Tencent has become a limited partner.

Jiemi LP of the investment community learned that recently, there was an industrial and commercial change in Chengdu Longzhu Equity Investment Fund Partnership (Limited Partnership) (hereinafter referred to as Chengdu Longzhu). Looking through the equity structure, Tencent appeared among the newly added shareholders.

In other words, Tencent has invested in Meituan Longzhu.

Tencent is an old friend in the venture capital circle. Since this year alone, Tencent has successively invested in Xingze Capital, Lilly Asia Ventures, and Chengyi Fund. Currently, it is difficult for RMB funds to raise capital, so this scene is particularly precious.

Tencent Becomes an LP and Just Invested in Meituan Longzhu

According to Qichacha, Chengdu Longzhu Equity Investment Fund Partnership (Limited Partnership) was established in 2022 with a capital contribution of 2.303 billion yuan. Its business scope includes equity investment, investment management, asset management and other activities through private equity funds.

Tracing back, the largest contributor behind Chengdu Longzhu is Tianjin Sankuai Technology Co., Ltd. (i.e., Meituan). Obviously, this is an RMB fund of Meituan Longzhu located in Chengdu. Among the top shareholders, there are also Chengdu state - owned assets such as Chengdu High - tech Ceyuan Qihang Equity Investment Fund Partnership (Limited Partnership) and Chengdu Jiaozhi Industrial Equity Investment Fund Partnership (Limited Partnership).

Until recently, there was an industrial and commercial change in Meituan Longzhu, with four new partners added - Shenzhen Tencent Industry Investment Fund Co., Ltd., CICC Ruisheng (Haining) Equity Investment Partnership (Limited Partnership), Hangzhou Cultural and Creative Industry Venture Capital Management Co., Ltd., and Ningbo Meishan Bonded Port Area Feizhu Equity Investment Partnership (Limited Partnership).

Among them, Shenzhen Tencent Industry Investment Fund Co., Ltd. subscribed to a capital contribution of 100 million yuan and became the fifth - largest shareholder of Chengdu Longzhu.

Further, Chengdu Longzhu's latest investment was made this month, with a new investment in Xinghaitu (Beijing) Artificial Intelligence Technology Co., Ltd. According to its official website, Xinghaitu was established in September 2023. It is a humanoid robot startup with a Tsinghua background, focusing on the research and development of embodied intelligence basic models and embodied intelligent robots. Since this year, it has completed four rounds of financing in succession and is also a rising star in the field of embodied intelligence.

Now, with Tencent joining as an LP, the two Internet giants are joining hands in the venture capital field.

The Living Water in the Primary Market

Looking around, Tencent has been particularly active in the primary market this year.

What's impressive is that last month, Tencent - affiliated subsidiaries Guangxi Tencent Venture Capital Co., Ltd. and Shenzhen Zhouyi Management Consulting Partnership (Limited Partnership) invested in Shanghai Chenluan Enterprise Management Partnership (Limited Partnership). The latter's executive general partner is Chengyi Hongqi (Beijing) Consulting Co., Ltd., namely Chengyi Fund.

Subsequently, the two parties jointly completed an acquisition. According to Zhongwei Capital's announcement, through its RMB fund platform, it, together with Chengyi Fund and Tencent, completed a controlling acquisition of Hangzhou Huacheng Network Technology Co., Ltd., a holding subsidiary of Zhejiang Dahua Technology Co., Ltd. The latter mainly provides smart home products such as smart cameras, smart door locks, and sweeping robots. Tencent's act of becoming an LP this time is also regarded as its further layout in the smart home field.

Even earlier, Tencent also invested and subscribed 200 million yuan, holding about 66.66% of the shares of Xingze Chuanhe and becoming its largest contributor. The fund manager is Xingze Capital. Established in 2015, Xingze Capital focuses on investing in excellent early - stage and growth - stage enterprises in the life science industry. Currently, it manages six RMB funds with a total managed asset of nearly 6.5 billion yuan, and has invested in a large medical and health landscape.

In addition, Tencent also appeared among the newly added shareholders of Shanghai Lilan Private Equity Investment Fund Partnership (Limited Partnership) recently.

For the newly established Shenzhen Zhishu Investment Partnership (Limited Partnership), its business scope includes investment activities with its own funds and enterprise management. Among the shareholders, not only is Tencent - affiliated company "Shanghai Weishu" the executive general partner, but also includes "Shenzhen Xiaoshu" and Beijing Sogou Technology Development Co., Ltd. The three Tencent - affiliated companies have a total subscribed capital contribution of about 7.223 billion yuan.

According to incomplete statistics, over the past decade or so, Tencent has made dozens of investments as an LP, investing in well - known investment institutions such as Sequoia Capital China, Hillhouse Capital, GSR Ventures, Shunwei Capital, Zhongding Capital, Innovation Works, ZhenFund, Qingsong Fund, and Gaorong Capital, covering different investment stages from angel investment to VC and then to PE.

Currently, the difficulty of fundraising still shrouds the primary market, and market - oriented LPs are the much - anticipated living water for VC/PEs. Taking Tencent as an example, its latest market value is 5 trillion. According to the second - quarter financial report released not long ago, as of June 30, 2025, Tencent's net cash was 74.6 billion yuan. With a huge cash reserve, even a small portion flowing into the LP circle can benefit many institutions.

As we can see, since this year, Alibaba has also invested in WuXian QiHang HaiHe (Tianjin) Venture Capital Investment Partnership (Limited Partnership), and JD.com has invested in Shenzhen Huakong Frontier Technology Private Equity Venture Capital Investment Fund Partnership (Limited Partnership)... Internet giants have gathered in the primary market. With more abundant funds and due to the need for business expansion, they enjoy the dividends of the era through investment and unexpectedly become a living water source in the cold winter of fundraising.

On August 18, the A - share market witnessed a historic moment - the total market value of the market exceeded the 100 - trillion - yuan mark for the first time, hitting a record high. Looking at the Hong Kong stock market, it has also been extremely lively this year, with stories of soaring asset values constantly emerging. While creating one wealth - making feast after another, these listed companies are willing to return to the starting point and invest in the primary market. For example, Cambricon, which previously invested in Chengmei Capital, saw its stock price once exceed 1,000 yuan recently.

This living water is worth looking forward to.

This article is from the WeChat official account "Investment Community", author: Wu Qiong, published by 36Kr with authorization.