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Feixi County Canal Industry Fund
Yang Zhiming directs Feixi County Canal Industry Fund, a Hefei-area government-guided fund that co-invests with CATL and JAC Motors to build an EV supply...
Feixi County Canal Industry Fund
The Feixi County Canal Industry Fund operates as a policy-driven investment platform wholly owned by Feixi County Industrial City Investment Holding (Group) Co., Ltd. Its mandate links municipal fiscal resources with industrial strategy, channeling capital into advanced manufacturing and clean-energy technologies that align with Hefei's ambition to become a major EV and battery production hub. The fund functions less as an independent financial entity and more as a direct extension of county-level economic development planning. The fund targets early-stage to expansion-stage ventures, with a concentration in new energy vehicles, power batteries, and related industrial technologies. Its most significant disclosed activity is the co-creation of a 10 billion RMB carbon neutrality fund with Contemporary Amperex Technology Co., Limited (CATL), the world's largest EV battery manufacturer. A separate tie-up with Anhui Jianghuai Automobile Group (JAC Motors) gave rise to the Zhongan Intelligent Connected NEV Fund, underscoring a strategy of aligning every major deployment with an operational industrial partner who brings manufacturing scale and supply-chain integration. Yang Zhiming serves as Legal Representative and Director, with Guo Zhen as General Manager, operating from Hefei, Anhui Province. The parent holding group also controls a portfolio of industrial parks — Feixi Gongtou Zhiyuan, CAR Park, and Medicine Valley — suggesting the fund can offer portfolio companies more than capital, including pre-built production facilities and logistics infrastructure within Feixi County. The interlock between the fund, its parent, and these physical assets shapes a model where investment decisions are inseparable from land-use and industrial-park policy. What distinguishes the fund structurally is its position as a county-level government-guided fund that co-invests exclusively alongside Tier-1 industrial enterprises rather than financial sponsors. This design turns each sub-fund into a bilateral joint venture between the county government and a single corporate champion, making the fund's governance and return expectations inseparable from the strategic priorities of its corporate partners and the industrial policy goals of the Feixi County government.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Hefei
Corporate office
Hefei, Anhui, China
Principals
Yang Zhiming
Legal Representative and Director
Guo Zhen
General Manager
Sector focus
Frequently asked questions
How does the fund's ownership structure affect its investment decisions?
The fund is wholly owned by Feixi County Industrial City Investment Holding (Group) Co., Ltd., a local government financing vehicle. This ownership means investment decisions are inseparable from the economic development priorities of Feixi County, with the fund acting primarily as a tool for industrial policy implementation rather than as a purely commercial investor.
What is the nature of the fund's relationship with CATL?
The fund partnered with Contemporary Amperex Technology Co., Limited (CATL) to establish a 10 billion RMB carbon neutrality fund (per public record). This co-investment vehicle targets ventures that advance battery technology and clean energy, with CATL providing industry expertise and supply-chain access alongside the fund's capital.
Does the fund invest independently or only through co-investment vehicles?
Available evidence points to a co-investment model where each major deployment involves a strategic industrial partner. The fund's two disclosed major vehicles — with CATL and JAC Motors — are both structured as dedicated co-investment funds tied to a specific corporate champion, rather than as generalist investment pools.
What non-financial assets does the fund's parent control?
Feixi County Industrial City Investment Holding operates several industrial parks under the Feixi Gongtou brand, including Zhiyuan, CAR Park, and Medicine Valley. These physical assets allow the fund to offer portfolio companies access to pre-built production and logistics facilities within the county.
How does the fund differ from a standard Chinese government guidance fund?
While many government guidance funds participate in broad LP commitments to external fund managers, the Feixi County Canal Industry Fund stands out for its bilateral joint-venture model, co-creating dedicated vehicles with single corporate champions like CATL and JAC Motors rather than diversifying across multiple financial sponsors.
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