Global primary market is at hellish difficulty level.

A-share IPOs have seen a significant slowdown over the past two years. Annual listed companies hover around 100, with the mainboard/STAR Board/ChiNext all relatively tight. STAR Board has basically shut down fast-track channels for companies like Unitree—direct extension of exit cycles.
Hong Kong stocks: A+H valuation inversion/discount. Reuters mentioned last year that dual-listed companies trade at a persistent valuation discount in Hong Kong relative to A-shares. ODI has also tightened further, meaning even if companies can do A+H, Hong Kong may not offer ideal exit prices. Many people feel "it's not that you can't list, it's that listing doesn't guarantee a good exit."
US listings move at a snail's pace, with companies involving algorithms and data security essentially blocked.
The entire ecosystem is under squeeze.
New funds harder to raise, legacy projects harder to exit, middle rounds harder to fill, Pre-IPO valuations broadly marked down.
This isn't a fundraising difficulty issue—it's that the entire exit path is closing off.