China Renaissance's Huaxing Growth Capital has successfully completed the first 
close of its USD Fund IV in record time, receiving near $550 million limited 
partnership commitment. The fundraising, towards an expected total fund size of 
ca. 1,200 million, attracted commitments from reputable investors across 
Europe, Singapore, Japan, mainland China/Hong Kong and the United States. About 
one third of the first closing amount was contributed by new investors, 
including some of the world's largest sovereign wealth funds, international 
banks, and family offices. Also, more than 70% of existing institutional 
clients in Fund I to III re-upped and/ or upsized in Fund IV.

Huaxing Growth Capital is a long-term value investor that is determined to 
invest in China's most vibrant technology driven sectors. Its ability to 
understand and navigate the local market has earned respect and trust from 
international investors. The fund has a long-standing track record and 
reputation, and distinctive value add to portfolio companies. Over the past 8 
years, Huaxing Growth Capital has invested in a significant number of leading 
Chinese innovative companies, including top Internet companies such as Meituan, 
Kuaishou and Dewu, up-and-coming consumer brands such as Pop Mart, Babycare and 
Dreame; leading companies in the electric vehicle value chain such as Li Auto, 
HiRain Technologies, as well as many outstanding companies in the healthcare 
service sector such as Wuxi App. Tech, MGI and Fapon. 

Fan BAO, the Founding Partner and Chief Investment Officer of Huaxing Growth 
Capital, is a respected investor and a trusted advisor to leading Chinese tech 
Founders and CEOs. Fan founded China Renaissance in 2005, guiding and leading 
it to become one of the leading financial institutions in China. Fan BAO 
declared: "We are grateful to have been able to back top entrepreneurs in 
China, who see us as their partner of choice, particularly due to our capital 
market expertise".

The overarching mission of China Renaissance and the investment philosophy 
applied by its asset management arm, Huaxing Growth Capital, has been defined 
by Fan BAO as follows: "We are committed to identifying the most innovative 
Chinese enterprises and founders for the future and partnering with them. We 
strive to create value for them and thus share in their value creation". This 
philosophy is carried out throughout pre-investment screening, investment 
decision and post-investment management of portfolio holdings. Since its 
establishment in 2013, Huaxing Growth Capital has always been deeply committed 
to strong internal corporate ethics, adhering to the highest standards of 
integrity, and actively integrating social responsibility while creating value 
for portfolio companies, for LPs and society.

Fan is bullish on China's long-term growth prospects. Huaxing Growth Capital 
USD Fund IV has already started to deploy capital targeting the smartization 
trend in China. The government's latest policy directions show their commitment 
to long-term and balanced high-quality economic growth, which will usher in 
significant opportunities in the most innovative parts of the economy. This 
renewed focus on technological innovation will accelerate the arrival of the 
smart economy era and give new impetus to China's development in the key areas 
aligned with the fund's investment strategy: advanced industry, tech, and 
healthcare. At the same time, China's determination to enlarge its middle-class 
base from the current 400mn will lead to a renaissance in China's consumer 
sector and the rapid development of exciting new brands. Together these 
developments point to a bright future for Huaxing Growth Capital USD Fund IV.

Source: Huaxing Growth Capital