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China Structural Reform Fund

Government fund

Beijing · Growth

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Investment thesis

As a state-owned capital direct investment platform funded by China Reform Holdings, the firm invests its own long-duration capital following professional and market-oriented principles. It focuses on three main directions: strategic resources and energy, upgrading and optimizing traditional industries, and strategic emerging industries. Using a full-chain, full-cycle, full-factor 'investment plus investment banking' service model, it aims to act as long-term, patient, and strategic capital. By the end of the 14th Five-Year Plan, it had built equity investment partnerships with over 30 central state-owned enterprises, spanning 11 categories of national economic sectors and 7 categories of strategic emerging industries.

Source: firm website, verified Jul 29, 2026.

Stage
Growth
HQ
Beijing, CN
Instruments
Equity
Founded
2022
AUM
$32B
Tracked investments
4
IPOs
1

What they invest in

from 3 of 4 portfolio companies

AI & Machine Learning ×2Data & Infrastructure ×2Enterprise Software ×2SaaS ×2Advanced Manufacturing ×1B2B Marketplaces ×1Cloud Computing ×1Construction Tech ×1

HQs:China×3

Investments · 4 tracked

founders shown can be your intro path
Cosmoplatcosmoplat.com

COSMOPlat is a Chinese industrial IoT and AI platform provider that delivers end-to-end data intelligence and IoT solutions to enterprises across manufacturing, automotive, energy, and machinery sectors.

Advanced ManufacturingAI & Machine LearningHardwareIoTChina, CN

Co-investorsHongtai Capital HoldingsTopoScend Capital

JD Logisticsjdl.comFeb 2018

A logistics company providing end-to-end supply chain services for food and consumer goods, from production to last-mile delivery, with focus on cold chain networks and supply chain digitalization through data analytics and automation.

B2B MarketplacesConstruction TechData & InfrastructureE-commerceEnterprise SoftwareFoodTechLogistics & Supply ChainSaaS

Co-investorsHundreds CapitalSoftBank Vision FundHillhouse CapitalTencent Holdings

Qiniuqiniu.comJun 2020

Qiniu Cloud provides content moderation services for images, videos, audio, text, and live streams, automatically detecting and filtering prohibited content including adult material, violence, sensitive persons, ads, and malicious scenes.

AI & Machine LearningCloud ComputingData & InfrastructureEnterprise SoftwareMedia & EntertainmentSaaSShanghai, CN

Co-investorsQiming Venture PartnersTitanium VenturesAlibaba GroupYF Capital

Transcenta Holdingtranscenta.comDec 2020

Hong Kong-listed, Suzhou-headquartered biopharmaceutical company developing antibody therapeutics with in-house biomanufacturing.

Xueming Qian(Founder)in

Co-investorsARCH Venture PartnersFortune Venture CapitalHillhouse CapitalLilly Asia VenturesQatar Investment AuthorityTemasek

Portfolio news

latest coverage across their companies

Frequently asked questions

What stage does China Structural Reform Fund invest at?
China Structural Reform Fund invests at the Growth stage.
What sectors does China Structural Reform Fund focus on?
China Structural Reform Fund focuses on Advanced Manufacturing, Energy, New Materials.
Where is China Structural Reform Fund located?
China Structural Reform Fund is headquartered in Beijing, CN.

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