Changzhou Hetai Investment

Black Peony (Group) Co., Ltd., a Changzhou-based state-owned enterprise, was the founding shareholder and held a 90 percent stake in Hetai as of 2007. The firm was originally established as the group's investment platform to deploy capital beyond the core textile and real estate businesses. The relationship gives Hetai privileged access to municipal industrial policy and local state-owned enterprise deal flow across Jiangsu province.

Qiu Han serves as General Manager of both Changzhou Hetai Investment and Xingfu Capital, a Shanghai-registered private equity firm. He also holds a governance role as an external director for Changzhou Investment Group, the municipal government's primary investment vehicle. This triple position — operator, private-market investor, and municipal advisor — gives Hetai a direct line into both government capital allocation and independent venture deal flow.

The firm targets industrial technology and advanced manufacturing companies, particularly those aligned with China's semiconductor and high-end equipment supply chains. A confirmed portfolio company is Shenqing Technology, a semiconductor equipment supplier backed alongside co-investor Xingfu Capital. The mandate extends across seed, venture, growth, and buyout stages — an unusually broad range for a manager of regional origin.

General Managers Xu Chenping and Qiu Han are the named decision-makers. Xu Chenping previously served as Board Secretary of Black Peony and as a partner at DFJ Dragon, the venture firm co-founded by Tim Draper and Larry Li. Qiu Han operates through both Hetai and Xingfu Capital, bringing private-market discipline to a platform originally built on state capital.

The firm's original capital base derives from Black Peony Group and, by extension, the Changzhou municipal government. However, the fund-of-funds strategy listed in the firm's mandate and the concurrent operation of private-market vehicles through Qiu Han's Xingfu Capital role suggest a blended model that likely includes both proprietary and third-party institutional capital. The precise LP composition is not publicly disclosed.