In the first half of the year, 261 listed company LPs made 331 fund commitments with disclosed subscribed capital of RMB 50.644 billion, according to data from Touzhong Jiachuan CVSource. Excluding listed companies in the financial sector, 254 non-financial corporate LPs made 307 commitments totaling RMB 25.103 billion.
Listed companies are not the dominant source of capital in the market, but they remain one of the most closely watched LP groups because they reflect the direction and preferences of market-based capital. Touzhong Jiachuan said the overall LP market logged 7,616 commitments worth RMB 989.161 billion in the first half. On that basis, non-financial listed company LPs accounted for 4.0% of all LP commitments by number and 2.5% by subscribed capital.
Most listed company LPs remained low-frequency allocators
Among the 254 non-financial listed company LPs, 211 made only one commitment in the first half, or 83.1% of the total. Just 43 made two or more commitments, representing 16.9%.
JHET and Bojun Technology tied for the highest number of commitments at four each. CALB, Zhejiang Medicine, Runtu, Hailian Jinhui, H&T Intelligent Control and Caiyun Technology each made three.
JHET's four commitments went to four different managers: Xinyuanzhenghe, the Shanghai Free Trade Zone Fund, Yuanhe Houwang and Yida Capital. The report described that pattern as broadly representative of listed company LPs that make repeated allocations, expanding their GP roster to raise return potential and certainty. CALB took a different route. Its three commitments were all managed by Kaibo Private Fund Management Co., Ltd., meaning the money was allocated to its own CVC platform.
By disclosed commitment amount, Mixue Group ranked first at RMB 1.5 billion. Tianyu Digital, Corun and CALB followed with RMB 1.05 billion, RMB 999 million and RMB 923 million, respectively.
Mixue Group's RMB 1.5 billion commitment went to the Shenzhen Qianhai Huaxia Tou Xingwang Technology Venture Capital Fund, managed by Xingwang Capital. The report said that amount was equal to about one-quarter of the company's profit for 2025. Xingwang Capital was founded in 2015 and has invested in hard tech and consumer-facing projects including Ximalaya, Baixiang Food and Saturnbird Coffee.
Jinding Capital led by breadth, Kaibo Capital led by disclosed capital
Jinding Capital received investments from nine listed companies, the highest tally among managers. Kaibo Capital received four commitments, while Muhua Kechuang received five.
By total disclosed subscribed capital, Kaibo Capital ranked first at RMB 1.523 billion. Xingwang Investment came second at RMB 1.5 billion, followed by Heyi Capital at RMB 1.05 billion.
Jinding Capital, despite leading on the number of listed company backers, ranked tenth by committed capital at RMB 442 million. The report said that points to strength in coverage and fundraising frequency rather than single-ticket size.
Electronics, traditional manufacturing and healthcare were the biggest industry sources
The 254 listed company LPs came mainly from five industries: electronics and information, traditional manufacturing, healthcare, advanced manufacturing, and automotive and transportation. Together, those sectors accounted for 218 commitments, or 71% of all records.
Electronics and information companies made 69 commitments, while traditional manufacturing firms made 55. Combined, the two sectors contributed 124 commitments, or 40.4% of the total, making them the main source of listed company LP activity. Healthcare recorded 39 commitments, advanced manufacturing 28, and automotive and transportation 27.
The top five industries accounted for more than 70% of all activity. The remaining 11 industries made up 29%, with each individual sector representing less than 5%.
Semiconductors led by deal count, while battery and energy storage stood out by capital
At the sub-sector level, semiconductors ranked first with 39 commitments involving 32 listed companies and disclosed committed capital of RMB 3.366 billion. Machinery equipment, auto parts and biopharmaceuticals followed with 33, 27 and 25 commitments, showing that companies across traditional industrial supply chains also remained an important source of listed company LP capital.
Within semiconductors, JHET ranked first by number of commitments with four, totaling RMB 190 million. Those four commitments were managed by Xinyuanzhenghe Private Fund, the Shanghai Free Trade Zone Fund, Yuanhe Houwang and Nanjing Yida Fund Management, corresponding to four different funds. Individual checks ranged from RMB 10 million to RMB 95 million, a pattern marked by multiple bets and multiple GPs.
By disclosed commitment amount, GigaDevice ranked first at RMB 400 million. It made only one commitment in the first half, with Shixi Capital serving as GP, representing a concentrated single-manager allocation. Sunlord Electronics came second at RMB 300 million. Its two commitments involved three GPs: Xinyuan Technology Investment, SDIC Innovation and Futian Red Soil Fund Management. Changchuan Technology also disclosed RMB 300 million, but invested through only one GP, Benjian Fund.
The leaders by number of commitments and by amount were not the same, reflecting two different strategies among listed semiconductor companies: diversifying across several GPs and making a large concentrated allocation to one manager.
The report also noted that Cambricon made an LP investment in Yonghua Investment in the first half. Yonghua Investment is the private equity arm of Yongjin Group. Founded in 1995, Yongjin Group is a diversified holding group focused on financial services, with businesses including Guojin Securities, Yunnan International Trust, Guojin Futures and Guojin Fund. As the group's equity investment unit, Yonghua Investment backed Cambricon in its angel round and continued through three rounds. The report described the latest LP commitment as a form of payback by Cambricon to one of its early backers.
Corun, CALB and CATL drove most of the battery and energy storage total
The battery and energy storage sector recorded nine listed-company LP commitments in the first half, with disclosed capital totaling RMB 2.731 billion. Corun, CALB and CATL together committed RMB 2.422 billion, accounting for 88.7% of the sector's disclosed total.
Corun ranked first in the sector by committed capital at RMB 999 million. It made one commitment in the first half, to the Tianjin Binhai Binjian New Energy Storage Equity Investment Fund, with the Binhai New Area Emerging Industry Fund as GP.
CALB made three commitments totaling RMB 923 million, the highest frequency among the three companies. The money went to the Kaibo Hongtai Fund, the Kaibo Shengfu Fund and the Kaibo Gongchuang Fund, all managed by Kaibo Capital. Of those, the Kaibo Gongchuang Fund alone received RMB 799 million, while the other two received RMB 49 million and RMB 75 million.
Kaibo Capital was founded in 2021 by CALB and a market-oriented team. The report described it as CALB's external CVC.
CATL appeared only once in the first half of 2026, committing RMB 500 million to the Boyu Xinzhi Xinchan Fund, with Boyu Capital serving as GP. Rather than allocate frequently, CATL chose a single large commitment to one manager.
The article was originally published by the WeChat account Touzhong Jiachuan and written by Li Siqi.