A-shares: IPO pace has noticeably compressed over the past two years. Annual listed company count is around 100. Main board/STAR board/ChiNext are all tight overall. Green channel opportunities like Unitree for STAR board are basically off the table, directly extending exit cycles.
Hong Kong stocks: A+H valuation inversion/discount. Reuters mentioned last year that dual-listed companies have long-term valuation discounts on Hong Kong stocks relative to A-shares. ODI has also tightened, which means even if enterprises can pursue A+H listing, Hong Kong stocks may not deliver ideal exit prices. So many think "it's not that we can't list, it's that listing doesn't necessarily guarantee good exits."
US listing approval is extremely slow. Companies involved in algorithms and data security basically have no chance.
The entire ecosystem is being squeezed.
New funds harder to raise. Old projects harder to exit. Mid-stage rounds harder to fund. Pre-IPO valuation system overall being marked down.
This isn't a problem of financing difficulty or ease. This is about the exit route itself becoming impassable.
Global primary market difficulty level: hellish.
A-shares: IPO pace has noticeably compressed over the past two years. Annual listed company count is around 100. Main board/STAR board/ChiNext are all tight overall. Green channel opportunities like Unitree for STAR board are basically off the table, directly extending exit cycles.
Hong Kong stocks: A+H valuation inversion/discount. Reuters mentioned last year that dual-listed companies have long-term valuation discounts on Hong Kong stocks relative to A-shares. ODI has also tightened, which means even if enterprises can pursue A+H listing, Hong Kong stocks may not deliver ideal exit prices. So many think "it's not that we can't list, it's that listing doesn't necessarily guarantee good exits."
US listing approval is extremely slow. Companies involved in algorithms and data security basically have no chance.
The entire ecosystem is being squeezed.
New funds harder to raise. Old projects harder to exit. Mid-stage rounds harder to fund. Pre-IPO valuation system overall being marked down.
This isn't a problem of financing difficulty or ease. This is about the exit route itself becoming impassable.