Global Primary Market at Hell Difficulty Level.

A-shares, IPO pace has significantly compressed over the past two years. The number of listed companies for the whole year is around just 100, with mainboard/STAR/ChiNext all relatively tight overall. Fast-track channels like Unitree (宇树) on the STAR Board are basically off the table—this directly extends the exit cycle.

Hong Kong stocks, A+H valuation inversion/discount, Reuters mentioned last year that dual-listed companies have persistently traded at a discount in Hong Kong stocks relative to A-shares. ODI has also tightened, meaning even if enterprises can go A+H, Hong Kong stocks may not provide an ideal exit price. So many people feel "it's not that we can't list, it's that listing doesn't necessarily mean good exits."

U.S. stock approvals are moving at a snail's pace; companies involving algorithms and data security basically have no shot.

The entire ecosystem is under compression.

New funds are harder to raise, old projects are harder to exit, mid-stage rounds are harder to secure, Pre-IPO valuations have undergone wholesale downward revisions.

This isn't a question of whether financing is difficult or not—the exit path itself is becoming impassable.