On October 6, Tian Tu Capital Co., Ltd. (1973.HK) in its approximately HK$1.13 billion (approximately US$144 million) initial public offering and listing of H shares on the Main Board of the Hong Kong Stock Exchange. A landmark transaction for the VC industry in the PRC, this IPO marks the first-ever listing of a PRC VC firm on the Main Board of the Hong Kong Stock Exchange, achieving a breakthrough in the Hong Kong capital market for PRC VC firms.

Tiantu Capital is a leading private equity investor and fund manager committed to driving the growth of Chinese consumer brands and companies, currently managing a total of eight Renminbi-denominated funds and three U.S. dollar-denominated funds, with a total of RMB25.5 billion assets under management. As of March 31, 2023, Tiantu Capital had cumulatively invested in a total of 222 portfolio companies. Its investments include early and late stage investments in a large number of successful consumer brands and companies, such as Zhou Hei Ya (周黑鸭), China Feihe (中国飞鹤), Nayuki (奈雪的茶), Xiaohongshu (小红书), CYYS (茶颜悦色), ATRenew (万物新生) and Pagoda (百果园). Upon completion of this IPO, Tiantu Capital also becomes the first “NEEQ + H” VC institution in the PRC.