德勤：2025年亚太私募股权年鉴-中国市场聚焦（英文版）

The lPO market continues to struggle, with a substantialdecrease in the number of listed companies in theChina A-share market, reflecting the ongoing tighteningoftraditional exit channels. In response, the market'sdemand for alternative exit channels, such as M&A, hasbeen steadilyincreasing.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.C