China private equity is back, but the bar is much higher

• Gunther Hamm, President, HOPU Investments
• Alex Ying, Managing Director, Head of Direct PE Investments, CDIB Capital International
• Gary Hui, Senior Vice President, Head of Hong Kong Office, Wilshire
• Gary Chan, Managing Director and Head of Private Equity, Sun Hung Kai & Co.
• Kent Chen, Managing Director, Head of Asia Private Equity, Neuberger Berman
• Eudora Wang, Deputy Editor (Greater China), DealStreetAsia [Moderator]

After a turbulent few years, China’s PE market is showing clear signs of revival. Fundraising volumes, dealmaking, and exit activity all posted year-on-year gains in 2025, signalling a meaningful restoration of market confidence. But this is not a return to the easy-money era. Look beneath the headline numbers and it becomes clear that the funding sources, investment logic, and exit routes underpinning this growth bear little resemblance to those of just a few years ago.

How do sophisticated investors and asset managers navigate this new PE terrain? What are some of the most important capabilities a PE firm must build to survive the next cycle – operational value creation, government relations, or cross-border M&A expertise?