China PE 3.0: Control, cashflow and the new buyout test

  • Vincent Hsu, Partner, StepStone
  • Maggie Bian, COO, ARM China; Partner, HOPU Investments
  • Johnson Huang, Director, Private Equity, CICC Capital
  • Yi Pan, Principal, Neuberger
  • Eudora Wang, Deputy Editor (Greater China), DealStreetAsia [Moderator]

 

Greater China’s private equity market has decisively entered a stage of disciplined recovery. The paradigm shift from simply riding the country’s organic market growth to prioritising investment discipline, operational execution, and structured exits is redefining value creation.Enthusiasm for PE opportunities relating to Chinese innovation—particularly across AI, deeptech, and healthcare frontiers—is driving renewed global investor interest, alongside a surge in domestic and cross-border buyouts. A string of China-focused GPs is returning to the market with fresh fundraising initiatives, but LP commitments so far have remained concentrated among an elite tier of fund managers.Bringing together leading China-focused private markets leaders from across the region and globally, this panel explores how GPs and LPs are adapting their strategies to deploy dry powder effectively, navigate complex RMB/USD dynamics, cultivate high-conviction LP bases, and generate resilient returns amid shifting US-China regulatory and sanctions landscapes.