# Liaoning Holdings Corporation

Liaoning Holdings Corporation is a Government / Public Body based in Shenyang, China.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Shenyang, China
- **Region:** Asia
- **Address:** Shenyang, Liaoning, China
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** lnkgjt.cn

## Regulatory record

- **Reports private funds:** No

## About

Liaoning Holdings Corporation was established in 2019 as a provincial state-owned capital operation and asset management platform under the ultimate control of the Liaoning Provincial State-owned Assets Supervision and Administration Commission (SASAC). Chairman Zhao Wei serves as the legal representative. The firm performs three core functions on behalf of the Liaoning provincial government: managing state-owned equity across a range of operating subsidiaries, executing fund investments alongside strategic partners, and operating physical assets — including real estate and industrial facilities — to generate returns for provincial coffers. The asset portfolio reveals a mix of direct real estate holdings and operational industrial properties concentrated in Shenyang, Dalian, and Yingkou. Recorded holdings include Phoenix International Mansion, both commercial towers in Shenyang; the Yingkou Huajun Department Store, a retail asset in Zhanqian District; and an industrial site in the Changxingdao Economic Zone. On the investment side, Liaoning Holdings has co-invested in at least two energy-transition funds: the Haitong New Energy fund alongside Liaoning Energy Investment (Group) Co., Ltd., and the Haitong New Driving Force fund alongside Liaoning Transportation Investment Co., Ltd. The firm has also partnered with China Resources (Holdings) Co., Ltd. on healthcare ventures, including China Resources Medical. Liaoning Holdings operates as a purely domestic Chinese asset owner with no disclosed international offices or personnel counts. The firm's investment activity is directed through provincial state-owned enterprise (SOE) partners and national champions like China Resources. In its first five years of operation, the firm has focused on absorbing legacy provincial assets — including the Shenyang Yingbin Road Vehicle Inspection Line and the Shenyang Tungsten Molybdenum Mansion — while deploying capital into funds aligned with national industrial policy priorities like new energy and advanced manufacturing. May 2026: The firm continues to manage its disclosed portfolio of commercial, industrial, and mixed-use properties across Liaoning province, alongside its fund commitments in new energy and healthcare (per firm website and public record, 2026). Liaoning Holdings differs from a conventional family office or fund manager in that its capital base is provincial, not familial or third-party LP. The firm operates as an extension of provincial fiscal and industrial policy — its portfolio composition and counterparty selection directly mirror Liaoning's economic restructuring priorities, particularly the shift from legacy heavy industry toward energy transition and healthcare services.

## Sectors

- Real Estate
- Industrial
- Energy Transition & Renewables
- Healthcare Services
- Infrastructure

## People

- Zhao Wei — Legal Representative and Chairman

## Questions

### Who controls Liaoning Holdings Corporation?

The Liaoning Provincial State-owned Assets Supervision and Administration Commission (SASAC) is the ultimate controlling shareholder with 100% ownership. Operational leadership sits with Chairman Zhao Wei, who serves as the legal representative. The firm functions as a direct instrument of provincial industrial and fiscal policy.

### Does Liaoning Holdings invest in funds or only direct holdings?

The firm does both. It has committed capital to at least two funds: the Haitong New Energy fund (alongside Liaoning Energy Investment Group) and the Haitong New Driving Force fund (alongside Liaoning Transportation Investment Co.). These commitments sit alongside its direct ownership of physical real estate and industrial assets.

### How is Liaoning Holdings related to China Resources?

Liaoning Holdings is a business partner of China Resources (Holdings) Co., Ltd., one of China's largest state-owned conglomerates. The two have collaborated on healthcare ventures, including China Resources Medical. The relationship reflects a mandate to align provincial asset management with nationally strategic state-owned enterprise partners.

### What is Liaoning Holdings' investment mandate?

The firm operates under a broad provincial mandate to manage state-owned capital, execute fund investments, and oversee operating assets. Its portfolio reveals a policy-driven focus on energy transition, healthcare services, and industrial real estate — sectors aligned with Liaoning's economic restructuring away from legacy heavy industry.

## Related profiles

- [Liaoning He Eye Hospital Group](https://altss.com/profile/liaoning-he-eye-hospital-group)
- [Liatis Foundation](https://altss.com/profile/liatis-foundation)

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Last updated: 2026-08-11T02:43:31.692Z

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