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Yibin Fuhui Venture Investment Management
Han Cheng's Yibin Fuhui deploys Yibin's municipal wealth into power-battery and advanced manufacturing equity, anchoring China's baijiu capital in hard...
Yibin Fuhui Venture Investment Management
Yibin Fuhui Venture Investment Management was established in 2017 as a state-owned equity investment platform, legally represented by Han Cheng. The firm is directly backed by the Yibin municipal government and its affiliated state-owned enterprises, with its capital base linked to Yibin's dominant distilled-liquor industry—Wuliangye, one of China's largest baijiu producers, calls the city home. This fiscal foundation gives the firm a mandate that blends local economic development with financial return objectives. Yibin Fuhui concentrates on growth and later-stage equity investments in advanced manufacturing—particularly power batteries, new materials, and intelligent terminals—alongside renewable energy, high-end equipment, and food processing. Its strategy is geographically tethered: the firm co-invests with outside GPs to bring production capacity into Yibin's industrial parks. Confirmed portfolio exposure includes CATL's massive power-battery manufacturing base in Yibin, a project Yibin Fuhui helped capitalize, and a position in Sichuan Aostar Lithium, a lithium-salt producer. The firm operates as an LP in specialized industrial funds while also making direct co-investments, often alongside corporate partners who relocate operations to the Yangtze River port city. Yibin Fuhui manages a reported umbrella of sub-funds targeting specific industrial verticals, though precise headcount and AUM remain unpublished. The firm is estimated to control between RMB 1 billion and RMB 5 billion in total capital deployment, placing it among the more active prefectural-level government guidance funds in western China. Its capital flows through vehicles like the Yibin Advanced Manufacturing Investment Fund. July 2023: Yibin Fuhui participated in a RMB 1.5 billion funding round for a local lithium-battery separator manufacturer as part of the city's push to command 30% of global power-battery production capacity by 2030. Yibin Fuhui's structural edge is its hybrid nature—it operates with VC-grade deal sourcing but state-capital patience. Unlike purely return-driven funds, its mandate compels investee firms to establish physical factories or subsidiaries within Yibin, creating a captive pipeline of industrial co-investments that standard venture firms cannot access. This 'invest-to-relocate' model turns the city's fiscal muscle into a competitive advantage in Chinese local government fundraising.
General information
Firm type
Asset Manager
Year founded
2017
AUM
RMB 1B - RMB 5B (Altss estimate)
Location
Region
Asia
Country
China
City
Yibin
Corporate office
Yibin, Sichuan, China
Principals
Han Cheng
Legal Representative & Executive Director
Sector focus
Frequently asked questions
Who runs investment decisions at Yibin Fuhui?
Investment decisions are led by Han Cheng, the firm's Legal Representative and Executive Director. Han operates within a governance structure ultimately accountable to Yibin's municipal State-owned Assets Supervision and Administration Commission (SASAC) and state-owned capital investors like Wuliangye Group, per the firm's public record.
Where does Yibin Fuhui's capital come from?
The firm's capital originates primarily from the Yibin municipal government and its state-owned enterprises, most notably Wuliangye Group—the city's dominant baijiu producer. This configuration makes it a local government guidance fund, blending municipal fiscal resources with state-enterprise balance-sheet capital to drive industrial policy in the region.
How does Yibin Fuhui differ from a standard venture capital firm?
Yibin Fuhui operates on an 'invest-to-relocate' model. While it takes equity stakes in growth-stage companies, a core condition of investment is that the recipient builds manufacturing capacity or a subsidiary inside Yibin's industrial zones. This makes it a hybrid between a financial investor and an industrial-policy tool, granting it a pipeline of captive co-investment opportunities unavailable to purely return-seeking VCs.
What sectors does Yibin Fuhui explicitly focus on?
The firm concentrates on power batteries, new energy vehicles, advanced materials, intelligent manufacturing, and high-end equipment. It also invests in food processing—leveraging Yibin's agri-industrial base—and renewable energy. Portfolio exposure centers on Yibin's power-battery cluster, including a known role in capitalizing CATL's manufacturing presence there, per public record.
Does Yibin Fuhui invest outside Sichuan province?
Yibin Fuhui's capital is geographically tied. While it evaluates companies from across China, the investment mandate requires a demonstrable economic return to Yibin—typically a factory, subsidiary, or R&D center relocated to the city's industrial parks. This bounds its practical deployment to firms willing to establish physical operations in Sichuan's southern Yangtze region.
What is Yibin Fuhui's known deployment scale?
The firm does not publicly disclose AUM. Based on municipal filings and the capitalizations of individual sub-funds it operates, total deployment is estimated between RMB 1 billion and RMB 5 billion (Altss estimate). It has participated in RMB 1.5 billion-scale industrial funding rounds for Yibin-based advanced manufacturing, per public record.
How is Yibin Fuhui related to Wuliangye?
Yibin Fuhui is not a subsidiary of Wuliangye but is indirectly linked through the Yibin municipal SASAC structure. Wuliangye Group, the city's largest state-owned enterprise, is a primary source of the municipal fiscal strength that capitalizes Yibin Fuhui's funds. The firm operates as a separate legal entity under the city's investment platform architecture.
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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