Private equity (PE) firms in China made fewer, smaller deals on average in 2023 as PE activity slumped to a 10-year low due to a global slowdown and macroeconomic uncertainties, according to consulting firm Bain & Co.
The value of PE deals in Greater China — which includes the Hong Kong, Taiwan and Macao markets — fell 37% to $41 billion in 2023, according to Bain’s Greater China Private Equity Report 2024, which was published Wednesday. The decline worsens to 58% when comparing last year’s value figure to the annual average from 2018 to 2022.
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