Jilin Province Investment Group

The Jilin Province Department of Finance holds 73.86% ownership of the group. Liu Hong serves as Chairman and Legal Representative. The group functions as a provincial-level state-owned capital investment and operating company, executing economic development mandates set by the Jilin provincial government.

The Asia Fintech Merger and Acquisition Fund of Funds is a co-managed investment vehicle launched by Jilin Province Investment Group and Credit China FinTech Holdings. China Huarong International participates as a co-investor. The fund targets fintech companies across Asia, reflecting a coordinated state-backed strategy to consolidate and scale financial technology assets in the region.

The group serves as the primary capital deployment arm for Jilin Province's industrial policy. Its investments in technology funds and direct venture deals aim to modernize the provincial economy, attract innovation enterprises to the High-tech Industrial Development Zone in Changchun, and support the province's transition away from heavy industry toward digital and financial services.

Available evidence indicates a hybrid approach. The group operates proprietary funds such as the Jilin Province Technology Investment Fund, which likely makes direct investments in local enterprises. Simultaneously, it acts as a limited partner and co-general partner in broader vehicles like the Asia Fintech Fund of Funds, giving it both direct and indirect exposure.

The group's disclosed strategy spans early-stage seed and start-up rounds through to expansion and late-stage growth equity. This full-spectrum venture mandate allows the group to engage with companies from formation through pre-IPO stages, prioritizing technology sectors aligned with provincial development priorities.