The collapse highlights the broader difficulties private equity firms face when seeking exits in China. While stock markets in Shanghai, Shenzhen, and Hong Kong have performed strongly this year, IPOs often face bottlenecks from regulatory reviews and geopolitical scrutiny. At the same time, strategic buyers remain cautious amid uncertainty over the pace of China’s economic recovery.

Despite these headwinds, private equity continues to explore opportunities in Asia. Firms remain active in pursuing growth investments and carve-outs, even as exit conditions for existing holdings prove more complex.

Ginko, which produces conventional and disposable contact lenses alongside lens-care products, was listed on the Taiwan Stock Exchange before being taken private in 2022 by Baring Private Equity Asia, now integrated into Stockholm-based EQT.

Advent and EQT both declined to comment on the transaction.