全球化研究报告-PDF版

德安华（Kroll）：2025年秋季美国及香港上市中概企业交易洞悉报告（英文版）（24页）.pdf

InsightsFALL 2025Learn more2OverviewFollowing GDP growth of 5.0%in 2024,Chinas economy further expanded by 5.3%in the first half of 2025.The economy also recorded increases in fixed asset investment(2.8%),value-added industrial output(6.4%)and foreign trade(2.9%)for the first six months of 2025.1The year 2024 and the first eight months of 2025 saw a continued modest recovery in the pace of U.S.IPO activity for Chinese companies after the significant drop-off in listings in 2022.2 However,total funds raised remains well below levels seen several years ago,as market conditions and regulatory concerns have contributed to a challenging environment for offshore listings of Chinese companies in the U.S.Two going-private transactions of U.S.-listed Chinese companies were completed in 2024,and four going-private transactions of U.S.-listed Chinese companies were closed through August 2025.U.S.-listed Chinese companies with pending going-private proposals represented about USD 8.1 billion in total market capitalization as of August 31,2025.21 China National Bureau of Statistics and General Administration of Customs of China;2 SEC filings,company press releases and S&P Global Market Intelligence as of August 31,20253Market Index PerformanceThe U.S.and China market indices posted positive year-to-date performance through August 2025.Both U.S.and China indices witnessed turbulence through early April before plunging due to U.S.trade policy announcements.Tariff negotiations led to correction,and indices observed strong recovery amid reduced uncertainty in the international trade environment and improved investor confidence.Year-to-Date(YTD)U.S.and China Market Index PerformanceSource:S&P Global Market Intelligence as of August 31,2025-20.0%-10.0%0.0.0 .00.0.0/31/241/31/252/28/253/31/254/30/255/31/256/30/257/31/25Shanghai Comp.Hang SengShenzhenS&P 500Dow JonesNasdaq12/31/248/31/25 15.1%Shanghai 25.0%Hang Seng 21.9%Shenzhen 9.8%S&P 500 7.1%Dow Jones 11.1%Nasdaq12/31/243/19/25 2.2%Shanghai 23.5%Hang Seng 5.4%Shenzhen 3.5%S&P 500 1.4%Dow Jones 8.1%Nasdaq12/31/244/7/25 7.6%Shanghai 1.2%Hang Seng 10.1%Shenzhen 13.9%S&P 500 10.8%Dow Jones 19.2%Nasdaq-30.0%-20.0%-10.0%0.0.0 .00.0.0/31/241/31/252/28/253/31/254/30/255/31/256/30/257/31/25Shanghai Comp.Hang SengNikkei 225Paris CAC 40FTSE 100Germany DAXStraits Times4Market Index PerformanceMajor international indices posted positive year-to-date performance through August 2025.The Shanghai,Hang Seng,Paris CAC 40,FTSE 100,Germany DAX and Straits Times Index reached period-highs in late March before plunging due to uncertainty in the global trade environment.Most major indices observed strong recovery thereafter.YTD International Index PerformanceSource:S&P Global Market Intelligence as of August 31,202512/31/248/31/25 15.1%Shanghai 25.0%Hang Seng 7.1%Nikkei 225 4.4%Paris CAC 40 12.4%FTSE 100 20.1%Germany DAX 12.7%Straits Times12/31/243/19/25 2.2%Shanghai 23.5%Hang Seng 5.4%Nikkei 225 10.7%Paris CAC 40 6.5%FTSE 100 17.0%Germany DAX 3.2%Straits Times12/31/244/7/25 7.6%Shanghai 1.2%Hang Seng 22.0%Nikkei 225 6.1%Paris CAC 40 5.8%FTSE 100 0.6%Germany DAX 6.5%Straits Times-30%-100Pp/31/241/31/252/28/253/31/254/30/255/31/256/30/257/31/25MSCI China IndustrialsMSCI China FinancialsMSCI China Information TechnologyMSCI China HealthcareMSCI China MaterialsMSCI China Consumer DiscretionaryMSCI China Consumer StaplesMSCI China Real Estate5Industry Sector PerformanceChinese companies across all sectors have generally observed strong recovery since early April 2025,as all sector indices posted positive performance for the year-to-date period through August.Health care,materials,technology and financial sectors posted the largest gains for the year-to-date period.China Industry Sectors:Stock Price PerformanceNote:Industry sector data reflects MSCI China industry sector indices;Source:Bloomberg,MSCI index data and S&P Global Market Intelligence as of August 31,202512/31/248/31/25 10.5%Industrials 11.9%Real Estate 15.5%Staples 16.1%Discretionary 20.5%Financials 43.7%Technology 61.1%Materials 70.2%Healthcare12/31/244/7/25 13.3%Industrials 6.0%Technology 4.9%Financials 1.4%Materials 0.9%Staples 0.6%Real Estate 0.7%Healthcare 1.8%Discretionary12/31/242/26/25 0.2%Industrials 3.2%Staples 5.8%Financials 5.8%Materials 15.5%Healthcare 17.9%Real Estate 28.9%Discretionary 39.1%Technology6U.S.-Listed Chinese CompaniesOf the 252 China-based companies listed on major U.S.exchanges as of August 31,2025,approximately 79%trade on the Nasdaq,19%trade on the NYSE and several companies trade on the AMEX.Approximately 87%of the firms are incorporated in the Cayman Islands,with other companies primarily incorporated in the British Virgin Islands and the U.S.Summary of U.S.-Listed Chinese CompaniesSource:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025Industry SectorNumber of Total Market CapExchangeNumber of Total Market CapCompanies(USD mn)Companies(USD mn)Media and Entertainment35$181,608Nasdaq199$505,825Consumer Services32 102,904NYSE49 504,645 Consumer Discretionary Distribution and Retail21 535,583AMEX4 17 Software and Services21 21,421Total252$1,010,488Financial Services18 13,227Automobiles and Components15 74,283Capital Goods15 2,593Commercial and Professional Services14 11,234Materials12 224Pharmaceuticals,Biotechnology and Life Sciences10 5,947Transportation9 28,660Insurance8 2,048Health Care Equipment and Services7 1,219Technology Hardware and Equipment7 225Food,Beverage and Tobacco5 3,119IncorporationNumber of Total Market CapConsumer Durables and Apparel5 666Companies(USD mn)Consumer Staples Distribution and Retail5 511Cayman Islands218$992,806Semiconductors and Semiconductor Equipment4 3,125British Virgin Islands20 935Real Estate Management and Development3 20,786Nevada10 159Household and Personal Products3 943Delaware2 16,374Energy3 160Other2 213Total252$1,010,488Total252$1,010,4887U.S.-Listed Chinese CompaniesTop 20 U.S.-Listed Chinese Companies:Stock Price PerformanceSource:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025Top 20 Companies by Market CapitalizationTickerIndustry Stock Price as of 8/31/2025Total Market Cap(USD mn)Performance Since 12/31/2024Alibaba Group Holding LimitedNYSE:BABABroadline Retail$135.00$301,377 59.2%PDD Holdings Inc.NasdaqGS:PDDBroadline Retail120.22170,670 24.0%NetEase,Inc.NasdaqGS:NTESEntertainment136.1986,321 52.7%T Group LimitedNasdaqGS:TCOMHotels,Restaurants and Leisure73.7548,203 7.4%JD.com,Inc.NasdaqGS:JDBroadline Retail31.0744,057 10.4%Tencent Music Entertainment GroupNYSE:TMEEntertainment24.5238,797 116.0idu,Inc.NasdaqGS:BIDUInteractive Media and Services95.3032,761 13.0%Li Auto Inc.NasdaqGS:LIAutomobiles23.3523,568 2.7%KE Holdings Inc.NYSE:BEKEReal Estate Management and Development17.5820,775 4.6%XPeng Inc.NYSE:XPEVAutomobiles21.0220,013 77.8%Yum China Holdings,Inc.NYSE:YUMCHotels,Restaurants and Leisure44.7216,373 7.2%ZTO Express(Cayman)Inc.NYSE:ZTOAir Freight and Logistics18.2014,529 6.9%NIO Inc.NYSE:NIOAutomobiles6.3814,307 46.3%Full Truck Alliance Co.Ltd.NYSE:YMMGround Transportation13.0513,649 20.6%H World Group LimitedNasdaqGS:HTHTHotels,Restaurants and Leisure36.8511,311 11.6%Kanzhun LimitedNasdaqGS:BZProfessional Services23.6210,879 71.2%Bilibili Inc.NasdaqGS:BILIInteractive Media and Services23.269,518 28.4%Vipshop Holdings LimitedNYSE:VIPSBroadline Retail16.748,255 24.3%New Oriental Education&Technology Group Inc.NYSE:EDUDiversified Consumer Services47.987,846 25.2%MINISO Group Holding LimitedNYSE:MNSOBroadline Retail24.857,592 4.0%IndicesShanghai Stock Exchange Composite Index3,857.93 15.1%Shenzhen Stock Exchange Component Index12,696.15 21.9%Hang Seng Index25,077.62 25.0%S&P 5006,460.26 9.8%NASDAQ Composite Index21,455.55 11.1%Dow Jones Industrial Average45,544.88 7.1%8U.S.-Listed Chinese CompaniesTop 20 U.S.-Listed Chinese Companies:Valuation MultiplesEBITDA=Earnings before interest,taxes,depreciation and amortization;Source:SEC filings,Bloomberg,company press releases and S&P Global Market Intelligence as of August 31,2025Enterprise Value/EBITDA Price/EarningsTop 20 Companies by Market CapitalizationAs of 8/31/2025Change from 12/31/2024As of 8/31/2025Change from 12/31/2024Alibaba Group Holding Limited11.2x 3.8x15.7x 1.5xPDD Holdings Inc.9.2x 3.0 x13.0 x 3.8xNetEase,Inc.13.3x 3.8x0.0 x 0.0 xT Group Limited19.3x 0.2x20.4x 0.2xJD.com,Inc.5.3x 1.7x8.7x 2.1xTencent Music Entertainment Group21.9x 8.1x26.8x 5.9xBaidu,Inc.6.8x 2.2x8.8x 1.4xLi Auto Inc.6.8x 2.5x22.0 x 4.4xKE Holdings Inc.28.4x 4.6x38.2x 1.6xXPeng Inc.NMNMNMNMYum China Holdings,Inc.9.9x 1.7x18.5x 2.9xZTO Express(Cayman)Inc.6.7x 0.7x16.1x 3.0 xNIO Inc.NMNMNMNMFull Truck Alliance Co.Ltd.20.3x 10.1x23.7x 3.4xH World Group Limited15.7x 0.1x22.1x 2.3xKanzhun Limited26.6x 6.2x35.5x 5.5xBilibili Inc.21.1xNMNMNMVipshop Holdings Limited4.3x 1.4x9.0 x 2.7xNew Oriental Education&Technology Group Inc.7.3x 5.0 x20.9x 7.1xMINISO Group Holding Limited16.1x 1.3x23.5x 4.1xIndicesShanghai Stock Exchange Composite Index15.4x 1.7x18.8x 2.6xShenzhen Stock Exchange Component Index15.4x 0.8x30.2x 4.8xHang Seng Index9.4x 0.9x12.1x 2.2xS&P 50016.4x 0.3x26.8x 0.3xNASDAQ Composite Index22.3x 0.3x46.4x 5.8xDow Jones Industrial Average12.8x 1.3x25.2x 2.0 x9U.S.IPO ActivityU.S.IPO activity for Chinese companies has continued its recovery in 2025 amid improving market sentiment,as 56 companies completed new listings through August 2025 for approximately USD 1.3 billion in aggregate funds raised.U.S.listings for Chinese companies rebounded in the years following 2022,which saw a significant slowdown due to heightened scrutiny and stricter policies;however,activity remains well below historical levels in terms of funds raised.Source:SEC filings,Bloomberg,company press releases and S&P Global Market Intelligence as of August 31,2025Number of IPOsAmount of IPO Funds Raised(USD bn)72237344153143058560102030405060201620172018201920202021202220232024YTDAug.20251.93.58.73.713.215.10.40.71.51.3$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.0201620172018201920202021202220232024YTDAug.202521.8U.S.IPO Activity10From 2022 through August 2025,companies in the financial services sector,including many special-purpose acquisition companies(SPACs),accounted for the most listings and total IPO funds raised.Through August 2025,the financial services and consumer services sectors accounted for the most in total funds raised,with about USD 496 million and USD 440 million,respectively.Source:SEC filings,Bloomberg,company press releases and S&P Global Market Intelligence as of August 31,2025IPOs by Industry(2022YTD August 2025)Financial ServicesCapital GoodsCommercial and Professional ServicesMedia and EntertainmentConsumer ServicesSoftware and ServicesTransportationConsumer Discretionary Distribution and RetailAutomobiles and ComponentsTechnology Hardware and EquipmentConsumer Durables and ApparelMaterialsHealth Care Equipment and ServicesFood,Beverage and TobaccoInsuranceSemiconductors and Semiconductor EquipmentPharmaceuticals,Biotechnology and Life SciencesEnergyConsumer Staples Distribution and RetailReal Estate Management and Development1122223445551111131415161923202220232024YTD 2025$9$14$11$26$28$36$48$25$30$32$32$761$126$138$568$607$129$124$256$958202220232024YTD 2025Gross Proceeds(USD mn)Number of IPOsU.S.IPO Activity11With its USD 411 million Nasdaq offering in April,Chagee Holdings Limited,which owns,operates and franchises teahouses internationally,completed the largest IPO of a Chinese company on a U.S.exchange through the first eight months of 2025.Other notable IPOs through August include new listings of online insurance distributor Yuanbao Inc.and agricultural B2B platform service provider Yimutian Inc.for approximately USD 30 million and USD 21 million,respectively.Note:All trademarks,trade names or logos referenced herein are the property of their respective owners;Source:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025Top Five U.S.IPOs of Chinese Companies in YTD August 2025 by Funds RaisedPricing DateCompany NameIncorporationIndustry SectorBusiness DescriptionGross Proceeds(USD mn)Indicated Price Range(USD)Offer Price(USD)As of 8/31/2025Stock Price(USD)Market Capitalization(USD mn)Increase/Decrease from IPO Price8/18/2025Yimutian Inc.(NasdaqGM:YMT)Cayman IslandsMedia and EntertainmentAgricultural B2B platform service provider$21$4.10$5.00$4.10$2.36$27042.4%6/16/2025Jyong Biotech Ltd.(NasdaqGM:MENS)Cayman IslandsPharmaceuticalsBiotechnology and Life SciencesPlant-based drug developer$20$7.50$8.50$7.50$54.81$4,069630.8%4/29/2025Yuanbao Inc.(NasdaqGM:YB)Cayman IslandsInsuranceOnline insurance distributor$30$13.00$15.00$15.00$23.41$1,07956.1%4/16/2025Chagee Holdings Limited(NasdaqGS:CHA)Cayman IslandsConsumer ServicesTeahouse operator and franchiser$411$26.00$28.00$28.00$19.11$3,55031.8%3/31/2025Waton Financial Limited(NasdaqCM:WTF)British Virgin IslandsFinancial ServicesSecurities brokerage and financial technology services provider$18$4.00$6.00$4.00$4.87$23521.8%Hong Kong IPO Activity12Hong Kong IPO activity for Chinese companies remained relatively stable from 2022 to 2024,with lower total proceeds raised from offerings compared to previous years.The trend has continued into 2025,with 38 Chinese companies completing IPOs in Hong Kong through August for approximately USD 3.8 billion total funds raised.Rising interest rates and inflation in the past years have made for challenging IPO conditions,while mainland China markets like the Shanghai Stock Exchange,STAR Market and ChiNext Market continue to draw a larger share of new listings for Chinese companies.Source:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025Number of IPOsAmount of IPO Funds Raised(USD bn)404879909276586258380102030405060708090100201620172018201920202021202220232024YTDAug.202515.79.129.414.428.225.17.25.75.03.811.2$0.0$5.0$10.0$15.0$20.0$25.0$30.0$35.0201620172018201920202021202220232024YTDAug.2025AlibabaSecondaryListingHong Kong IPO Activity13The consumer services sector accounted for the most in IPO funds raised from January to August 2025 with approximately USD 867 million,followed by the pharmaceuticals,biotechnology and life sciences sector and the capital goods sector with about USD 748 million and USD 655 million gross funds raised,respectively.Source:SEC filings,Bloomberg,company press releases and S&P Global Market Intelligence as of August 31,2025IPOs by Industry(2022YTD August 2025)Gross Proceeds(USD mn)Number of IPOsPharmaceuticals,Biotechnology and Life SciencesHealth Care Equipment and ServicesCapital GoodsSoftware and ServicesMedia and EntertainmentFood,Beverage and TobaccoConsumer ServicesTransportationMaterialsConsumer Staples Distribution and RetailAutomobiles and ComponentsReal Estate Management and DevelopmentConsumer Durables and ApparelCommercial and Professional ServicesHousehold and Personal ProductsConsumer Discretionary Distribution and RetailTechnology Hardware and EquipmentInsuranceSemiconductors and Semiconductor EquipmentFinancial ServicesUtilitiesBanksTelecommunication Services1123334456677891111111522232529202220232024YTD 2025$53$236$59$357$366$918$235$265$532$256$556$967$2,426$373$683$1,447$1,568$1,890$537$1,895$2,266$1,443$2,515202220232024YTD 2025Hong Kong IPO Activity14The largest Hong Kong IPO of a Chinese company through August 2025 was the listing of tea and ice cream franchisor MIXUE Group for approximately USD 444 million.Other notable IPOs through August include new listings of robotics technology solutions provider Geekplus Technology and ride hailing platform operator CaoCao Inc.for approximately USD 345 million and USD 236 million,respectively.Note:All trademarks,trade names or logos referenced herein are the property of their respective owners;Source:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025Top Five Hong Kong IPOs of Chinese Companies in YTD August 2025 by Funds RaisedPricing DateCompany NameIncorporationIndustry SectorBusiness DescriptionGross Proceeds(USD mn)Indicated Price Range(USD)Offer Price(USD)As of 8/31/2025Stock Price(USD)Market Capitalization(USD mn)Increase/Decrease from IPO Price7/8/2025Beijing Geekplus Technology Co.,Ltd.(SEHK:2590)ChinaCapital GoodsOffers artificial intelligence and robotics technology solutions for logistics$345NAHKD16.80HKD21.86$3,75030.1%6/24/2025CaoCao Inc.(SEHK:2643)Cayman IslandsTransportationRide hailing platform operator$236NAHKD41.94HKD80.10$5,59791.0%2/28/2025MIXUE Group(SEHK:2097)ChinaConsumer ServicesGlobal tea and ice cream franchisor$444NAHKD202.50HKD431.80$21,029113.2%2/10/2025Guming Holdings Limited(SEHK:1364)Cayman IslandsConsumer ServicesFranchised tea beverage operator$233HKD8.68HKD9.94HKD9.94HKD22.64$6,907127.8%1/10/2025Yibin City Commercial Bank Co.,Ltd(SEHK:2596)ChinaBanksBanking and financial products provider$236HKD2.59HKD2.72HKD2.59HKD2.61$1,5360.8%Regulatory Update:China151.The Peoples Bank of China(PBOC)On May 7,2025,during the press conference held by the State Council Information Office,the Peoples Bank of China(PBOC),the National Financial Regulatory Administration(NFRA)and China Securities Regulatory Commission(CSRC),PBOC announced the following major financial policy package to stabilize the market and expectations:PBOC would lower the reserve requirement ratio(RRR)by 0.5 percentage points,which is expected to provide about 1 trillion yuan in long-term liquidity to the market.The overall average level of the RRR of financial institutions would drop from 6.6%to 6.2ter this adjustment.PBOC would improve the reserve requirement system by temporarily lowering the RRR for auto finance and financial leasing companies from the current 5%to 0%.PBOC would lower the policy rate by 0.1 percentage points,specifically reducing the seven-day reverse repo rate in the open market from the current 1.5%to 1.4%.This adjustment is expected to lead to a corresponding decrease of approximately 0.1 percentage points in the loan prime rate.PBOC would reduce the interest rates of structural monetary policy tools by 0.25 percentage points.This includes various special structural tools and relending rates for supporting agriculture and small businesses,all decreasing from the current 1.75%to 1.5%.These rates represent the cost at which the central bank provides relending funds to commercial banks.The interest rates on pledged supplementary lending would be reduced from the current 2.25%to 2%.PBOC would increase the relending quota for technological innovation and transformation by 300 billion yuan,raising the total from 500 billion yuan to 800 billion yuan.The increase in this relending tool is intended to continue to support the two new policies,which refer to large-scale renewal of equipment and the trading-in of consumer goods.PBOC would establish a 500 billion yuan relending facility dedicated to service consumption and elderly care.This measure aims to encourage commercial banks to increase credit support for these sectors.PBOC would increase the relending quota for agricultural and small businesses by 300 billion yuan,a measure intended to help banks expand lending to agricultural enterprises,small and micro businesses and private enterprises.Regulatory Update:China162.China Securities and Regulatory Commission(CSRC)On May 7,2025,during the press conference held by the State Council Information Office,the Peoples Bank of China(PBOC),the National Financial Regulatory Administration(NFRA)and China Securities Regulatory Commission(CSRC),CSRC emphasized its focus on several key initiatives:CSRC would soon introduce policies and measures to deepen reforms of the Science and Technology Innovation Board(STAR Market)and ChiNext board.CSRC would soon release the newly revised Administration Measures for Significant Asset Restructuring of Listed Companies,along with related regulatory guidelines.The updates are intended to enhance the capital markets role as the primary channel for mergers,acquisitions and corporate restructuring.CSRC would actively support the issuance of science and technology innovation bonds by expanding the scope of eligible issuers of such bonds,optimizing the issuance and registration process and enhancing credit support mechanisms.The initiative is aimed at providing science and technology enterprises with more comprehensive financial services throughout their development.CSRC would work to attract more medium-and long-term funds into the capital markets,with a focus on guiding listed companies to improve governance,enhance performance and increase investor returns.Regulatory Update:Hong Kong171.Hong Kong Stock Exchange(HKEX)/Securities and Futures Commission(SFC)On March 10,2025,The Stock Exchange of Hong Kong Limited(the Exchange),a wholly-owned subsidiary of HKEX,announced that it added the Stock Exchange of Thailand(SET)as a recognized stock exchange(RSE).This would enable public limited companies with a primary listing on SETs main market to apply for a secondary listing in Hong Kong.The addition increases the number of RSEs in Southeast Asia,which currently includes the Indonesian Stock Exchange and the Singapore Exchange.On May 6,2025,the SFC and the Exchange jointly announced the launch of a dedicated technology enterprises channel to further facilitate new listing applications from prospective specialist technology and biotech companies,as well as a new confidential filing option for these companies.On August 1,2025,the Exchange published conclusions to its consultation paper on proposals to optimize IPO price discovery and open market requirements and launched a further consultation on ongoing public float proposals.Most IPO price discovery and open market reform proposals will be adopted with some modifications and clarifications.New Listing Rule requirements became effective on August 4,2025.The Exchange seeks market feedback on ongoing public float requirements over a two-month period.2.Hong Kong Monetary Authority(HKMA)On April 8,2025,the HKMA,together with the banking sector,introduced sector-specific support measures to further assist small and medium-sized enterprises(SMEs)in obtaining bank financing and in their upgrade and transformation.The banking sector reaffirmed its commitment to actively implement the“9 5”SME support measures previously launched and to continue offering credit relief measures,including flexible repayment arrangements and deferments,to assist corporations in managing liquidity needs.Going-Private Transactions18Four going-private transactions of U.S.-listed Chinese companies were completed through August 31,2025,with a total implied equity value of approximately USD 0.9 billion.In 2024,two going-private transactions of U.S.-listed Chinese companies were closed,accounting for approximately USD 1.8 billion in total implied equity value.Source:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025Summary of Closed Transactions4.98.09.37.426.57.30.42.416.46.86.75.01.80.912141862261381063240510152025302012201320142015201620172018201920202021202220232024YTDAug.2025051015202530NUMBER OF TRANSACTIONSVALUE(USD BN)Implied Equity Value(USD bn)Total Number of Transactions19Note:All trademarks,trade names or logos referenced herein are the property of their respective owners;Source:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025YTD August 2025 Closed TransactionClosedDateAnnounced DateCompany NameIncorporationIndustry SectorBusiness DescriptionImplied Equity Value(USD mn)6/16/20251/25/2025Dada Nexus LimitedCayman IslandsConsumer Staples Distribution and RetailOperates a platform of local on-demand retail and delivery in China$543 3/12/202511/29/2024iClick Interactive Asia Group LimitedCayman IslandsMedia and EntertainmentProvides online marketing services in Mainland China,Hong Kong and internationally$3153/10/202511/22/2024First High-School Education Group Co.,Ltd.Cayman IslandsConsumer ServicesProvides private fundamental education and complementary education services$4 3/7/202511/3/2023BEST Inc.Cayman IslandsTransportationOperates as a smart supply chain service provider in China and Indonesia$55 Going-Private Transactions20Going-Private TransactionsAs of August 31,2025,the aggregate market capitalization of U.S.-listed Chinese companies with pending going-private transactions that have been announced or proposed was approximately USD 8.1 billion.Through August 2025,five going-private transactions of U.S.-listed Chinese companies were announced that have yet to close,the largest being the proposed privatization of electric vehicle manufacturer ZEEKR Intelligent Technology Holding Limited.1 Market capitalization as of August 31,2025Note:All trademarks,trade names or logos referenced herein are the property of their respective owners;Source:SEC filings,company press releases and S&P Global Market Intelligence as of August 31,2025YTD August 2025 Announced TransactionsAnnounced DateStatusCompany NameIncorporationIndustry SectorBusiness DescriptionMarket Capitalization(USD mn)18/18/2025Announced/PendingLakeShore Biopharma Co.,Ltd(NasdaqCM:LSB)Cayman IslandsPharmaceuticals,Biotechnology and Life SciencesDevelops,manufactures,commercializes and sells vaccines and therapeutic biologics for infectious diseases and cancer$335/26/2025Announced/PendingBright Scholar Education Holdings Limited(NYSE:BEDU)Cayman IslandsConsumer ServicesOperates K-12 schools and provides complementary education services in China,the United Kingdom,Hong Kong,the United States and Canada$525/7/2025Announced/PendingZEEKR Intelligent Technology Holding Limited(NYSE:ZK)Cayman IslandsAutomobiles and ComponentsEngages in the research and development,production,commercialization,and sale of electric vehicles and batteries$7,5393/17/2025Announced/PendingEmeren Group Ltd(NYSE:SOL)British Virgin IslandsCapital GoodsDevelops,builds and sells solar power projects$931/5/2025Announced/PendingSmart Share Global Limited(NasdaqCM:EM)Cayman IslandsConsumer Discretionary Distribution and RetailProvides mobile device charging services through online and offline network in China$335 21Cross-Border InvestmentChinas nonfinancial outbound direct investment increased 1.2%year-on-year to approximately USD 84.5 billion in the first seven months of 2025.Investment into countries along the Belt and Road Initiative accounted for approximately 26.5%of total investment and were up 23.5%for the period.Foreign direct investment into mainland China decreased by 13.4%through the first seven months of the year to approximately RMB 467.3 billion.Despite the overall decline,foreign direct investment inflows into high-tech manufacturing reached approximately RMB 137.4 billion.The decline in foreign direct investment comes after a substantial falloff in 2024 amid a combination of geopolitical risk,policy uncertainty and domestic economic challenges.Source:China State Council,China Ministry of Commerce,Bloomberg and China DailyChinese Nonfinancial Outbound Direct InvestmentForeign Direct Investment in China 44%-29% 0%-8%0% 3% 3% 11% 11% 18170120121111110114117130144852015 2016 2017 2018 2019 2020 2021 2022 2023 2024YTDJul.20250306090120150180VALUE(USD BN) 4% 8% 1% 6% 6% 15% 7%-8%-27%-13x18138788869421,0001,1501,2301,1308264672015201620172018201920202021202220232024YTDJul.202502004006008001,0001,2001,400VALUE(RMB BN)22Note:All trademarks,trade names or logos referenced herein are the property of their respective owners;Source:SEC filings,company press releases,Bloomberg,S&P Global Market Intelligence and various news sources(e.g.,Bloomberg News,Reuters,The Wall Street Journal)Notable Cross-Border TransactionsIn May 2025,China-based chemicals firm Zhejiang Longsheng announced the acquisition of the remaining 37.6%of Singapore-based dye producer DyStar Global for approximately USD 697 million.In July 2025,Chinese e-commerce group JD.com announced a public takeover bid for German electronics retailer Ceconomy for approximately USD 2.5 billion.In June 2025,Chinese automaker Geely agreed to invest approximately USD 721 million for a 26.4%stake in a Brazilian joint venture with its French partner Renault Group.In April 2025,Chinas CMOC Group entered into an agreement to acquire Lumina Gold Corp.,a Canadian listed metals exploration company,for approximately USD 421 million.In March 2025,Tencent agreed to invest approximately USD 1.3 billion in a carveout from French gaming publisher Ubisoft in exchange for a 25%stake.In February 2025,Chinese state-owned enterprise China Merchants Group entered into an agreement to acquire a 70%stake in Vast Infraestrutura,which owns and operates a crude oil terminal in Brazil,for approximately USD 714 million.Cross-Border Transactions23Select Transactions ExperienceNote:All trademarks,trade names or logos referenced herein are the property of their respective owners.Financial Advisor(Transaction Completed)Dada Nexus Limited has received a non-binding proposal from JD.com,Inc.to acquire the outstanding shares of the company in a going-private transaction.Financial advisor to the special committee of the board of directors of Dada Nexus Limited Sogou Inc.has received a nonbinding proposal from Tencent Holdings Limited to acquire the outstanding shares of the company in a going-private transaction.Financial advisor to the special committee of the board of directors of Sogou Inc.Financial Advisor(Transaction Completed)Financial Advisor(Transaction Completed)Centurium Capital Management Ltd.intended to sell all or a portion of their respective indirect equity interests in Luckin Coffee Inc.to certain continuation vehicles managed and/or owned by Centurium Capital.Financial advisor to Centurium CapitalFinancial Advisor(Transaction Completed)BEST Inc.has received a non-binding proposal from its founder and certain existing shareholders to acquire the outstanding shares of the company in a going-private transaction.Financial advisor to the special committee of the board of directors of BEST Inc.Financial Advisor(Transaction Completed)New Frontier Health Corporation has received a nonbinding proposal from certain existing shareholders to acquire the outstanding shares of the company in a going-private transaction.Financial advisor to the special committee of the board of directors of New Frontier Health CorporationFinancial Advisor(Transaction Completed)TH International Limited has acquired 100%equity interest of PLKC International Limited.Financial advisor to the audit committee of TH International LimitedFinancial Advisor(Transaction Completed)Financial advisor to Trustar CapitalCITIC Capital Holdings Limited(aka Trustar Capital)intended to sell all or a portion of their respective indirect equity interests in McDonalds China to certain continuation vehicles managed and/or owned by Trustar Capital.JD.com,Inc.has divested its cloud and AI business to Jingdong Digits Technology Holding Co.,Ltd.Financial Advisor(Transaction Completed)Financial advisor to the audit committee of JD.com,Inc.For more information,please contact:About KrollAs the leading independent provider of risk and financial advisory solutions,Kroll leverages our unique insights,data and technology to help clients stay ahead of complex demands.Krolls global team continues the firms nearly 100-year history of trusted expertise spanning risk,governance,transactions and valuation.Our advanced solutions and intelligence provide clients the foresight they need to create an enduring competitive advantage.At Kroll,our values define who we are and how we partner with clients and communities.Learn more at .M&A advisory,capital raising and secondary market advisory services in the United States are provided by Kroll Securities,LLC(member FINRA/SIPC).M&A advisory,capital raising and secondary market advisory services in the United Kingdom are provided by Kroll Securities Ltd.,which is authorized and regulated by the Financial Conduct Authority(FCA).Valuation Advisory Services in India are provided by Kroll Advisory Private Limited(formerly,Duff&Phelps India Private Limited),under a category 1 merchant banker license issued by the Securities and Exchange Board of India.The material in this report is for information purposes only and is not intended to be relied upon as financial,accounting,tax,legal or other professional advice.This report does not constitute,and should not be construed as soliciting or offering,any investment or other transaction,identifying securities for you to purchase or offer to purchase,or recommending the acquisition or disposition of any investment.Kroll does not guarantee the accuracy or reliability of any data provided from third-party resources.Although we endeavor to provide accurate information from third-party sources,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.2025 Kroll,LLC.All rights reserved.David LuShanghaiHead of Greater China,Transaction Opinions 86 21 6032 Ricky LeeHong KongManaging Director,Valuation Advisory 852 2281 Serena ShiBeijingManaging Director,Financial Advisory 86 10 5835 Kevin LeungBeijingManaging Director,Valuation Advisory 86 10 5835 Bob Bartell,CFAChicagoVice Chairman and Managing Director 1 312 697 Joe ZhouHong KongManaging Director,Valuation Advisory 852 2281 Chris JanssenChicagoGlobal Head of Transaction Opinions 1 312 697 Matt SchwartzChicagoManaging Director,Transaction Opinions 1 312 697

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