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东南亚的初创企业生态系统是陷入停滞，还是日趋成熟？

该地区并未面临退出荒。以下是真实情况的解读。

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    • 作者认为，东南亚能够产生强劲的退出案例，但市场的期望值可以说被设得过高、过早。
    • 作者认为，东南亚能够产生强劲的退出案例，但市场的期望值可以说被设得过高、过早。 照片：商业时报资料
    Paul Santos

    Paul Santos

    Published Fri, Mar 27, 2026 · 12:17 PM

    本文由AI辅助翻译

    查看原文

    “为什么东南亚的退出案例这么少？”

    对于风险投资（VC）的有限合伙人而言，这是一个合理且日益普遍的问题。

    自2022年以来，首次公开募股（IPO）表现令人失望，独角兽企业陷入困境，融资活动也持续放缓，这自然会引人深思：投资东南亚的回报是否仍能匹配其风险。

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