looking to expand internationally [3]. - The stringent regulatory requirements for cross-border operations favor larger firms that have accumulated compliance advantages over time [3]. - Expanding into overseas markets is seen as a strategic necessity for private equity firms to overcome domestic competition and explore new growth avenues [3]. Group 4: Future Outlook - The trend of private equity firms accelerating their global expansion is expected to continue, driven by the need to diversify risks and enhance service capabilities to meet growing investor demands [7]. - The deepening integration of Hong Kong's financial market with mainland China's asset management industry is anticipated to create new opportunities for cross-border business expansion in the next 3 to 5 years [7].

主观私募全球化布局积极性更高。数据显示，持牌的107家存续私募证券管理人中，主观私募数量达69 家，占比超六成，比量化和主观+量化混合的总和还要多。其次是量化私募，有28家持有香港9号牌 照，占比为26.17%。主观+量化混合私募数量最少，仅10家持有香港9号牌照，占比不足9.35%。 【深圳商报讯】（记者 陈燕青）据私募排排网不完全统计，截至11月25日，全市场存续私募证券管理 人中，已有107家内地私募持有香港9号牌照（香港9号牌照是内地机构进军国际资本市场的关键通行 证）。其中，今年以来新增获批私募机构达10家，反映国内私募全球化布局的积极态势。 从投资模式看，年内新增获批香港9号牌照的私募机构呈现均衡分布特征，主观私募与量化私募各占五 家，平分秋色。管理规模维度则呈现多梯队格局：100亿以上及0-5亿规模机构数量居首，均为3家，前 者包括黑翼资产、平方和投资、致诚卓远，后者为青柏资产、永信国际投资、鑫善投资；50亿-100亿规 模私募机构有2家，分别是优美利投资、前海博普资产；10亿-20亿和20亿-50亿规模私募机构各1家，依 次为龙航资产、弘尚资产。 ...

Core Insights - The increasing number of private equity firms in mainland China obtaining the Hong Kong 9 license reflects a strong demand for global asset allocation capabilities [1][3] - The trend indicates that both large and small private equity firms are actively seeking to expand their business boundaries through the Hong Kong market [1][2] Group 1: Motivations for Obtaining Hong Kong 9 License - Private equity firms aim to diversify investment risks and enhance portfolio resilience by entering overseas markets [1] - The availability of diverse asset classes and financial instruments in global markets provides private equity firms with more opportunities to explore differentiated returns [1] - Growing investor demand for global asset allocation drives private equity firms to enhance cross-border service capabilities [1] - Global expansion is seen as a necessary strategy for private equity firms to overcome local competition and build international brands [1] Group 2: Characteristics of Licensed Firms - Among the 107 licensed private equity firms, 35 have assets under management exceeding 10 billion, while 19 have between 5 billion and 10 billion, indicating a significant presence of large firms in cross-border operations [1][2] - Smaller firms, with assets under management below 500 million, also show active participation, highlighting a diverse range of firms engaging in the Hong Kong market [1] Group 3: Investment Strategies - Subjective strategy private equity firms are more active in global expansion, with 69 out of 107 licensed firms employing this strategy, representing over 60% of the total [2] - In contrast, quantitative strategy firms account for 28, and mixed strategy firms for 10, indicating a preference for subjective strategies among larger firms [2] - Among the 10 newly licensed firms this year, both subjective and quantitative strategy firms are evenly represented, with 5 firms each [2] Group 4: Market Trends - The ongoing opening of China's capital markets is driving more private equity firms to establish a presence in Hong Kong, which serves as a crucial link between mainland and global markets [3] - The trend encompasses a wide range of firms, from large to small, and includes both subjective and quantitative strategy firms, all working towards building an international and diversified asset management system [3]

从年内新增持牌机构的特征来看，其投资模式呈现均衡分布态势，主观私募与量化私募各占5家，平分秋色。从管理规模来 看，100亿元以上及0至5亿元规模的机构数量居首，均为3家，前者包括黑翼资产、平方和投资、致诚卓远，后者为青柏资产、永信 国际投资、鑫善投资；50亿至100亿元规模的私募机构有2家，分别是优美利投资、前海博普资产；10亿至20亿元和20亿至50亿元规 模的私募机构各1家，依次为龙航资产、弘尚资产。 对于大规模私募成为持牌主力的现象，排排网财富研究总监刘有华解释道，跨境布局需承担合规体系搭建、海外团队组建、市 场调研等高额初始成本，唯有管理规模雄厚的头部私募具备资金实力消化前期投入。同时，大型私募长期服务机构投资者与高净值 客群，这类群体的全球化配置需求为其提供了天然客户基础。此外，头部私募在长期运营中积累的合规管理优势与公司治理经验， 使其更易通过香港地区严苛的监管审批。 | | 持有香港９号牌照私募管理人分规模统计 | | | --- | --- | --- | | 公司规模 | 公司数量 | 数量占比 | | 0-5 亿 | 37 | 34. 58% | | 100亿以上 | 35 | 32.71 ...

Core Insights - The private equity industry in China has evolved over the past two decades, transitioning from rapid growth to regulated development, with many firms achieving significant scale and impressive performance across various time frames [2] - As of November 14, 2025, there are 158 established private equity firms over 10 years old, representing 66.38% of top private equity firms and 3.79% of all established firms [2] - The average returns for top private equity firms with at least three products displayed performance over the last year, three years, and five years are 33.8%, 58.77%, and 76.28% respectively [2] Performance Rankings Last Year - In the past year, the top 10 private equity firms had a performance threshold of ***% for inclusion [3] - Among the top 10, subjective private equity firms slightly outnumbered quantitative firms, with 6 subjective and 4 quantitative [3] - Shanghai leads in the number of private equity firms, with 6 firms in the top rankings [3] Last Three Years - The top 10 private equity firms over the last three years also had a performance threshold of ***% [6] - Subjective private equity firms dominated the rankings, with 6 out of the top 10 being subjective [6] - Shanghai firms accounted for a significant portion of the top performers [6] Last Five Years - The top 10 private equity firms over the last five years had a performance threshold of ***% [12] - Subjective private equity firms made up the majority of the top rankings, with 4 subjective, 4 quantitative, and 1 mixed [12] - Both Shanghai and Shenzhen had a strong representation in the top rankings [12] Notable Firms - Ruiyang Investment ranked 5th in the last year, with a focus on industry allocation and stock selection to achieve stable returns [5] - Kaishi Private Equity ranked 2nd in the last three years, emphasizing value investment in Hong Kong stocks [9] - Bopu Technology secured the 2nd position in the last five years, leveraging advanced technology for competitive advantage [14]

Group 1 - The Chinese capital market is increasingly seen as a "ballast" in the global economic landscape, with A-share total market value surpassing 100 trillion yuan in August 2025, indicating a mature market ecosystem [2] - Hong Kong's IPO market leads globally with 78 new listings and over 210 billion HKD raised in the first ten months of 2025, reflecting a strong international capital interest in Chinese assets [2] - The upcoming 19th HED China Summit in Shenzhen on January 15, 2026, will gather over 400 decision-makers from private equity, securities, banking, and trust sectors to explore new opportunities in Chinese assets [2] Group 2 - Since the initiation of the "924 market," the Chinese capital market has seen both valuation and performance improvements, with the Shanghai Composite Index reaching 3,836.77 points, a cumulative increase of over 38% [3] - The technology and advanced manufacturing sectors are identified as core growth engines, with the number of technology companies in the top 50 A-share market increasing from 18 to 24 since the end of the 13th Five-Year Plan [3] - The Hong Kong Hang Seng Technology Index has risen nearly 40% year-to-date, with major companies like Alibaba and Kuaishou experiencing significant rebounds [3] Group 3 - International capital's attitude towards Chinese assets has shifted from cautious observation to proactive investment, with net inflows of foreign mutual funds into the Chinese stock market reaching 50.6 billion USD in the first ten months of 2025, a 344% increase compared to the entire year of 2024 [4] - Actual foreign investment in China amounted to 621.93 billion yuan, with significant growth in high-tech industries and investments from countries like the UAE and the UK increasing by over 13% [4] - The summit will feature insights from various institutional representatives on the underlying logic of "overweighting" Chinese assets and the selection criteria for foreign capital [4] Group 4 - Over 20 leading private equity firms have established branches in Singapore and Hong Kong since 2025, with a 35% year-on-year growth in managed assets [5] - The overseas managed assets of Chinese private equity firms surpassed 80 billion USD in the first three quarters of 2025, expanding investment areas to Southeast Asia, Europe, and the US technology stocks [5] - The summit will include discussions on the opportunities and challenges of private equity firms going global, focusing on market expansion strategies and capturing alpha opportunities [5] Group 5 - The HED China Summit addresses the evolving investment logic in China, shifting the focus from "whether to invest" to "how to efficiently allocate assets" [6] - The summit aims to replace generic discussions with precise dialogues and create a high-end communication platform for resource linkage [6] Group 6 - The summit invites over 400 industry decision-makers to engage in deep dialogues with industry leaders, facilitating resource matching and cooperation for investment strategies in the new year [7]

Core Viewpoint - Quantitative products are systematic investment methods based on mathematical models, algorithms, and computer technology, with the ability to generate excess returns being a key indicator of their effectiveness [2] Group 1: Quantitative Excess Rate - The quantitative excess rate is defined as the frequency or probability of a quantitative strategy outperforming a benchmark index over a certain period, calculated as the number of times it beats the benchmark divided by the total observation periods [2] - A higher quantitative excess rate indicates that the strategy can maintain positive excess returns most of the time, reducing the risk of significant drawdowns or prolonged underperformance [2] Group 2: Performance of Billion-Level Quantitative Private Equity - In 2023, 388 quantitative products from billion-level private equity firms achieved an average return of 34.26%, with an excess return of 10.87% and an average excess rate of 61.33%, significantly leading among various scales of private equity [3] - The average performance metrics for different scales of private equity are as follows: - 100 billion and above: 34.26% return, 10.87% excess, 61.33% excess rate - 50-100 billion: 25.20% return, 8.14% excess, 56.48% excess rate - 20-50 billion: 27.19% return, 10.77% excess, 55.91% excess rate - 10-20 billion: 26.56% return, 8.95% excess, 54.63% excess rate - 5-10 billion: 26.05% return, 8.99% excess, 53.59% excess rate - 0-5 billion: 24.37% return, 10.11% excess, 52.63% excess rate - Total: 27.64% return, 9.90% excess, 55.86% excess rate [3] Group 3: Top Performers in Quantitative Strategies - The top three products with the highest excess rates in the CSI 300 index enhancement category are from Minghuo Investment, Ningbo Huanfang Quantitative, and Kuande Private Equity, with the average excess rate for billion-level private equity in this category being 64.59% [4] - In the CSI 500 index enhancement category, the top three products are from Wanyan Asset, Pansong Asset, and Tianyan Capital, with an average excess rate of 67.28% for billion-level private equity [10] - In the CSI 1000 index enhancement category, the top three products are from Microbo Yi, Mengxi Investment, and Yanfeng Investment, with an average excess rate of 76.17% for billion-level private equity [10] Group 4: Quantitative Stock Selection - The average return for quantitative stock selection products in 2023 is 40.45%, with an excess return of 16.55% and an average excess rate of 58.26%, while billion-level private equity in this category has an average excess rate of 65.97% [13] - The top three products in this category are from Jiukun Investment, Tianyan Capital, and Longqi Technology [13]