State-owned China Resources’ private equity arm eyes investments in Hong Kong tech start-ups
- China Resources Capital Management is seeking to invest in Hong Kong-based start-ups involved in life sciences and health care through its 500 million yuan angel fund
- China Resources Capital, which manages 19 private equity funds, has also formed a US$300 million private equity partnership to invest in Asian food companies.
China Resources Capital Management, the private equity arm of state-owned conglomerate China Resources (Holdings) with HK$100 billion (US$12.8 billion) in assets under management, is looking to fund Hong Kong tech start-ups and help them expand into the mainland.
Tony Zhang, chief investment officer of China Resources Capital, said the firm can provide Hong Kong entrepreneurs seed capital through its 500 million yuan (US$71 million) angel fund that focuses on early-stage companies in life sciences and health care.
Established in March 2017, China Resources Capital raises funds from both onshore and offshore institutional investors such as sovereign wealth funds, insurers and corporates. It also invests in consumer goods and property sector.
“Whilst we are a state-owned company, China Resources (Holdings) [has been based] in Hong Kong since 1938. We feel that it is part of our mission to support start-up companies in Hong Kong,” Zhang said on the sidelines of the Cyberport Venture Capital Forum earlier this month that brings together venture capitalists and start-ups based in the city.
China Resources Capital manages 19 private equity funds, seven of which focus on the tech sector, mainly in artificial intelligence, new materials, life sciences and semiconductors.