Following GDP growth of 5.0% in 2024, China’s economy further expanded by 5.3% in the first half of 2025. Major U.S. and China market indices posted strong year-to-date performance through August 2025, as reduced uncertainty in the international trade environment and improved investor confidence saw markets recover from the downturn experienced earlier in the year.
U.S. IPO activity for Chinese companies continued its recovery in 2025 amid improving market sentiment. However, total IPO 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. in recent years. Meanwhile, Hong Kong IPO activity for Chinese companies has continued at a relatively strong pace through August 2025.
The first eight months of 2025 saw a steady pace of going-private transaction activity for U.S.-listed Chinese companies, as four transactions were completed and five transaction proposals were announced through August. 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.
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