# PE firms based in China (2026 list) > 245 PE firms based in China, 11% active in the last 12 months. Led by IDG Capital, Huagai Capital, Eastern Bell Capital. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-based-in-china (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms based in China Updated 7 November 2026 PE firms headquartered in China. [See all 245 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-china)The top 25 **245** investors on the list *+1* this week **93** cheques in 12 months *+53%* against the market **$54M** median round they joined *+573%* against the market median **11%** wrote a cheque in 12 months **7%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (10) - 1 [IDG Capital](https://millionrounds.com/fund/idg-capital) *Deploying now* Private equity · China **504** **$25M** median round **Oct 2026** last seen - 2 [Huagai Capital](https://millionrounds.com/fund/huagai-capital) *Deploying now* Private equity · China **75** **$15M** median round **Jul 2026** last seen - 3 [Eastern Bell Capital](https://millionrounds.com/fund/eastern-bell-capital) *Deploying now* Private equity · China **72** **$15M** median round **Jul 2026** last seen - 4 [jd.com](https://millionrounds.com/fund/jd-com) *Deploying now* Growth equity · China **28** **$200M** median round **May 2026** last seen - 5 [Ant Financial](https://millionrounds.com/fund/ant-financial) quiet Growth equity · China **25** **$111M** median round **Dec 2019** last seen - 6 [CID Group](https://millionrounds.com/fund/the-cid-group) dormant Private equity · China **23** **$5.7M** median round **Aug 2019** last seen - 7 [Lenovo](https://millionrounds.com/fund/lenovo) *Deploying now* Growth equity · China **13** **$41M** median round **Oct 2026** last seen - 8 [Trustbridge Partners](https://millionrounds.com/fund/trustbridge-partners) quiet Growth equity · China **13** **$30M** median round **May 2025** last seen - 9 [WuXi AppTec](https://millionrounds.com/fund/wuxi-apptec) quiet Growth equity · China **13** **$66M** median round **May 2019** last seen - 10 [Tiger Capital Partners](https://millionrounds.com/fund/tiger-capital-partners) quiet Growth equity · China **12** **$46M** median round **Jan 2015** last seen - 11 [China Equity](https://millionrounds.com/fund/chinaequity-investment-co) quiet Private equity · China **11** **$59M** median round **Jul 2018** last seen - 12 [Hongtai Capital Holdings](https://millionrounds.com/fund/aplus-capital) quiet Private equity · China **11** **$15M** median round **Jul 2019** last seen - 13 [Hony Capital](https://millionrounds.com/fund/hony-capital) *Deploying now* Private equity · China **11** **$500M** median round **Oct 2026** last seen - 14 [Kinzon Capital](https://millionrounds.com/fund/kinzon-capital) quiet Growth equity · China **9** **$20M** median round **Dec 2018** last seen - 15 [Shenzhen Fortune Venture Capital](https://millionrounds.com/fund/shenzhen-fortune-venture-capital) quiet Private equity · China **9** **$15M** median round **Sept 2015** last seen - 16 [Tao Capital](https://millionrounds.com/fund/tao-capital) quiet Growth equity · China **8** **$23M** median round **Aug 2020** last seen - 17 [New Horizon Capital](https://millionrounds.com/fund/new-horizon-capital) quiet Private equity · China **8** **$65M** median round **Apr 2015** last seen - 18 [BVCF](https://millionrounds.com/fund/bioveda-china-fund) dormant Private equity · China **7** **$100M** median round **Jun 2018** last seen - 19 [Didi Chuxing](https://millionrounds.com/fund/didi-chuxing) *Deploying now* Growth equity · China **7** **$281M** median round **Sept 2026** last seen - 20 [Origo Partners](https://millionrounds.com/fund/origo-partners-plc) quiet Private equity · China **7** **$1M** median round **Dec 2010** last seen - 21 [United Capital Investment Group Limited](https://millionrounds.com/fund/united-capital-investment-group-limited) dormant Growth equity · China **7** **$3.5M** median round **Mar 2007** last seen - 22 [Ctrip](https://millionrounds.com/fund/ctrip) *Deploying now* Growth equity · China **6** **$15B** median round **Oct 2026** last seen - 23 [Loyal Valley Capital](https://millionrounds.com/fund/loyal-valley-capital) *Deploying now* Private equity · China **6** **$117M** median round **Oct 2026** last seen - 24 [CPE](https://millionrounds.com/fund/cpe-2) *Deploying now* Growth equity · China **5** **$2B** median round **Oct 2026** last seen - 25 [China Construction Bank](https://millionrounds.com/fund/china-construction-bank) quiet Growth equity · China **5** **$100M** median round **Dec 2019** last seen **220 more on this list** All 245 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-based-in-china) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[aSand.ai](https://millionrounds.com/company/asand-ai)** Series A · $200M *Led by* [Co-Stone Capital](https://millionrounds.com/fund/co-stone-capital) - **30** Oct **[Archon Robotics](https://millionrounds.com/company/archon-robotics)** Seed *With* [IDG Capital](https://millionrounds.com/fund/idg-capital) - **29** Oct **[PhotonPay](https://millionrounds.com/company/photonpay)** Series C · $40M *With* [IDG Capital](https://millionrounds.com/fund/idg-capital) - **25** Oct **[Bolt Biotherapeutics](https://millionrounds.com/company/bolt-biotherapeutics)** Other · $120M *With* [Lyfe Capital](https://millionrounds.com/fund/lyfe-capital) - **20** Oct **[Neolix](https://millionrounds.com/company/neolix)** $400M *With* [GAC Capital](https://millionrounds.com/fund/gac-capital) - **15** Oct **[InfiMaker](https://millionrounds.com/company/infimaker)** Pre-seed *With* [IDG Capital](https://millionrounds.com/fund/idg-capital) ## Stages This Year 81 rounds - Venture **26%** - Other **15%** - Series B **15%** - Series A **10%** - Series C **10%** - Other **25%** ## What They Backed Sectors, last 12 months - AI **35** - Biotech **10** - Robotics **9** - Healthcare **8** - Fintech **6** - Hardware & Electronics **5** ## Cheques by Quarter Led Joined 10 Q1 25 12 Q2 25 22 Q3 25 28 Q4 25 31 Q1 26 15 Q2 26 19 Q3 26 15 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states) - [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states) - [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom) - [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china) - [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india) - [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada) - [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany) - [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom) - [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about PE firms based in China ### Who are the most active PE firms based in China? By cheques observed, the most active are IDG Capital, Huagai Capital, Eastern Bell Capital, jd.com and Ant Financial. ### How many PE firms based in China are there? 245 are on record. 11% made an investment in the last 12 months and 7% have led a round. ### Which stages do PE firms based in China back? Of the rounds with a named stage in the last 12 months, mostly Series B (27%) and Series A (18%). ### How big are the rounds PE firms based in China join? The typical (median) round among the leading investors here is $46M. ### Which sectors do PE firms based in China back most? In the last 12 months, mostly AI, Biotech and Robotics. ### Which PE firms based in China lead the most rounds? IDG Capital (8 led), jd.com (2 led) and Huagai Capital (1 led). ### What have PE firms based in China invested in recently? Recent rounds include aSand.ai (Series A, Nov 2026, with Co-Stone Capital), Archon Robotics (Seed, Oct 2026, with IDG Capital) and PhotonPay (Series C, Oct 2026, with IDG Capital). ### How is this list of PE firms based in China ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)