2025年亚太私募股权年鉴——中国市场聚焦

Asia PacificPrivate Equity2025 AlmanacChina Edition Deloitte Private EquityA greater return on ideas Contents Executive Summary02Market InsightsThe fundraising in 2024 China PE/VC Market04The Investment in 2024 China PE/VC market08The Exit in 2024 China PE/VC market10Appendix14Our Approach18Deloitte China Private Equity team18 Executive SummaryCapital Reconfiguration: Transformationin China’s 2024 Private Equity Landscape China’s private equity (PE) industry faces tough challenges –valuation adjustments, geopolitical tremors, and anaemic IPOexits – but the private equity industry players have shown greatresilience, adapting with to the new landscape with practicaland pragmatic responses. Investors that once chased explosivegrowth are now pivoting to policy-aligned bets: hard-coretechnology breakthroughs and advanced manufacturing.Chinese investors are trying to exhibit a dialectical equilibriumbetween risk aversion and strategic assertiveness in theirdecision-making. State-owned capital shapes a new private equity erain China In 2024, the China private equity market continued toconfront a challenging fundraising environment. Factorssuch as geopolitical tensions, decelerated economicgrowth, and increasingly stringent regulatory measures,meant that investor confidence had been significantlyeroded, leading to a marked decline in both the numberand scale of newly established funds. RMB-denominatedinvestors, especially state-owned capitals andgovernment-guided funds, emerged as the predominantsource of capital, mitigating the impact of reduced foreigninvestment. Limited Partner (LP) commitments have turned selective,yet strategic capital flows have surged into sectors deemed“national imperatives”. General Partners (GPs) are recalibratingtheir playbooks by embracing joint ventures with state-ownedcapitals1, co-investing with global sovereign wealth funds, andmastering the art of cross-border secondary exits. However,pain points still linger: regulatory whiplash, talent gaps inpost-deal management and value creation, and the haunting“overhang” of unrealized vintage funds are ongoing concerns. Adapt or disrupt: rewiring capital flows in afractured world Despite the overall downward trend in the localmarket, certain high-tech sectors, especially those inthe early and growth stages, such as semiconductorsand advanced manufacturing – areas supported bygovernment policy – have maintained relatively activeRMB financing. Furthermore, propelled by factors suchas market saturation and heightened competition withinthe domestic market, as well as the global reconfigurationof the industrial chain, market-oriented professionalinvestment institutions that previously dominated theprivate equity market have begun to explore strategictransformation opportunities. This includes regionaland global expansion strategies aimed at mitigatinginvestment risks through diversified global assetallocation. But beneath the surface, a quiet metamorphosis is unfolding.The survivors of the boom-bust cycles are now leaner, moreagile, and laser-focused on operational alpha. Their guidingprinciple today is “Build value, not multiples.” In 2024, China’sprivate equity market did not just simply weathering chaos – itrewrote the rules. IPOs freeze, while policy tailwinds may reshape anew paradigm for exit Both in terms of investment sectors andexit strategies, the Chinese private equitymarket underwent undergoing adjustmentand transformation in 2024, and in doingso entered a new market cycle. The IPO market continues to struggle, with a substantialdecrease in the number of listed companies in theChina A-share market, reflecting the ongoing tighteningof traditional exit channels. In response, the market’sdemand for alternative exit channels, such as M&A, hasbeen steadily increasing. In 2024, the Chinese governmentimplemented a comprehensive set of supportivepolicies aimed at facilitating cross-industry M&A and thiscontinues to encourage the establishment of M&A funds.Consequently, the M&A market is expected to experiencea new wave of structural opportunities. Value reengineering: metabolic renewal in theeconomic organism The number of potential M&A targets in China market isgrowing, fuelled by multi-dimensional catalysts, signallinga structural shift in industrial ecosystems and capitalallocation logic. First, regulatory thaw is unlocking dealflow: in 2024, both national and local governmentsintroduced policies that encourage vertical consolidationand cross-sector convergence. Second, industrialDarwinism is reshaping the target pool. Traditionalindustries are focusing on capacity optimization andconcentration improvements; strategic emergingindustries are prioritizing technological positioningand ecosystem integration; and the consumer serviceindustry is emphasizing channel expansion and digitaltransformation. As part of the transition from old to newgrowth drivers, the deal pipeline is gradually forming andexpanding. Third, capital exit