Private Equity
Pursuing Sustainable Value Creation

70+

IPOs

20

Years of History

$18.5bn

M&A Transactions
Achieving stories of legendary growth for many outstanding companies across multiple economic cycles

Founded in 2002, CDH Private Equity is the core fund within CDH platforms, focusing on large growth, restructuring and buyout investments. CDH Private Equity is dedicated to creating long-term tangible value for our portfolio companies. We  leading companies and allocate our extensive resources to these outstanding companies to help them transform industry patterns and generate social values. We aim to drive our portfolio companies to accelerate China's industrial transformation and improve the quality of people's life. Over the past 20 years, our investments have been closely tied to China's economic development. We have partnered with great entrepreneurs to create  legends of companies’ growth in industries and sectors with excellent growth potential. We have invested in more than 100 outstanding companies in Consumer & Services, Healthcare, and Advanced Manufacturing. We have successfully straddled several economic cycles and optimized our investment strategy to follow the economic cycle, from minority to control investments.

Sustainable and in-depth value creation, as M&A facilitate companies in leapfrogging ahead and realizing significant growth

We maintain long-standing trusted relationships and partnerships with our portfolio companies, continuously deliver significant value-added services to entrepreneurs and accompany them on their journey to excellence. We support companies in completing organizational transformation at critical moments to generate multiplier effects. As companies grow from 1 to 100, we provide robust industrial resource integration capabilities, in-depth global insights and professional guidance to boost their second growth curve. With specialized capabilities to efficiently handle innovative and complex transactions, we help Chinese companies position themselves as leaders in the global market. CDH Private Equity has practiced “outbound investment” with our portfolios and has conducted more than 10 M&A transactions with the cumulative transaction value exceeding  US$18.5 billion over the past few years. We work with entrepreneurs to think beyond and dream bigger by helping them cross the threshold of growth through M&A and providing a strong impetus for development.


Our Portfolio
CDH PE has four areas of focus: consumer, healthcare, hard technology, enterprise services& new infrastructure.
Consumer
Consumer
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Healthcare
Healthcare
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Hard Technology
Hard Technology
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Business Services&New Infrastructure
Business Services&New Infrastructure
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Case Studies
  • Invested in 2007
    The M&A journey of CDH and WH Group:from “largest in China” to “ largest in the world”

    The 15-year partnership between CDH and WH witnessed the transformation of a local state-owned enterprise in Luohe to a Fortune Global 500 conglomerate. In 2007, CDH acquired controlling stake in Shuanghui, which became a milestone deal in the China buyout history. In 2013, CDH enabled the Smithfield acquisition by Shuanghui, and transformed Shuanghui from “largest in China” to “ largest in the world and Fortune Global 500”. This US$7.1 billion buyout was the largest overseas acquisition by a Chinese private enterprise, and marked the beginning of CDH’s buyout initiatives. Underpinned by CDH’s global resources and expertise, the acquisition received CFIUS approval in 3 months. In August 2013, WH Group, which comprises of Smithfield and Shuanghui, completed its IPO on the main board of Hong Kong Stock Exchange. To date, WH Group has become one of the FMCG Global 50, and is the largest one among five Chinese companies in the list.

  • Invested in 2005
    Only by constantly accompanying the company's growth can investors help the company make the right choice

    Belle International Corporation (“Belle“) had built a profound mutual trust with CDH in the past 17 years and together they realized real “value through time”. CDH has the honor to accompany and assist Belle through the whole path from a shoe leader to a retail empire, and then start a new growth. CDH made its first investment in Belle in 2005, then it assisted Belle to complete its IPO in Hong Kong in 2007. In 2013, Belle and CDH joined hands to acquire another brand called Baroque. Then, as the Belle’s longest partner, CDH became the preferred partner for Belle Hong Kong privatization and successfully completed the MBO with management team and other investors within 3 months in 2017, 12 years after its first investment in Belle. CDH, with its forward-looking prediction of the trend and efficient execution, ensured that the privatization of Belle was completed at the best time. In 2019, Belle split its sports segment “Topsports” and it went public separately. As of today, under the leadership of its founder, Topsports has become the world's second largest sports retailer and Belle has finished the transformation from traditional retail production to all-chain digitization mode and become the excelling representative of Chinese retail industry transformation.

  • Invested in 2011
    CDH is the key partner of Midea Group in the capital market

    In 2011, the global economy hit the bottom and the home appliance industry grew sluggishly. It was widely believed that the home appliance industry had utterly farewelled the era of the high-growth pace. However, at this time, CDH team identified a historical investment opportunity—Midea. Firstly, its management’s strategy, capabilities, and continuously reform-oriented entrepreneurial spirit are second to none in the industry. Secondly, the sinking of Midea’s sales channels and the rise of e-commerce has stimulated the potential of huge market demand. After invested in Midea in 2011, CDH played an active role in its development and supported Midea to complete a series of platform integration and strategic organizational transformation. In 2013, Midea group successfully completed its IPO. Fang Hongbo's appointment as Chairman of the Group makes Midea,a private-holding company, a exemplary excellence of corporate governance inherited by the management team.  By helping Midea to go through the cycle, complete the intergenerational inheritance and step into a higher level of development, CDH has become an important partner of Midea in the capital market.

  • Invested in 2007
    15 years of cooperation forging an international small home appliance giant, CDH partners with Joyoung in cross-border M&A to boost its second growth curve

    The partnership between CDH and Joyoung is underpinned by long-term companionship and trust, expertise and decisiveness, as well as synergy and strategic execution. In 2007, CDH invested in Joyoung. After Joyoung’s IPO, CDH continued to work closely with Joyoung. In 2017, CDH partnered with Joyoung’s controlling shareholder, to acquire SharkNinja. This large-scale and highly structured cross border buyout was executed swiftly and smoothly, which demonstrates CDH’s robust portfolio ecosystem and unparalleled expertise in cross border buyout. In early 2019, the two parties built an offshore platform, JS Global Lifestyle, which controls SharkNinja and Joyoung, and was subsequently listed on the main board of the Hong Kong Stock Exchange in the same year.  Through the SharkNinja acquisition and organic integration with Joyoung, JS Global Lifestyle has become the leading small home appliance company worldwide, with substantial market shares in key markets such as China, US, UK, Japan and Continental Europe. CDH is proud to be part of this symbolic success of China enterprise’s “Go Global” initiatives.

  • Invested in 2014
    "PE + industry leader": 13x growth in 7 years

    To bring continuous growth to the enterprise is the most essential value creation: After CDH invested in China Grand Enterprise (CGE) in 2014, CDH screened out high-quality M&A targets such as Beijing Jiuhe Pharmaceutical and assisted CGE with the acquisition of Beijing Jiuhe Pharmaceutical in 2015. Within two years after the deal, it contributed around 70% of the growth of CGE. In 2018, CDH and CGE acquired Sirtex (an Australian global life science company) and overcame multiple obstacles. In 2022, CDH helped CGE launch its globally interventional radiation therapy for malignant liver tumors -- the innovative product yttrium [90Y] successfully entered domestic hospitals, bringing great hope to the Chinese patients. Under the golden "PE + industry leader" model, CDH has played an important role in setting up her comprehensive healthcare platform. Through these high-quality mergers and acquisitions, CGE achieved an overall improvement of its product lines and performance,  and formed four stable and growth-oriented business segments. CGE’s net profit increased from 180 million Hong Kong dollars in 2014 to 2,403 million Hong Kong dollars in 2021, indicating 14-21 CAGR 45%, its market value also increased from 2.6 billion Hong Kong dollars to 14.7 billion Hong Kong dollars.

  • Invested in 2013
    Investing in Vietnam: successfully replicating the Chinese experience

    Mobileworld revolutionized the Vietnamese retail landscape, pioneering the chained, modern store format in Vietnam. CDH was the sole, first non-Vietnam focused investor in Mobileworld in 2013. The investment was proprietary and developed over years, leveraging prior sector experience in China (Digitone). Two years later, Mobileworld was successfully listed on the Ho Chi Minh Stock Exchange. From a few stores in 2004, Mobileworld built an empire of ~5,000 stores across all 63 provinces of Vietnam, converting millions from shopping at traditional kiosks into modern-day consumers. It successfully transferred its expertise from phone retailing to electronics, grocery, pharmacy, and others – growing in valuation from $ 100 million in 2013 to $ 4 billion in 2022. CDH earned the respect of the local and regional PE community as one of the earliest international investors recognizing Vietnam as a viable PE market and backing a high-potential target with a large investment. IPO’ing and Exiting the company at a strong return helped establish CDH’s name as a key player in Vietnam.

01/
Investment Team
Hu Xiaoling
Head of PE
Managing Partner
Charles Ren
Managing Partner
Thomas Lanyi
Managing Partner
Max Hui
Managing Partner
Frank Xie
Managing Director
Yang Fan
Managing Director
Jason Ji
Managing Director
Zhang Jianxing
Managing Director
Li Quan
Operating Partner
Private Equity
Pursuing Sustainable Value Creation
Overview

70+

IPOs

20

Years of History

$18.5bn

M&A Transactions
Achieving stories of legendary growth for many outstanding companies across multiple economic cycles

Founded in 2002, CDH Private Equity is the core fund within CDH platforms, focusing on large growth, restructuring and buyout investments. CDH Private Equity is dedicated to creating long-term tangible value for our portfolio companies. We  leading companies and allocate our extensive resources to these outstanding companies to help them transform industry patterns and generate social values. We aim to drive our portfolio companies to accelerate China's industrial transformation and improve the quality of people's life. Over the past 20 years, our investments have been closely tied to China's economic development. We have partnered with great entrepreneurs to create  legends of companies’ growth in industries and sectors with excellent growth potential. We have invested in more than 100 outstanding companies in Consumer & Services, Healthcare, and Advanced Manufacturing. We have successfully straddled several economic cycles and optimized our investment strategy to follow the economic cycle, from minority to control investments.

Sustainable and in-depth value creation, as M&A facilitate companies in leapfrogging ahead and realizing significant growth

We maintain long-standing trusted relationships and partnerships with our portfolio companies, continuously deliver significant value-added services to entrepreneurs and accompany them on their journey to excellence. We support companies in completing organizational transformation at critical moments to generate multiplier effects. As companies grow from 1 to 100, we provide robust industrial resource integration capabilities, in-depth global insights and professional guidance to boost their second growth curve. With specialized capabilities to efficiently handle innovative and complex transactions, we help Chinese companies position themselves as leaders in the global market. CDH Private Equity has practiced “outbound investment” with our portfolios and has conducted more than 10 M&A transactions with the cumulative transaction value exceeding  US$18.5 billion over the past few years. We work with entrepreneurs to think beyond and dream bigger by helping them cross the threshold of growth through M&A and providing a strong impetus for development.


Our Portfolio
CDH PE has four areas of focus: consumer, healthcare, hard technology, enterprise services& new infrastructure.
Consumer
Healthcare
Hard Technology
Business Services&New Infrastructure
Case Studies
Investment Team
Hu Xiaoling
Head of PE
Managing Partner
Charles Ren
Managing Partner
Thomas Lanyi
Managing Partner
Max Hui
Managing Partner
Frank Xie
Managing Director
Yang Fan
Managing Director
Jason Ji
Managing Director
Zhang Jianxing
Managing Director
Li Quan
Operating Partner