Haibang Capital

What Haibang Capital does

Haibang Capital (浙江海邦私募基金管理有限公司, formerly 浙江海邦投资管理有限公司) is a Hangzhou-headquartered venture capital and private equity firm founded in 2011 by overseas-returned Zhejiang entrepreneurs Yao Naxin (founder/CEO of JUGUANG Technology/300203.SZ), Fang Jie (founder/chairman of Aupu Technology/603551.SH), and senior investor Xie Li. Positioned as China's first VC firm explicitly dedicated to supporting overseas-returned talent (海归人才) entrepreneurship, it manages approximately 40 funds with a total AUM of nearly 80 billion CNY and has invested in 140+ portfolio companies across life sciences, digital economy, new materials, and high-end manufacturing.

The firm operates through its primary GP entity and a 2017 wholly-owned subsidiary, Hangzhou Haibang Fenghua Investment Management Co., Ltd., which runs specialized sub-funds. Revenue derives from standard VC economics: management fees of 1.5-2.0% on committed capital plus carried interest on exits. Government guidance funds (Hangzhou Hi-Tech Investment, Ningbo Guidance Fund, Shaoxing Jinkong, Quzhou Jintou, Qujiang State Investment) and listed-company strategic investors (Tigermed, JUGUANG, Aupu) anchor the LP base. Notable specialized vehicles include Haibang Medical Fund I/II/III (200M-500M CNY, life sciences), the AI Fund (210M CNY, 2019), and the Digital Economy Fund (2023).

Portfolio outcomes include 23 IPO exits (9 on HK Exchange, others on STAR Market, Beijing Exchange, and Shanghai main board), 5 M&A exits, and roughly 50 total exits. Flagship exits include Galaxycore (688728.SH, 2021, ~90B CNY market cap), Newpeak Health (06606.HK, 2021, "China cancer early screening first stock", 100x+ return), Scantech (688583.SH, 2025, "China 3D scanning first stock"), GenFleet Therapeutics (02595.HK, 2025), Promisemed (920069.BJ, 2026), and Inxite Therapeutics (07630.HK, 2026). The firm reorganized its partnership structure in 2018 under a "joint operation, joint entrepreneurship, shared risk, shared results" model and rebranded in September 2025 to align with China's updated private fund management licensing regime.

Name

Haibang Capital

Legal name

浙江海邦私募基金管理有限公司

Website

https://hbvc.com.cn

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Haibang Capital is a Hangzhou-headquartered venture capital firm founded in 2011 that manages nearly 80 billion CNY across approximately 40 funds, investing in early-stage life sciences, digital economy, new materials, and advanced manufacturing companies founded by overseas Chinese returnees, with 140+ portfolio investments and 23 IPO exits to date.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital
• Private equity
• Early-stage investment
• Fund management
• Equity investment

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management (Management Fees): VC firms typically charge 1.5-2% annual management fees on committed capital during the investment period
2. Carried Interest (Performance Fees): Profits from successful portfolio company exits (IPOs, M&A), typically 20% of gains above the hurdle rate

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Haibang Capital is a venture capital and private equity firm that invests in early-stage technology companies founded by overseas-returned Chinese talent. The firm manages approximately 40 funds across life sciences, digital economy, new materials, and high-end manufacturing sectors with a total AUM of nearly 80 billion CNY, having invested in 140+ portfolio companies and achieved nearly 50 exits including 23 IPOs. Revenue is generated via fund management fees and carried interest from institutional LPs including government guidance funds, listed companies, and high-net-worth individuals.

Product overview

Haibang Capital (浙江海邦私募基金管理有限公司) is a venture capital firm specializing in early-stage investments across life sciences, digital economy, new materials, and high-end manufacturing sectors. The firm operates approximately 40 funds managing around 80 billion RMB in assets, having invested in over 140 portfolio companies with nearly 50 successful exits. Rather than offering a technology product, the company provides investment management services, fund operations, and portfolio company support.

Differentiator

Problem solved

Functional benefit

Products and services

• Haibang Medical Fund Phase I The first life sciences industry fund in Zhejiang Province, focused on life sciences and healthcare investments. Established with LPs including Hangzhou Hi-Tech Investment, Tigermed, Zhongtai Biochemical, Di'an Diagnostics, and Kunming Pharmaceutical Group. The fund completed 13 project investments with one exit.
• Haibang Medical Fund Phase II The second phase of Haibang's life sciences fund, established in December 2017 with multiple institutional LPs. Continues the firm's focus on life sciences investments.
• Ningbo Haibang Talent Fund Phase I The first Ningbo-based talent-focused venture capital fund under Haibang Capital, established in 2011.
• Ningbo Haibang Talent Fund Phase II The second Ningbo-based talent-focused fund with total scale of 500 million CNY. Invested in 28 quality projects, with 80% being overseas high-level talent projects and 70% Ningbo local projects.
• Ningbo Haibang Talent Fund Phase III A 210 million CNY fund focused on new materials and high-end manufacturing enterprises led by overseas high-level talent. LPs included the Ningbo municipal guidance fund, Dongtou Group, Xinhecheng, Canmax Tech, and Jinlang New Energy.
• Ningbo Haibang Talent Fund Phase IV Haibang's 15th talent fund, formally established in December 2022. Continues the firm's Ningbo-based talent investment thesis.
• Shaoxing Haibang Talent Fund Phase II A Shaoxing-based talent fund with a total target scale of 500 million CNY and initial tranche of 200 million CNY. Focuses on life sciences, digital economy, integrated circuits, and materials manufacturing for early and growth-stage projects led by high-level talent settling in Shaoxing. LPs include Shaoxing Municipal Government, Shaoxing Jinkong, and Binhai New District Management Committee.
• Haibang Medical Fund Phase III A 500 million CNY fund (the largest raised by Haibang) focused on drug development services, novel drugs, medical devices (equipment and high-value consumables), IVD, and smart healthcare. Targets early-to-mid stage projects in Zhejiang and Yangtze River Delta regions. LPs include Hangzhou Hi-Tech Investment, Qiantang New Area Management Committee, Qujiang Jinkong, Tigermed, Ruili Biotechnology, and Xiongwei Technology.
• Haibang Fenghua AI Fund A 210 million CNY fund (Haibang Fenghua's 10th regular fund) focused on AI and network information technology, including AI chips, brain science, 5G, basic software, IoT, optical sensing, and data intelligence. Lead LP was Zhejiang Equity Service Group with various institutional and individual LPs.
• Haibang Digital Economy Fund Phase II Haibang's 16th fund, focused on digital economy investments. LPs include Hangzhou Hi-Tech Investment, Yuhang State Investment, Quzhou Jintou, Qujiang State Investment, Shanghai Yimei Investment, and high-net-worth individual investors.

Quantifiable outcome

• 23 IPO exits with 9 on HK Exchange, nearly 50 total exits
• +1 more outcomes

Named customers9 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves15 records

Expansion highlights5 records

Direct peers

• SAIF Partners (赛富投资): Long-standing Chinese VC with early-stage focus across tech and healthcare, comparable fund vintages and LP composition (institutional + government).
• Source Code Capital (源码资本): Early-to-growth stage tech VC with strong focus on AI, enterprise software, and digital economy. Directly comparable to Haibang's AI Fund and Digital Economy Fund thesis.
• Innovation Works (创新工场): Tech-focused early-stage VC founded by Kai-Fu Lee with emphasis on AI and engineering talent. Similar focus on tech-talent founders and comparable fund size.
• Legend Capital (君联资本): One of China's largest early-to-growth stage VC firms with multi-sector focus (TMT, healthcare, consumer). Directly comparable to Haibang in stage, sector breadth, and Chinese institutional LP base.
• Northern Light Venture Capital (北极光创投): Early-stage VC focused on TMT, healthcare, and advanced tech, with similar fund size and Chinese institutional LP base. Directly comparable business model and stage.
• Addor Capital (海松资本): Sector-focused VC emphasizing hard-tech and life sciences with Chinese institutional LP base. Comparable in sector specialization and stage orientation.
• Matrix Partners China (经纬中国): Major early-stage VC in China focused on tech, healthcare, and consumer. Similar fund size range, comparable founder-support approach, and overlapping deal flow in AI and biotech.

Broad incumbents

• CDH Investments (鼎晖投资): One of China's largest alternative asset managers spanning PE, VC, and real assets. Much larger than Haibang but shares institutional LP relationships and Chinese healthcare/tech deal flow.
• IDG Capital (IDG资本): Pioneering U.S.-China VC with very broad portfolio across tech and healthcare. Larger and more diversified than Haibang, but overlapping on early-stage healthcare, AI, and advanced manufacturing thesis.

Others

• Zero2IPO Group (清科集团): China's leading VC/PE data, research, and fund-of-funds platform. Adjacent ecosystem participant providing LP-side infrastructure that overlaps with Haibang's institutional fundraising channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments50 records

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

Frequently asked questions about Haibang Capital