Cross-border M&A Deals:We either lead or jointly invest with Chinese strategic investors in the target companies, seeking a controlling or a non-controlling share with strong influences, and combining the advantages of the target companies and the Chinese counterparts in terms of market expansion, technology improvement, and cost reduction, etc.

State-owned Enterprise Reform Deals:For majority investments, we will cooperate with the target company’s management team or other strategic investors to acquire high-quality assets or businesses spun off by the state-owned enterprises; for minority investments, we seek to improve corporate governance structure, operating efficiency, and incentive mechanisms of the target companies.

Industrial Upgrading and the New Economy Deals: We focus on companies with unique and leading technological advantages. For companies that rank among the top in their respective industries, we generally invest in a minority share in the Series B round or later and implement value-adding post-investment practices.