What's the current situation of the investment tycoons who left Shenzhen Capital Group?
If Sequoia and IDG represent the "foreign capital genes" of China's venture capital industry, then Shenzhen Capital Group (SCGC) undoubtedly represents the rising power of domestic RMB funds.
This venture capital institution, established in 1999 with the investment from the Shenzhen Municipal Government and the guidance of social capital, has written a myth of growing from a management scale of 1.8 billion to over 100 billion. It has become the "top player" among domestic RMB institutional players and a benchmark for China's domestic venture capital.
Moreover, SCGC has cultivated a group of independent investors, forming a unique institutional landscape of the "SCGC ecosystem".
According to the data statistics of IT Juzi, the core founders of Binghong Capital, Caisheng Capital, Huazhan Capital, Orient Fortune Capital, Qianhai Mother Fund, Qinzhi Capital, and Orient Fuhai all came from SCGC.
These capitals not only inherit the professional genes of their predecessors but also expand their business in their respective fields, becoming the backbone of China's equity investment industry.
Chen Wei Switched from a University Teacher to an Investor and Founded Orient Fuhai
Among the big names in the SCGC ecosystem, Chen Wei and his Orient Fuhai are benchmarks that cannot be bypassed. He is a model of cross - border transformation and has experienced the life - and - death tests of entrepreneurship.
In 1999, after returning from a visiting scholar program in the Netherlands, Chen Wei, who had been a university teacher for many years, came to the hot land of Shenzhen. He originally wanted to go to the Shenzhen Stock Exchange, but was told that the Growth Enterprise Market was postponed and the personnel recruitment was frozen. So he submitted his resume to SCGC. He was 35 years old that year.
Just like that, Chen Wei entered SCGC, switching from the podium to the business world and starting to study equity investment.
He spent seven years honing himself at SCGC.
In 2006, Chen Wei, who was the president of SCGC at that time, made a rather "risky" decision - to leave and found Orient Fuhai.
His entrepreneurial journey started with a significant drop in income, from a stable annual salary of one million to a monthly salary of 20,000 yuan.
At the beginning of the entrepreneurship, most of Chen Wei's core team members were colleagues and subordinates from SCGC.
In 2007, Orient Fuhai raised 900 million yuan for its first - phase fund, firing the first shot of entrepreneurship.
However, in the following 2008 financial crisis, the LPs' promised installment investments were not continued, causing the fund scale to shrink from 900 million to less than 350 million yuan. The management fee dropped sharply, and the company was once in the red.
Chen Wei recalled that in order to keep the company running and support the employees' livelihoods, he borrowed 80 million yuan to fill the gap and got through the difficult time.
This "darkest moment" made Chen Wei deeply understand the meaning of "surviving the cycle".
One of the characteristics of Orient Fuhai is that there is no limit on the number of partners, and it has a three - level partnership system: first - level partners at the company level, second - level partners who are the fund managers, and third - level partners within each fund.
Now, Orient Fuhai's management scale is nearly 40 billion yuan, and it has invested in more than 650 enterprises in total.
Chen Wei himself has become the president of the Shenzhen Venture Capital Association. He still maintains a rhythm of traveling on business more than 100 times a year, meeting hundreds of LPs, and reviewing more than 100 projects.
According to the data of IT Juzi, Chen Wei has invested in companies such as Jiuxian.com, Kunlun Tech, and Yunda Express.
Some investment cases of Chen Wei. Source: IT Juzi
On April 3, 2026, Chen Wei led the Orient Fuhai team to conduct an inspection and research in Xiongan New Area. He held a working discussion with Zhang Guohua, the secretary of the Party Working Committee of Xiongan New Area, and clearly stated that Orient Fuhai would deeply integrate into the construction of Xiongan and help Xiongan build an innovation high - ground and a model of high - quality development in the new era.
At the same time, Chen Wei also said bluntly that the current venture capital industry is highly differentiated, and the problem of difficult fundraising has not been fundamentally solved. He is optimistic about the opportunity for the industry to recover brought by the entry of market - oriented funds from banks, insurance companies, etc.
Qianhai Mother Fund, the Second Entrepreneurship of Jin Haitao, the "Southern Emperor"
If Chen Wei is a model of transforming from a senior executive of SCGC to a front - line GP, then Jin Haitao is a model of transforming from an industry leader to a "preacher of mother funds".
Jin Haitao, known as the "Southern Emperor" in the investment circle, is as famous as Shen Nanpeng (Sequoia), known as the "Eastern Heretic", Yan Yan (SAIF Partners), known as the "Western Poison", and Xiong Xiaoge (IDG), known as the "Northern Beggar".
In 2016, when Jin Haitao stepped down from the position of chairman of SCGC, what he left for this institution was not only the myth of growing the management scale from 1.8 billion to 150 billion, but also a "SCGC spirit".
During his 12 - year tenure at SCGC, he broke the traditional decision - making model of state - owned venture capital. He stipulated that everyone could attend the investment committee meetings, including interns, and deliberately expanded the scale of the investment committee to avoid "moral risks" and blind decision - making.
According to the data of IT Juzi, during his time at SCGC, Jin Haitao's investment cases included O - Film, LeTV, Jiumei.com, Mengwang Technology, etc.
Some investment cases of Jin Haitao. Source: IT Juzi
After stepping down from SCGC in 2016, Jin Haitao did not choose to retire but led the establishment of Shenzhen Qianhai Mother Fund.
The total scale of this fund reached 21.5 billion yuan, setting a new record for the scale of a single fund in the domestic commercial mother - fund and equity - investment industry.
The lineup of co - partners of this fund is quite luxurious: Ma Weihua, Shen Nanpeng, Xiong Xiaoge, Li Wei, Ni Zhengdong - the leaders of SCGC, Sequoia, IDG, Songhe Capital, and Zero2IPO gathered together.
Qianhai Mother Fund pioneered a business model of "combining investment in sub - funds with direct investment, not double - charging fees, and balancing yield and liquidity". It has established cooperation with dozens of local governments across the country and has become a pioneer in the domestic government - led mother - fund business.
Jin Haitao often says: "Those in the investment business are at most shopkeepers and must serve the 'owners' well." This pragmatic philosophy of a "bookkeeper" may be the most distinctive characteristic of the investors in the SCGC ecosystem.
The latest news shows that on November 27, 2025, Jin Haitao, as the chairman of Qianhai Ark, attended the 19th China Investment Annual Conference - Limited Partners Summit. He had a dialogue with industry experts around "The History of Chinese Venture Capital", shared his 20 - year investment experience, and discussed the development trends and changes in interpersonal relationships in the venture capital industry in the next decade, continuing to play a leading role as an industry preacher.
Han Zhidong, a Veteran in the Securities Industry, Has Faded Out of Orient Fortune Capital
Han Zhidong is a living fossil of China's capital market.
He once served as the deputy general manager of the Trust and Investment Company of the Industrial and Commercial Bank of Shanghai. In 1990, he founded Shenyin Securities single - handedly and presided over the merger of Wanguo Securities. He was very influential in the securities field. His rich capital - operation experience injected strong genes into the early development of SCGC.
At the beginning of the establishment of SCGC, he was one of the core preparers and the first - term president.
When summarizing the success path of Shenzhen Venture Capital Company, Han Zhidong believes that two experiences are most worthy of recognition: national layout and capital expansion.
At that time, when reporting work to the main leaders of Shenzhen, Han Zhidong asked Li Zibin: "Can our company invest in projects outside the city?"
The subtext was that at that time, many venture - capital companies led by local governments had a rule that they could only invest in projects within their own provinces or cities. Li Zibin replied without hesitation: "Why not invest in profitable projects?"
Practice has proved that the decision made back then was quite far - sighted.
In 2002, Han Zhidong was dispatched to serve as the president of Southern Securities and later resigned from the position of president of SCGC, recommending Chen Wei to take over.
However, Southern Securities went bankrupt a few years later, becoming the largest securities company in the history of the Chinese stock market to be administratively closed and declared bankrupt.
In 2008, Han Zhidong initiated the establishment of Orient Fortune Capital and continued his venture - capital business.
The management - asset scale of Orient Fortune Capital reached over 30 billion yuan at its peak, and it had invested in nearly 200 projects in total.
However, affected by factors such as legal disputes and cancellation of filings, the current actual management scale has dropped significantly, and the estimated management scale is about 10 billion yuan.
According to the data of IT Juzi, there are a total of 6 GP managers under Orient Fortune Capital, but one of them has been cancelled. According to the data of the Asset Management Association of China, Shenzhen Orient Fortune Venture Capital Management Co., Ltd. cancelled its private - fund manager qualification on April 12, 2025.
Han Zhidong's last public appearance was in 2018. When attending the 6th China (Shanghai) International Technology Fair - CSITF Capital Carnival, he summarized his 40 - year financial career into three "threes", covering three banks, three securities companies, and three investment companies, including SCGC and Orient Fortune Capital.
In December 2019, Han Zhidong stepped down as the legal representative of Orient Fortune Capital Investment Holding Co., Ltd., and Xiang Liping took over.
Around October 2020, Han Zhidong and his son Han Jiaming withdrew from the core management team of Orient Fortune Capital, and the company entered the "Yang Chunlei era".
It can be said that for Han Zhidong himself, at the age of 76, he is currently in a "semi - retired" state. Although he retains honorary positions and participates occasionally, he no longer leads the daily affairs of Orient Fortune Capital and has faded out of the public eye.
A Quick Look at Other "SCGC Ecosystem" Institutions
Binghong Capital: Kong Qiang, the founding partner, once served as the manager of the investment department of SCGC. After leaving SCGC in 2008, he founded Binghong Capital. Currently, its management scale reaches over 3 billion yuan, and it focuses on investments in fields such as healthcare, modern agriculture, and advanced manufacturing.
According to the data of IT Juzi, Binghong Capital has invested in more than 40 projects in total, and 10 enterprises such as Hao Xiang Ni have been listed or listed on the New Third Board. Its investment style is stable and cautious.
Qinzhi Capital: Tang Dajie, the founding partner and president, was the former vice - president of SCGC. During his time at SCGC, he managed more than 10 funds with a total scale of nearly 4 billion yuan. In 2015, he founded Qinzhi Capital, focusing on investments in fields such as biomedicine.
Caisheng Capital: Chen Demian, the founding partner, once served as the executive member of the investment decision - making committee and the director of the international business department of SCGC.
These entrepreneurs who came from SCGC have long gone beyond the mark of a single institution and are deeply involved in the equity - investment field with professionalism and perseverance.
They use capital as a bridge to empower technological innovation and industrial upgrading. They are not only the graspers of the opportunities of the era but also the promoters of the high - quality development of China's venture - capital industry, writing the growth and responsibility of China's domestic RMB funds.
This article is from the WeChat official account "IT Juzi" (ID: itjuzi521), author: Wu Meimei, reprinted by 36Kr with permission.