Sichuan Hexie Shuangma Cement

Lin Dongliang serves simultaneously as the actual controller of Sichuan Hexie Shuangma and as General Partner at IDG Capital, creating a direct pipeline between the firm and IDG's deal origination and fund management capabilities. IDG Capital vehicles hold the controlling interest in Sichuan Hexie Shuangma, and the firm's private equity management platform draws on IDG's institutional infrastructure. This structure means investment decisions often reflect IDG's broader sector and stage preferences, particularly in growth equity and venture-adjacent strategies.

Sichuan Hexie Shuangma operates both. The firm retains cement manufacturing plants and construction aggregates production in Sichuan province, generating revenue from heavy-industry operations. Alongside these physical assets, the firm manages a private equity fund management platform — registered in Tibet and Chengdu — that makes fund commitments and direct investments. This hybrid structure distinguishes it from stand-alone PE firms.

Lin Dongliang, who controls Sichuan Hexie Shuangma, shares a directorship connection with NetDragon Websoft, a publicly listed Chinese online gaming, education, and metaverse company. The link is through Lin's broader network rather than an explicit operating partnership, though it signals overlapping governance circles between the cement-and-PE platform and one of Fujian's prominent tech enterprises.

Cement manufacturing and construction aggregates — both legacy LafargeHolcim-associated assets in Sichuan province — continue to generate the firm's core industrial operating income. These operations supply large-scale infrastructure and real estate development projects across western China. The private equity management platform likely supplements this with fund management fees and carried interest, though the exact revenue split is not publicly disclosed (public record).

CITIC Financial Asset Management and Zhongrong Life Insurance hold substantial minority stakes, as disclosed in corporate filings. These institutions bring state-linked financial and insurance-sector capital onto the shareholder register, adding a layer of institutional oversight beyond IDG's controlling position. LafargeHolcim, the original JV partner, retains a residual shareholder role as the former owner of the cement assets.

The firm runs a private equity fund management platform, which implies it both manages external capital and likely makes fund-of-funds commitments alongside direct investments — a model consistent with IDG Capital-linked vehicles in China. Direct industrial holdings in cement and urban renewal projects sit on the balance sheet separately from the PE management structure. The exact split between fund commitments and direct co-investments is not publicly itemized.

Through its private equity management platform, the firm targets buyout and growth-stage investments with a likely emphasis on industrial technology, real estate, and infrastructure-adjacent sectors — reflecting the anchor cement business. The IDG Capital affiliation broadens potential exposure to venture-stage tech deals, though Sichuan Hexie Shuangma's own disclosed portfolio companies have not been itemized in public sources.