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Zasion Capital
Chen Yihui runs Zasion Capital, a Nanchang-based onshore China PE firm managing three local-government linked venture funds since 2016.
Zasion Capital
Zasion Capital was established in July 2016 and registered as a private equity and venture capital fund manager with the Asset Management Association of China (AMAC) in February 2017. Chairman and General Manager Chen Yihui leads the firm, which operates out of its sole office in Nanchang, Jiangxi province. The firm manages capital through three distinct limited partnership funds, each tied to specific economic development zones within the province. The firm deploys capital across venture and growth stages, investing in companies primarily based in or relevant to the Jiangxi region. Its disclosed portfolio spans a mix of industrial and consumer-oriented sectors including agricultural technology, food safety testing, audio electronics, esports, virtual reality, fire safety drones, and advanced materials. Confirmed positions include Zhongde Biology, a food safety testing company; Purifine, an agricultural technology firm; FIIL Electronics, a consumer audio brand; Lin Gan Esports; Jiangxi Geruling, a VR education platform; Xinyu Boxun, a firefighting drone manufacturer; Baohong New Materials; and Lianchuang Electroacoustic. The firm operates with a small local team in Nanchang and runs three dedicated funds: the Nanchang Qingyunpu Venture Capital and Innovation Investment Enterprise, the Nanchang County Emerging Industry Venture Capital and Innovation Investment Center, and the Nanchang High-Tech Zexin Key Industry Intellectual Property Operation Fund. The firm has been recognized with multiple regional industry awards, including multiple "Innovation and Entrepreneurship Advanced Member Unit" titles and recognition for serving the Jiangxi economy. Chen Yihui was named an excellent private equity practitioner for three consecutive years from 2019 to 2022. Zasion Capital's structure is deeply intertwined with local government industrial policy. Its vehicles are explicitly named after specific districts and counties within Nanchang, suggesting a mandate to foster economic development and innovation within those jurisdictions. This government-guided, onshore fund model differentiates it from independent, return-maximizing venture capital firms and positions it as a policy-implementation partner as much as a financial investor.
General information
Firm type
Private Equity
Year founded
2016
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Nanchang
Corporate office
Nanchang, China
Principals
Chen Yihui
Chairman and General Manager
Sector focus
Frequently asked questions
How is Zasion Capital structured and who makes the investment decisions?
Key decisions are led by Chairman and General Manager Chen Yihui. The firm is registered as a private equity and venture capital fund manager with the AMAC (registration P1061674). It manages three specific limited-partnership vehicles, each named after a district or county in Nanchang, indicating a close alignment with local government economic development goals.
What type of investments does Zasion Capital make?
The firm invests across early-stage, start-up, and growth equity rounds in Chinese companies. Its publicly disclosed portfolio includes names like Zhongde Biology (food safety testing), Purifine (agri-tech), FIIL Electronics (consumer audio), Geruling (VR education), and Xinyu Boxun (firefighting drones). The common thread is technology-enabled companies with a nexus to Jiangxi province.
How is Zasion Capital funded?
The firm's capital appears to come primarily from local government development funds in Nanchang. The three named vehicles—linked to Qingyunpu district, Nanchang County, and a high-tech intellectual property fund—suggest the firm serves as a conduit for regional industrial policy and innovation stimulus rather than as a third-party blind-pool manager for institutional LPs.
Does Zasion Capital invest only in Jiangxi province?
The firm's fund names and its multiple 'Serving Jiangxi Economy' awards indicate a strong regional mandate to develop the local economy. While its portfolio may include companies headquartered elsewhere, all disclosed investments are closely tied to strategic industries identified by the Nanchang regional government.
What is the relationship between Zasion Capital and the local government?
Zasion operates three funds explicitly named after Nanchang municipal entities, suggesting it functions as a government-guided fund manager. This structure typically gives local government bodies significant influence over investment themes, requiring portfolio companies to have a physical or operational presence in the region as a condition of investment.
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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