Hangzhou Capital

What Hangzhou Capital does

Hangzhou Capital (杭州市国有资本投资运营有限公司) is a state-owned capital investment and operation company established in November 2018 under the Hangzhou Municipal Government, supervised by the Hangzhou State-owned Assets Supervision and Administration Commission. It operates with a 'government guidance, market operation' mandate, deploying capital into Hangzhou's five mandated industrial ecosystems (Smart IoT, Biomedicine, High-end Equipment, New Materials, and Green Energy) and serving as the municipal government's primary vehicle for technology and industrial policy implementation.

The company's core offerings are two thousand-billion-yuan flagship funds—the policy-oriented Hangzhou Science Innovation Fund (杭州科创基金) targeting early-stage sci-tech investments and the market-oriented Hangzhou Innovation Fund (杭州创新基金) targeting growth-stage PE—alongside a one-stop Sci-Tech Financial Services Platform covering equity, credit, and achievement transformation services. It controls seven wholly-owned subsidiaries spanning industrial operations (Hangyang Group for industrial gas/air separation, Hangzhou Turbine Group, West Lake Electronics Group), talent services (Talent Group), and dedicated investment arms (Science & Innovation Group, Hangzhou Industrial Investment, Hangzhou Capital Operations), with additional offerings in commercial property management (~500,000 sqm), incubator/accelerator programs (Hangzhou Innovation Camp in life sciences and AI), and a 20-year patient capital vehicle (Runmiao Fund).

The business model combines fund management fees and carried returns from over 2,419 billion yuan in fund cooperation scale with consolidated industrial revenue from operating subsidiaries (combined 216.8 billion yuan operating revenue, 30.37 billion yuan total profit as of December 31, 2025). Customers are institutional: portfolio companies receiving direct investment, government and public institutions receiving talent services, and SOE/utility buyers of industrial gas, turbines, and electronics. Go-to-market is direct institutional sales backed by government mandate, with strategic cooperation agreements including a 500 billion yuan partnership with CITIC Bank, plus partnerships with Agricultural Bank of China Capital, provincial new energy vehicle funds, and Tsinghua University. The company has no private shareholders and operates as a government state entity.

Name

Hangzhou Capital

Legal name

杭州市国有资本投资运营有限公司

Website

https://hzzbco.com

Company type

Private

Founded year

2018

Operating status

Operating

Short description

Hangzhou Capital is a state-owned capital investment and operation company under the Hangzhou Municipal Government, deploying two thousand-billion-yuan funds across early-stage sci-tech and growth-stage industrial investments in five strategic ecosystems. It serves Hangzhou's industrial upgrade agenda via seven wholly-owned subsidiaries spanning funds, industrial gas, turbines, electronics, and talent services.

Ownership category

akta.pro rank

Product category

State-Owned Capital Investment & Fund Management

NAICS

Portfolio Management and Investment Advice (52394), Miscellaneous Financial Investment Activities (523999), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Impact Investment & Development Investment Funds (BPADACAO)

akta.pro secondary industries

Project Finance Capital Raising Intermediation (FSAEALAJ), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG), Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)

Keywords

• State-owned capital investment
• Venture capital management
• Industrial investment funds
• Technology innovation finance
• Fund management services

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management: Operating government-guided and market-oriented investment funds including 杭州科创基金 (policy-based government guidance fund) and 杭州创新基金 (market-oriented industrial fund). Revenue generated through fund management fees and performance-based returns.
2. Industrial Investment Returns: Direct investment in strategic industries including integrated circuits, aerospace, new energy vehicles, and biotechnology. Returns generated through equity appreciation and exit via IPO or strategic sale.
3. Science & Technology Financial Services: Full lifecycle sci-tech financial services including equity investment, credit financing (science & technology guarantee, micro-loans), and achievement transformation services.
4. Park Operation & Management: Property management and park operation services through Hangzhou Guoyu Property Management Co., Ltd., managing approximately 500,000 square meters of commercial real estate across Hangzhou's east, south, west, north, and central districts.
5. Talent Services: Human resource services including recruitment, training, talent evaluation, and archive management through Hangzhou Talent Market Development Co., Ltd. and Hangzhou Jiangnan Talent Services Co., Ltd.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Hangzhou Capital is a state-owned capital investment and operation company that manages two thousand-billion-yuan funds — Hangzhou Science & Innovation Fund (policy-oriented government guidance fund for early-stage tech) and Hangzhou Innovation Fund (market-oriented industrial fund for growth-stage PE). It provides full lifecycle investment services spanning early-stage science and technology investment to mid-to-late stage industrial investment across five major industrial ecosystems: intelligent IoT, biomedicine, high-end equipment, new materials, and green energy, complemented by park operations, talent services, and science & technology financial services.

Product overview

Hangzhou Capital (杭州市国有资本投资运营有限公司) is a state-owned capital investment and operations company established in November 2018 with 10 billion yuan registered capital. The company operates as a comprehensive investment platform managing the full lifecycle from early-stage science & technology investment to mid-to-late stage industrial investment. Its core offerings include two major thousand-billion-yuan funds (杭州科创基金 and 杭州创新基金), a one-stop science & technology financial services platform, and manages six major business segments: Fund Management, Science & Technology Finance, Industrial Investment, Capital Operations, Park Investment & Operations, and Talent Services. The company also oversees multiple core enterprises including Hangzhou Oxygen Group (杭氧集团), Hangzhou Turbine Group (杭汽轮集团), West Lake Electronics Group (西湖电子集团), and the Talent Group (人才集团).

Differentiator

Problem solved

Functional benefit

Brands

• 杭州科创基金 (Hangzhou Science and Innovation Fund): 政策性政府引导基金，功能定位为'投早、投小、投科'，投资阶段以初创期的科创投资为主
• 杭州创新基金 (Hangzhou Innovation Fund)
• 杭创营 (Hangzhou Innovation Camp)
• 润苗基金 (Runmiao Fund)

Quantifiable outcome

• 139 invested enterprises went public as of December 31, 2025
• +3 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Hangzhou Cheng Tian Technology (杭州程天科技)coreStrategic or Co-development PartnerHangzhou Capital invested in Hangzhou Cheng Tian Technology's B+ round financing of over 100 million yuan. The company focuses on exoskeleton robot technology with its Ascentiz brand achieving over $2.5 million on Kickstarter, demonstrating Hangzhou Capital's commitment to innovative robotics and healthcare technology.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• China Investment Corporation (CIC): China's sovereign wealth fund managing hundreds of billions in foreign and domestic assets. Comparable as a state-owned capital platform deploying investment mandates, though at central government level and with broader geographic mandate than Hangzhou Capital.
• China Reform Holdings Corporation: State-owned holding company focused on SOE reform and mixed-ownership investment with multi-hundred-billion-yuan AUM. Comparable as a Chinese state-owned capital investment platform serving structural industrial policy objectives.
• China State-Owned Capital Venture Capital Fund (国新基金): National-level state-owned venture capital fund managed by China Reform, with comparable government-backed fund structure and strategic industry focus. Comparable as a higher-tier SOE VC platform that shares policy orientation and investment-stage focus.
• CITIC Capital: Alternative asset management arm of CITIC Group with significant Chinese PE/VC operations including growth equity. Comparable as a major China-focused investment platform with similar large-deal participation and bank-affiliated partnership structure.
• HongShan (formerly Sequoia Capital China): Major China-focused VC/PE firm investing across early and growth stages with similar dual-fund model. Comparable in deploying capital into China's strategic emerging industries, though private-sector and not state-owned, illustrating a pure commercial comparator for portfolio strategy benchmarking.

Direct peers

• Shenzhen Capital Group (SCGC): Municipal-level state-owned VC firm managing 100+ billion yuan across early and growth stages with focus on strategic emerging industries. Highly comparable as a city-level Chinese government-backed VC/PE platform with similar dual-fund structure and target sectors.
• Beijing State-Owned Capital Operation and Management Company: Beijing municipal SOE capital operation platform managing hundreds of billions in assets, similar in mandate, scale, and structure to Hangzhou Capital but anchored in Beijing. Closest direct peer in the municipal SOE capital platform category.
• Shanghai Guosheng Group: Shanghai municipal SOE capital investment platform combining industrial investment with operating subsidiaries. Comparable as a peer city-level state-owned capital platform with similar hybrid fund + industrial subsidiary model.

Regional players

• Tsinghua Holdings Capital: University/state-backed investment platform with deep technology transfer and early-stage mandate. Comparable in targeting science and innovation ventures with policy orientation, though anchored to Tsinghua University ecosystem rather than municipal government.
• China Industrial Innovation Group (国家工业创新中心): Central government-backed platform for strategic emerging industry investment. Comparable as a state-owned platform with similar industrial upgrading and sci-tech investment mandate at national level.

Market position

Strengths5 records

Weaknesses1 record

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments22 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hangzhou Capital