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Hangzhou Hegang Venture Capital
Jin Yufeng leads state-backed Hangzhou Hegang Venture Capital, a generalist VC investing from seed to growth and co-investing with Lilly Asia Ventures.
Hangzhou Hegang Venture Capital
Hangzhou Hegang Venture Capital operates as the direct investment arm of the Hangzhou Qiantang New District Industrial Development Group, a state-owned entity tasked with building out the city's advanced manufacturing and life-sciences clusters. The firm was established to channel municipal development capital into early-stage tech companies, blending a venture mandate with explicit industrial policy goals. Its ultimate controller is the Qiantang New Area Management Committee. The strategy spans seed, startup, and late-stage venture, capturing both direct equity positions and fund-of-funds allocations. Sectors of focus include healthcare services, enterprise software, AI/ML, industrial technology, and fintech. One co-investment on the books is Lynk Pharmaceuticals, where Hegang joined Lilly Asia Ventures in backing the developer of autoimmune and oncology therapies. The firm also launched the Hangzhou New Track investment vehicle in partnership with Tasly Biopharmaceutical Industry Group, deepening its footprint in the life sciences. Registered capital forms the core of Hegang's balance sheet, typical of local-government venture platforms in China that deploy paid-in municipal funds rather than discrete fund vintages. The firm's legal representative, Jin Yufeng, serves as the key executive linking the vehicle to the parent development group and the administrative committee. Office presence remains confined to Hangzhou, with deal flow strongly tilted toward Zhejiang-based companies. The structural differentiator is the firm's dual identity: it is simultaneously a return-seeking VC and a policy instrument. Unlike independent venture firms, Hegang's mandate integrates municipal economic development objectives, giving it access to non-market deal flow from startups seeking to relocate or anchor operations in the Qiantang New Area. This government affiliation also shapes its co-investor circle, which mixes state-owned entities like Tasly with overseas healthcare specialists.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Hangzhou
Corporate office
Hangzhou, Zhejiang, China
Principals
Jin Yufeng
Legal Representative
Sector focus
Frequently asked questions
Who controls Hangzhou Hegang Venture Capital?
The firm is majority-owned by the Hangzhou Qiantang New District Industrial Development Group, with ultimate control residing in the Qiantang New Area Management Committee, a government body overseeing the district. Jin Yufeng is the legal representative.
What is the Hangzhou New Track investment vehicle?
It is a partnership between Hangzhou Hegang Venture Capital and Tasly Biopharmaceutical Industry Group. The vehicle targets life sciences and biotech startups, aligning with Hangzhou's push to become a healthcare innovation hub.
Does Hegang co-invest with international firms?
Yes. Hegang has co-invested alongside Lilly Asia Ventures, notably in Lynk Pharmaceuticals.
What investment stages does the firm target?
Hegang invests from seed and startup rounds through to expansion and late-stage deals. It also makes fund-of-funds commitments.
How does Hegang source deals?
Deal flow is heavily influenced by the Qiantang New District's industrial policy. Startups seeking to locate in the district or align with Hangzhou's strategic sectors — such as biotech and advanced manufacturing — form the core pipeline.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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