Corporate Structure

Havrion Group is a diversified, privately held group founded in Beijing in 1996. Over nearly three decades it has built businesses spanning industrial operations, consumer and services, and real assets including real estate and infrastructure. The Group has remained privately held throughout, without external shareholders or a public listing, which has allowed it to set the pace of its businesses on a timeline that spans full economic cycles.

As the Group's businesses grew in scale and capital accumulated, how to systematically deploy capital for long-term return beyond its core industrial and operating businesses became a question that required dedicated capability to answer. Havrion Capital was established against that backdrop, as the Group's dedicated investment company.

The core responsibility of Havrion Capital is to support Havrion Group's long-term development — carried out through investment activity, strategic capital allocation, investment research, portfolio development, and the pursuit of long-term investment opportunities. The company does not take part in the day-to-day operation of the Group's core businesses; instead, it functions as an independent investment platform, deploying the Group's accumulated capital into private companies with durable long-term value.

At the core of this role is a division of labor: the Group's industrial and operating businesses focus on managing their own domains, while Havrion Capital focuses on identifying, evaluating and holding investment opportunities that span industries. The two share the same capital source and ultimate ownership structure, but operate as functionally independent units, each with its own complete capability for judgment and execution.

Havrion Capital was formally established in January 2024, taking over investment activities and holdings previously spread across the group's divisions and conducting them under one set of standards, processes and governance. The background to its formation and the consolidation that followed are described in full in Our Story.

All of the capital Havrion Capital invests comes from Havrion Group's own funds. The company raises no external capital and accepts no third-party contributions. Every investment it makes is, in substance, a long-term deployment of the Group's own capital rather than assets managed on behalf of outside investors. That is what frees the firm from a fixed term and from periodic pressure to report returns to outside capital providers.

Although its capital comes from the Group, Havrion Capital exercises independent judgment over specific investment decisions within an agreed investment scope and risk framework. The Group does not involve itself in the evaluation or negotiation of individual transactions; the investment team makes its judgments according to the firm's own evaluation standards and decision process. That independence is the precondition for maintaining investment discipline — if every decision required Group-level approval, investment judgment could not stay consistent or professional.

At the same time, the firm maintains the necessary reporting and governance linkage with the Group: significant investment direction, aggregate risk exposure and periodic performance are communicated to the Group on an established cadence, so the Group stays informed about where its capital is deployed overall without intervening in specific investment execution. This arrangement — capital linkage paired with decision-making independence — is the defining feature of how Havrion Capital is organized.