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Hangzhou Jiashun Investment
Lu Changshui's Hangzhou Jiashun Investment channels Hengyi Group wealth into venture and Hainan real assets through CKGSB alumni co-investment networks.
Hangzhou Jiashun Investment
Hangzhou Jiashun Investment operates as the investment vehicle for Lu Changshui and Wang Jihong, each holding a 47.75% equity stake. The firm's capital base traces to the Hengyi Group, one of China's largest polyester and petrochemical producers, chaired by Lu Changshui's cousin-uncle Qiu Jianlin. This linkage places Jiashun within the network of Zhejiang industrial family offices that reinvest textile and chemical profits into diversified assets, a cohort that includes peers from the Cheung Kong Graduate School of Business CEO class where Lu Changshui is an alumni member. The strategy spans early-stage venture, growth equity, and direct industrial holdings. The venture book is generalist, with confirmed co-investment relationships that include Zhang Weiyang, founder of Dongjiang Environmental and a CKGSB classmate, and Lu Ming, controller of Huiyu Holding Group, with whom Jiashun partnered in Sichuan Huiyu Industrial. On the real-asset side, the firm has committed capital to mixed-use tourism and hotel projects on Hainan Island through a joint venture with Jinma Holding, developing the Hainan Haitangshan project in Baoting County. Jiashun's governance mirrors the simplified structure of many first-generation Chinese family offices: two equal controlling shareholders, no disclosed external limited partners, and no separately branded institutional vehicles. The firm maintains a dual base of operations in Hangzhou—its administrative and venture hub—and Hainan, where its physical asset investments are concentrated. This geography reflects a pattern of Zhejiang capital migrating toward Hainan's free-trade-zone incentives for real estate and hospitality deployments. What distinguishes Jiashun structurally is its reliance on CKGSB alumni co-investment circles. Rather than raising blind-pool funds or marketing to external institutions, the firm executes deals alongside a tight network of classmates and industrial peers—a relationship-based sourcing model that privileges access over scale and makes the firm's investment pace opaque to outside observers.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Hangzhou
Corporate office
Hangzhou, China
Principals
Lu Changshui
Founder
Wang Jihong
Co-Founder
Sector focus
Frequently asked questions
Who controls investment decisions at Hangzhou Jiashun Investment?
Lu Changshui and Wang Jihong each hold a 47.75% equity stake and jointly control the firm, with the remaining 4.5% held by unnamed minority shareholders. Lu Changshui serves as the legal representative. There is no disclosed investment committee or external delegation structure, suggesting decisions are made directly by the two founders.
How is Hangzhou Jiashun connected to Hengyi Group?
Lu Changshui is the cousin-uncle of Qiu Jianlin, the chairman of Hengyi Group, one of China's largest integrated polyester and petrochemical enterprises. While Jiashun is legally separate from Hengyi, the family relationship provides the wealth origin for the firm's investment capital. Hengyi Group itself is not a direct shareholder of Jiashun.
Does Hangzhou Jiashun manage external capital or only family money?
Jiashun is structured as a proprietary investment vehicle with no disclosed external limited partners. All known capital is attributed to the two founders. The firm has never marketed a fund to third-party investors, and its deal-making relies on co-investments with trusted classmates rather than institutional fundraising.
What role does the Cheung Kong Graduate School of Business play in Jiashun's investments?
Lu Changshui is a member of the CKGSB CEO class alumni network, which serves as Jiashun's primary co-investment ecosystem. Confirmed co-investors include Zhang Weiyang, founder of Dongjiang Environmental, who is a CKGSB classmate. This alumni network provides deal flow, co-investment capital, and operational partnerships without formal fund structures.
What physical assets does Hangzhou Jiashun hold?
Jiashun has invested in mixed-use tourism and hotel projects in Baoting County, Hainan, through the Hainan Haitangshan development, executed in a joint venture with Jinma Holding. The specific book value and ownership percentage in these Hainan assets remain undisclosed in public records.
Is Hangzhou Jiashun a single family office or a generalist asset manager?
While classified as an asset manager in some databases, Jiashun operates functionally as a single family office tied to Lu Changshui and the Hengyi Group wealth network. It takes no outside capital, has no branded fund series, and its investment scope—venture deals plus Hainan real estate—reflects personal allocation preferences rather than institutional product design.
Which sectors does Hangzhou Jiashun target for venture investments?
Jiashun's venture activity is generalist across stage and sector, with confirmed capital deployed in industrial investments through the Sichuan Huiyu Industrial partnership alongside Lu Ming's Huiyu Holding Group. No sector exclusions are publicly stated. The firm does not advertise a specific investment thesis, making its venture portfolio identifiable only through corporate registration filings.
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