Legend Capital

Legend Capital, established in 2001, is a leading venture capital and private equity firm focused on early-stage and growth-stage investments in China. With offices in Beijing, Shanghai, Shenzhen, Hong Kong, Seoul, and Singapore, it manages both USD and RMB funds totalling over US$10 billion. The firm has invested in around 600 companies across various sectors, including technology, healthcare, consumer, enterprise services, and intelligent manufacturing. Legend Capital has supported the growth of many globally recognised companies through solid investment strategies and comprehensive post-investment services.

The firm is committed to sustainable and long-term investments and integrates Environmental, Social, and Governance (ESG) factors into its strategy. Since becoming a signatory to the United Nations-supported Principles for Responsible Investment (UNPRI) in November 2019, Legend Capital has been among the first group of top VC/PE firms in China to join the initiative.

Legend Capital’s approach includes proactive value-added services such as CEO counselling, team building, strategic planning, and resource integration. It also offers platform-based services like CEO Club events, forums, workshops, and other networking opportunities. These services are designed to support portfolio companies in achieving sustainable growth and success.

The firm’s leadership team includes Linan Zhu as Chairman, Hao Chen as Vice Chairman, and Richard Li as President. Other key members are Jafar Wang, Hank Zhou, and Raymond Chen, all serving as Co-Chief Investment Officers.

Legend Capital also led significant investments, such as the Series D financing round for Leadrive in October 2023 and funding for Korean AI Quality Control Solution Provider Saine in November 2023. In June 2024, Legend Capital portfolio companies Aidite were listed on the ChiNext, and Yonz Technology was listed on the Main Board of the Shanghai Stock Exchange. Additionally, Qunabox Group went public on the Main Board of the Hong Kong Stock Exchange in May 2024. 

Legend Capital was founded in 2001 as the venture capital arm of Legend Holdings, the parent company of Lenovo Group, to focus on early-stage and growth-stage investment opportunities in China. In its initial years, the firm targeted technology-driven sectors, supporting start-ups and high-growth companies. It established a strong presence in the Chinese venture capital market by investing in companies such as Spreadtrum Communication, which released the first Chinese 3G chip and was listed on NASDAQ in 2007. During this time, Legend Capital expanded its investment scope to include healthcare, consumer, and enterprise services sectors.

Between 2011 and 2018, Legend Capital continued to diversify its investments, targeting sectors like intelligent manufacturing and new energy. The firm supported companies such as CATL, which became a global leader in new energy technologies, particularly in the electric vehicle battery sector. It also invested in iFLYTEK, a leader in intelligent speech and artificial intelligence technology, and Fullhan Microelectronics, which focuses on video surveillance solutions. To enhance its cross-border investments and collaborations, Legend Capital expanded its presence by opening offices in Shanghai, Shenzhen, Hong Kong, and Singapore.

In 2019, Legend Capital became a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI), integrating Environmental, Social, and Governance (ESG) factors into its investment strategy. This positioned the firm as a leader in sustainable investment practices among Chinese VC/PE firms. Legend Capital continued to invest in innovative companies such as Bilibili, a popular video community platform, and Horizon Robotics, which provides AI solutions for smart mobility. It also supported New Horizon Health, a pioneer in cancer screening technology, which was successfully listed on the Hong Kong Stock Exchange.

In 2021, the firm launched new funds to support investments in technology, healthcare, and consumer sectors. These funds were instrumental in financing the growth of companies such as UCloud, a secure cloud computing service platform, and WuXi AppTec, a leading R&D service provider for the pharmaceutical and biotech industries.

In 2022 and 2023, Legend Capital demonstrated its continued investment strength with several notable public listings. It co-led the Series D financing round for Leadrive, an electric vehicle technology company, and led an investment in Saine, a Korean AI quality control solution provider. Legend Capital also supported the growth of innovative companies in various industries, maintaining its commitment to providing capital and management support to foster business expansion.

In 2024, Legend Capital’s portfolio company Aidite, specialising in dental materials, was listed on the ChiNext board. Another portfolio company, Yonz Technology, focusing on intelligent manufacturing, was listed on the Main Board of the Shanghai Stock Exchange. Additionally, Qunabox Group, a leader in e-commerce logistics, went public on the Main Board of the Hong Kong Stock Exchange. These successful listings reflect the firm’s continued commitment to supporting the growth of its portfolio companies.

Today, Legend Capital manages over US$10 billion in commitments across USD and RMB funds, with a portfolio of around 600 companies. It focuses on sectors such as technology, healthcare, consumer, enterprise services, and intelligent manufacturing. With its emphasis on sustainable investment practices, Legend Capital aims to create long-term value for its portfolio companies and stakeholders. It remains a significant player in the Chinese and international investment landscapes, bridging key resources and opportunities between China and the global market.

Legend Capital’s investment criteria focus on early-stage and growth-stage companies in sectors such as technology, healthcare, consumer, enterprise services, and intelligent manufacturing. The firm seeks companies with innovative business models, strong growth potential, and capable management teams.

• Sector Focus: Legend Capital invests in diverse industries, with a particular emphasis on technology-driven sectors like artificial intelligence, cloud computing, new energy, and intelligent manufacturing. It also focuses on healthcare, supporting companies involved in medical research, biotechnology, and health services. The firm is interested in consumer and enterprise services that offer scalable solutions and cater to evolving market demands.
• Stage of Investment: Legend Capital typically invests in early-stage and growth-stage companies. For early-stage investments, the firm looks for promising start-ups with disruptive technologies and scalable business models. In growth-stage investments, the focus is on companies that have established a strong market presence and are looking for additional capital to expand operations or enter new markets.
• Management and Team: A key criterion for Legend Capital is the strength and experience of the company’s management team. The firm believes that a capable leadership team is crucial for navigating the challenges of business growth. It values teams that demonstrate industry expertise, a clear vision, and the ability to execute their business plans effectively.
• Financial Performance and Market Potential: Legend Capital looks for companies with strong financial performance or a clear path to profitability. It seeks opportunities in markets with significant growth potential, where businesses can scale rapidly. The firm assesses the market size, competitive landscape, and the company’s ability to capture a significant market share.
• Value-Added Support: Beyond financial investment, Legend Capital provides active support to its portfolio companies through strategic planning, resource integration, and management consulting. It offers one-on-one services such as CEO counselling and team building, as well as platform-based services like CEO Club events and workshops.
• Commitment to ESG: Legend Capital integrates Environmental, Social, and Governance (ESG) considerations into its investment decisions. It supports companies that align with sustainable and responsible business practices, contributing positively to society and the environment.

Legend Capital’s core values guide its investment philosophy and business practices, focusing on creating sustainable value for its portfolio companies, investors, and society.

• Commitment to Long-Term Growth: Legend Capital prioritises long-term value creation over short-term gains. It aims to build lasting partnerships with its portfolio companies by supporting their growth and development through various stages. The firm believes that successful investments come from a deep understanding of the market, strong business models, and a focus on sustainable growth.
• Focus on People: The principle of “Business First, People Crucial” is central to Legend Capital’s approach. It recognises that the success of any business depends heavily on its people, including management teams, employees, and stakeholders. The firm actively supports the development of leadership teams through services such as CEO counselling, team building, and strategic planning.
• Proactive Value-Added Services: Legend Capital is committed to providing value-added services beyond financial investment. These include one-on-one customised support in areas such as corporate governance, strategic planning, and industrial resource integration. Additionally, the firm offers platform-based services like CEO Club events, CFO/CHO forums, and workshops to help companies build networks and share knowledge.
• Innovation and Entrepreneurship: Legend Capital values innovation and entrepreneurship as key drivers of business success. It invests in companies with innovative technologies and business models that have the potential to disrupt industries and create new markets. The firm supports entrepreneurs in turning their vision into reality by providing both capital and strategic guidance.
• Sustainable and Responsible Investment: Legend Capital incorporates Environmental, Social, and Governance (ESG) considerations into its investment strategy. As a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI), the firm is committed to promoting sustainable business practices and guiding its portfolio companies to adopt responsible and ethical operations.
• Building Strong Relationships: Legend Capital values its relationships with investors, entrepreneurs, and industry partners. It strives to establish trust and mutual respect through transparent communication and a collaborative approach. The firm believes that strong partnerships are essential for achieving shared success and delivering value to all stakeholders.
• Social Responsibility: Legend Capital acknowledges its role in contributing to societal progress. It supports companies that not only aim for business success but also seek to have a positive impact on society and the environment. The firm’s commitment to ESG and responsible investment reflects its dedication to social responsibility.

Legend Capital’s mission is to drive the innovation and growth of businesses through strategic investment and management support. It aims to identify and nurture companies with strong potential, helping them expand and succeed in competitive markets. By providing capital and value-added services, Legend Capital supports businesses in sectors such as technology, healthcare, consumer, and intelligent manufacturing. The firm is committed to promoting sustainable and responsible business practices, contributing to industry development and social progress. Through these efforts, Legend Capital strives to create long-term value for its portfolio companies, investors, and society as a whole.

Legend Capital has built a diverse and extensive portfolio of companies across multiple sectors, reflecting its strategic focus on innovation and growth. With investments in technology, healthcare, intelligent manufacturing, consumer goods, and enterprise services, the firm supports companies at different stages of their development. This commitment to nurturing businesses with high potential has resulted in partnerships with leading companies in China and beyond. Below is a detailed list of Legend Capital’s portfolio companies, along with brief descriptions of their work and impact.

• CATL: A global leader in new energy technologies, specialising in the development and production of batteries for electric vehicles and energy storage systems.
• Putailai: Focuses on lithium-ion battery materials and automation solutions, playing a key role in the clean energy and high-efficiency energy storage industries.
• Shaanxi Light Optoelectronic Materials: Engages in the production and research of advanced optoelectronic materials, supporting various high-tech applications.
• Hymson: A prominent manufacturer and solutions provider in the field of laser technology and automation systems, serving industries like automotive and electronics.
• Shenzhen Colibri Technologies: Specialises in automation equipment and precision parts manufacturing, offering innovative solutions for high-precision industries.
• Cybrid Technologies: Develops and manufactures functional polymer materials with adhesive technologies, catering to a wide range of industrial applications.
• Shenzhen Yanmade Technology: Provides intelligent testing equipment and automation solutions, helping businesses enhance production efficiency and precision.
• Guangdong Kaijin New Energy Technology: A high-tech enterprise focused on the research and production of anode materials for lithium-ion batteries.
• Spreadtrum Communication: Known for developing China’s first 3G chip, the company provides integrated circuit design and solutions for mobile communication and IoT devices.
• iFLYTEK: A leading company in the field of intelligent speech and artificial intelligence, promoting AI applications across various sectors.
• Apex Microelectronics: The largest producer of printer cartridge chips and SoC solutions, serving the global aftermarket industry with cost-effective products.
• Fullhan Microelectronics: Provides competitive chips and solutions for video surveillance products, supporting advancements in security technology.
• UCloud: A secure and neutral cloud computing service provider, offering a range of cloud solutions for enterprises across various industries.
• Horizon Robotics: Develops AI computing platforms and solutions for smart mobility, focusing on performance, cost, and power optimisation.
• Huice: Offers intelligent retail solutions based on cloud computing, helping businesses enhance operational efficiency and customer experience.
• Atour: A lifestyle brand that started with accommodation, providing a unique and warm travel experience through its hotels and services.
• Bilibili: An iconic video community platform that caters to younger generations with content inspired by anime, comics, and games (ACG).
• Gambol Pet Group: A leading pet food and treats exporter in China, dedicated to providing high-quality nutrition for pets worldwide.
• Youdao: A top intelligent learning company in China, offering innovative educational products and services that cater to a wide audience.
• China Eastern Airlines Logistics: A modern logistics service provider aiming to become a global leader in efficient and innovative logistics solutions.
• HICHAIN Logistics: Specialises in supply chain solutions for the consumer electronics industry, ensuring efficient and reliable operations.
• KNX: A leader in China’s HCM-Cloud industry, providing solutions that help businesses build superior organisational capabilities.
• China Southern Air Logistics: Utilises China Southern Airline’s network to provide extensive logistics services, connecting major cities across the globe.
• Shuhai Supply Chain: A comprehensive catering supply chain service provider, integrating sales, research, and logistics to support the food industry.
• SF Express: A subsidiary focused on logistics for large consignments, offering specialised solutions for warehouse and factory distribution.
• JWM: Provides solutions across the agricultural supply chain, from large-scale planting and post-harvest processing to distribution and marketing.
• WuXi AppTec: Offers a broad range of R&D and manufacturing services for the pharmaceutical and biotech industries, enabling advancements in healthcare.
• WuXi Biologics: A global platform offering end-to-end biologics solutions, supporting the development and production of biologics from concept to market.
• Innovent: Focuses on developing and commercialising high-quality innovative medicines, especially for the treatment of cancer and other major diseases.
• Yixintang: Aims to improve public health through the distribution and operation of health products, focusing on enhancing overall wellbeing.
• New Horizon Health: A pioneer in home-based cancer screening technology in China, promoting early detection and prevention of high-risk cancers.