In recent years, private equity exits in Asia have increasingly utilized a dual track approach where a portfolio company would prepare for an initial public offering and concurrently pursue a possible trade sale through an M&A process. For Asia-based financial sponsors, the capital markets process typically would involve an IPO on a U.S. stock exchange or the Hong Kong Stock Exchange, although an exit through an A-share offering on a PRC stock exchange increasingly has become a viable alternative. Furthermore, the continued growth of the fund secondaries market in Asia represents a possible additional exit option for financial sponsors.