What Nighthawk does

Shanghai KeChuangTou Investment Group (上海科创投资集团有限公司), operating at sky-signs.com under the transliterated banner 米兰·网站-米兰MiLan(中国), is a Shanghai-based state-owned venture capital and investment group founded in 1993 with approval of the Shanghai Municipal Government. The group was formed through the August 2014 strategic merger of Shanghai Science & Technology Investment Company (established 1993) and Shanghai Venture Capital Co. (established 1999 with 600 million RMB seed capital as a pioneering "mother fund" manager). Its founding shareholders are four large state-owned enterprises and six financial institutions, and the group is directly supervised by the Shanghai State-owned Assets Supervision and Administration Commission (SASAC). Registered capital was 5.074 billion RMB pre-merger and 16.9 billion RMB post-merger.

The group operates as a unified investment platform with investments organized across four sectors — financial industry (涉金融行业), information technology (信息行业), biochemistry and pharmaceuticals (生物化工), and other industries (其他产业) — and manages fund products including the Cuizhu Fund (457 million RMB) and Kexin Tianfu Fund (200 million RMB), co-managed with Shanghai Municipal Government Guidance Fund. Single-project investments are generally capped at 50 million RMB with stakes typically not exceeding 30%. Its portfolio includes 28+ companies spanning POS payment systems, digital textile printing, biotech APIs, solar tracking, surgical robotics, hemodialysis devices, and microelectronics. Notable successes include IPO exits of Titan Technology (STAR Market, October 2020, stock code 688133), Zhongxin Bo (STAR Market, August 2020, stock code 688408), and earlier landmark exits including China Unicom, CITIC Securities, Baidu, and Focus Media.

The business model is fund management and equity investment: the group deploys capital via direct equity stakes in early-stage and growth-stage technology enterprises, generates returns through equity appreciation and exits via IPOs and trade sales, and earns management fees on limited partnership fund vehicles. Industry focus is on strategic emerging industries — information technology, modern biomedicine, new materials, and modern services — primarily serving small and medium-sized technology enterprises in Shanghai. The group functions both as an LP-style fund-of-fund operator (via the legacy "mother fund" model) and as a direct investor.

Name

Nighthawk

Legal name

上海米兰·网站-米兰MiLan(中国)投资（集团）有限公司

Website

https://sky-signs.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

1–10 employees

Short description

Shanghai-based state-owned venture capital and investment group supervised by Shanghai SASAC, deploying equity capital across financial, IT, biochemical, and industrial technology enterprises, primarily serving early-stage and growth-stage tech SMEs in China.

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity Investment

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

akta.pro secondary industry

Regional / Country-Focused Multi-Manager Platforms (FSANAGAI)

Keywords

• Venture capital
• Equity investment
• Technology enterprises
• Investment fund management
• Government-guided funds

Headquarters

HQ city

Pearland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment returns and equity exit gains: The company generates returns through equity investments in innovative technology enterprises. Revenue is realized through equity stake appreciation and exit via IPOs or trade sales of portfolio companies. The group has successfully exited investments in companies including China Unicom, CITIC Securities, Changmao Biochemical, Kangda New Materials, Laimu Electronics, Titan Technology, Zhongxin Bo, and others.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Shanghai KeChuangTou Investment Group (also branded 米兰·网站-米兰MiLan(中国)) is a state-owned venture capital and equity investment platform that invests directly in early-stage and growth-stage technology enterprises across financial, information technology, biochemical, and other strategic emerging industries. The firm manages technology-focused limited partnership funds co-managed with government guidance funds, and supports portfolio companies through value-added services and capital market exits via IPOs and trade sales.

Product overview

米兰·网站-米兰MiLan(中国) is a technology investment group established in 1993, operating as a unified investment platform managing multiple fund products. The company offers investment management across four major sectors: financial industry (涉金融行业), information technology (信息行业), biochemical/pharmaceutical (生物化工), and other industries (其他产业). Investment operations are structured around limited partnership funds (有限合伙基金) co-managed with government guidance funds. The portfolio includes 28+ portfolio companies spanning POS payment systems, digital printing, biotech pharmaceuticals, smart manufacturing, robotics, solar energy, and healthcare devices. The company manages funds including 萃竹基金 (45,700万元) and 科鑫添富 (20,000万元), with registered capital of 5.074亿元 and group capital of 16.9亿元.

Differentiator

Problem solved

Functional benefit

Products and services

• Limited Partnership Funds (有限合伙基金) Limited partnership investment funds co-managed with government guidance funds, focused on technology equity investments in strategic emerging industries. Limited partners commit capital to the funds which are deployed into portfolio companies.
• Direct Equity Investment Program (Financial Industry) (涉金融行业) Direct equity investments in financial industry companies including payment processing, financial technology, and commercial factoring services. Single project investment amounts generally below ¥50M, with the group holding generally no more than 30% stake per investment.
• Direct Equity Investment Program (Information Technology) (信息行业) Direct equity investments in IT sector companies including software, network technology, digital services, mobile internet, microelectronics, and POS/payment systems developers.
• Direct Equity Investment Program (Biochemical) (生物化工) Direct equity investments in biochemical and biotech sectors including pharmaceuticals, APIs, biological materials, specialty chemicals, nucleic acid products, and medical devices.
• Direct Equity Investment Program (Other Industries) (其他产业) Direct equity investments in other industries including smart manufacturing, robotics, automotive components, healthcare devices, renewable energy/solar tracking, precision instruments, and energy efficiency solutions.

Named customers7 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered core and minor.

• Shanghai Science & Technology Investment CompanycoreOthersOne of the two predecessor companies of the current Shanghai Kechuang Investment Group. Merged with Shanghai Venture Capital Co. in August 2014 to form the new group. Was one of China's earliest venture capital institutions, established in 1992, investing in information, biomedicine, new materials, chemicals, and modern services.
• Shanghai Venture Capital Co.coreOthersOne of the two predecessor companies of the current Shanghai Kechuang Investment Group. Established in 1999 by the Shanghai Municipal Government as a specialized venture capital company with 600 million RMB as seed capital, pioneering the 'mother fund' management model in China. Invested in Baidu, Focus Media, CNC, among others.
• China Telecom YiPay (翼支付)minorStrategic or Co-development PartnerStrategic cooperation signed in November 2013 between China Telecom YiPay and three domestic offline POS acceptance companies including Sand Yin Carton. China Telecom provides user development and fund sources; Sand Yin Carton handles offline acceptance environment construction, expanding consumer business zones. YiPay's 50 million personal users can pay at over 50,000 merchants nationwide.
• Shanghai Biosoft Biochip Co., Ltd. / Shanghai Xinchao Bio Technology Co., Ltd.minorStrategic or Co-development PartnerSubsidiary of the group that rapidly developed COVID-19 nucleic acid test kits during the pandemic. The group coordinated with group-controlled companies including Biosoft, 863 Software Incubator, and Scientific Instruments Co. to collectively donate 3 million RMB worth of test kits to frontline hospitals in Hubei.
• Shanghai 863 Software Incubator Co., Ltd.minorStrategic or Co-development PartnerGroup-controlled enterprise that co-participated in the 3 million RMB COVID-19 test kit donation initiative coordinated by the group during the January 2020 pandemic response.
• Shanghai Scientific Instruments Co., Ltd.minorStrategic or Co-development PartnerGroup-controlled enterprise that co-participated in the 3 million RMB COVID-19 test kit donation initiative coordinated by the group during the January 2020 pandemic response.
• Pinghe Education Group (平和教育集团)minorStrategic or Co-development PartnerKechuang Investment Party Branch signed a party-building joint partnership with Pinghe Education Group's Third Party Branch in December 2021, themed 'Party Building Cohesion, Technology Education Promotes Development.' The partnership aims to leverage shared strengths in science/technology and education sectors, both facing deep reform and being future-oriented industries.
• Shanghai Jiaotong UniversityminorStrategic or Co-development PartnerOne of seven universities with which Huiyi Control Systems has established industry-university-research strategic cooperation relationships, including Shanghai Jiao Tong University, Fudan University, Tongji University, Zhejiang University, Harbin Institute of Technology, Shenyang University of Technology.
• Fudan UniversityminorStrategic or Co-development PartnerHuiyi Control Systems has established industry-university-research strategic cooperation with Fudan University as part of its talent and technology development strategy.
• Tongji UniversityminorStrategic or Co-development PartnerHuiyi Control Systems has established industry-university-research strategic cooperation with Tongji University for collaboration on power control system innovation.
• Zhejiang UniversityminorStrategic or Co-development PartnerHuiyi Control Systems has established industry-university-research strategic cooperation with Zhejiang University as part of its innovation strategy.
• Shanghai Children's HospitalminorStrategic or Co-development PartnerPortfolio company Beisheng Medical has established close cooperative relationships with Shanghai Children's Hospital, Shanghai Children's Medical Center, Shanghai Xinhua Hospital, and Shanghai First Maternity and Infant Hospital, with expert teams spanning neonatology, pediatrics, child health, critical care medicine, respiratory medicine, and nutrition.
• Shanghai Children's Medical CenterminorStrategic or Co-development PartnerPortfolio company Beisheng Medical collaborates with Shanghai Children's Medical Center for development of the BB-care children's mobile medical platform.
• Shanghai Jiao Tong UniversityminorStrategic or Co-development PartnerBeisheng Medical has relied on the research strength of Shanghai Jiao Tong University and Shanghai University, collaborating on the BB-care mobile medical platform development.
• Shanghai UniversityminorStrategic or Co-development PartnerBeisheng Medical has relied on research strength from Shanghai University for mobile medical technology development.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• ZhenFund: Major Chinese early-stage VC firm. Comparable in technology-focused equity investing in China, though primarily seed-stage rather than growth-stage.
• Addor Capital: Chinese PE firm focused on growth equity and buyouts. Comparable in technology and healthcare growth investing, though more commercially oriented than SASAC-supervised KeChuangTou.

Direct peers

• Citic Capital: China-rooted alternative asset manager with state-affiliated origins through CITIC Group. Comparable in deploying growth equity across Chinese strategic sectors and operating co-investment platforms.
• SAIF Partners: Asia-focused PE/VC firm with significant China deployment. Comparable in growth equity investing across Chinese technology, consumer, and healthcare sectors.
• Legend Capital: Chinese PE/VC firm affiliated with Legend Holdings (parent of Lenovo). Comparable in Chinese growth equity investing across IT, healthcare, and clean tech with similar multi-sector portfolio approach.
• Shenzhen Capital Group: Municipal-level state-backed Chinese VC firm founded by the Shenzhen government. Most directly comparable given similar government-affiliated structure, multi-sector growth equity focus, and significant STAR Market IPO track record.
• Oriza Holdings: Chinese VC/PE firm with roots in Suzhou Industrial Park government entities. Comparable as a Chinese government-aligned multi-sector growth equity investor with similar LP mix.

Broad incumbents

• CDH Investments: One of China's largest alternative asset managers with broad sector coverage. Comparable in multi-sector growth equity deployment and STAR Market exit experience, though larger and more commercial than SASAC-supervised.
• Shanghai Industrial Investment (SIIC): Shanghai state-owned investment holding company supervised by Shanghai SASAC. Comparable in Shanghai-centric state-owned investment operations, though broader in scope beyond venture capital.

Others

• China Venture Capital and Private Equity Association: Industry association for Chinese VC/PE. Relevant as ecosystem participant rather than direct competitor; useful for context on policy and industry positioning for SASAC-supervised funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Nighthawk