This quarter’s review covers disclosed primary-market transactions across China and cross-border activity. Headline: deal volume has stabilized after several quarters of decline, but the composition of capital has shifted decisively.
Headline numbers
- Disclosed deal count roughly flat quarter-on-quarter, after six consecutive quarters of decline.
- AI-related transactions account for the largest single share of disclosed value.
- RMB-denominated rounds represent the clear majority of activity; USD participation is stabilizing from a low base.
- Early-stage deal counts improved modestly; late-stage activity remains selective.
Sector rotation
Capital is concentrating in AI infrastructure, advanced manufacturing, and new energy, while consumer and enterprise-software deal counts stay muted. Within AI, hardware rounds dominate disclosed value, though application-layer deal counts are rising.
Stage shifts
Median round size at Series B and beyond has edged up, consistent with fewer but larger rounds. Bridge and convertible structures remain common for companies deferring priced rounds.
Method note
Figures are compiled from public filings, announcements, and registration records; undisclosed amounts are excluded rather than estimated. The full dataset and definitions are available on request — write to contact@263.net.
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