# Top 50 Energy Startup Investors in China in June 2026

## Shunwei Capital
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 16
- Stages: Series A, Series B, Series C
- Focus: Manufacturing, Software, Internet

Shunwei Capital is a venture capital fund that focuses on early to mid-stage investments in local internet industry. It specializes in incubation, startups, early to mid-stage, and growth capital investments. It seeks to invest in the technology, media, telecommunications, high technology, new media, games, internet finance, and rural area internetsectors. Their investors include sovereign wealth funds, fund of funds, university endowment funds, and family offices.

## Cowin Capital
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 16
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Health Care, Biotechnology

Cowin Capital is a private placement equity investment company focusing on investing in a pioneering enterprise on a long-term basis. It has 18 years of experience in capital management, whose capital management scale was among the front rank, which invested more than 300 companies, of which 60 more became public companies, and 150 moresuccessfully exit.The company was successfully listed on NEEQ, with code 832793, as the third listed famous domestic venture capital institution in NEEQ. It is committed to supporting the growth of small and medium enterprises, continue to launch high-quality listed companies in China Capital Market.

## K2VC
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 13
- Stages: Series A, Seed, Angel
- Focus: E-Commerce, Manufacturing, Biotechnology

K2VC (Xianfeng Evergreen) was founded in 2010, focused on early stage investment in technology start-ups in China, focus on promoting change and technological progress, innovative business models and lifestyles.

## HSG
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 13
- Stages: Series A, Series B, Series C
- Focus: Health Care, Biotechnology, Software

We help founders build enduring companies.

## Addor Capital
- Type: VC Fund
- Location: Nanjing, Jiangsu, China
- Relevant deals: 13
- Stages: Series A, Series B
- Focus: Manufacturing, Semiconductor, Electronics

Addor Capital offers investment services by financing early stage ventures and holding securities of other companies.

## Qiming Venture Partners
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 12
- Stages: Series B, Series A, Series C
- Focus: Health Care, Biotechnology, Medical

Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong in China, and Singapore.Currently, Qiming Venture Partners manages eleven US Dollar funds and seven RMB funds with $9.5 billion in capital raised. Since our establishment, we have invested in outstanding companiesin the Technology and Consumer (T&C) and Healthcare industries at the early and growth stages.Since our debut, we have backed over 530 fast-growing and innovative companies. Over 200 of our portfolio companies have achieved exits through IPOs at the NYSE, NASDAQ, HKEX, Shanghai Stock Exchange, or Shenzhen Stock Exchange, or through M&A or other means. There are also over 70 portfolio companies that have achieved unicorn or super unicorn status.

## Matrix Partners China
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 10
- Stages: Series A, Series B, Seed
- Focus: Health Care, Biotechnology, Software

Matrix Partners China builds long-term relationships with entrepreneurs and helps them build significant, industry-leading companies.Since its inception in 1977, Matrix Partners China has made hundreds of investments and played an active role in the development of many successful businesses, 50 of which went on to IPO, and 75 of which have goneon to profitable M&A events. The firm consistently ranks in the top venture firms in terms of returns to its investors.Matrix Partners China combines local knowledge with global experience and vision. Its team consists of both former entrepreneurs and experienced investors. Its past successes include Focus Media, Eachnet, and Baidu, among others. The company invests across multiple sectors and stages.

## Dongfang Jiafu
- Type: VC Fund
- Location: Hangzhou, Zhejiang, China
- Relevant deals: 9
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Information Technology, Semiconductor

Dongfang Jiafu is an equity fund management firm.

## Plum Ventures
- Type: VC Fund
- Location: Changzhou, Zhejiang, China
- Relevant deals: 9
- Stages: Series A, Angel, Seed
- Focus: E-Commerce, Manufacturing, Software

Plum Ventures is a venture capital company that aims to encourage young people to become entrepreneurs. It specializes ins providing seed and early-stage investments in the technology, new media, and telecommunications industry.

The firm was founded in May 2014 and is based in Changzhou, China.

## ZSVC
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 9
- Stages: Series A, Seed, Series B
- Focus: Manufacturing, Medical, Health Care

ZSVC is a Chinese venture capital firm specialized in seed and early stage investments.

## TopoScend Capital
- Type: VC Fund
- Location: Nanshan, Hunan, China
- Relevant deals: 8
- Stages: Series A, Seed, Series B
- Focus: Manufacturing, Medical, Software

Shenzhen Investment Control Donghai Investment Co., Ltd.   was established on January 8, 2015. It is a joint venture funded by Shenzhen Investment Holdings Co., Ltd., Shenzhen Chuangdong Investment Co., Ltd. and Qingdao Haier Technology Investment Co., Ltd. Investment and asset management platform.     Investing in the East China Sea, relying onabundant resources, aiming at the industrial development trend under the new situation with an open vision, facing the country, facing the innovation economy, operating on the principle of marketization, and investing in specialized business. Mainly engaged in venture capital, private equity investment (VC/PE), corporate mergers and acquisitions, private placement, new three board funds and corporate financial advisory and other equity investment and asset management business, is committed to creating a whole industry chain of venture capital to the integrated chain of listed companies platform.

## SZHTI Group
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 8
- Stages: Series A, Angel
- Focus: Manufacturing, Electronics, Semiconductor

SZHTI Group is a company that provides asset management and financing services.

## China Merchants Venture Capital
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 8
- Stages: Series A, Series B, Series C
- Focus: Manufacturing, Automotive, Internet

China Merchants Capital is engaged in alternative investment and asset management.

## Tsinghua Capital
- Type: VC Fund
- Location: Haidian, Beijing, China
- Relevant deals: 8
- Stages: Seed, Angel, Series A
- Focus: Manufacturing, Artificial Intelligence, Biotechnology

Tsinghua Capital is an investment firm.

## Fortune Venture Capital
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 7
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Software, Information Technology

Fortune Capital, established in April, 2000, is one of the earliest market-oriented venture capital firms in China. For the past 14 years, Fortune Capital focus its investments on leading companies in four key sectors: TMT (Media oriented), Consumer Goods/Services, Modern Agriculture and Clean Tech.Fortune Capital is ranked among thehighest performing VC/PE firms in China and selected as "Vice President of Venture Capital Committee of IAC," "Vice President of Shenzhen VC Association," "Vice President of Shenzhen Chamber of International Investment & Funding," etc.In addition to providing capitals, Fortune Capital provides its investee companies with personalized value-added services.

## CDH Investments
- Type: VC Fund
- Location: Kowloon City, Kowloon, Hong Kong
- Relevant deals: 7
- Stages: Series A, Series B, Series C
- Focus: Manufacturing, Health Care, Biotechnology

CDH Investments is an international alternative asset fund manager with over $27 billion of assets under management. CDH Investments was established in 2002 by the former private equity group of China International Capital Corporation and is managed by an experienced team of senior private equity professionals who have worked together for manyyears focusing all their professional time on investing in China. CDH has consistently delivered superior returns relative to industry peers and is well positioned to continue to generate superior returns due to the team's proven investment experience and expertise investing in China.

## Fenghe Capital
- Type: VC Fund
- Location: Hainan, Hainan, China
- Relevant deals: 7
- Stages: Seed, Series A, Series C
- Focus: Battery, Manufacturing, Energy

Fenghe Capital specializes on energy storage investments.

## Winreal Investment
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 7
- Stages: Series A, Series B
- Focus: Manufacturing, Automotive, Software

Winreal Investment is an investment Firm.

## Haiyuan Capital
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 6
- Stages: Series A, Seed, Angel
- Focus: Manufacturing, Medical, Semiconductor

Goldport Capital is a Shenzhen-based asset management company.

## Keyuan Industry Fund
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 6
- Stages: Series A, Seed
- Focus: Manufacturing, Biotechnology, Biopharma

Keyuan Industry Fund is a fund manager that focuses on integrating technological innovation, financial support, and industrial resources. It was established in 2018 and is headquartered in Beijing, China.

## Shenzhen Capital Group
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 6
- Stages: Series A, Series B, Series C
- Focus: Manufacturing, Health Care, Software

Shenzhen Capital Group Co., Ltd (“SCGC”) is a limited venture capital company established by the Shenzhen Government in 1999. Since its establishment, SCGC has focused on cultivating national industries, shaping national brands, promoting economic transformation, and emerging industries developing. SCGC has registered capital of 5.42 billion RMB,and a total AUM of 338.99 billion RMB.
SCGC primarily invests in SMEs, innovative high-tech enterprises, enterprises in emerging industries, and enterprises in start-up period, growth period and in transformation, covering industries supported by national policies, including IT, internet, new media, biopharma, new energy, environmental protection, chemical engineering, new material, high-end equipment manufacturing, consumption goods, modern service, etc. By the end of April 2019, SCGC ranked the first based on the number of portfolio companies and the number of listed portfolio companies: 994 portfolio companies, investments totaling 43.9 billion RMB, 145 of which have been listed in 16 capital markets worldwide.

## Zhaoxi Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 6
- Stages: Series A, Series B
- Focus: Manufacturing, Solar, Energy

Zhaoxi Capital is an investment firm.

## Oriental Fortune Capital
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 6
- Stages: Series A, Series B, Seed
- Focus: Software, Manufacturing, Information Technology

Shenzhen Oriental Fortune Capital Co Ltd. is a venture capital firm specializing investment in early venture, mid venture, late venture, emerging growth, Pre-IPO, mature, growth capital stage, mezzanine and new third board investments. The firm typically invests in financial services, telecommunication, new energy, consumer goods, medical treatmentand healthcare, life sciences, internet plus healthy lifestyle industry, logistics, energy technology, information technology, mobile innovation, media, movies and television, culture, pharmaceutical, biological medicine, renewable energy, retail, environmental protection business, consumption, new materials, new agriculture, advanced manufacturing, equipment manufacturing, culture, entertainment, and services. It seeks to invest in China focusing on Shenzhen, Shanghai, Beijing, Xi’an, and Wuhu. The firm also invests in Pearl River Delta region, Yangtze River Delta region, and Circum-Bohai-Sea region. For Pearl River Delta, it covers Guangzhou, Shenzhen, Foshan, Dongguan, Zhongshan, Zhuhai, Huizhou, Jiangmen, and Zhaoqing cities in China. For Yangtze River Delta, the firm covers Shanghai, Nanjing, Wuxi, Changzhou, Suzhou, Nantong, Yancheng, Yangzhou, Zhenjiang, Taizhou, Hangzhou, Ningbo, Jiaxing, Huzhou, Shaoxing, Jinhua, Zhoushan, Taizhou, Hefei, Wuhu, Ma’anshan, Tongling, Anqing, Chuzhou, Chizhou, and Xuancheng cities in China. For the Circum-Bohai-Sea region, it covers Beijing, Tianjin, Shenyang, Dalian, Qingdao, Dandong, Yingkou, Panjin, Fuxin, Huludao, Chaoyang, Shijiazhuang, Baoding, Tangshan, Qinhuangdao, Cangzhou, Langfang, Chengde, Zhangjiakou, Handan, Xingtai, Dongying, Yantai, Weifang, Weihai, Rizhao, and Binzhou cities in China. The firm prefers to invest 20% of its portfolio to early stage, 40% to expansion stage, and 40% to Pre-IPO stage. Shenzhen Oriental Fortune Capital Co Ltd. was formed in November 2007 and is based in Shenzhen, China with offices in Shanghai, China; Beijing, China; and Wuhu, China.

## DT Capital Partners
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 6
- Stages: Series A, Series B, Series C
- Focus: Health Care, Medical, Biotechnology

DT Capital Partners is a private equity investment firm that provides growth capital to early and expansion stage companies. They invest in dynamic businesses that have high growth potential, strong management teams, and demonstrated revenue models in both technology-based and traditional industries. DT Capital Partners currently manages overUSD$500 Million in capital across multiple US dollar and RMB funds, and also has a close affiliation with Madrone Capital in the US, the investment entity for members of the Walton family.In addition to funds, the invested company also benefits from their extensive experience in operating capital markets across the country, close relationships with local governments and companies, and synergies with other investment companies.DT Capital Partners was awarded the “Top 10 China's Best Return Venture Capital Institution” in 2016, and the founding partners of Detong Capital, Shao Jun and Tian Lixin. DT Capital Partner was founded in 2006 and is based in Shanghai, China.

## Taiyou Fund
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 6
- Stages: Angel, Seed, Series A
- Focus: Manufacturing, Information Technology, Electronics

The fund owns a series of funds in Thailand and establishes parallel funds overseas. Based on domestic and foreign famous universities, research institutes, entrepreneurial parks, incubators and other entrepreneurial projects, it seeks high-tech entrepreneurial projects with investment potential and entrepreneurship. They will grow together andstrive to become a first-class angel investment fund that is specialized, standardized, and international.

## Linear Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 6
- Stages: Seed, Angel, Series A
- Focus: Artificial Intelligence, Software, Manufacturing

Linear Capital is a Frontier Tech Fund founded in 2014 by Harry Wang, Facebook's first Chinese R&D manager. We currently manage 10 funds with AUM of more than $2 billion.

## Summitview Capital
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Seed, Series A, Series B
- Focus: Manufacturing, Semiconductor, Electronics

Wu Yuefeng capital to the twenty-first century has been a very growing vitality of the outstanding enterprises to provide funds, and to grow into leading the industry trend leader as any. Their investment strategy is clear and clear: do their best to creativity, innovation and technology to provide the necessary resources for a huge commercialsuccess for the great opportunity it represents.
Wu Yuefeng Capital currently manages funds located in Shanghai, Beijing, Jiangsu, California and other places. Since its inception in early 2011, they actively cooperate with the government government guidance funds, emerging industries to high-tech venture capital, covering the core areas of integrated circuits, mobile Internet, energy saving technology, clean energy, bio-medicine, culture and creative.Wu Yuefeng well versed in this rapidly changing world, more and more complex problems require creative solutions. Especially the new generation of information technology, information services, clean energy, environmental protection and technology, cultural and creative industries, is facing unprecedented opportunities and change. The current set of advantages is their capital, technology, human resources and policies to promote the perfect time to these industry changes.These industries in the emerging business development, to put forward a new strategic investor demand. Mode of operation of venture capital funds originally consistent with the need to constantly change. Industry and professional capability is the core, the selection can become a critical industry leader entrepreneurs.

## Zhuhai Gree Financial Investment Management
- Type: VC Fund
- Location: Zhuhai, Guangdong, China
- Relevant deals: 5
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Energy, Health Care

Zhuhai Gree Financial Investment Management is an investment firm which is a subsidiary of gree group.

## Hefei Industry Investment Group
- Type: VC Fund
- Location: Hefei, Anhui, China
- Relevant deals: 5
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Semiconductor, Electronics

Hefei Industry Investment Group is an industrial investment and financing company.

## Hua Capital
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Series A, Seed, Series B
- Focus: Manufacturing, Semiconductor, Electronics

Hua Capital Management Co., Ltd is organized and founded by an experienced semiconductor industry investment team with Tsinghua Holdings Co., Ltd. and China Fortune-Tech Capital Co., Ltd. Its investments focuses on the semiconductor industry and related areas. Hua Capital emphases on professional, international and industrial Chain-focusinginvestment philosophy. Their team consists of semiconductor industry entrepreneurs from both home and abroad and the core members of most active semiconductor funds, all of whom have more than 20 years’ experience in semiconductor industry entrepreneurship, management and investing. Hua Capital, by availing itself of its all-in specialized experience and industry leadership, will help increase the targeted portfolio companies’ value and synergy to enable them to be the leaders in the semiconductor industry.

## Industrial Securities Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 5
- Stages: Series A, Angel
- Focus: Manufacturing, Medical, Health Care

Industrial Securities Capital is a private equity firm.

## Sinovation Ventures
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Series A, Seed, Series B
- Focus: Software, Artificial Intelligence, Internet

Sinovation Ventures is a full-service venture capital firm that actively invests in the Chinese technology market.

## Leaguer Group
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 5
- Stages: Series A, Angel, Seed
- Focus: Manufacturing, Electronics, Artificial Intelligence

Leaguer Group engages in the business of technological innovation services that promote the transformation of scientific and technological achievements and assist in the incubation of innovative enterprises.Since its establishment, it has gradually gathered the four elements of technology, talents, carriers and capital of the science andtechnology innovation industry chain, and has formed a scientific and technological innovation incubation system with high integration of research and development platform, talent training, innovation base and investment incubation, and explored the close relationship between technological innovation and economic development. Combined development model and profit model.In 2015, together with the research institute of Shenzhen Tsinghua University, the Group won the “Guangdong Science and Technology Award Special Award” for the highest award in the field of science and technology system innovation in Guangdong Province due to the “Innovative Technology Innovation Incubation System Construction”.

## QF Capital
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 5
- Stages: Series A, Angel, Seed
- Focus: Artificial Intelligence, E-Commerce, Software

QF Capital is a fund management company that focuses on private equity investments.

## Shenzhen Guozhong Venture Capital Management
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 5
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Health Care, Biotechnology

Shenzhen Guozhong Venture Capital Management CO. LTD.(GZVCM) was founded on 21st of December 2015, currently being entrusted to manage the first entity fund of Small Medium Enterprises Development Fund（SHENZHEN）LLP with a size of 6 Billion Yuan.Guozhong Venture Capital with a registered size of 100million Yuan, partners consisting Shenzhenventure capital group (49%) and the management team of Small Medium Enterprise Development Fund (SHENZHEN) (51%).

## Lenovo Capital and Incubator Group (LCIG)
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Series A, Seed, Series B
- Focus: Manufacturing, Artificial Intelligence, Software

Lenovo Capital and Incubator Group is an accelerator and venture capital firm.

## Innoangel Fund
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Angel, Seed, Series A
- Focus: Artificial Intelligence, Robotics, Manufacturing

Innoangel Fund is an investment firm that invests in early stage companies.

## Fresh Capital
- Type: VC Fund
- Location: Huangpu, Shanghai, China
- Relevant deals: 5
- Stages: Series B, Series A, Seed
- Focus: Energy, E-Commerce, Artificial Intelligence

Fresh capital is a growth fund focusing on consumer product and service companies. They focus on brand and invest in fast growth stage. fresh capital achieved outstanding historical return with successful investment experience and deep network in the consumer sector. Their industry focus include home&family, food &beverage, children &maternity, education, body&wellness and consumer finance. fresh capital strives to become founders' fund, providing comprehensive and thorough value-adding services for portfolio companies. almost all previous invested entrepreneurs turned out to be anchor LP

## GSR United Capital
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Series A, Seed, Series B
- Focus: Manufacturing, Robotics, Artificial Intelligence

"Founded in 2009, GSR United Capital focuses on equity investment in high-tech industries, focusing on investment and M&A opportunities in advanced manufacturing, next-generation information technology, industrial Internet/digital enterprise services and other fields. GSR United Capital manages both RMB master funds and industrialfunds established with local governments.
Since its establishment, GSR United Capital has received strong support from China's top market-oriented mother fund, government-guided fund, wealth management institutions, global 500 enterprises, listed companies and other institutions. Among them, investors with state capital background include Guochuang Yuanhe, Guochuang Kaiyuan, SDIC Unity Capital, China Merchants Venture, Suzhou Fund, Nanchang Industrial Control, Weifang Financial Holding Group, Dongguan Dongcheng, Zhangjiagang Jincheng Investment & Development Co., ltd, etc.
Suzhou GSL Venture Capital Management Company, founded in 2011, is a private equity fund manager of the comprehensive fund of GSR United Capital (referred to as "" GSR United Capital ""), and completed the registration of private equity fund manager on May 20, 2014, with the serial number P1002246.""A+ stage is the main stage, the middle and late stage is the auxiliary""
The company focuses on equity investment in high-tech industry, focusing on the strategy of ""A+"" stage, with a capital allocation ratio of 60%. The project in this stage is between ""engineering"" and ""scale commercialization"", which is the ideal range of ""bargaining power"" and can win a high proportion of relative returns. At the same time, 40% of the project will be allocated in the middle and late stages. The middle and late stages refer to enterprises with IPO expectations within 2-3 years, and the investment will be completed within 60 months in the early stage of the fund investment period (exit will start in the third and fourth years), which will be used as the basic plate for anchoring returns.GSR United Capital has invested in more than 100 high-tech start-ups, including Great Wisdom Software (financial information terminal, 601519), eCARBON (high thermal conductivity graphite heat dissipation material, 603133), TZTEK (Precision, 688003), METRON (Diamond wire material, 603133) 300861), GTEP (sludge treatment and recycling, has started the board meeting), Niu (electric two-wheeler, NASDAQ: NIU), LATTICELIGHTING (LED silicon substrate technology and application), Freetech (unmanned driving), Marknum Technology (big data), xMate (light collaborative robot), TAGEIDRIVER (autonomous driving), HUIRUI (high-precision metal 3D printing), DYSO (CNC machine tool parts), NEWLINK GROUP (energy Internet), and many cross-border enterprises Industries such as LianLian (online payment), Xingyun Group (cross-border supply chain), Tec-Do (outbound brand digital marketing, Guangzhou), LAVA (smart guitar, Guangzhou), Shoplazza (outbound SaaS independent site construction tools, Guangzhou), E-ports (Internet for shipping industry), Chenhaiyun (sea-going compliance), Whalehouse.tech (intelligent warehousing), Huoyan (ABM intelligent marketing), Giiso (intelligent writing) and other excellent projects, which have won excess investment returns and social reputation.
At present, the withdrawn projects include Great Wisdom Software (Financial information terminal, 601519), which has been fully withdrawn through listing, with return multiple reaching 8.96x, invested by GSR United Capital Phase I; TZTEK (Precision Measurement, 688003.STAR), fully exited through listing with return multiple reaching 2.74x, invested by GSR United Phase II and Botong Jinshi; eCARBON (high thermal conductivity graphite heat dissipation material, 603133), through the listing of all exit, return multiple reached 5x, invested by GSR United Capital Phase I Institute; METRON (Diamond Wire Materials, 300861), which was partially exited through listing with a return multiple of 4.5X and was invested by GSR United Phase III and Botong Jinshi Institute; Lebo Technology (cross-platform screen investment tool), partially exited through equity transfer, with a return multiple of 4.35x, invested by Botong Jinshi. Giiso (Intelligent Collaboration), which was partially withdrawn through equity transfer with a return multiple of 4.35x, was invested by Botong Jinshi.Zerowaste Asia Pte Ltd (ZA) was invested by Hongcheng RMB Fund, a subsidiary of GSR United Capital, in January 2017. It is committed to developing, producing and selling leading additives for heavy metal treatment. Its products have the characteristics of simple process, high efficiency, safety and environmental protection, and low cost. The company's valuation has grown from $58 million at the time of the investment to $142 million.Since February 2020, GSR United Capital has made more than 30 investments in the main fund. For example, it invested in Yuejing Technology (audio and video collaborative production tool) in February 2021, and the current multiple has reached 3.14 times. In September 2020, it invested in ZHICHUBAO.COM (procurement management SaaS platform), and the current multiple has reached 2.82 times. In April 2020, it invested in Starsee Intelligence (AI enabled military defense), and the current multiple has reached 2.81 times.
Nahuo Technology Co., Ltd. received a subsequent round of investment from IDG, ZHICHUBAO.COM received a subsequent round of investment from Shunwei Capital, and Boqing Technology received a subsequent round of investment from KeyTone Ventures and Leaguer Capital."

## CITIC Capital Holdings
- Type: VC Fund
- Location: Central, Hong Kong Island, Hong Kong
- Relevant deals: 5
- Stages: Series A, Series B, Series C
- Focus: Manufacturing, Health Care, E-Commerce

CITIC Capital Holdings is an alternative investment management and advisory company headquartered in China.

## SND Ventures Group
- Type: VC Fund
- Location: Suzhou, Jiangsu, China
- Relevant deals: 5
- Stages: Series A, Series B, Seed
- Focus: Manufacturing, Semiconductor, Health Care

SND Ventures Group is a venture capital and private equity firm specializing in seed investments.

## Green Pine Capital Partners
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 5
- Stages: Series A, Series B, Angel
- Focus: Artificial Intelligence, Software, Biotechnology

Shenzhen Green Pine Capital Partners Co. Ltd. (“GPCP”) was established in 2007, with the investment team assembled in 2000. GPCP is one of the most time-honored Chinese VC companies that boast experience in areas such as biotech, new materials, new resources and AI, etc. Currently, GPCP manages assets over 15 billion RMB through 21 special fundsand have invested 7 billion RMB into  388 enterprises among which 14 are listed on NEEQ and 48 of them are either listed or acquired by listed companies, including BGI(300676.SZ), Aurora(600666.SH), Nationz Tech(300077.SZ), Foresee(002530.SZ), Qudian(NASDAQ:QD), etc. GPCP invested in the angel round of BGI (Beijing Genomics Institute), Royole, Kuang-Chi, Appotronics, BMF, C-one, Arrayed Materials and other star enterprises.GPCP is based in Shenzhen, with branches in Beijing, Shanghai and Guangzhou. GPCP also runs two GPI incubators and an incubator for overseas Chinese scientists who start businesses in China.

## Shenzhen Small & Medium Enterprises Credit Financing Guarantee Group
- Type: VC Fund
- Location: Shenzhen, Guangdong, China
- Relevant deals: 5
- Stages: Series A, Seed, Angel
- Focus: Manufacturing, Advanced Materials, Battery

Shenzhen Small & Medium Enterprises Credit Financing Guarantee Group Co., Ltd. (SZCGC), formerly named Shenzhen Small & Medium Enterprises Credit Guarantee Center, was established on December 28th, 1999 by the Shenzhen Municipal Government. SZCGC is the earliest one who has been ranked the highest class AAA of Credit Quality Rating amongChina’s guarantee organizations. With 5.495 billion RMB registered capital (approximately 868 million US Dollars), SZCGC gets the highest class AAA rating of Capital market in 2017.Since the establishment 18 years ago, SZCGC has guaranteed loans of more than 240 billion RMB Yuan to over 20000 small and medium-sized enterprises (SMEs), which keeps SZCGC holding the leading position among all financing guarantee organizations in China. SZCGC is also one of the first organizations that were awarded as the Model Organization of SME Financing Service in Guangdong province.

## NIO Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 5
- Stages: Series B, Series A
- Focus: Automotive, Manufacturing, Energy

NIO Capital is a fund manager investing in themes reshaping the automotive, new energy and technology sectors.Established in 2016 and sponsored by NIO, NIO Capital leverages its unique access to global & Chinese innovation, comprehensive market understanding and flourishing ecosystem to create category-leading companies in fields such aselectric vehicles, autonomous driving, shared mobility, new energy network, new materials and more.

## Richen Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 5
- Stages: Series A, Series B
- Focus: Manufacturing, Industrial, Health Care

Richen Capital is an private equity investment institution.

## Puhua Capital
- Type: VC Fund
- Location: Hangzhou, Zhejiang, China
- Relevant deals: 5
- Stages: Series A, Series B, Seed
- Focus: Health Care, Medical, Manufacturing

Puhua Capital is an equity investment firm that focuses on early and middle project.

Puhua Capital provides the required resources and management experience for the invested enterprise, investing funds and more resources and wisdom. Puhua Capital has invested nearly 300 excellent start-ups.

## Yunze Capital
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 5
- Stages: Seed, Series A, Series B
- Focus: Manufacturing, Electronics, Laser

Yunze Capital is an asset management organization established and operated in accordance with international standards.

## Legend Capital
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 5
- Stages: Series B, Series A, Series C
- Focus: Health Care, Medical, Biotechnology

Legend Capital, a subsidiary of Legend Holdings Ltd., started its vintage year in April, 2001 with a mission to become a top-notch and the most respected venture capital investment manager in China.Managing up to US$700 million across four funds, Legend Capital focuses on driving high-growth ventures with operations substantially based in Chinaor on markets related to China.Legend Capital mainly invests in early stage IT companies, specifically, in sectors of network applications and services, outsourcing and professional services, Infrastructure (IC design/key components), and mid-market growth stage companies in the fields of consumer goods, clean technology, health care, equipment manufacturing and modern services.Among over 60 portfolio companies are Joyo.com (acquired by Amazon.com), SinoCom (0299.HK), Solarfun Power (Nasdaq: SOLF), Spreadtrum Communications (Nasdaq: SPRD), China Sunshine Paper (2002.HK), and VanceInfo (NYSE:VIT), Eyang (0117.HK), etc.As an active investor, Legend Capital provides its portfolio companies extensive business resources and tailored services to assist with business development, company image building, and other critical company building activities on Chinese market so as to add value and maximize returns. Legend Capital is proud and thankful that it has the opportunity to blaze a trail with its innovative practice for China's venture capital industry.

## ZGC Group
- Type: VC Fund
- Location: Beijing, Beijing, China
- Relevant deals: 4
- Stages: Series A, Seed, Series B
- Focus: Manufacturing, Artificial Intelligence, Information Technology

ZGC Group was established in 2010. With a consistent mission of serving innovation-driven development, it has been committed to building an open and shared ecosystem pooling innovation factors. To promote the transformation and industrialization of sci-tech achievements, it deploys innovative resources across the world by means of buildinghigh-tech parks, making investments, providing funding and professional services and etc. It now has become an integral part of Zhongguancun innovation and entrepreneurship ecosystem.

## Yunqi Partners
- Type: VC Fund
- Location: Shanghai, Shanghai, China
- Relevant deals: 4
- Stages: Series A, Seed, Series B
- Focus: Artificial Intelligence, Software, Manufacturing

Yunqi Partners  sharpen its focus on technology empowered industries. Yunqi is systematically investing in digital transformation of industries and industrialisation of technologies covering areas such as cutting-edge technology, advanced manufacturing, IoT, SaaS and B2B supply chain.

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