Hwabao Fund

Hwabao Fund Management Co., Ltd. was approved to commence operations on February 12, 2003. It is one of the first Sino-foreign joint venture fund management companies in China, and also a Sino-foreign joint venture fund management company initiated and established by a domestic trust company and a foreign asset management company. Currently, the shareholders of Hwabao Fund Management Co., Ltd. are Hwabao Trust Co., Ltd. (holding 51%), Warburg Pincus (holding 29%), and Jiangsu Provincial Railway Group Co., Ltd. (holding 20%).

Hwabao Trust Co., Ltd. was established in 1998. It is a member company of the industrial finance segment under China Baowu Steel Group Corporation Limited (hereinafter referred to as "China Baowu"). China Baowu holds 98% of its shares, while Zhoushan State-owned Assets Investment and Operation Co., Ltd. holds 2%. The registered capital of Hwabao Trust is 4.744 billion RMB. China Baowu, the major shareholder of Hwabao Trust, enjoys a prestigious reputation and strong financial strength, ranking 72nd in the 2021 Fortune Global 500. Adhering to China Baowu's consistent style of rigor, prudence, integrity and compliance, Hwabao Trust has always taken "maximizing beneficiaries' interests" as its business philosophy, specialized and differentiated development as its basic strategy, and asset management and trust services as its two main businesses. Based on the capital market, it continuously strengthens capacity building, channel building and brand building. Hwabao Trust holds comprehensive business qualifications, including qualifications for entrusted overseas wealth management business, private fund manager, qualified investor for block trading systems, asset securitization business, and IPO inquiry object. Since its establishment, Hwabao Trust has created favorable returns for investors, achieving a cumulative return of RMB 228.8 billion for clients from 1998 to 2020. As of the end of 2020, the scale of trust assets under Hwabao Trust's management reached RMB 430.7 billion.


Warburg Pincus is a global private equity investment institution with over 50 years of experience in private equity investment. With its unique investment model, outstanding global advantages and experienced investment team, the company has cumulatively invested over USD 100 billion in more than 1,000 enterprises across over 40 countries; it currently manages assets exceeding USD 80 billion, investing in 245 companies, and is a leader in the private equity investment industry. Warburg Pincus established its Hong Kong office in 1994, becoming one of the earliest international private equity investment institutions to enter China. To date, it has cumulatively invested over USD 10 billion in China, covering nearly a hundred companies.

Jiangsu Provincial Railway Group is a province-level mega state-owned enterprise approved by the Jiangsu Provincial Party Committee and Provincial Government, with its leadership team managed by the Provincial Party Committee. With a registered capital of RMB 100 billion, it is the province-level railway enterprise with the largest registered capital in China. It shoulders six important responsibilities entrusted by the Jiangsu Provincial Party Committee and Provincial Government, including "raising provincial capital for railway construction projects and related debt financing, establishing relevant railway project companies, managing and administering self-constructed railway construction projects, managing property rights and operations of railway projects, comprehensively developing related resources such as land along railway lines, and establishing and managing railway construction development funds." Jiangsu Provincial Railway Group consistently adheres to serving major national strategies and Jiangsu's high-quality integrated development, fully leveraging the guiding and driving role of state-owned capital. Currently, it has invested in 24 railway lines under construction and completed, with total assets of approximately RMB 300 billion and net assets of approximately RMB 180 billion. The total mileage of completed railways within Jiangsu Province reaches 4,204 kilometers, of which high-speed railway mileage reaches 2,215 kilometers.

Since its establishment, Hwabao Fund Management Co., Ltd. has achieved steady development in various businesses. The company actively seizes opportunities from China's rapid economic growth, leverages the resource advantages of a joint venture fund, and benefits clients, striving to become a distinctive and quality asset management company trusted by investors, with unique competitiveness in the industry and a sense of social responsibility.