2026年春季中国交易洞察报告

SPRING 2026 Learn more Overview Kroll provides independent, conflict-free financial and strategic advisory across complex cross-border transactions, including M&A, fairness opinions,valuations and special committee advisory, helping companies navigate evolving market conditions and succeed in China. Market Index Performance Market Index Performance Major international indices posted positive year-to-date performance through late February 2026. The Shanghai, Hang Seng, Paris CAC40, FTSE 100, Germany DAX and Straits Times Index reached period-highs in early March before plunging due to the situation in the Industry Sector Performance Chinese companies across all sectors have generally observed strong gains at the beginning of 2026, as most sector indices postedpositive performance for the year-to-date period through late January. However, only industrial and healthcare sectors posted the U.S.-Listed Chinese Companies Of the 245 China-based companies listed on major U.S. exchanges as of March 31, 2026, approximately 80% trade on the Nasdaq,18% trade on the NYSE and several companies trade on the AMEX. Approximately 87% of the firms are incorporated in the Cayman U.S. IPO Activity U.S. IPO activity for Chinese companies slowed significantly in the first quarter of 2026 in response to heightenedscrutiny and stricter policies for Chinese companies seeking offshore listings. Through March 2026, only three U.S. IPO Activity From 2023 through March 2026, companies in the financial services sector, including many special-purposeacquisition companies (SPACs), accounted for the most listings and total IPO funds raised. Through March 2026, U.S. IPO Activity Other than SPACs, which accounted for approximately USD 200 million in funds raised, there were no significantU.S. IPOs of Chinese companies in the first quarter of 2026. In 2025, the largest IPO of a Chinese company on aU.S. exchange was the USD 411 million Nasdaq offering of Chagee Holdings Limited, which owns, operates and Hong Kong IPO Activity Hong Kong IPO activity for Chinese companies increased significantly in 2025, with 88 companies completinglistings for approximately USD 15.4 billion in total funds raised for the year. The trend has continued into 2026, with21 Chinese companies completing IPOs in Hong Kong through March for total funds raised of approximately USD Hong Kong IPO Activity The pharmaceuticals, biotechnology and life sciences sector accounted for the most in IPO funds raised from 2023through YTD March 2026, with approximately USD 3.6 billion, followed by the capital goods sector and software Hong Kong IPO Activity The largest Hong Kong IPO of a Chinese company through March 2026 was the listing of AI large model-relatedservice provider Knowledge Atlas Tech Joint Stock Company for approximately USD 558 million. Other notable IPOsthrough March included new listings of GPGPU and AI solutions developer Shanghai Iluvatar CoreX Semiconductor Hong Kong IPO Activity For 2025, the listing of gold mining company Zijin Gold International Company Limited for approximately USD 3.2billion was the largest Hong Kong IPO of a Chinese company for the year. Other notable Hong Kong IPOs in 2025included listings for automobiles and components manufacturer Chery Automobile Co., Ltd. and GPU developer Going-Private Transactions No going-private transactions of U.S.-listed Chinese companies were completed through March 31, 2026. In 2025,seven going-private transactions of U.S.-listed Chinese companies were closed, accounting for approximately USD8.1 billion in total implied equity value and which included notable privatization transactions of EV manufacturer Going-Private Transactions Going-Private Transactions As of March 31, 2026, the aggregate market capitalization of U.S.-listed Chinese companies with pending going-private transactions that have been announced or proposed was approximately USD 589 million. In 2025, threegoing-private transactions of U.S.-listed Chinese companies were announced that have yet to close, the largest Cross-Border Investment China’s nonfinancial outbound direct investment decreased by 8.6% year-on-year to approximately USD 21.0 billionfor the first two months of 2026. Investment into countries along the Belt and Road Initiative accounted forapproximately 27.8% of total investment and were up 5.7% for the period. Foreign direct investment into mainlandChina decreased by 5.7% through the first two months of the year to approximately RMB 161.5 billion. Despite the Notable Cross-Border Transactions – China / Americas In January 2026, Aluminum Corporation of ChinaLimited and Rio Tinto entered into an agreement toacquire Votorantim’s controlling interest stake in In January 2026, China’s Zijin Gold announced theacquisition of Canadian mining company Allied Gold for In November 2025, Chinese automaker Geely investedapproximately USD 721 million for a 26.4% stake in a In January 2026, Chinese metals miner an