China Science & Merchants Capital Management

China Science & Merchants Capital Management

Founded in Shenzhen and now headquartered in Beijing, China Science & Merchants Capital Management operates as a government-approved private equity manager focused on technology innovation. Chairman and President 单祥双, a former executive at China Merchants Group and China Merchants Securities, established the firm with a mandate formalized through state registration — distinguishing it from the unregistered general partners that once proliferated in China's venture market. The firm deploys capital across early-stage, growth, and pre-IPO rounds, with a stated strategy of direct investments followed by public listings on venues like the Hong Kong Stock Exchange. Portfolio exits include the December 2023 IPO of humanoid robotics maker 优必选 (UBTECH, 9880 HK) and the November 2024 listing of LED component manufacturer 晶科电子 on the HKEX main board. Other known positions include 诺思, a specialty semiconductor firm recognized under China's national "Little Giant" program, and an earlier cross-border commitment to US-based AngelList — a deal the firm frames as pioneering Chinese institutional capital into Silicon Valley fundraising infrastructure. The group maintains a Beijing headquarters but the founder's biography and the firm's incorporation narrative both trace to Shenzhen. In June 2024, the firm held its annual shareholder meeting and passed all seven agenda items, signaling continued alignment between its state-rooted charter and private-capital execution. 单祥双 publicly articulates a "three-base project" — fund formation, operational platforms, and industrial ecosystem integration — as the operational template, suggesting an architecture that combines limited-partner fund management with direct operating-company involvement. Structurally, the firm sits at the intersection of private venture capital and China's industrial-policy apparatus. Its registration as a government-sanctioned investment institution, combined with a portfolio concentrated in firms tagged as national strategic champions, separates it from purely return-driven VC syndicates. The succession and governance model remains personified in 单祥双, now nearly three decades into his career, with no publicly signaled leadership transition.