Warum gehen alle GPs nach Ningbo, um "flüssiges Geld" zu suchen?

In Ningbo, there is a group of LPs with a "down - to - earth" quality. This money is not just money, but also an extension of the industry, a carrier of inheritance, and a bond of trust.

"When raising funds in Ningbo, there is an interesting phenomenon - GPs take LPs along." This is the observation of an IR who often travels to Ningbo recently.

In her opinion, the money in Ningbo is "alive". This "alive" refers not only to the nature of the funds but also to the bond behind the funds.

Compared with the current market pattern generally dominated by "government - guided funds", Ningbo stands out as particularly different. Here, industrial capital, listed companies, and family offices form an important group of investors. Under - the - radar LPs are hidden among them - even a restaurant might quietly be an LP.

Some attribute this phenomenon to "being low - key". But behind this is the accumulation of hundreds of years of industrial and commercial civilization in Ningbo, and it is the most real portrayal of "hiding wealth among the people".

Hiding Wealth Among the People

In the Chinese venture capital circle, Ningbo is a special existence.

There is no wealth - creating myth like in Shenzhen, no Internet aura like in Hangzhou, and no label of "the city of venture capital" like in Hefei. But apart from Beijing, Shanghai, Guangzhou, and Shenzhen, Ningbo is one of the most worthy cities for GPs to raise funds.

Why Ningbo? The data speaks for itself.

Ningbo has the world's largest port in terms of cargo throughput - the Ningbo - Zhoushan Port. Its throughput exceeded 1.4 billion tons last year, ranking first in the world for 17 consecutive years. There are more than 100 listed companies, over 10,000 high - tech enterprises, and 119 national - level single - champion manufacturers in the manufacturing industry here, with the number ranking first in the country for many consecutive years. In 2025, the city's GDP reached 1,871.6 billion yuan, ranking second in the province only after Hangzhou.

But what is more worthy of attention is the profound accumulation behind the figures.

The financial writer Wu Xiaobo once commented: "Ningbo merchants are the most outstanding representatives among modern Chinese business groups. They can focus on the real economy, avoid false practices, and have a global perspective. They are the earliest pioneers of China's private economy who dared to take risks and be enterprising."

From the "Ningbo Gang" venturing into Shanghai and Hong Kong a hundred years ago to today's Ningbo merchants rooting in their hometown and serving the country through science and technology, this city has a unique business gene flowing in its bones - being low - key, practical, and hiding wealth among the people.

From the perspective of the primary market, Ningbo also has an identity that is more worthy of attention - a city with a "special" LP structure.

All along, funds represented by government - guided funds and state - owned assets have occupied the largest share of the market. In Ningbo, apart from state - owned assets and guided funds, there is also a group of LPs with a "down - to - earth" quality - bosses of parts manufacturers, trading companies engaged in foreign trade, family - owned clothing enterprises, and even restaurant owners may be LPs.

This constitutes a characteristic - the money is "alive". And behind this points to "the wealth of the people".

The Undercurrent of "Alive Money" of LPs

When you come to Ningbo, you will find that the entrepreneurs here have a common "temperament" - they don't engage in speculation and don't chase after hot trends. From home appliances to clothing to batteries... These local enterprises have, for decades, made seemingly "traditional" industries reach the top in the country and the world. As of July 2025, there are a total of 122 A - share listed companies in Ningbo. Some people therefore call Ningbo the "City of Invisible Champions".

The form of wealth distribution here, is not the monopoly of a few giants, but the general prosperity of the group of small and medium - sized entrepreneurs. This background of "hiding wealth among the people" also provides more market - oriented fundraising opportunities for the primary market.

"When raising funds in Ningbo, you may encounter some unexpected scenarios - GPs take LPs along on their own initiative." A GP who often travels to Ningbo told us that once at a dinner, after a few drinks, a boss of a parts manufacturer suddenly asked, "Mr. Wang, next time when you look at some star projects, can you take my son with you? Let him learn."

This seemingly casual request hides a simple Ningbo.

These self - made first - generation entrepreneurs have accumulated substantial wealth, but their children are not willing to enter the workshops, and traditional enterprises are facing pressures such as transformation. Through investment layout, it has become a win - win path.

Thus, a unique group of LPs has emerged. Although they are not professional institutional investors, they have "alive money". For GPs, taking the second - generation to look at projects is a process of building trust and also lays the foundation for fundraising.

Interestingly, Ningbo's private LPs rarely invest in large - scale well - known institutions. Instead, GPs focusing on niche fields are more likely to be favored. Some LPs have only invested in one or a few GPs for many years, based on long - term trust relationships.

Take Taijia Laotao as an example. This catering enterprise has invested in GPs more than 10 times in recent years. By being an LP, it has covered institutions such as Qiji Investment, Yuanhe Puhua, Cendera Capital, Lilly Asia Ventures, and Zhengxuan Investment, and indirectly invested in more than 100 projects in industries such as medical health, information technology, and manufacturing.

Another example is Ningbo Shangrong Logistics Co., Ltd., which has repeatedly invested in Lanpu Venture Capital for more than 10 times in recent years, involving a scale of nearly 1 billion yuan. Ningbo Meishan Bonded Port Area Jianpu Investment Partnership (Limited Partnership) has invested in Daotong Investment and Huaying Capital multiple times.

A GP told us: "Ningbo's local private LPs, like private enterprises, are very low - key. They don't chase after hot trends or well - known brands. What they want is trust."

Some GPs also sighed: "When raising funds in other places, LPs are just LPs, and projects are just projects. When raising funds in Ningbo, LPs may be the customers of your next project or the suppliers of your project."

This money is not just money, but also an extension of the industry, a carrier of inheritance, and a bond of trust.

Ningbo's "New Supply"

If the private economy is Ningbo's foundation, then the support and promotion of policies and state - owned assets are the most solid backing for this foundation.

Wu Xiaobo once commented: "The most precious thing about Ningbo's business environment is that it responds to every request and does not interfere without reason. Such services allow entrepreneurs not to be distracted by socializing and networking, and they can fully focus on product development and business operations. The reason why Zhejiang's private economy can do well is that the government can provide good services, and Ningbo has done this best."

From the perspective of venture capital, the background of this "service - oriented government" is being transformed into a new supply - "state - owned assets + industrial synergy".

On March 18, Yongyuan Investment issued an announcement on publicly soliciting the management institutions of the first batch of sub - funds of the Ningbo Strategic Emerging Industry Investment Fund in 2026, publicly soliciting potential cooperative sub - fund management institutions across the country.

On March 10, Nanxing Co., Ltd. announced the co - establishment of Xiangshan Shanjin Future Technology Venture Capital Partnership with Ningbo Science and Technology Innovation Angel Mother Fund, Xiangshan County Industrial Investment Xianghai Industrial Investment Co., Ltd., etc. The fund scale is 170 million yuan, mainly investing in strategic emerging industries and future industries. Among them, Ningbo Science and Technology Innovation Angel Mother Fund contributed 68 million yuan, accounting for 40%.

Looking back further in time, on December 1, 2025, Yongyuan Investment issued a news announcement, announcing a partnership with Boyu Capital to jointly establish the Boyu New Intelligence and New Industry Equity Investment Fund in Ningbo.

It is reported that as the core operating platform of Ningbo's government - guided fund, Yongyuan Investment's participation in the establishment of the Boyu New Intelligence and New Industry Fund this time is an important measure to implement the "No. 1 Project" of investment promotion of the municipal Party committee and the municipal government, and is also a vivid practice to help Ningbo build a "361" modern industrial system.

Yongyuan Investment said: This cooperation will significantly enhance Ningbo's popularity in the national investment circle, further shape the "golden business card" of Ningbo's capital, attract more high - quality projects, capital, and talents to gather in Ningbo, and promote the investment promotion model of the municipal government's investment fund to shift from "single projects" to "ecosystem construction". Ningbo's venture capital ecosystem will be seen by more high - quality capital.

Ningbo's state - owned LPs are accelerating their entry into the market, forming synergy with industrial capital. Through continuous support in terms of funds and policies, they have achieved precise positioning in the industrial direction. In addition, Ningbo's unique advantages at the application scenario level are becoming more and more prominent - the world's largest port, the Ningbo - Zhoushan Port, has become a "training ground" for intelligent robots.

This logic of "funds + industry + 'scenario - driven'" is attracting more and more attention from industrial parties and investment institutions. Just at the beginning of this year, many institutions such as Chuangdongfang, Geely Capital, Sherpa Investment, Furong Investment, CRRC Capital, Xieli Investment, and Hengxu Capital have registered funds in Ningbo.

It is worth noting that on April 9th and 10th this year, there will be a grand summit focusing on industrial capital here. At that time, 300 CVCs/listed companies/mother funds/family offices/chain - leading enterprises will participate, jointly discussing the plan of capital empowering the real economy and the future of industrial innovation and development, and jointly injecting surging financial water and innovation momentum into the high - quality development of Ningbo and even China's industrial economy.

Conclusion

Looking back at the past decade of China's venture capital, the logic of fundraising has changed, but the core conditions have never changed. Where the money is, where the industry is, there GPs will flock.

Ningbo not only has money and industry but also has global - level application scenarios.

When "alive money" and "scenarios" meet here, a practice about the future of China's industrial capital has just begun.

This article is from the WeChat official account "FOFWEEKLY", author: FOFWEEKLY, published by 36Kr with authorization.