Beijing Fuhua Yongsheng Investment Management Consultancy

Ownership and control are split evenly between siblings Zhao Yong and Zhao Li. Zhao Yong is the more publicly visible operator, serving as President of the parent Fu Wah International Group, which suggests he drives strategic direction. Their mother, Chan Laiwa, established the underlying wealth but no longer appears in the management structure of the investment consultancy.

The firm does not appear to source independent third-party deals. Its direct investment exposure is tied to the Fu Wah International Group’s own real estate development pipeline and operating businesses. External deal flow flows through the commitment to Yunfeng Capital, giving the family access to the network and sourcing engine of Jack Ma’s private equity platform.

It is structured as a single-family investment vehicle—an investment management consultancy serving the Chan Laiwa family. It does not manage outside capital and does not function as a venture firm. Its private equity exposure is achieved passively through a limited partner stake in Yunfeng Capital rather than through an internal direct-investment team.

Both. On the fund side, its most significant known position is as a limited partner in Yunfeng Capital. On the direct side, the broader family group holds substantial equity in prime Beijing real estate assets and luxury hospitality properties developed by Fu Wah International Group.

The wealth comes from Chan Laiwa, who founded Fu Wah International Group. She built one of China’s largest privately held real estate portfolios, centered on Beijing’s Jinbao Street, a commercial zone of luxury hotels, high-end retail, and office towers. Forbes and Hurun consistently rank her as one of China’s richest women.

Beijing Fuhua Yongsheng is a limited partner in funds managed by Yunfeng Capital, the private equity firm co-founded by Jack Ma and David Yu. The commitment places family capital into Yunfeng’s growth-stage and buyout deals across consumer, TMT, and healthcare, creating a link between old-economy real estate wealth and China’s tech investment elite.

No explicit exclusion list is published. However, the disclosed portfolio footprint—Beijing commercial real estate, luxury assets, and a private equity commitment to a generalist growth fund—suggests an absence of direct exposure to early-stage technology, biotech, or heavy industrial sectors outside of what Yunfeng Capital may hold.