Investment Teams3


Investment Professionals4

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Over the past three years, CoStone Capital has accomplished nearly 10 bn RMB investment in the primary market with notable cases in TMT sector like AI, intelligent manufacturing and medical biology. EFORT(688165.SH), Bright Gene (688168.SH), SinoMed (688108.SH) and other CoStone Capital portfolios IPOed in STAR market with a total investment over 1bn RMB, portfolios like SenseTime and MGI Tech have also become the super unicorns.

Professional Value Added Enabling Services

CoStone Capital is differentiated by its rare and well-defined post-investment management system and rich experience. The institutionalized post-investment management enabled CoStone Capital to provide all-round, detailed and individualized services on transaction, risks monitoring, value creation and empowerment.

Management Empowerment

CoStone Capital help portfolio companies to improve efficiency via strategic consulting and coaching. Our objective is to improve the market position of each company in a sustainable manner. We aim to make successful companies even more successful.  

Operational empowerment

CoStone Capital would send professionals and expertise to help our portfolio improving financial, legal & compliance and IT abilities that contribute to better operational capability.

Networking Empowerment

We aim to promote networking, exchange and greater synergy between portfolios and CoStone Capital friends including investment banks, consultants, industries, law firms, research institutes and a various of resource network.

M&A Services

CoStone Capital help our portfolios with M&A at the upstream and downstream of the industrial chain through extensive acquisitions. We have conducted several markable global acquisition for our portfolios like Sunward(002097)、HCD(300278)and EFORT(688165)

Capital Market Services

CoStone Capital commits to help our portfolios with follow-up financing and IPO plans and offers a whole gamut of services contributing to a successful entry into the capital markets.

Management empowerment

Management empowerment can improve the efficiency of internal management and enhance the core value and competitiveness of enterprises through strategic planning, optimizing the corporate governance structure, selecting talents, combing and expanding business.
Investment counts on holistic judgement and three-dimensional thinking featured an essential and comprehensive understanding on corporate behaviors and capital markets, otherwise one is never able to see the whole picture. Holistic judgement and three-dimensional thinking combined will generate steady profits from the decade-long investment. Investment is not a science but an embodiment of cognitive capacity. The right investment requires strong comprehension. “Our practice proves that what is perceived cannot at once be comprehended and that only what is comprehended can be more deeply perceived”

Core Advantages

Not all CoStone Capital portfolio boasted entrepreneurship, but those who did brought CoStone time-enduring and extraordinary profits.


Growth and valuation are paramount indicators when evaluating an investment. Growth potential guards against the uncertainties in the economy and markets. Valuation determines abnormal returns. The original, world-class and platform-level technology can yield high value like a solid foundation can support a skyscraper.

As of March 2021
As of March 2021,including fully and partially realized investments
As of March 2021,150+ CoStone Capital employees located in 6 offices across China
As of March 2021

The year 2019 marks the fortieth anniversary of China’s Reform &Opening-Up, once again, we meet at the turning point of history. What’s the next step for the game, is there any clear guidance? The answer is affirmative.

Our country is enjoying a good momentum of development, which does not come from the Washington Consensus nor the Beijing Consensus. China’s experience has proved that both the visible hand and the invisible hand are crucial: the visible hand, stands for the government-led reform, and would yield benefits for reform and opening up; the invisible hand, stands for the Marginal Power represented by the private sector, and would improve economic efficiency and tax collection, create jobs and employment opportunities.

Provided that we want to protect and expand the benefits form reform, three simple but mandatory agreements are to be made and followed: No.1 Private ownership must be recognized, protected and treated equally with public ownership constitutionally, both ownerships are scared and inviolable;No.2 Make further clarification of the principal position of market economy, “deepen economic system reform by centering on the decisive role of the market in allocating resources”, as President Xi addressed in the third Plenary Session of the 18th CPC Central Committee;No.3 Implement the guiding principles of “comprehensively promoting law-based governance” of the fourth plenum. The rule of law is essential for economic growth, irreplaceable to protect private ownership, and necessary to encourage innovation and entrepreneurship.

Above are three rules for us to avoid falling into the Middle-income Trap. Assuming that we are breaking systematic barriers to private enterprises’ participation in market economy, and boosting innovation and entrepreneurship of our society, then we are heading towards a promoting direction. We are marching in the path of light, regardless of the ups and downs of Sino-US relationship, the drop in GDP growth rate, or the monetary policy.

These principals also apply on knowing how better to run a business: don’t be hedged by rules and regulations at the beginning, pay more attention to your survival, and you’ll learn more when you start your second business.

For many years, Huawei has been the only Chinese company on the list of the Top 50 R&D Spenders. Regardless of the economy and its income, what Huawei has been doing is investing in its future, dedicated to R&D, continuously and resolutely. This provisional work underscores Huawei’s accomplishments, making Huawei anindustry leader.

So, there are standard answers on how to run a company,which could be summarized as concentration and professional dedication, continuous investment on innovation and trying harder in R&D. Entrepreneurship is also important, every single company needs entrepreneurs to push aside all obstacles and difficulties, to implement strategies and ideas. We, as investors, are destined to look for such outstanding entrepreneurs and their companies, invest in them and partner with them.

At this key point of history, a country, a company, or asingle individual, will all need to find the right path. Four decades after the Reform and Opening-up, it’s time to learn from our experience and stop “wadding across


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