Core Viewpoint - The internationalization of Chinese private equity funds is accelerating, driven by the increasing demand for global asset allocation and the deepening interconnectivity of capital markets. Hong Kong is emerging as the preferred gateway for mainland private equity to "go abroad" due to its mature legal environment and flexible regulatory framework [3]. Group 1: Internationalization Drivers - The core drivers for domestic private equity's accelerated internationalization include: 1. Geographic diversification to reduce reliance on a single economy and enhance portfolio resilience [3]. 2. Access to a diverse range of asset classes and financial instruments in global markets, supporting multi-strategy investment opportunities [3]. 3. Growing demand from investors for global asset allocation, prompting private equity to enhance cross-border service capabilities [3]. 4. The need to break through local competition and enhance international brand influence, which is crucial for transitioning to a global asset management institution [3]. Group 2: Licensing and Market Data - As of December 31, 2025, there are 133 private equity firms holding the Hong Kong Type 9 License, with 39 firms managing over 10 billion yuan [4]. - Among these, 83 firms are subjective private equity, while 36 are quantitative, with 83.33% of the leading quantitative firms managing over 5 billion yuan [4]. - The distribution of licensed private equity firms by city shows Shanghai as the leading hub with 46 firms, followed by Shenzhen and Beijing with 30 and 21 firms respectively [5]. Group 3: Performance and Rankings - In the category of private equity firms managing over 10 billion yuan, 25 firms have at least three products with performance data, achieving an average return of ***% in 2025 [9]. - The top 10 private equity firms in this category have a performance threshold of ***% for inclusion [9]. - For firms managing under 10 billion yuan, 24 firms have performance data, with an average return of ***% in 2025, and the top 10 threshold also set at ***% [14]. Group 4: Top Products and Strategies - The top 10 "go abroad" products include those with keywords like "global," "overseas," and "Hong Kong Stock Connect," with 34 products showing performance data in 2025 [18]. - The leading products are primarily subjective long strategies, with 7 out of 10, while macro strategies and stock long-short strategies account for 2 and 1 respectively [18]. - The top three products by return are managed by 易则投资, 三和创赢, and 蓝宝石基金, with returns of ***% [19].

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。 ...