China Reform Holdings

Established in August 2014, China Reform Fund is a venture firm based in Beijing, China. It was sponsored by China Reform Holdings Corporation together with other central state-owned enterprises and social institutional investors. The firm invests in three core sectors: new generation information technology, advanced manufacturing and services, high end medical equipment and biomedical services. It also focuses on innovative, growth investment opportunities in energy conservation and environmental protection, measurement and testing, telecommunication service, reform and restructuring, technology and the new economy. Investment strategies includes direct investments in individual projects, mainly through equity but also convertible bonds and mezzanine bonds. The fund can function as a mother fund by setting up baby funds through collaboration with state-owned firms. Acting as a guiding fund, contribution ratio usually do not exceed 30%. Investments from the mother fund can act as subordinated capital for the baby funds, bearing the majority of the risk within the baby funds.