Xinlian Equity Investment (Hangzhou)

Xinlian Equity Investment (Hangzhou)

Xinlian Equity Investment (Hangzhou) operates as the corporate venture capital vehicle of Semiconductor Manufacturing Electronics (Shaoxing) Corporation (SMEC), a pure-play foundry producing power semiconductors on 200mm wafers. The firm maintains its registered base in Hangzhou, Zhejiang province, positioning itself within one of China's densest clusters for integrated circuit design. Zhao Qi leads the entity as Executive Director and General Manager, executing a mandate that bridges SMEC's manufacturing capacity with the capital needs of fabless chip designers and downstream module integrators. The firm concentrates its deployment on early-stage through late-stage venture rounds across the power-semiconductor stack, focusing on silicon carbide (SiC) devices, insulated-gate bipolar transistors (IGBTs), and automotive-grade modules. Confirmed portfolio positions include Xinlian Power Technology, a SiC power device manufacturer that attracted a syndicate of strategic co-investors. That consortium — documented via Chinese corporate registries — brings together Xiaomi Zhizao Fund, Liling Fund (the family office vehicle linked to Luxshare Precision), SAIC Shangqi Capital, and XPeng Xinghang Capital. These partnerships reveal a deliberate strategy: co-investing with the corporate venture arms of China's largest electric-vehicle OEMs and electronics assemblers. The firm's geographic footprint centers on the Yangtze River Delta, with deal activity concentrated in Zhejiang, Jiangsu, and Shanghai. The parent company, SMEC, raised approximately RMB 11 billion in a 2023 Series B round and completed a backdoor listing on the Shanghai Stock Exchange's STAR Market via a merger with a listed entity (public record). For Xinlian Equity, the parent's balance sheet forms the capital base; the firm does not raise blind-pool funds from external limited partners. This structure allows Zhao Qi's team to hold positions through full technology maturation cycles rather than responding to fund-life pressures. The firm maintains no known parallel philanthropic foundation or separate wealth management structure, operating purely as an industrial-investment node. Xinlian's embedded position as a captive CVC creates a structural differentiator that independent venture firms cannot easily match. Because the parent foundry manufactures the physical devices its portfolio companies design, Xinlian can diligence technical claims against production-line yield data — a feedback loop that shortens the journey from prototype to mass production. Succession and governance sit within the parent's Party committee structure, a standard configuration for strategic emerging-industry champions in China's semiconductor sector.