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.

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.