对上市公司收购和重大资产重组交易，可以拆除无形的壁垒，让投资机构与一般法人、自然人一样都有资格位列上市公司的第一大股东及控股股东

• Chinese venture capital (VC) and private equity (PE) firms are increasingly exploring the Middle East for fundraising opportunities due to challenges in raising U.S. dollar funds and exiting through overseas listings, with over 200 firms visiting the region in 2023 despite a general trend of unsuccessful fundraising efforts.
• The Middle East, home to half of the world's top ten sovereign wealth funds with assets expected to reach $7.6 trillion by 2030, presents an attractive but challenging market for Chinese VC/PE firms. These firms face cautious investors influenced by losses in other investments like SoftBank's Vision Fund and cultural and financial differences that emphasize long-term relationships over quick deals.
• Despite the difficulties, some Chinese firms have established permanent presences in Abu Dhabi, and Middle Eastern sovereign wealth funds are showing increased direct investment in China, focusing on sectors such as new energy vehicles and aiming for economic diversification away from oil dependency.

• In early March 2024, Haidilao (06862.HK) announced it would start franchising after previously operating over 1300 self-owned stores in Greater China. Another leading restaurant company, Jiumaojiu (09922.HK), also opened two of its brands for franchise a month earlier, signaling a trend among top dining chains to embrace franchising to penetrate lower-tier markets.
• The rapid expansion of new fast-food, milk tea, and coffee chain brands into lower-tier cities has aligned the dining market in these areas with that of first-tier cities. Franchising is seen as a strategic move to tap into the "sinking market," which refers to counties, towns, villages, and third to fifth-tier cities across the country.
• Despite the popularity of franchising in China's dining sector in 2023, with notable brands like Xicha opening 2390 stores in one year through franchising compared to just a few hundred previously, success varies. Many franchisees stress the importance of thorough brand and location research before investing due to the mixed profitability and high competition within the industry.

【本文系数据通用户提前专享】新老餐饮品牌急攻下沉市场，加盟者纷至沓来，他们赚得到钱吗？

新老餐饮品牌急攻下沉市场，加盟者纷至沓来，他们赚得到钱吗？

• Chinese VC/PE firms are increasingly exploring the Middle East for fundraising amidst challenges in both domestic and international markets, with over 200 firms visiting in 2023 despite few successful cases.
• Middle Eastern investors, including sovereign wealth funds, show interest in diversifying investments but are cautious and prefer building long-term relationships, contrasting with the quick fundraising expectations of some Chinese firms.
• Direct investment is becoming a preferred approach for Middle Eastern sovereign wealth funds in China, focusing on strategic sectors like green economy and technology, while also aiming to leverage Chinese expertise for their own economic diversification.

• China's private equity investment circle is experiencing a shift from boasting about fundraising sizes and investment performances to sharing experiences on navigating the changing economic environment and discussing merger and acquisition opportunities amid global economic pressures.
• The focus of investments is moving towards manufacturing industries like semiconductors and new energy sectors, with an emphasis on "going global" strategies for Chinese companies. Meanwhile, areas such as AI development and consumer markets are undergoing adjustments, reflecting broader changes in investment trends and priorities.

【本文系数据通用户提前专享】私募创投市场结构剧变，钱从哪里来？又往哪里去？

私募创投市场结构剧变，钱从哪里来？又往哪里去？

在新发展阶段需要统筹发展与安全。在发展层面，促进科技创新是关键，需要资本市场发挥枢纽作用，以激发外部规模经济；在安全层面，维护金融稳定是关键，需要加强监管，以控制金融机构来自政府担保的内部规模经济，控制由此产生的负外部性

受国产创新药加速出海叠加美债利率高位回落催化，创新药板块短线反弹。不过当前创新药行业仍在经历资本寒冬，一级市场投融资未见拐点，二级市场反弹能否持续仍待观察

会议首次提出“建设金融强国”，直接意义在于提高了金融定位，打开政策空间

港股市况低迷、流动性趋紧等多因素交织，融资功能受挫。2023年上半年港股IPO集资额全球排名降至第六位

【数据通会员独享新闻+数据深度阅读】募资和退出“两头在外”的时代已经过去；向“两头在内”转型的过程中，私募股权基金运作难度提升

募资和退出“两头在外”的时代已经过去；向“两头在内”转型的过程中，私募股权基金运作难度提升

中国业务敞口高的欧洲消费股大幅跑赢中国消费股和中、欧股指，风险溢价可能来自非经济因素，而与地缘政治因素相关

市场普遍关注硅谷银行高期限错配和高业务集中度导致的风险，以及美联储从过度宽松到急剧加息带来的货币条件大逆转，但我们也应该重视1980年代以来的过度金融化、混业经营以及2018年美国金融“监管倒退”的制度环境的影响

本文聚焦美国的监管成败与银行危机，过去20年，中国同样经历了金融监管的起伏转折，经验与教训数不胜数

包凡一手创建的华兴资本，都投资了哪些行业？哪些企业？