120 billion, a domestic VC announces a leadership change
May 2026, Nanjing.
Today (May 7th), CSD Capital officially announced: Mr. Ying Wenlu has successfully retired, and Mr. You Jinbai, the President and Founding Partner, will succeed him as the Chairman.
Thus, this local VC giant has completed the baton handover between the old and the new.
This scene is particularly touching. Looking back 12 years ago, Ying Wenlu led a team to carry out internal reforms within Jiangsu High - tech Investment Group, and CSD Capital was born. Eventually, he forged a regional state - owned investment team into a leading institution in the Chinese venture capital industry. Now, he leaves gracefully.
You Jinbai, a co - founder who has accompanied CSD Capital's growth, takes over the strategic steering wheel and leads CSD Capital to start a new journey.
Ying Wenlu's Retirement: From Nanjing Iron and Steel to a Pioneer in Venture Capital
Born in 1965, Ying Wenlu's career began at Nanjing Iron and Steel Group. In 1984, he joined Nanjing Iron and Steel Group as a junior accountant. Later, he held multiple positions and led the listing of Nanjing Iron and Steel Co., Ltd. - this was the first enterprise IPO that Ying Wenlu participated in, and also his first in - depth contact with the capital market.
It was at the end of the 20th century, an era when Chinese venture capital was still groping in the mist.
After that, Ying Wenlu served as a director and the chief accountant of Nanjing Iron and Steel Co., Ltd., and in 2001, he moved to Jiangsu Hongtu High - Tech Co., Ltd. It was these experiences that allowed him to accumulate rich enterprise management experience and gain a deeper understanding of industrial development. Imperceptibly, it influenced his future investment decisions.
(Ying Wenlu)
Then came the cross - border exploration. In 2005, three provincial - level state - owned enterprises, Jiangsu Hongtu Electronic Information Group, Jiangsu Provincial Information Construction Investment Company, and Jiangsu Provincial Venture Capital Company, merged and reorganized to form Jiangsu High - tech Investment Group Co., Ltd. (referred to as Jiangsu High - tech Investment) - one of the earliest provincial - level equity and venture capital institutions established in China.
Due to his familiarity with the capital market and years of experience in the real industry, Ying Wenlu joined Jiangsu High - tech Investment.
When he first joined Jiangsu High - tech Investment, the situation was not optimistic. Before the merger of the three companies, there were very few people who understood investment, and the operation was greatly tested. Ying Wenlu recalled: "We really started from scratch, which was equivalent to starting a business." He clearly realized that to gain a foothold in the market, it was necessary to build his own investment team.
At the end of 2005, the first person recruited by Jiangsu High - tech Investment was You Jinbai - the old comrade - in - arms who now succeeds Ying Wenlu as the Chairman. The professional personnel recruited later have now become the backbone of CSD Capital. During his tenure at Jiangsu High - tech Investment, Ying Wenlu served as the deputy general manager and a member of the Party Committee, and also served as a director of Huatai Securities and Jiangsu Trust as a shareholder representative.
The story of CSD Capital officially began in 2014.
At that time, the Chinese venture capital industry reached a critical turning point. State - owned venture capital was restricted by policies such as the transfer of state - owned shares, decision - making systems, and incentive mechanisms, and the call for market - oriented reform became increasingly strong. Against this background, under the guidance of the State - owned Assets Supervision and Administration Commission of Jiangsu Province, Jiangsu High - tech Investment Group took the lead in market - oriented practice. Ying Wenlu led 78 core team members to carry out internal reforms within Jiangsu High - tech Investment and founded CSD Capital, and fully joined the company in 2016.
At that time, the groundbreaking move of CSD Capital's management team holding 65% of the shares caused a great stir in the industry.
However, there was no ready - made experience to follow, and it is imaginable how much pressure Ying Wenlu was under: "When we first started the reform, the pressure was huge. Whether we could support ourselves was even a question." Fortunately, the advantages brought by the institutional reform soon became apparent - the market - oriented mechanism inspired everyone's vitality. The partners rushed to the front line of business. On average, ten projects were proposed every week, and the investment review meetings on Mondays often lasted until midnight.
After that, CSD Capital entered the fast lane of development. This reform practice (the case of the mixed - ownership reform of Jiangsu High - tech Investment) was also rated as one of the "Top Ten National Reform Cases in 2017" and became a benchmark for the mixed - ownership reform of state - owned venture capital. Later, various institutions and peers came to CSD Capital to learn about its mixed - ownership reform path almost every month.
12 Years, Managing 120 Billion
In the blink of an eye, this local venture capital giant has sailed deep into the sea.
During the twelve years when Ying Wenlu was at the helm, CSD Capital left a deep impression on the outside world: Starting from Nanjing, Jiangsu, radiating to the Yangtze River Delta, and then expanding across the country, it has become one of the leading local VCs and is highly representative among RMB funds. Although its headquarters is not in the first - tier cities where VCs are concentrated, its performance has consistently ranked among the top in the industry. Behind many high - tech enterprises, the figure of CSD Capital can often be seen.
The brand has grown from scratch, and the scale has expanded from small to large. Starting with a scale of 4.8 billion, CSD Capital's management scale has now soared to 121.3 billion yuan; it has invested in 1,068 enterprises in total, 90% of which are small and medium - sized technology enterprises, including more than 290 national "little giants" specializing in niche markets.
Looking at the exit side, more than 200 of CSD Capital's invested enterprises have been listed on domestic and overseas capital markets, including 30 IPOs on the Science and Technology Innovation Board, accounting for about 5% of the national total. Especially in 2025, CSD Capital achieved 11 IPOs.
During this period, Ying Wenlu built an investment network covering the whole country for CSD Capital. He proposed and promoted the implementation of the "Along the Yangtze River and the Coast + Spreading All Over" regional development strategy - deeply layout along the Yangtze River Economic Belt and developed coastal cities, and deeply integrate into core economic circles such as the Yangtze River Delta, the Greater Bay Area, and the Beijing - Tianjin - Hebei region; at the same time, achieve full coverage of funds and teams in 13 prefecture - level cities and developed districts and counties in Jiangsu Province. This strategy enables CSD Capital not only to take root in Jiangsu and radiate across the country but also to extend its tentacles to every industrial high - ground with innovative vitality.
Having experienced the ups and downs of the industry, Ying Wenlu is always known for his accurate judgment of trends. In every trough of the cycle, this investment veteran can often lead the team to make precise moves and make low - point layouts.
Remember the capital winter in 2018. Ying Wenlu was the first in the industry to propose: "Investing in technology is not a nice - to - have, but a must - have." Also in the same year, CSD Capital announced a full - scale transformation to technology investment. This judgment allowed CSD Capital to accurately seize the historical opportunity of the Science and Technology Innovation Board. Since then, the investment proportion of CSD Capital in hard - technology fields such as semiconductors, advanced manufacturing, new materials, and life sciences has always remained above 90%.
He often emphasizes internally: "Aligning with the national strategy and resonating with industrial laws is the core logic of our survival."
Ying Wenlu is a long - term optimist. In 2024, the Chinese venture capital industry fell into an unprecedented trough - difficult fundraising, difficult exits, and valuation inversion. Market sentiment hit rock bottom, and most institutions chose to shrink and wait and see. But Ying Wenlu made a decisive decision at the internal decision - making meeting: "Now is the best time to make layouts in the next three years. I'll take the responsibility, and everyone seize the opportunity."
In the following half - year, CSD Capital made lightning - fast investments in 83 technology projects, covering cutting - edge tracks such as AI chips, industrial software, and synthetic biology. While the market was still hesitating, CSD Capital had completed its low - point layout.
This is the courage and determination of an investment veteran, maintaining composure in the face of market panic and making counter - cyclical moves in the trough of the industry. "A truly excellent investment institution is not the one that runs the fastest in favorable winds, but the one that can still move forward in adverse winds." Ying Wenlu said.
In the era of global technological competition, Ying Wenlu repeatedly emphasizes that short - term market fluctuations will not change the long - term trend of China's industrial upgrading. The more difficult the times are, the more we should believe in common sense, laws, and China. "Investing in China and investing in technology is not just a slogan, but an unwavering choice for us in the past, present, and future."
You Jinbai at the Helm: A Microcosm of the Handover in Chinese Venture Capital
A quiet handover is taking place.
What Ying Wenlu left for CSD Capital is not personal glory, but a self - iterative operating system: ESG investment lays the value foundation, the "Red and Blue Army" investment decision - making mechanism balances risks, the co - investment mechanism binds interests, and the flat decision - making system activates efficiency. As he once said: "If one day I leave and CSD Capital can still operate like a precision instrument, that will be my greatest success."
Now, that day has come.
You Jinbai, who succeeds as the Chairman, was born in 1973 and is one of the founding partners of CSD Capital. Before that, he had served as the President of CSD Capital for more than ten years, fully responsible for the company's daily operations, management of small and medium - sized funds and carbon - neutral funds, and investment in fields such as clean energy, energy conservation and environmental protection, and intelligent transportation. "Mr. Ying is the 'navigator' who sets the direction, and Mr. You is the 'chief engineer' who steers the ship steadily and quickly." A partner commented.
(You Jinbai)
Among them, You Jinbai has long been responsible for the management and operation of CSD's small and medium - sized fund series and has achieved outstanding results. Back in 2016, CSD Capital won the bid among 56 institutions and became one of the first four sub - fund management institutions of the National Small and Medium - sized Enterprise Development Fund. The Yida Small and Medium - sized No. 1 Fund with a scale of 4.5 billion yuan was launched. With excellent performance, in 2021, CSD Capital successfully stood out among more than 100 institutions and was selected as the manager of the second - batch sub - funds.
Looking through CSD Capital's investment list, more than 290 invested enterprises have been selected as national "little giants" specializing in niche markets, and You Jinbai led most of the investments.
The most classic battle was with Lianxun Instrument. As early as the angel round in 2019, You Jinbai led the team to accurately discover this enterprise and became the earliest institutional investor. On April 24th this year, Lianxun Instrument was listed on the Science and Technology Innovation Board, and its stock price soared by 875% on the first day of listing. CSD Capital achieved a floating profit of more than 200 times at one stroke. Currently, the market value of Lianxun Instrument has exceeded 100 billion, and it is also the 17th IPO enterprise of the Yida Small and Medium - sized No. 1 Fund.
When assuming the position of Chairman, You Jinbai clearly defined three strategic directions:
First, focus on the national strategy and be the most steadfast companion for "hard - technology" enterprises. The company will continue to build the first growth curve with technology investment, create the second growth curve with the full - chain layout of AI, and explore the third growth curve through mergers and acquisitions. It will firmly accompany hard - technology enterprises to grow and help achieve the self - controllability of core technologies and the security of the industrial chain.
Second, deeply cultivate the regions and be the "industrial partner" of local economies. Based in Jiangsu, radiating to the Yangtze River Delta, and facing the whole country, the company will strengthen and deepen industrial services. It will closely integrate with local industrial clusters and become the investment force that best understands the regions and industries. In key regions along the Yangtze River and the coast, it will deeply cultivate each city and region and connect each link of the industrial chain to build a national and systematic industrial investment network.
Third, integrate into the overall situation of high - quality development and be the "core engine" of market - oriented reform. It will unswervingly inherit the genes of Jiangsu High - tech Investment, adhere to investing in early - stage, small - scale, hard - technology enterprises and those meeting national needs; unswervingly follow the market - oriented path and continue the vitality of the mixed - ownership reform with institutional advantages and practical performance.
This is the first handover of the core leadership of CSD Capital since its establishment, and it is also a inheritance through active planning, internal promotion, and smooth strategic succession. You Jinbai sighed that taking over this baton is not only the starting point of a new journey but also an increase in responsibility. He set a goal: "Looking to the future, CSD Capital will remain true to its original aspiration and continue to evolve: make the business deeper, more detailed, and more practical, and repay the trust of the founders, pathfinders, and partners with solid performance and long - term value, and write a new chapter in development."
People come and go, and tides rise and fall. The handover in the Chinese venture capital industry is an inevitable event. After all, true venture capital has never been the legend of one person, but the relay of a group of people.
As Ying Wenlu said when stepping down: "Twelve years ago, 78 of us chose a path with an uncertain future. Looking back today, we made the right choice. It's not because one person is particularly outstanding, but because everyone at CSD Capital believes that by doing difficult but right things, time will be on our side."
One generation comes, and one generation goes. In this way, there will be endless development.
This article is from the WeChat official account "Investment World" (ID: pedaily2012), written by Yang Jiyun and published by 36Kr with authorization.