Quanzhou Heng’an Shidai Venture Capital

Overview

Quanzhou Heng’an Shidai Venture Capital operates as the venture investment vehicle for the principals behind Hengan International Group, one of China's largest manufacturers of sanitary napkins, diapers, and tissue paper. The firm was established by Hengan co-founders Sze Man Bok and Xu Lianjie, now represented by the next generation of family leadership. Its investment mandate is an extension of Hengan's industrial logic, concentrating on growth-stage opportunities across sectors that complement, supply, or parallel the consumer products empire built over four decades. The firm deploys capital primarily in growth-stage rounds, focusing on China's consumer, healthcare, and light industrial technology sectors. Its investment posture favors direct equity stakes in companies that can benefit from strategic alignment with Hengan's manufacturing scale and distribution networks. Geographic concentration remains domestic, with capital deployed across the Yangtze River Delta and Pearl River Delta innovation corridors. Quanzhou Heng’an Shidai operates without a disclosed AUM, a common posture for family-anchored corporate investors in China. The firm's infrastructure is intertwined with the broader Xu and Sze family holding structures, including real estate assets held through Xiamen Anjian Real Estate and Karrion Development Limited. Xu Lianjie, who passed away in 2025, was a prominent figure in China's political-business establishment, serving on the CPPCC National Committee and as Vice Chairman of the All-China Federation of Industry and Commerce. His son Hui Ching Lau now manages Lianjie Investments Group, while Sze Man Bok's son Sze Wong Kim serves as an Executive Director at Hengan International. The firm's structural differentiator is its identity as a pure corporate venture capital outfit tethered to a single industrial dynasty, yet flexible enough to pursue returns uncoupled from immediate strategic synergies. Unlike many Chinese family offices that externalize management through feeder funds, Heng’an Shidai's principals appear to retain direct investment discretion, making them a potentially nimble co-investor for GPs seeking patient, industrially literate capital.