德安华（Kroll）：中国估值与并购交易洞察：2026春季报告（英文版）（23页）.pdf

1、China Transactions InsightsSPRING 2026Learn The impact of the situation in the Middle East drove global markets to decline in Q1 2026,impacting China alongside major indices.U.S.listings for Chinese companies remain constrained(3 IPOs;$210M in Q1 2026),while Hong Kong continues to lead(21 IPOs;$3.7B

2、).On the eve of a U.S.Presidential trip,tariffs and regulatory scrutiny continue to shape capital flows,particularly in semiconductors and critical minerals.China outbound and global partnerships remain resilient,with continued deal activity across the Americas,Europe and APAC.Ongoing real estate pr

3、essures in both China and the U.S.are weighing on growth and investor sentiment.China advancing rapidly in AI and EVs,with distinct competitive paths emerging versus the U.S.Overview2Chinas economy remains resilient but is navigating a more complex global backdropmarked by shifting capital markets,e

4、volving trade dynamics and industry-specific headwinds.Top of mind topics include:Energy VolatilityIPO Shift to Hong KongTrade&Strategic SectorsCross-Border Still ActiveReal Estate HeadwindsAI&EV DivergenceAgainst this environment,investor focus is increasingly on where capital can be deployed effic

5、iently and how cross-border strategies can adapt.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 succ

6、eed in CMarket Index Performance3Source:S&P Global Market Intelligence as of March 31,2026-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%12/31/251/15/261/30/262/14/263/1/263/16/263/31/26Shanghai Comp.Hang SengShenzhenS&P 500Dow JonesNasdaq12/31/252/27/26 4.9%Shanghai 3.9%Hang Seng 7.2%Shenzhen 0.5%S&P 500 1.9%D