What stage does ZB Capital invest at?

ZB Capital invests at the Growth, Late Stage stages.

What sectors does ZB Capital focus on?

ZB Capital focuses on Sector Agnostic.

Where is ZB Capital located?

ZB Capital is headquartered in Hong Kong, HK.

Does ZB Capital lead rounds?

ZB Capital typically participates in rounds rather than leading them.

ZB Capital

Private equity

Hong Kong · Growth–Late Stage · 6 people tracked

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Find your way into ZB Capital

884 people in our graph share verified history with the ZB Capital team — schools, employers, funds. One of them is your warm intro.

Aryo Tehranianunlockedknows Chris Chan · together at PwC Corporate Finance (overlapped)

×8knows the team · via PwC Corporate Finance

knows the team · via The Hong Kong University of Science and Technology

×2knows the team · via KPMG Transaction Advisory Services

✨ Fox Verdict

Investment thesis

ZB Capital operates as a principal investor focused on acquiring majority stakes in SMEs across Asia, using an 'investment + service' model to build long-term value. It targets businesses with solid fundamentals, sensible models, and strong growth potential, applying a disciplined and objective approach to evaluating opportunities. The firm draws on a proprietary network of business and investment partners across industries and regions to source promising companies. Beyond capital, it actively supports portfolio companies post-investment—through Zubbily Asia and its partner network—to drive digital transformation, operational efficiency, and strategic expansion, aiming to create shared value for founders, portfolio companies, partners, and investors.

Invests inSector AgnosticAsia-Pacific China Hong Kong Hong Kong Indonesia Malaysia Philippines Singapore Thailand Vietnam

Source: firm website, verified Aug 3, 2026.

Stage

Growth–Late Stage

Hong Kong, HK

Leads rounds

Follows

Instruments

Equity

Founded

2012

Team · 6 people

from the firm's website & curated

Chris Chan· Founding Partner· Hong Kong, Hong Kong SARin

Co-founder of ZB Capital overseeing cross-border investments and M&A, with 23+ years in PE/VC, IPO, M&A, restructuring, and advisory. Previously at Ernst & Young, KPMG, PwC, and Essence Securities; a CPA who serves as independent non-executive director and audit committee chairman for several Hong Kong-listed companies.

c•••@zb-capital.comreveal

Donald Chan· Founder, Innozate· China, Hong Kongin

Angel investor and business advisor who has served as CEO of multiple leading 4A agency groups, with over 24 years of experience in brand building and integrated marketing in the China consumer market.

Ryan Poon· Founding Partnerin

Co-founder of ZB Capital responsible for managing investment projects in China and Asia Pacific, with 24+ years in PE/VC and corporate finance. Previously worked at BOCI Corporate Finance, CITIC Capital, and Cathay Capital; holds CFA and CAIA designations.

p•••@zb-capital.comreveal

Tony Chin· Founder - Heartware and Flare· China, Hong Kong

Advertising industry veteran with 27+ years of experience, over 20 of them in China, specializing in interactive campaigns, CRM, and data mining. Previously worked at agencies including Wunderman, DY&R, GREY, and Ogilvy & Mather.

Florian Obst· Partner· Berlinin

Florian Obst focuses on foundational AI infrastructure, developer tools and data plumbing, co-authored the deep-dive From Hype to High-Impact and builds tooling for systematized sourcing and research.

f•••@speedinvest.comreveal

Quin Zhang· Assistant Professor, Peking University HSBC Business School· China

Assistant Professor of Management, Strategy & Entrepreneurship at Peking University HSBC Business School with a Ph.D. from University of Colorado Boulder, and Associate Director of the PHBS Center for Innovation & Entrepreneurship.

Frequently asked questions

What stage does ZB Capital invest at?: ZB Capital invests at the Growth, Late Stage stages.
What sectors does ZB Capital focus on?: ZB Capital focuses on Sector Agnostic.
Where is ZB Capital located?: ZB Capital is headquartered in Hong Kong, HK.
Does ZB Capital lead rounds?: ZB Capital typically participates in rounds rather than leading them.

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