Years of practice1




Asset under Management3


Established in 2001, CoStone Capital is one of the leading investment firms in China with a ¥60Bn AUM that are committed to create lasting economic and strategic impact for our investors, teams, ...


Profit is not always the point but just a natural outcome from our enterprise. Our pursuit of responsible business is compassionate, aspiring and idealistic.  


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CoStone Portfolio Quanyi Health Merged by KKR

The CoStone Capital portfolio Quanyi Pharmacy Chain, aka PharmPlus (全亿健康) has been merged by Koh...

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Emerging Unicorn: What Can SmartMore Do?

SmartMore closed its $200Mn dollars series B funding, emerging as a unicorn. After participated in s...

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Man-Machine AI Collaborative Operating System By Cloudwalk Technology

In the prosperity of Artificial Intelligence, more enterprises in China have entered the field of AI...

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Reaching $3.3 Billion Valuation, Why WeRide is the Future Star of Auto Driving?

WeRide, the global leading L4 autonomous driving company closed its $310Mn series C funding from IDG...



New Industries Biomedical‘s GEM IPO Approved, 2nd Medical IPO of CoStone in a Month

On December 27, Shenzhen New Industries Biomedical Engineering Co., Ltd. got approval for its GEM IP...



Asymchem Medical Landed A-Share Market, Another Exit of CoStone’s Medical Investment ​

On November 18, the medical giant, Asymchem Group (stock code: 002821), landed on the A-share market...



Transwarp, a CoStone Portfolio Company, Raised over 1bn in D1 Round ​

Transwarp Technology, a CoStone portfolio company announced a D1 round financing, raising over 1bn. ...

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Suzhou Jinhong Gas Earned just under 19bn on Trading Debut

On June 16th, 2020, Suzhou Jinhong Gas (688106.SH), one of CoStone’s best portfolio companies, kicke...

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CoStone Managing Director Hua Du: 30 Most Influential Young Investors of China

21st Century Business Herald has published the list of 30 Most Influential Young Investors of China ...

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CSRC Approved: “Life-printing” Company to be Listed on A-share Market

On November 19, the IPO application of MEDPRIN(ipo 108577), one of CoStone Capital’s investment proj...



Why the Traitorous Shenzhen Succeed as China’s Silicon Valley?

“The traitorous spirit and inclusive industries make Shenzhen, an immigrant city, the most to Silico...

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CoStone Capital Zhang Wei: MOR Rule-makers Shall Never be Rule-breakers

As for the mixed-ownership reform (MOR), Zhang Wei has set four personal investment creeds, includin...

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CoStone Capital Zhang Wei: Why None of China’s NEV Start-ups Worth Investing In

On March 5th, Nio (NIO.NYSE), the leader of China’s new energy vehicle (NEV) start-ups, announced a ...



The century-old enterprises share one recipe – they are the organizers of an industry instead of a mere manufacturer. CoStone Capital vowed to be the organizer of private equity industry.

① As of March 31 2023
② As of September 30 2023
③ As of December 31 2022

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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