The first-phase RMB main fund of Haichuan Capital has completed its first close, with industrial players and market-oriented limited partners (LPs) accounting for nearly 70%.
Haichuan Capital recently completed the first close of its RMB-denominated main fund for the first phase, with a scale exceeding 300 million yuan. This is the establishment of its first blind pool fund after the successful fundraising of Haichuan's first special fund in March 2025. Haichuan Capital (Shanghai Haichuan Private Fund Management Co., Ltd.) was founded in September 2024 and obtained the private fund manager license from the Asset Management Association of China in December 2024. In the current market environment where local governments are the main source of capital, nearly 70% of the investors in the first close of Haichuan's RMB-denominated main fund for the first phase are industrial players and market-oriented limited partners (LPs), maintaining a relatively high degree of industrialization and marketization.
The first close of this fund has the well - known market - oriented fund - of - funds, Suzhou Fund, as the cornerstone LP, and has attracted the support of powerful local state - owned asset platforms such as Zhangjiagang Venture Capital Group and Huai'an Jinfafa. Industrial LPs include Yatong Precision Co., Ltd. (SH.603190), Sanyangma Co., Ltd. (SZ.001317), Yide Human Resources Co., Ltd. (873114), and many individual actual controllers of well - known enterprises in the automotive and energy - power industries. This first close marks the official launch of Haichuan Capital as a new - generation industrial investment institution, and initiates its strategic layout to deeply explore the two trillion - level tracks of the intelligent automotive and energy - power industries.
Currently, the intelligent automotive industry has become China's largest industry and a key pillar industry of the country. The development of the "new four modernizations" of the automotive industry has brought new historical opportunities for the Chinese automotive industry to overtake on a new track, achieve domestic substitution, and drive domestic innovation. The automotive industry spans the country's major strategic emerging industries, covering new energy, AI, intelligent manufacturing in the vertical direction, and can be extended horizontally to high - value industries such as embodied intelligence and low - altitude economy. In addition, the sub - sectors are extremely broad, including a series of high - value new core components such as intelligent chassis (XYZ), intelligent cockpits, intelligent body parts, and thermal management. Haichuan Capital believes that the automotive industry, composed of tens of thousands of components, has witnessed continuous innovation over the past century. It is the fastest implementation scenario for emerging new technologies and hard technologies, and also a concentrated manifestation of B - end attributes such as scale and performance. With the continuous optimization of industrial efficiency and technical level and the support of the industrial chain going global, it represents the greatest investment opportunity in the future.
Shi Chenghao, a partner of Haichuan Capital, said: In the automotive field, we mainly focus on new components that combine customer - experience - oriented and function - realization - oriented features. These components can quickly improve the driving experience of the whole vehicle. In the increasingly fierce competition among automakers, they are also the driving force for automakers to quickly adopt them to form differentiated competition among vehicle models. On the industrial investment side, relying on rich downstream industrial resources, Haichuan Capital precisely targets high - growth sub - sectors in the future, incubates and strategically invests in system - level tier - one suppliers with forward - looking high - tech. Then, based on leading enterprises in the industry chain, it incubates or invests in tier - two and tier - three suppliers for domestic substitution and domestic innovation with synergistic effects, forming a joint innovation and cost - reduction mechanism among tier - one, tier - two, and tier - three components. It aims to quickly "popularize" high - end new components and penetrate them into low - and mid - end vehicle models, creating a unique "supply - chain ecosystem" and "vehicle - component ecosystem" with Haichuan's characteristics. It maximizes the bargaining advantage and voice of industrial capital and does not take IPO as the only exit path, creating greater return space for LPs.
In the energy - power field, Haichuan first focuses on the historical opportunity of the construction and continuous upgrading of power infrastructure in China and even globally. The rapid introduction and promotion of new intelligent primary and secondary equipment and solutions in the domestic power scenario, as well as the connection between China's high - quality power equipment supply chain and the huge global grid construction demand, are the areas we are concerned about for investment.
Secondly, since traditional energy will continue to be the cornerstone of the new energy system, the low - carbon transformation of industries such as thermal power, mining, oil and gas, and steel metallurgy has opened new doors for many material and equipment - related startup teams. Haichuan Capital will cooperate with multiple industrial resource providers to jointly invest, contributing to cost - reduction, efficiency - improvement, and green decarbonization in high - energy - consumption industries. In addition, in the clean energy sector, we will also make precise investment layouts around technological innovation and domestic substitution in sub - sectors of the lithium - battery and nuclear - power industrial chains.
Future Outlook
Cao Shuyang, a partner of Haichuan Capital, said: The automotive and energy - power industries are the core engines driving China's industrial upgrading. We are well aware that in the wave of industrial transformation, only by taking research as the anchor and the ecosystem as the sail can we navigate through the cycles. The trust of LPs in the first close is the starting point for Haichuan. We will continue to deeply explore technological inflection points, empower ecosystem partners, and create long - term value for investors.
Looking back at the mid - point of 2025, the industrial maps of the automotive and energy - power industries are undergoing a profound reconstruction. As the industry shifts from policy - driven to technology - and market - driven, and from manufacturing advantages to ecological advantages, the launch of Haichuan Capital's first blind pool fund is like an icebreaker, paving the way in the deep waters of industrial transformation. Its significance lies not only in capital fundraising but also in building a positive cycle of "technology discovery - industrial verification - capital amplification".
After the successful first close, Haichuan is about to invest in leading projects in multiple underwater sub - sectors. In the future, with the gradual enrichment of the investment portfolio and the continuous participation of more ecosystem partners, Haichuan Capital, as a new - generation institution, will continue to contribute to China's industrial upgrading.