A Beijing-based 985 university has spawned a group of companies that went public.
On October 3rd, Renmin University of China celebrated its 88th anniversary.
Emerging from the flames of the Sino-Japanese War in 1937 at the North Shaanxi Public School, this renowned institution, known for its strength in humanities and social sciences, is not only hailed as the "cradle of the People's Republic's builders." It has also nurtured a significant "Renmin University cohort" in the capital market and investment field.
Whether in the investment or entrepreneurial sectors, Renmin University alumni are well - represented. Among them, those engaged in the investment industry account for the largest proportion, including Chen Jinxia of Yongjin Investment, Zhang Lei of Hillhouse Capital, and Qiu Guogen of Chongyang Investment. However, the most well - known alumnus is Liu Qiangdong, the founder of JD.com. Notably, in 2022, Liu Qiangdong became China's top philanthropist for the first time with a donation of 14.9 billion yuan.
In the current wave of new - quality productivity development, the "artificial intelligence" field, which is triggering a new round of reforms, is at the forefront. A group of young Renmin University graduates, adhering to the concept of "human - centered artificial intelligence," are bravely venturing into uncharted territories. For example, Dong Tianzhi, an alumnus from the School of Information, founded Curve Intelligence, focusing on the R & D and application of intelligent spraying robots. Another alumnus from the same school, Huang Zhen, established Number Theory Technology, aiming to create general - purpose integrated intelligent industrial robots. Gao Yizhao, a doctor from the Hillhouse Academy of Artificial Intelligence, founded Ziz Engine, a general artificial intelligence technology company... Truly a constellation of stars.
After more than 80 years of perseverance, Renmin University, with its profound academic heritage and strong alumni network, continues to inject the "Renmin University strength" into China's economy. In the future venture capital landscape, this ever - growing "Renmin University influence" will continue to shine.
The IPO Group
Companies affiliated with Renmin University are queuing up to enter the public market.
Just recently, the latest filing notice released on the official website of the China Securities Regulatory Commission (CSRC) indicated that it had received the filing materials submitted by Beijing JD Digits Industrial Technology Co., Ltd., the domestic operating entity. JD Industrial & Commercial Co., Ltd. plans to issue no more than 253 million overseas - listed common shares and is set to be listed on the Hong Kong Stock Exchange. Following the listings of JD Group, JD Logistics, JD Health, Dada Group, and Debon Logistics on the capital market, this will be the sixth listed company under the JD Group.
At this time last year, JD Industrial resubmitted its prospectus to the Hong Kong Stock Exchange. Bank of America, Goldman Sachs, and Haitong International acted as joint sponsors, while UBS and CITIC Securities served as financial advisors. Despite the "JD" prefix, JD Industrial is no longer a cost center within the group. In May 2020, it completed a Series A financing of $230 million, led by GGV, with participation from Sequoia China, CPE Yuanfeng, etc. After the investment, its valuation exceeded $2 billion. In 2023, Middle Eastern sovereign funds increased their investment in the Series B round, pushing the valuation up to $6.7 billion. The prospectus shows that before the IPO, JD holds 77.32% of the shares through JD Industrial Technology Limited, and Liu Qiangdong's personal platform, Max I & P Limited, still retains 3.71%. The capital structure is clear and concentrated.
If we look at a longer time frame, JD Industrial is just the second wave of Renmin University - affiliated companies hitting the Hong Kong stock market this year. Previously, Quanpin Education submitted its listing application first, with CSC International as the sole sponsor. Xiao Zhongyuan, the company's leader, graduated from Renmin University of China with a bachelor's degree in engineering in 1987 and a master's degree in law in 1990. He is a typical "post - 60s" Renmin University alumnus. In 1992, while teaching at Beijing Youth Politics College, he opened a specialized exam bookstore, "Beijing Haidian Bookstore," in Haidian during his spare time, thus entering the education sector. In 2002, he collaborated with the People's Education Press to launch "New Learning Plans for Quality Education" and officially registered the "Quanpin" trademark. Subsequently, "Quanpin College Entrance Examination Review Plan" and "Quanpin High School Entrance Examination Review Plan" were launched, establishing the company's position in the basic teaching - aid book market. After more than 30 years of development, Quanpin Education covers major subjects from primary to high school. "Quanpin Study and Practice" and "Quanpin Exercise Book" have become "must - haves" in the schoolbags of primary and middle school students. If it successfully passes the hearing, Xiao Zhongyuan will achieve his first IPO in his sixties.
Another gene - technology company led by a "Renmin University alumna" has also updated its prospectus. Previously, Youxun Medical launched another attempt to list on the Hong Kong Stock Exchange. Wang Jianwei, the company's founder, holds a part - time master's degree in labor economics from Renmin University of China. After graduating in 2005, she joined BGI, rising from a supervisor in the human resources department to the assistant to the president. In 2012, she joined Annoroad Gene Technology, incubated by angel investor and BYD co - founder Xia Zuoquan, as the CEO, where she met Ma Jinfeng, the future co - founder of Youxun Medical. In 2016, Wang Jianwei was invited to join Youxun Medical as the president and obtained controlling shares. Her arrival brought top scientific research talents such as Dr. Wu Qixi from Peking University's School of Cell Biology and Dr. Zhao Hanqing from Peking University's School of Bioinformatics to the company. It also attracted investments from institutions such as BGI, Matrix Partners China, Decheng Capital, Meinian Onehealth Healthcare, Infinity Capital, and Zhongguancun Science City Company. The capital lineup is truly "luxurious." Youxun Medical mainly engages in three major businesses: prenatal screening, precision oncology diagnosis and treatment, and pathogen detection. Relying on its self - developed platform - type technology, it aims to carve out a differentiated path in the highly competitive molecular testing market. However, the company's IPO journey has not been smooth: the international department of the CSRC has requested it to supplement six categories of materials, including equity changes, domestic operating entities, equity incentives, paid - in registered capital, business compliance, and personal information protection. The regulatory inquiries are detailed and strict.
From teaching - aid books to industrial supply chains and then to gene technology, Renmin University alumni are creating IPOs in large numbers with diverse profiles. If we broaden our perspective, we will find that the "Renmin University cohort" has become an important force in China's capital market. They are well - versed in both policy contexts and business operations, and can quickly identify market opportunities in both B2B and B2C sectors. It is expected that with the optimization of the listing rules on the Hong Kong Stock Exchange and the full implementation of the registration - based IPO system in the A - share market, this list will continue to be updated. More "Renmin University - affiliated" companies hidden in niche markets are quietly completing their pre - IPO financing rounds, waiting for their moment to ring the listing bell.
The Modern Mechanism of an Ancient University
The predecessor of Renmin University of China can be traced back to the North Shaanxi Public School, which was founded in the flames of the Anti - Japanese War in 1937. To train a large number of cadres for the War of Resistance against Japanese Aggression, the Central Committee of the Communist Party of China decided to establish this school at the end of July 1937, appointing Cheng Fangwu as the president and the Party group secretary. It officially opened on November 1st, with the goal of "training revolutionary vanguards."
As the war situation developed, the North Shaanxi Public School later merged with the Lu Xun Academy of Arts and Letters to form the North China United University. It then went through stages such as the North University and the North China University, always fulfilling the mission of training cadres for revolution and construction.
After the founding of the People's Republic of China in October 1949, the country was in urgent need of a large number of management talents with Marxist - Leninist knowledge and professional skills. The Central Committee of the Communist Party of China decided to establish a new regular university based on the North China University, merging with the China University of Political Science and Law and recruiting some cadres from the North China People's Revolutionary University.
On December 16, 1949, the 11th meeting of the Government Administration Council of the Central People's Government passed the "Decision on the Establishment of Renmin University of China," determining the school name as "Renmin University of China" and the educational policy as "combining teaching with practice and integrating Soviet experience with China's situation."
On February 19, 1950, the Central People's Government appointed Wu Yuzhang as the president and Hu Xikui and Cheng Fangwu as the vice - presidents. On October 3rd, Renmin University of China held its opening ceremony, becoming the first new - type regular university founded in New China. Liu Shaoqi pointed out at the ceremony: "Many universities in China will learn from the experience of Renmin University of China in the future."
From the cave - classroom at the North Shaanxi Public School to the opening ceremony at No. 3 Zhangzizhong Road, Renmin University of China, after more than a decade of war and mergers, was finally established amidst the celebratory gunfire of the founding of the Republic, opening a new chapter in the Party - run new - type higher education.
At Renmin University, entrepreneurship is not an isolated competition but an integrated chain embedded in the teaching, alumni, and capital ecosystem. Every spring, the College Student Entrepreneurship Training Program opens for applications. Projects that receive national - level approval can get a startup fund of 10,000 - 50,000 yuan, along with guidance from an in - school tutor and an alumni investor. Projects that pass the final evaluation can directly move into the Renmin University Entrepreneurship Park, where free workstations, legal, financial, and intellectual property services are provided all in one place. When the lawn turns green in May, the "RUC Student Entrepreneurship Theme Day" invites the 25 most outstanding student or alumni teams of the year to set up booths at the north square of the Century Hall. Product experiences, on - site ordering, and investment negotiations take place simultaneously. In the afternoon, the finals of the "JD Cup" Innovation and Entrepreneurship Competition kick off. Partners from institutions such as JD Group, Hongtai Fund, and Yuanhe Capital sit on the judging panel. Outstanding teams often receive term sheets on the spot.
Entrepreneurship education in the classroom is also in full swing. The "Entrepreneurial Finance and Investment Course" jointly offered by the School of Business and the National University of Singapore occupies one weekend each month, delving deep into topics such as equity design, valuation modeling, mergers and acquisitions, and the structure of US - dollar funds. Graduating alumni automatically join the "Renmin University Venture Capital Alumni Circle," and stories of previous students crowdfunding to complete pre - A - round financing occur almost every year. The Entrepreneurship Lecture Hall and Alumni Salon are like capillaries that permeate the whole year. Partners from institutions such as Sequoia Capital, IDG Capital, Gao Rong Capital, and Huachuang Capital regularly return to the alma mater to share their experiences. After the speeches, a "private meeting room" is set up, where students can discuss financing one - on - one with investors, and the hot water is constantly refilled.
The capital side is also very active. The "Renmin University Venture Capital Fund" and "Renmin University Angel Club," initiated and managed by alumni, have been in operation for many years. They make single investments of 500,000 - 5 million yuan, only investing in early - stage projects of alumni. Student companies such as "No. 1 Sentinel" and "SmarTalk" have received their first - round funding from this "alumni money." At Renmin University, as long as students have ideas and business plans, they can find startup funds, partners, and exit channels on campus. Entrepreneurship is ingrained in the life cycle of students from undergraduate to alumni and is also part of the university's DNA.
A Force in the VC World
In China's venture capital circle, there is a low - key yet prominent force from Renmin University.
For example, Zhang Lei, the founder of Hillhouse Capital, has always maintained a close relationship with his alma mater. In 1990, Zhang Lei was admitted to the Department of Finance (now the School of Finance) at Renmin University of China from Zhumadian, Henan Province. According to Zhang Lei's recollection, the education he received at Renmin University not only provided him with professional theoretical knowledge and practical experience but also made him realize that an important thing in life is to find a group of people you like and truly reliable people to do interesting things together.
After graduating from Renmin University in 1994, Zhang Lei got a "secure job." However, he soon found that such a predictable life was not what he wanted. So, he decided to go abroad for further studies. In 1998, Zhang Lei went to Yale University in the United States. After graduation, he started his career in the US financial industry. In 2005, with tens of millions of dollars in venture capital, he returned to China and founded Hillhouse Capital.
Today, Hillhouse manages assets worth over a hundred billion dollars, and its investment portfolio spans multiple sectors, including TMT, healthcare, consumer goods, advanced manufacturing, and enterprise services...
The leading role of Hillhouse is just the tip of the iceberg. Xiao Bing, the executive partner and president of Fortune Capital; Li Hui, the founding partner of Centurium Capital; Liu Lefei, the chairman and CEO of CPE Yuanfeng; Yang Ge, the chairman and partner of Kunyu Capital; Chen Wenjiang, the founding partner of Zeyi Capital; Xiao Jiancong, the founder of Langmafeng Venture Capital... A large group of Renmin University alumni are shining brightly in the investment circle.
Showing gratitude is in the genes of Renmin University alumni. In 2011, Zhang Lei donated funds to establish the "Gaoli Academy" with the original intention of "enabling outstanding business leaders to communicate face - to - face with young people." Through the mentoring system, international study tours, and case competitions, the classroom is extended to Wall Street, Silicon Valley, and the London Financial City. In 2017, he donated another 300 million yuan to his alma mater, focusing on supporting interdisciplinary research and basic scientific research and encouraging students to maintain critical thinking in a complex world. In June of the same year, Liu Qiangdong, the founder of JD Group and an alumnus from the Department of Sociology at Renmin University, also announced a donation of 300 million yuan to establish the "Renmin University of China JD Fund" for discipline construction and student support. Liu Qiangdong wrote on Weibo: "Renmin University is the most important stop in my life, giving me knowledge, courage, and confidence."
In 2019, Zhang Lei fulfilled his donation promise made in 2017 and funded the establishment of the "Hillhouse Academy of Artificial Intelligence." He said at the opening ceremony: "Education is an investment that never requires an exit, and artificial intelligence is the new driving force for interdisciplinary research." The academy has recruited top - notch global faculty and established joint laboratories with institutions such as Yale University, MIT, and Stanford University. In just three years, it has produced high - level papers and patents in fields such as natural language processing, computer vision, and intelligent justice, becoming a shining name card for Renmin University's "Double First - Class" initiative.
The annual forum of the Investment Professional Committee of the Renmin University Alumni Association has now become a must - attend gathering for "insiders." From donation - funded classrooms to joint investments, from case sharing to joint due diligence, Renmin University alumni have formed a high - density, high - trust, and high - synergy network in the capital world. This is their hidden advantage in the fierce competition.
In the future, as the multi - tiered capital market, including the Beijing Stock Exchange, the registration - based IPO system, and the market - making system for the Science and Technology Innovation Board, continues to improve, Renmin University - affiliated investors will continue to seek high - growth targets in sectors such as new consumption, hard technology, life sciences, and green energy. At the same time, they will bring more resources back to their alma mater: establishing scholarships, supporting interdisciplinary research, co - building joint laboratories, and sponsoring student competitions... Capital and knowledge, business and education, personal ideals and national sentiments are all spiraling upwards in them.
This article is from the WeChat official account “Rongzhong Finance” (ID: thecapital), written by Lü Jingzhi and reprinted by 36Kr