Nanjing Innovation Capital Group

Nanjing Innovation Capital Group

Nanjing Innovation Capital Group was formed in 2018 by five state-owned entities — Nanjing SASAC, Zijin Investment Group, Xugong Group, Urban Construction Group and Dongnan Group — with RMB 15 billion in registered capital. Li Bin chairs the platform alongside his role at parent Nanjing Zijin Investment Group, while General Manager Wan Shun runs day-to-day operations. The platform is the municipal government's primary instrument for crowding capital into strategically designated innovation clusters. The group operates through three layered government fund structures: Government Guiding Funds, an Emerging Industries Development Fund, and a Science and Technology Innovation Fund. Co-investors include the parent entity Nanjing Zijin Investment Group, and the group participates in dedicated vehicles such as the Nanjing Gaochun District ChunSheng Private Equity Investment Fund and the Nanjing Zijin New Consumption and Modern Service Industry Equity Investment Fund. In May 2026, a Jiangsu provincial-level new-energy sub-fund approved investments through its third sub-fund committee session. Direct investments target advanced materials and semiconductors — confirmed positions include lithium niobate and tantalate crystal suppliers Jingzheng Electronics and Nanzhi Core Materials — while fund commitments back frontier technologies like humanoid robotics firm Tashi Stone Intelligence, whose $455 million Pre-A round (per the firm, May 2026) set a Chinese embodied-intelligence financing record. The platform maintains an active secondaries posture — two S-fund portfolio companies listed on the Hong Kong Stock Exchange in May 2026 alone: lidar-sensor maker LeMotor Robotics and orthopaedic-device firm Tianxing Medical. General Manager Wan Shun and Investment Director Leng Fei lead deployment, supported by a sister real-asset entity, Zhongbei Jinji Real Estate, focused on mixed-use projects, and an operating arm, Nanjing Chuangrun. The group co-organizes venture-capital summits through the Jiangsu Investment Fund Association and participates in alumni networks including XJTLU's. A philanthropic University Student Entrepreneurship Angel Fund sits alongside the commercial platform. The structural distinction is the platform's direct-into-funds-and-direct-into-companies mandate within a single city-level vehicle. Most Chinese government guidance funds operate purely as limited partners; Nanjing Innovation Capital Group runs both a fund-of-funds program across provincial and municipal sub-funds and a corporate direct-investment balance sheet capable of leading hard-tech rounds — a hybrid architecture that gives the municipality capital-stack control from seed-stage suppliers to IPO-bound portfolio companies.