Difficulty level of global primary market: hellish.

A-shares, IPO pace has clearly compressed over the past two years. The annual number of listed companies is around 100, with the main board/STAR board/ChiNext all relatively tight overall. STAR board green channels like Unitree basically have no chance, and exit cycles are directly extended.

Hong Kong stocks, A+H valuation inversion/discount. Reuters mentioned last year that dual-listed companies have long-term valuation discounts in Hong Kong stocks relative to A-shares. ODI has also tightened, meaning even if enterprises can do A+H listings, Hong Kong stocks may not offer ideal exit prices. So many people feel "it's not that we can't list, it's that listing doesn't necessarily mean good exits."

US listing approval is extremely slow. Companies involving algorithms and data security basically have no chance.

The entire ecosystem is being squeezed.

New funds are harder to raise, old projects are harder to exit, mid-round financing is harder to secure, and the overall Pre-IPO valuation system has been downgraded.

This isn't about whether financing is difficult or not. This is about the entire exit pathway becoming impassable.