On September 17, Shenzhen Tiantu Capital Co., Ltd. conducted a hearing for its listing on the Hong Kong Stock Exchange. It is worth mentioning that Tiantu Capital is not only the first mainland private equity (PE) institution to go public in Hong Kong but may also become the first cross-listed venture capital institution between the “New Third Board” and the Hong Kong stock market.
According to its official website, Tiantu Capital was founded in 2002 and is China’s first venture capital institution focusing on the consumer sector. Its invested projects cover three major directions of consumer upgrading: innovative consumption, new retail, and consumer finance. Investment cases include Xiaohongshu, Lan, Wonder Lab, and others.
According to the prospectus, as of December 31, 2022, Tiantu Capital has invested in a total of 222 portfolio companies, including 180 companies in the consumer sector such as catering, beauty, and healthcare, and 42 companies in other industries such as biotechnology and technology. It manages a total of 8 RMB funds and 3 USD funds, with a total asset management scale of approximately 25.5 billion yuan ($3.5 billion).
Furthermore, from 2020 to 2022, Tiantu Capital’s revenue was 39 million yuan ($5.35 million), 35 million yuan ($4.8 million), and 46 million yuan ($6.3 million), respectively. The investment returns were 1.157 billion yuan ($158.8 million), 460 million yuan ($63.15 million), and 377 million yuan ($51.76 million), respectively, and the corresponding net profits were 920 million yuan ($126.3 million), 664 million yuan ($91.16 million), and 749 million yuan ($102.8 million).
Tiantu Capital stated that it plans to incubate four new funds in the next three years, focusing mainly on industries directly related to the evolving lifestyle and consumer-driven demands, including but not limited to healthcare, artificial intelligence, and biotechnology.