CAS Investment Management

What CAS Investment Management does

CAS Investment Management (legal name: China Technology Industry Investment Management Co., Ltd., 中国科技产业投资管理有限公司, branded as 国科投资 / CASI) is a Beijing-headquartered private equity and venture capital investment firm founded in 1987 under the joint creation of the Chinese Academy of Sciences and the National Economic Council. Originally structured as the China Science and Technology Promotion Economic Development Foundation supporting industrialization of scientific achievements through loans, the organization was restructured in 2006 into a market-oriented private equity fund manager. It operates two primary fund products: CASREV Fund (国科瑞华, RMB 1 billion growth-stage fund launched in 2008) and CASRICH Fund (国科瑞祺物联网, RMB 425 million early-stage IoT special fund launched in 2010). The firm organizes investments across four core verticals — Intelligent Manufacturing (high-end equipment, new energy, aerospace, new materials, NEV components), AI Infrastructure (digital/analog/photonic chips, semiconductor equipment and materials), AI Application (industrial software, cybersecurity, big data, cloud computing), and Smart Medical (innovative drugs, medical devices, medical services).

The firm's portfolio spans 160+ technology enterprises invested since 2007 (and 280+ enterprises supported since 1987) with 20+ IPO exits on Shanghai STAR Market and Shenzhen ChiNext, including Cambricon (688256), Hygon (688041), Novosense (688052), COSMX (688772), Farasis (688567), Recodeal (688800), Kingsemi (688037), Transwarp (688031), CSET (301175), Siasun (300024), and Ronbay (688005). Revenue is generated through management fees (typically 1-2% of committed capital from institutional LPs including government-backed funds, corporate strategic investors, and family offices) and carried interest (typically 20% of profits above hurdle) crystallized through IPO and M&A exits. The firm maintains offices in Beijing (HQ), Shanghai, Shenzhen, and Silicon Valley, with a senior team of 11-50 investment professionals including chairman Sun Hua, CEO/GM Liu Qianhong, CFO Shao Jun, and specialized group heads Wang Dunshi (Medical), Wang Yan (IC/Semiconductors), Li Jin (Industrial Tech/Aerospace), Li Haifei (Software), and Liu Chunguang (Future Industries). The firm consistently co-invests with marquee partners including Alibaba Cloud, Legend Capital, Meituan, China Development Bank Capital, HSG, INCE Capital, and CD Capital (CATL-linked).

Name

CAS Investment Management

Legal name

China Technology Industry Investment Management Co., Ltd

Website

https://casim.cn

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

CAS Investment Management is a Beijing-based private equity firm (founded 1987, Chinese Academy of Sciences heritage) that invests growth-stage and early-stage capital into Chinese hard-tech companies across intelligent manufacturing, AI infrastructure, AI applications, and smart medical, managing 100+ billion RMB AUM across multiple funds with 20+ IPO exits.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Debt Providers (FSANAAAL)

Keywords

• Venture capital management
• Private equity funds
• Technology investments
• Growth stage investing
• Early stage investing

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Management fees charged on assets under management from institutional LP investors. The firm manages multiple funds including CASREV Fund (growth stage, RMB 1 billion) and CASRICH Fund (early stage IoT, RMB 425 million).
2. Carried Interest (Performance Fees): Performance-based carried interest from successful portfolio company exits through IPOs and M&A transactions. The firm has achieved 20+ IPO exits including listings on Shanghai STAR Market and Shenzhen ChiNext.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

CAS Investment Management is a private equity and venture capital fund manager that raises capital from institutional Limited Partners and invests in high-growth technology companies across China. The firm operates growth-stage and early-stage technology funds (including CASREV Fund at RMB 1 billion and CASRICH Fund at RMB 425 million, China's first IoT special fund) and deploys capital into enterprises operating in Intelligent Manufacturing, AI Infrastructure, AI Application, and Smart Medical sectors. The firm generates revenue through management fees on assets under management and carried interest from portfolio exits via IPOs and M&A.

Product overview

CAS Investment Management (国科投资/中国科技产业投资管理有限公司) is a leading private equity investment fund manager in China, established in 1987 and restructured in 2006. The company operates two primary fund products: CASREV Fund (国科瑞华创业投资企业), a growth-stage fund with RMB 1 billion in scale, and CASRICH Fund (国科瑞祺物联网创业投资有限公司), China's first Internet of Things special fund with RMB 425 million in scale. The company's investment strategy is organized across four core sectors: Smart Manufacturing (covering high-end equipment, new energy, automobiles, aerospace, new materials), AI Infrastructure (covering chips, semiconductor materials and equipment), AI Application (covering industrial software, cybersecurity, big data, cloud computing), and Smart Medical (covering innovative drugs, medical devices, medical services).

Differentiator

Problem solved

Functional benefit

Products and services

• CASREV Fund (国科瑞华创业投资企业)
• CASRICH Fund (国科瑞祺物联网创业投资有限公司)

Quantifiable outcome

• 20+ successful IPO exits on STAR Market and ChiNext
• +2 more outcomes

Named customers9 records

Segments4 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 moves11 records

Expansion highlights5 records

Direct peers

• Legend Capital: Beijing-based venture and growth capital firm affiliated with Lenovo Holdings that focuses on technology, healthcare, and consumer sectors. Direct comparable because CAS and Legend Capital repeatedly co-invest in Chinese tech deals (HeyGears, X Square Robot) and compete for the same deep-tech deal flow.
• Northern Light Venture Capital: Early-to-growth-stage Chinese VC firm investing in technology, consumer, and healthcare. Comparable to CAS as a Chinese tech-focused investor of similar vintage and fund scale, with overlapping portfolio themes in chips, robotics, and enterprise software.
• Matrix Partners China: Early-stage technology VC with deep China presence investing in consumer internet, enterprise software, and frontier tech. Highly comparable to CAS as a sector-specialized technology investor competing for similar founder relationships in China's deep-tech ecosystem.
• Sinovation Ventures: Beijing-based technology VC founded by Kai-Fu Lee focused on AI, enterprise software, and deep tech in China. Directly comparable to CAS as a similarly-sized Chinese technology specialist investing across the same AI/semiconductor themes.

Broad incumbents

• IDG Capital: One of China's largest and longest-tenured technology VC firms with broad sector coverage including chips, AI, biotech, and consumer. Comparable as a tech-focused Chinese PE/VC incumbent but operates at materially larger fund sizes and broader sector coverage than CAS.
• Sequoia Capital China: Premier global VC's China affiliate investing across all technology stages. Comparable because both firms target Chinese tech founders and similar AI/semiconductor themes, but Sequoia China operates at substantially larger scale and more diversified stage exposure.
• CDH Investments: Established Chinese private equity firm investing in consumer, healthcare, industrials, and technology. Comparable as a China-headquartered PE/VC competing for growth-stage technology deals, but with broader sector coverage and larger fund sizes than CAS.
• Shenzhen Capital Group: State-backed Chinese VC with broad sector coverage and deep investment in Chinese technology, biotech, and new energy. Comparable as a China-based PE/VC investing in similar deep-tech themes, though its government-linked LP base differentiates it from CAS's commercial positioning.
• Hillhouse Capital: Asia-focused investment firm covering venture, growth, and public equities across technology and consumer. Comparable as a major investor in Chinese technology, but operates at significantly larger AUM and broader asset-class scope than CAS.

Emerging players

• China Renaissance (Hua Capital): China-focused investment bank and private equity platform with technology and healthcare focus. Comparable through overlapping Chinese tech deal flow and IPO advisory capability that competes with CAS's exit expertise, though its broader advisory and capital markets services differentiate the business model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments83 records

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

Frequently asked questions about CAS Investment Management