China Reform Securities

What China Reform Securities does

Guoxin Guozheng Investment Management Co., Ltd. (国新国证投资管理有限公司), operating under the trade name China Reform Securities Capital, is a private equity fund management company headquartered in Beijing. Founded in November 2015 as a wholly-owned subsidiary of Guoxin Securities Co., Ltd. (国新证券股份有限公司), itself under the central state-owned China Guoxin Holdings, the firm operates under CSRC, AMAC, and Securities Association of China regulatory frameworks with a registered capital of 531.586 million RMB. The company manages approximately 22 funds with a cumulative total scale of 31.761 billion RMB and paid-in capital of 9.153 billion RMB, deploying 3.116 billion RMB across 30 in-management projects.

The firm's fund platform is structured across five categories: market-oriented mother funds, government-attracting industrial funds, market-oriented portfolio funds, M&A special funds, and market-investment special funds. Its investment focus is on China's "9+6" strategic emerging and future industries, including new energy and NEV, new materials, biomedicine, TMT and intelligent manufacturing, commercial aerospace, and rural revitalization. The company has executed at least three IPO exits (海看股份, 唯万密封, 赛特斯) and reports 9 IPO-reviewed portfolio companies, with the Ruijin Qihang Fund delivering comprehensive IRR exceeding 30% and DPI of 1.50.

Revenue is generated through three streams: fund management fees on assets under management, carried interest from successful exits, and investment realization gains from IPOs, M&A, and secondary transactions. The go-to-market is sales-led and relationship-driven, targeting government guidance funds, state-owned enterprises, and institutional LPs. The firm co-establishes industry funds with provincial and municipal governments across at least 11 Chinese provinces and municipalities (Beijing, Anhui, Hainan, Xiamen, Shandong, Guang广西, Sichuan, Jiangsu, Henan, Hunan, Heilongjiang), leveraging its central SOE parentage for distribution and credibility.

Name

China Reform Securities

Legal name

国新国证投资管理有限公司

Website

https://crseccapital.com.cn

Company type

Private

Founded year

2015

Operating status

Operating

Short description

Guoxin Guozheng Investment Management is a Beijing-based private equity fund manager and wholly-owned subsidiary of central SOE Guoxin Securities, operating 22 funds with 31.76 billion RMB cumulative scale focused on strategic emerging industries including new energy, semiconductors, biomedicine, and commercial aerospace.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Thematic / Sector-Focused Multi-Manager Platforms (FSANAGAH)

akta.pro secondary industry

Growth Equity Fund-of-Funds (FSANAGAE)

Keywords

• Private equity funds
• Fund management services
• Government guidance funds
• Strategic emerging industries
• Equity investment management

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: The company generates revenue through management fees charged on funds under management, typically calculated as a percentage of committed or invested capital.
2. Performance Fees (Carried Interest): The company earns carried interest from successful fund exits and investments, typically a percentage of investment returns above a hurdle rate.
3. Investment Returns: Realization of gains through IPOs, M&A exits, and secondary transactions of portfolio company equity stakes.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

China Reform Securities Capital operates as a private equity fund management platform that raises capital from institutional investors and government partners, then invests through a diversified portfolio of funds in strategic emerging industries. The firm manages mother funds, industrial funds co-established with local governments, portfolio funds, and special-purpose M&A and market-investment funds, targeting equity investments in unlisted companies across new energy, new materials, biomedicine, intelligent manufacturing, commercial aerospace, and next-generation information technology.

Product overview

Guo Xin Guo Zheng Investment Management Co., Ltd. (China Reform Securities Capital) is a private equity fund management company and subsidiary of China Reform Securities. The company operates a diversified fund portfolio structured as a platform with multiple fund categories: (1) Market-oriented Mother Funds (市场化母基金) for broad-based fund-of-funds investments; (2) Industrial Funds - Government Investment (产业基金-政府招商) for regional economic development and招商引资; (3) Portfolio Funds - Market Investment (组合基金-市场化投资) for diversified market investments; (4) Special Funds - M&A (专项基金-并购投资) for merger and acquisition transactions; and (5) Special Funds - Market Investment (专项基金-市场化投资) for specialized sector investments. Key named products include Yulin Liangwan Mother Fund, Xuanhan Rural Revitalization Fund, Anhui Xinbengyu Qixingjian Fund, Xiamen Juke Qihang Funds, Luoyang Science Reform Fund, and Henan Ruidian Fund. The company manages approximately 22 funds with cumulative total scale of 317.61 billion yuan and paid-in scale of 91.53 billion yuan, focused on strategic emerging industries including new energy, new materials, biomedicine, TMT, intelligent manufacturing, and commercial aerospace.

Differentiator

Problem solved

Functional benefit

Brands

• 启航系列基金: 公司旗下启航系列品牌基金，包括蚌山启航基金、滕州启航股权投资中心、厦门炬科启航基金等多个子基金品牌。

Products and services

• Henan Ruidian Xinneng Fund (河南睿电新势能基金) An industrial fund focused on new power systems that invests in green energy, smart grid, and energy storage technologies to upgrade Xuchang's regional power equipment industry. Co-established with Xuchang municipal government and planned for launch by Guoxin Guozheng Investment combining central SOE resources with local industrial advantages.
• Luoyang Science Reform Qihang Fund (洛阳科改启航股权投资基金) A 500 million yuan industrial fund focused on strategic emerging industries and future industries, targeting high-end manufacturing, new energy, next-generation information technology, AI, and biotech sectors for the Luoyang region.
• Xiamen Juke Qihang Phase II Fund (厦门炬科启航二期基金) A 100 million yuan market-oriented venture capital fund focused on '9+6' strategic emerging industries, targeting new materials, semiconductors, intelligent manufacturing, and aerospace. Co-established with Xiamen Torch Group in 'central SOE + local SOE + collective economy' structure.
• Anhui Xinbengyu Qixingjian Venture Capital Fund (安徽新蚌禹启航星箭创业投资基金) A 1 billion yuan fund (500 million yuan first phase) co-established with Bengbu municipal government, focused on commercial aerospace industry and its upstream and downstream supply chain, aligning with Bengbu's commercial aerospace industry development needs.
• Yulin Liangwan Mother Fund (玉林两湾母基金) A market-oriented mother fund co-established with Yulin Investment Holding Group, targeting high-end manufacturing, new energy/materials, healthcare, and agriculture industries through sub-funds and direct investments.
• Xuanhan Rural Revitalization Fund (宣汉乡村振兴基金) A specialized rural revitalization fund established in 2021 with Xuanhan County (Sichuan) government, focusing on modern agriculture, rural livelihood industries, and agricultural technology innovation under the philosophy of 'investing early, investing small, investing in agriculture'.
• Ruijin Qihang Fund (瑞金启航基金) A 150 million yuan committed portfolio fund established in 2019, investing in multiple technology companies including Langchaung Cloud (朗呈云), Weiwensealing (唯万密封), and Weilan New Energy (卫蓝新能源), with comprehensive IRR exceeding 30% and DPI of 1.50 on completed projects.
• Private Equity Investment Services - Strategic Emerging Industries Core private equity investment services targeting unlisted companies across strategic emerging industries including new energy and NEV, new materials and biomedicine, TMT and intelligent manufacturing, and rural revitalization sectors. Investment amounts total 31.16 billion yuan across 30 projects under management, with 9 portfolio companies having reached IPO review stage.
• Hefeng Fund (禾丰基金) A mother fund with first phase of 500 million yuan using a mother fund + direct investment strategy, focused on internet and high-tech industry investments.

Quantifiable outcome

• 9 IPO-reviewed portfolio companies
• +3 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core.

• 宣汉县地方政府coreStrategic or Co-development Partner国新国证投资与四川省宣汉县合作设立宣汉乡村振兴产业发展基金，重点投资现代种养业、乡村富民产业及农业科技创新产业，基金于2021年成立，以'投早、投小、投农业'为主旨，滚动投资赋能乡村振兴产业现代化与绿色发展。
• 许昌市政府coreStrategic or Co-development Partner2025年9月签约设立河南睿电新势能基金，围绕新型电力系统进行产业链布局，重点布局绿色能源、智能电网、储能技术等领域，旨在推动许昌市电力装备产业升级。
• 蚌埠市政府coreStrategic or Co-development Partner国新国证投资与蚌埠市政府合作设立安徽新蚌禹启航星箭基金（总规模10亿元，首期5亿元），重点投资商业航天产业及产业链上下游，与蚌埠市商业航天产业发展需求深度对接。
• 保定国控集团coreStrategic or Co-development Partner与保定国控共同发起设立保定国控承合股权投资中心（有限合伙），采用FOF架构，主要投资于保定市主城区的城市更新与市场化产业股权投资。
• 海口国家高新区coreStrategic or Co-development Partner与海口国家高新区国际投资咨询有限公司共同出资设立海口高新区启航南木股权投资基金（有限合伙），主要投向生物医药及医疗器械、低碳先进制造及高端食品加工等高新区主导产业。
• 厦门火炬集团coreStrategic or Co-development Partner与厦门火炬集团共同发起设立'央企+地方国企+集体经济'市场化股权投资基金，主要投向'9+6'战略性新兴产业及未来产业领域，重点聚焦新能源、新材料、半导体、智能制造等细分行业。
• 华熙生物coreStrategic or Co-development Partner与华熙生物、朗姿韩亚资管共同完成海南华熙元祐医疗健康消费品产业基金（规模10亿元）的首次出资投放，专注于医疗健康消费品领域投资。

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CICC Capital (中金资本): CICC Capital is the private equity and alternative asset arm of China International Capital Corporation. Both operate multi-fund PE platforms in China with institutional LPs, growth-stage investing, and direct investment in strategic sectors — making them the most directly comparable large-platform PE manager.
• Shenzhen Capital Group (深创投): Shenzhen Capital Group is a leading government-backed VC/PE firm in China with a large fund-of-funds and direct investment platform. It shares China Reform Securities' profile of policy-aligned capital, regional industrial fund partnerships, and focus on strategic emerging industries.
• CITIC Capital (中信资本): CITIC Capital is the alternative asset management arm of CITIC Group, one of China's largest SOE conglomerates. Like Guoxin Guozheng, it combines SOE-backed institutional credibility with multi-fund PE strategies in growth equity and special situations.
• CDH Investments (鼎晖投资): CDH Investments is one of China's largest independent PE firms managing multiple RMB and USD funds focused on growth equity and buyouts. It is a comparable multi-manager PE platform with a similar stage and sector footprint in Chinese strategic industries.
• SAIF Partners (赛富投资): SAIF Partners is a long-established China-focused growth equity firm managing multiple vintage funds. Its fund structure, growth-stage focus on TMT/advanced manufacturing, and LP base (including government-linked capital) closely parallel Guoxin Guozheng's profile.
• Hopu Investments (厚朴投资): Hopu Investments is a major China-rooted PE firm managing multi-billion-dollar funds across growth equity and strategic stakes. Its large-scale platform, institutional LPs, and SOE-linked deal flow make it a comparable established PE manager.
• Legend Capital (君联资本): Legend Capital is the PE arm of Legend Holdings (parent of Lenovo) managing RMB and USD growth funds. It shares Guoxin Guozheng's focus on TMT, intelligent manufacturing, and healthcare growth investments via a multi-fund platform.
• Addor Capital (达晨财智): Addor Capital is a leading domestic Chinese PE firm managing a large multi-vintage fund platform focused on growth-stage strategic emerging industries. Its RMB-only LP base and industrial sector focus closely match Guoxin Guozheng's positioning.

Broad incumbents

• China Reform Fund (国新基金): China Reform Fund is the broader PE/industrial investment platform of China Guoxin Holdings, the same ultimate parent as Guoxin Guozheng Investment. They operate in adjacent segments of the same SOE-affiliated investment ecosystem with shared capital, governance, and policy mandate.
• China Development Bank Capital (国开金融): China Development Bank Capital is the investment arm of China Development Bank, a policy bank. It operates large-scale funds serving national strategic industries and government-led industrial policy, providing a comparable (but larger) policy-bank affiliated PE platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments23 records

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

Frequently asked questions about China Reform Securities