1、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

2、 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 con

3、cerns 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.-l

4、isted 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 Inte

5、lligence 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 cor

6、rection,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%10.0%20.0%30.0%40.0%12/31