Hangzhou Linzhuo Industry Fund

The Linping District Government is the ultimate controlling authority. Day-to-day operations are executed through Hangzhou Linping District Industrial Investment Group, which wholly owns the fund. This structure is typical of Chinese government-guided funds, where public capital directs strategic investment priorities.

Sector priorities include semiconductors, enterprise software, industrial technology, and energy transition. The fund's repeated co-investments with Linxin Capital indicate a strong emphasis on semiconductor design, fabrication, and supply chain technologies aligned with China's chip localization goals.

Sourcing relies on the Linping District's industrial policy network, relationships with local manufacturers, and co-investment partnerships — notably with Linxin Capital in the semiconductor space. The MOU with the Federation of Hong Kong Industries adds a cross-border pipeline for Hong Kong-based technology firms seeking mainland market entry.

As a government-guided fund, Linzhuo actively seeks co-investors, particularly private capital and corporate partners. Its partnership with Linxin Capital exemplifies this model — the fund provides policy backing and local access while co-investors bring sector expertise and additional capital.

The fund covers a broad range from early-stage seed and start-up rounds through expansion and growth-stage investments. This span reflects a policy mandate to nurture domestic innovation from inception while also scaling companies that strengthen regional industrial clusters.