Trillions of state-owned assets have gone to Chongqing.

Officially unveiled.

On December 1st, Guoxin Holdings (Chongqing) Co., Ltd. (hereinafter referred to as: Guoxin Chongqing) was officially inaugurated. According to investment circles, Guoxin Chongqing is jointly funded by China National Guoxin Holdings Co., Ltd. (hereinafter referred to as: China Guoxin) as the controlling shareholder with a 70% stake, Yufu Holdings Group with a 20% stake, and Chongqing Jiangbei State-owned Capital Investment and Operation Management Group Co., Ltd. (hereinafter referred to as: Jiangbei State-owned Investment) with a 10% stake. It is one of the major achievements of the central-local cooperation this year.

"The remarkable achievements in the high-quality economic and social development of Chongqing are truly inspiring," said Xu Siwei, Party Secretary and Chairman of China Guoxin. He also expressed that China Guoxin is full of confidence in the future development of Chongqing and will continue to increase its layout in the city.

As one of the local investors in Chongqing, Yufu Holdings Group, established in 2004, has accumulated rich experience in local industrial investment in Chongqing over the past two decades. It can provide more local industrial resources for Guoxin Chongqing, achieving complementary advantages between the two sides and injecting new impetus into the industrial development of Chongqing.

China Guoxin Lands in Chongqing, with Yufu Investing 20%

The venture capital circle is no stranger to China Guoxin.

Established in 2010, China Guoxin is one of the central enterprises under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council. Since its establishment, China Guoxin has invested over 1.1 trillion yuan in total, including more than 346 billion yuan in strategic emerging industries and over 170 leading enterprises in niche markets. It has invested in well-known companies such as Huada Jiutian, SMIC, and China Mobile.

Over the years, China Guoxin has been actively involved in fields such as semiconductors, memory chips, new energy batteries, and biotechnology. It has supported more than 30 invested companies to go public successfully. In addition, it has also been deeply involved in the industrial mergers and major reorganizations of central and local state-owned enterprises. Notable examples include China Guoxin's participation in China Resources Sanjiu's acquisition of Tasly and major reorganization projects such as the National Oil and Gas Pipeline Network Group and China Electrical Equipment Group.

A significant event this year was in April when China Guoxin signed a strategic cooperation framework agreement with the Chongqing Municipal People's Government. The agreement stipulated the establishment of a regional investment center of China Guoxin in Chongqing and strengthened cooperation in fields such as semiconductors, artificial intelligence, advanced materials, biomedicine, low-altitude economy, and new energy vehicles, aiming to introduce more resources for Chongqing's industrial projects.

According to investment circles, Guoxin Chongqing will be registered in Liangjiang New Area, Chongqing, with a planned registered capital of 2 billion yuan on a subscription basis. One hundred million yuan will be paid in within one month after the company's establishment, 1 billion yuan within one year, and the rest will be gradually paid in according to project needs.

The equity structure shows that all shareholders of Guoxin Chongqing are wholly state-owned enterprises. China Guoxin, as the controlling shareholder, holds a 70% stake, while local investors in Chongqing hold a 30% stake, with Yufu Holdings Group contributing 20% and Jiangbei State-owned Investment contributing 10%.

Under this structure, China Guoxin will appoint the chairman and the main management team of Guoxin Chongqing and include it in its secondary subsidiary management system.

In the future, Guoxin Chongqing will focus on investing in high-quality projects of Chongqing's state-owned enterprises, M&A projects with technological strength and in line with Chongqing's industrial orientation, and key projects led by Chongqing's state-owned enterprises through direct equity investment, aiming to boost the layout of strategic emerging industries and future industries in Chongqing.

Actively playing the role of a bridgehead for the regional center, Guoxin Chongqing will also, based on the actual business needs of the company and the internal resource allocation arrangements of China Guoxin, consider expanding its business to central enterprises and their subsidiaries in Chongqing and study the feasibility and necessity of radiating to neighboring provinces, establishing a project development mechanism in Southwest China.

Creating a Model for Central-Local Cooperation

As an important investor in Guoxin Chongqing, Yufu Holdings Group has established a clear and extensive industrial resource network in Chongqing.

Since its establishment in 2004, Yufu Holdings Group has played a crucial role in the investment and operation of Chongqing's state-owned industrial capital. Over the years, through forward-looking layout and systematic operation, it has not only been deeply involved in a number of landmark strategic projects such as BOE, SERES, and Avita, cultivating new productive forces for regional development, but also actively promoted mergers and integrations with Chongqing's industrial groups such as Chongqing Machinery and Electronics Group, Chemical Industry Group, and China Silian Group. It has also jointly established industrial funds with multiple districts and counties such as Jiangjin, Yongchuan, Fuling, and Beibei, setting an example for local emerging industry development.

Among them, the story of Yufu Holdings Group empowering SERES is particularly remarkable. Years ago, SERES was just a traditional automobile manufacturer. It wasn't until 2021 when it joined hands with Huawei that things started to turn around. However, with the manufacturing level of SERES' original factories at that time, it was unable to meet the requirements for producing high-end new energy and technology flagship products. At a critical moment, Yufu Holdings Group came to the rescue -

It invested a total of about 1 billion yuan in SERES' Factory 1 and Factory 2. Later, it took the lead in establishing the Chongqing Industrial Investment Mother Fund with a total scale of 200 billion yuan and invested over 3.3 billion yuan to support the construction of the "Super Factory" (SERES' Factory 3), almost accompanying SERES throughout its growth process.

In November this year, SERES successfully listed on the Hong Kong Stock Exchange, becoming the first luxury new energy vehicle company in China to be listed on both the A-share and H-share markets. Its market value at the opening exceeded HK$220 billion. It is worth noting that the subscription for SERES' Hong Kong IPO was extremely popular. The Chongqing Industrial Investment Mother Fund subscribed for HK$2.176 billion, setting a new record for the largest single cornerstone investment in Hong Kong IPOs in the second half of 2025 and proving to be the most committed strategic partner.

This is a vivid example of Yufu Holdings Group's efforts to "strengthen, supplement, and extend the industrial chain" in Chongqing through industrial investment, and it is also the best verification of its long-term support for enterprise growth and the establishment of a virtuous cycle model.

After more than two decades of in-depth development, Yufu Holdings Group has not only gained a profound understanding of the local industrial genes, policy logic, market trends, and enterprise characteristics but also accumulated rich practical experience in local industrial investment and state-owned enterprise mergers and reorganizations. Its investment and strategic cooperation with Guoxin Chongqing mark a "powerful alliance" of complementary advantages, and the two sides will jointly strive for new heights in Chongqing's industrial development.

Next, Yufu Holdings Group will participate in Guoxin Chongqing by dispatching personnel. This will not only inject unique local wisdom and resource networks into Guoxin Chongqing but also provide Yufu Holdings Group with an opportunity to learn from the central enterprise's experience in subsidiary governance, risk control systems, and post-investment management. A new model of central-local cooperation aiming to promote industrial upgrading and capital appreciation is emerging clearly.

This article is from the WeChat official account "Investment Circle" (ID: pedaily2012). The author is Zhou Jiali, and it is published by 36Kr with authorization.