In recent years, China’s primary investment market has been undergoing an unprecedented transformation, characterized by a wave of “nationalization.” This shift is not only evident in the dominance of state-owned capital (LPs) in RMB funds but also in the significant challenges faced by foreign USD funds operating in China. This change is reshaping China’s venture capital (VC) and private equity (PE) landscape, with broad implications for global investors. RMB Funds: The Rise of State-Owned LPs State-owned capital is increasingly taking the lead in China’s RMB fund market. According to data from a Chinese private equity research institution, from 2019 to 2023, state-owned institutions directly invested a staggering about RMB 6.4trillion. Of this amount, mergers and acquisitions accounted f

TMTPost -- Fitch Ratings downgraded the credit outlook of a group of China’s biggest state banks, citing concerns over the government’s ability to support the banking sector. AI Generated Image While affirming the credit rating of six state-backed banks, Fitch, one of the Big Three credit rating agencies in the world, has cut the outlook for their credit rating to Negative from Stable, according to a report published on Tuesday. The latest revision affected ratings outlook of Industrial & Commercial Bank of China (ICBC), China Construction Bank (CCB), Agricultural Bank of China (ABC), Bank of China (BOC), Bank of Communications (BOCOM) and Postal Savings Bank of China (PSBC). Fitch report sugested the rapid growing size of China’s banking system plays a key role in limiting the a

BEIJING, February 6 (TMTPost)-- Shares of Chinese companies at home and abroad soared as the top securities regulator and China’s sovereign wealth fund Central Huijin Investment Ltd. (Central Huijin) vowed to further boost the market. Credit：Visual China  At home, the SSE Composite Index, the gauge tracks stocks  traded at the Shanghai Stock Exchange, closed 3.2% higher on Tuesday, ending a six-day losing streak and recording its best daily performance since March 2022. Hong Kong stock market’s benchmark Hang Seng Index, which also includes many major mainland companies, rallied 4%. The U.S.-listed  shares of Chinese firms  outperformed market the same day. The Nasdaq Golden Dragon China Index, which tracks 65 China-exposed U.S.-listed companies, settled nearly 6%

BEIJING, October 23 (TMTPost)— China’s sovereign wealth fund Central Huijin Investment Ltd. (Central Huijin) took further actions to boost Chinese stock market. Credit：Visual China Central Huijin had bought exchange-traded funds (ETFs) and will continue to lift its holdings, according to a statement on Monday. The statement was released on Central Huijin’s website after the market close. China's market benchmark, the Shanghai Stock Exchange Composite Index, posted the fourth day of losses and closed1.7% lower to 2939.29, the lowest since October 31, 2022. While Central Huijin didn’t specify which ETFs it recently invested in or how much it spent, several ETFs, including Huatai-Pinebridge CSI 300 ETF, E Fund CSI300 Index ETF and ChinaAMC China 50 ETF, saw surges in their trading volume

BEIJING, October 17 (TiPost)— A host of Chinese companies announced their plans or moves to repurchase shares the same day, joining in a buyback spree fuelled by the policy stimulus. Credit：Visual China A total of ten state-owned listed companies, including Sinopec, Baosteel Co., Ltd., COSCO Shipping Holdings Co., Ltd., China Mobile, China Railway Construction Corporation, China Coal Energy, China Three Gorges Corporation, Power Construction Corporation of China, Hikvision and China Resources Microelectronics Limited, released statements on Monday,  promising billions of dollars’ input for shares repurchase.  Among these firms, Baosteel said it plans to spend no more than RMB3 billion to buy back at least 330 million shares at up to RMB8.86 apiece. Two of these companies disclos

BEIJING, October 12 (TiPost)— China’s sovereign wealth fund Central Huijin Investment Ltd. (Central Huijin) has increased stakes in four leadingt banks in the country. Credit：Visual China Central Huijin acquired 27.61 million shares in China’s biggest bank--the Industrial and Commercial Bank of China on Wednesday, and the same day saw the fund bought 37.27 million shares in the Agricultural Bank of China, around 24.89 million shares in the Bank of China, and about 18.38 million shares in the China Construction Bank, according to separate statements of these four banks late Wednesday. As a shareholder of these state-owned banks, Central Hui spent a total of RMB477 million to increase its holdings based on close of the banks’ shares that day. The four lenders said Central Huijin will contin

Credit: Visual China RISC-V refers to the fifth generation of Reduced Instruction Set Computer, which is provided under royalty-free open-source licenses. "Today, open-source software has become the mainstream of software development. We believe that open-source RISC-V will also achieve similar success in the hardware field. China is willing to embrace open source and collaborate with the world to build a strong and prosperous RISC-V ecosystem," Ni said. In fact, as China and the United States continue to decouple from each other in the chip industry amid mounting deglobalization, China is accelerating its embrace of open-source RISC-V development to avoid being constrained by mainstream CPU chip architectures. As China is denied access to advanced chip products in the United States and it

BEIJING, August 2 (TiPost)— News about Ant Group Co.’s revival of initial public offering (IPO) swirled as Chinese regulatory tightening on tech industry is winding down. The latest news came from a state-run news media outlet. Credit：Visual China From what we have learned recently, it’s very unlikely that Ant Group will resume its IPO effort in the near term, reported China News Service, China’s second largest state news agency next to Xinhua News Agency. The reported, citing people close to regulators, noted two considerations that made the news agency drew such conclusion: on the one hand, Ant’s resumption of IPO has to be in accordance with laws and regulations; on the other hand, the business will also make judgments based on conditions inside it and those outside, namely, the market

BEIJING, July 27 (TiPost)— China ramped up communication with businesses, reflecting its increasing focus on private sector as the key pillar to shore up the world’s second largest economy. Credit：Xinhua News Agency The National Development and Reform Commission (NDRC), China’s top economic planner, has held meetings with representatives from at least 30 private businesses since July 3, Chinese digital newspaper The Paper estimated. With back-to-back meets and on-site visits to private companies, six the state planner, led by six senior officials, learned about real considerations of a wide range of entrepreneurs, and seriously worked on how to address difficulties and deal with suggestions raised by these businessmen. Zheng Shanjie, head of the NDRC, hosted three meetings on July 3, 10 a

In a race for Chinese GPT models, a "state-owned team" has emerged. BEIJING, June 5 (TiPost) -- Zhongke Wenge, an artificial intelligence (AI) technology company owned by the Chinese Academy of Sciences' Institute of Automation, released on Saturday an enterprise-level exclusive large-scale Yayi (雅意) model, with five core capabilities, including real-time online Q&A, domain knowledge Q&A, multilingual content comprehension, complex information extraction, and multi-modal content generation.  It can quickly connect to government and enterprise data and generate large-scale model-specific application services. This model can be applied in media, finance, publicity, governance, security, and other fields. Wang Lei, the chairman of Zhongke Wenge, said that almost all large-sc