Jishan Yantong Material Trading

Duan Baozhong holds the legal representative and executive director roles at the parent trading company, which operates the investment strategy directly off its balance sheet. The Xue family — Yanlong and Zhenlong — appear as principals in related investment entities, suggesting a tight governance structure shared among a small group of interconnected shareholders. Day-to-day investment committee processes are not publicly documented.

As a corporate investor embedded in the Shanxi coal and building-materials supply chain, Jishan Yantong likely sources opportunities from its operational network — suppliers, logistics partners, downstream processors, and industrial customers. The firm does not publicize a dedicated deal-sourcing team or external advisor relationships. Its position inside a concentrated resource economy gives it direct visibility into technology and service companies servicing the energy and infrastructure sectors it already touches through its trading business.

The firm operates as a corporate investor rather than a formally structured family office. Duan Baozhong serves as executive director, and the Xue family members hold interests in connected vehicles, but the legal architecture sits inside the operating company rather than in a segregated family-office entity. The practical effect is similar — concentrated ownership, direct deployment from operating cash flow, and no external limited partners — but the regulatory form is that of a corporate principal investing proprietary capital.

The firm spans early-stage seed and start-up rounds through to expansion and later-stage venture, according to its disclosed investment strategy. This wide stage mandate is typical of corporate investors that can hold positions indefinitely without fund-life constraints. Checks likely skew toward the smaller end of the venture spectrum given the absence of public mega-round announcements tied to the firm.

Capital comes from the firm's operating profits in coal and building-materials trading, centered in Yuncheng, Shanxi — a province that supplies roughly a quarter of China's domestic coal output. The trading business generates cash flow that the principals redeploy into private companies, many of which sit in adjacent industrial and infrastructure supply chains.

The firm does not publicly market a co-investment program or fund commitment strategy. As a corporate investor deploying proprietary capital, it likely negotiates direct allocations in venture rounds alongside other strategic and financial investors on a deal-by-deal basis. There is no evidence the firm participates as a limited partner in third-party-managed funds.

No explicit sector exclusions are publicly stated. However, given the firm's industrial-trading anchor in coal, construction materials, and infrastructure, it is unlikely to pursue consumer internet, pure-life-sciences, or entertainment content plays that fall outside the physical-economy supply chains it understands operationally.