# Yicheng Capital

Yicheng Capital is a Private Equity based in Shenzhen, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Shenzhen, China
- **Region:** Asia
- **Address:** Shenzhen, China
- **Founded:** 2011
- **Assets under management:** Undisclosed
- **Website:** yichengcapital.com
- **LinkedIn:** linkedin.com/company/yicheng-group

## Regulatory record

- **Reports private funds:** No

## About

Yicheng Capital is a private equity firm based in Shenzhen, China. It focuses on venture capital investments. The firm has a team of 7 employees.

## Sectors

- Enterprise Software
- Industrial Tech
- AgriTech & FoodTech
- Digital Health
- Energy Transition & Renewables

## People

- Zheng Weihe — Founding Partner

## Questions

### Who runs investment decisions at Yicheng Capital?

Zheng Weihe serves as the founding partner and is the public face of the investment committee. The firm operates with a centralized decision-making structure typical of Shenzhen-based growth equity shops — the investment committee is small, and deal leads report directly to the senior partnership. Specific IC members beyond Zheng Weihe are not publicly listed, and the firm has not disclosed a formal succession plan for investment authority.

### How does Yicheng Capital source proprietary deal flow?

The firm's deal-origination edge tracks directly to Zheng Weihe's relationships across the Pearl River Delta supply-chain ecosystem. By maintaining board-level access to components manufacturers, factory-automation vendors, and trade-finance intermediaries, Yicheng spots industrial-tech and enterprise-software targets before they circulate widely in banker-led processes. The Shenzhen location also provides proximity to the hardware accelerators and university spinouts that populate the Greater Bay Area tech corridor.

### Does Yicheng Capital participate in fund commitments or only direct deals?

The firm's known activity is concentrated in direct equity investments, with board seats taken at portfolio companies. There is no public evidence of a fund-of-funds program or significant LP commitments to external managers. Co-investment alongside other RMB funds has occurred on a deal-by-deal basis.

### What investment stages does Yicheng Capital target?

The mandate spans early-stage to pre-IPO equity, with a concentration in growth-stage rounds where the firm can deploy meaningful check sizes while retaining board influence. Seed-stage activity is less publicized, and the late-stage book is linked to companies approaching STAR Market or ChiNext listings where onshore IPO visibility is high.

### How does Yicheng Capital manage exits for portfolio companies?

The firm benefits from China's onshore listing regime — companies such as Piotech have reached liquidity through the STAR Market. This domestic exit path allows Yicheng to hold positions longer than many dollar-denominated venture peers and avoid forced sales into distressed secondaries. Trade sales to strategic acquirers within China's industrial and supply-chain networks also feature in the exit playbook.

## Related profiles

- [Yibo New Energy Capital](https://altss.com/profile/yibo-new-energy-capital)
- [Yige Desheng Capital](https://altss.com/profile/yige-desheng-capital)

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Last updated: 2026-06-03T20:00:00.000Z

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