In 2024, Hua Capital continued to focus on the next-generation information technology sector (intelligent technology), with key investments in semiconductors and artificial intelligence, covering the entire semiconductor value chain, AI infrastructure, intelligent terminals (embodied intelligence and eVTOL), and industrial intelligence. The firm's total assets under management (AUM) now exceed RMB 7 billion. It has invested in nearly 100 projects with a total valuation exceeding RMB 200 billion, incubating and nurturing a number of high-quality projects with the potential to become technology leaders. Among these, three companies have successfully gone public, two are in the IPO process, over 70% of the portfolio companies have received follow-on financing from top industry players and well-known investment institutions, more than one-third have become unicorns or potential unicorns, and the recent LP re-investment rate exceeded 70%.

In the face of deep adjustments in the capital market, Hua Capital has always adhered to the principles of long-termism and value investing. From an industrial perspective and mindset, and using the four-layer information technology cycle structure as its core framework, the firm has been able to precisely capture systematic opportunities in a complex market environment. We firmly believe that the next 20 years will be a critical period in which intelligent technology drives social transformation. The firm will continue to deepen its focus on intelligent technology and work together with more mission-driven entrepreneurs, peers, and partners to build a future blueprint driven by intelligent technology.

Note: Zero2IPO Research Center has been releasing its annual China equity investment rankings for 24 consecutive years. This year's rankings were based on data collection, evaluation, and issuance carried out by Zero2IPO Research Center using scientifically rigorous research methods and a fair and impartial approach, aiming to provide a sound evaluation and reference system for China's equity investment industry. 

(For details, please refer to the official article on the "Zero2IPO Research" 「清科研究」WeChat public account.)