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Herbert Smith Freehills Kramer’s quarterly review of private capital buyouts, fundraising and disputes tells a familiar story for the first half of 2026: subdued on-market play with flashes of brilliance.

A quiet first half for Asia private capital, with both fundraising and buyout activity subdued, and no indication whether a second-half rebound will materialise as in recent years.

As intellectual property becomes a key driver of enterprise value, businesses with China-facing operations face critical decisions about where to hold and commercialise their IP assets. Hong Kong's combination of market access through CEPA, targeted tax incentives, and robust legal infrastructure positions it as a strategically attractive regional IP hub. This article examines how CEPA's preferential treatment and Hong Kong's patent box regime work together to support IP-intensive businesses targeting the C