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Changzhou Hetai Investment
Changzhou Hetai Investment emerged from Black Peony (Group) Co., Ltd., the Changzhou-based state-owned enterprise historically known for denim and textile...
Changzhou Hetai Investment
Changzhou Hetai Investment emerged from Black Peony (Group) Co., Ltd., the Changzhou-based state-owned enterprise historically known for denim and textile manufacturing. Black Peony held a 90 percent equity stake in Hetai as of 2007, anchoring the manager within a municipal industrial ecosystem spanning real estate, infrastructure, and advanced manufacturing. The firm has since evolved into a multi-strategy platform operating at the intersection of local government capital and private technology entrepreneurship in Jiangsu province. The manager pursues venture, growth, and buyout investments with a heavy orientation toward industrial technology and advanced manufacturing. Confirmed co-investment relationships include repeat partnerships with Xingfu Capital, a Shanghai-registered private equity firm where General Manager Qiu Han also serves in a leadership role. The two firms have jointly backed companies such as Shenqing Technology, a semiconductor equipment supplier serving China's domestic chip fabrication expansion. The portfolio spans seed through late-stage venture and control buyouts of established industrial assets. The firm operates intimately with Changzhou's municipal investment apparatus. Qiu Han, one of the firm's General Managers, serves concurrently as an external director for Changzhou Investment Group, the municipal government's primary investment and asset-management vehicle. A previously held real estate vehicle, Changzhou Naxin Real Estate, signals an industrial-property capability that complements the equity platform. Changzhou Hetai sits at a structural inflection point — a local government-originated manager now competing for technology deals in a market increasingly dominated by national-dollar sovereign and provincial funds. The dual leadership of Xu Chenping, formerly Board Secretary of Black Peony and a partner at DFJ Dragon, and Qiu Han, a private-market operator through Xingfu Capital, represents a deliberate blend of state access and venture execution. That hybrid architecture is the firm's signature.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Changzhou
Corporate office
Changzhou, Jiangsu, China
Principals
Xu Chenping
General Manager
Qiu Han
General Manager
Sector focus
Frequently asked questions
How is Changzhou Hetai Investment related to Black Peony Group?
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.
What is Qiu Han's role across Hetai and Xingfu Capital?
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.
What kind of companies does Changzhou Hetai invest in?
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.
Who makes investment decisions at Changzhou Hetai?
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.
Does Changzhou Hetai manage third-party capital or only its own balance sheet?
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.
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