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Quanzhou Heng’an Shidai Venture Capital
Quanzhou Heng’an Shidai Venture Capital operates as the venture investment vehicle for the principals behind Hengan International Group, one of China's...
Quanzhou Heng’an Shidai Venture Capital
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. While specific portfolio positions are not publicly cataloged, the firm is known to co-invest alongside regional industrial groups such as Fujian Septwolves Group, indicating a pattern of club-style deal-making among Fujianese industrial families. 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.
General information
Firm type
Corporate Investor
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Quanzhou
Corporate office
Quanzhou, Fujian, China
Principals
Sze Man Bok
Co-founder and Chairman, Hengan Group
Xu Lianjie
Co-founder, Hengan Group
Sector focus
Frequently asked questions
Who runs investment decisions at Quanzhou Heng’an Shidai Venture Capital?
Investment decisions historically flowed through Hengan co-founders Sze Man Bok and the late Xu Lianjie. With Xu Lianjie's passing in 2025, governance is transitioning to the second generation, including Xu's son Hui Ching Lau, who leads Lianjie Investments Group, and Sze's son Sze Wong Kim, an Executive Director at Hengan International. The firm has not publicly identified a dedicated CIO, which is typical for family-anchored corporate VCs where principals retain investment committee authority.
How does the firm source proprietary deal flow?
The firm leverages the deep industrial network of the Sze and Xu families within China's consumer manufacturing sector. Xu Lianjie's long tenure on the CPPCC National Committee and vice chairmanship of the All-China Federation of Industry and Commerce provided access to policy-linked entrepreneurs. Co-investment relationships with regional industrial groups like Fujian Septwolves Group suggest deal sharing among Fujianese family offices is a core sourcing channel.
Is Quanzhou Heng’an Shidai a single family office or a corporate venture capital arm?
It is best understood as a corporate venture capital entity tied to a family-controlled industrial group. While the Sze and Xu families are the ultimate beneficial owners, the firm operates with the investment thesis of a corporate VC, seeking growth-stage companies that align with or complement Hengan International's consumer products ecosystem rather than purely diversifying family wealth.
Does the firm participate in fund commitments or only direct deals?
The firm's disclosed approach emphasizes direct growth-stage equity investments in Chinese companies. There is no public record of a substantial fund-of-funds program, but the close relationship with Fujian Septwolves Group, known to act as a limited partner in regional funds, indicates indirect exposure may exist through co-investment structures or shared LP positions.
Which sectors does Quanzhou Heng’an Shidai explicitly avoid?
The firm has not published a formal exclusion list, but its investments are heavily concentrated in consumer, healthcare, and light industrial sectors reflecting Hengan's core business. There is no evidence of investment in heavy industries, commodities, or frontier markets outside China. ESG exclusions are likely minimal given the domestic Chinese focus.
Where does the underlying wealth come from?
The wealth originates from Hengan International Group, a Hong Kong-listed company co-founded by Sze Man Bok and Xu Lianjie. Hengan is the largest manufacturer of sanitary napkins and baby diapers in China, with additional market leadership in tissue paper. The fortune was built on China's consumer economy scale-up from the 1980s through the 2020s.
How is the firm's investment team structured for succession?
Following Xu Lianjie's death in 2025, the firm is in an active succession phase. Hui Ching Lau manages the family's Lianjie Investments Group, while Sze Wong Kim holds an executive role at Hengan International. The family has not announced a unified family office consolidation, suggesting investment activity may be split across multiple related entities until the next generation formalizes a structure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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