China Reform Holdings Corporation Ltd
Native name
Company typeState-owned enterprise
IndustryFinancial services
Founded22 December 2010; 13 years ago (2010-12-22)
HeadquartersBeijing, China
Key people
Zhou Yubo (Chairman)
ProductsAsset management
Securities brokerage
Business consulting
AUMUS$126 billion (December 2022)
SubsidiariesChina Reform Fund Management
China State-owned Asset Venture Capital Investment Fund
China Reform Securities
China Reform Consulting

The China Reform Holdings Corporation (CRHC; Chinese: 中国国新控股有限责任公司; pinyin: Zhōngguó Guóxīnkònggǔ Yǒuxiànzérèngōngsī), is a Chinese state-owned investment holding company. The company's purpose is to make investments in industries related to the national security and economy of China.[1]

In June 2022, Private Equity International ranked China Reform Fund Management, the private equity arm of CRHC as the largest private equity firm in Asia-Pacific based on total fundraising over the most recent five-year period.[2]

As of August 2022, CRHC had invested in 163 state-owned enterprises (SOEs) listed on Chinese stock exchanges with 75% of them being in strategic emerging industries.[3]


On 22 December 2010, the SASAC established CRHC with an initial registered capital of 4.5 billion yuan ($676.5 million). It was originally set up to speed up the restructuring of smaller and noncompetitive SOEs by providing capital and helping with share sales. Xie Qihua who was previously Chairwomen of Baowu and Head of the China Iron and Steel Association was selected to be the first chairperson of the new company.[3][4][5][6][7][8][9][10][11][12][13]

CRHC has taken over some SOEs such as China Huaxing Group and China Printing Group.[8][9][10][14]

In February 2016, it was announced that CRHC would become an industrial asset manager and would take broader responsibilities for investing and managing shareholdings on behalf of the government.[7]

In August 2016, China launched a 200 billion yuan ($30.2 billion) venture capital fund which would be managed and controlled by CRHC. CRHC itself contributed 34 billion yuan to the fund while other contributors included Postal Savings Bank of China and China Construction Bank.[9][10][14]

As of 2019, CRHC had 700 billion yuan ($100 billion) in assets under management.[6][13]

In November 2019, CRHC and the Ministry of Industry and Information Technology set up a 50 billion yuan ($7 billion) investment fund to facilitate the development of the security industry.[6][13]

In July 2020, CRHC and 31 other SOEs set up a bailout fund of 100 billion yuan ($14.3 billion) to deal with potential bond defaults by SOEs.[11]

In May 2021, CRHC set up a series of funds worth 70 billion yuan ($11 billion) that would invest in SOEs to drive corporate reform.[15]

In January 2022, CRHC acquired a 72% stake in the securities brokerage unit of China Huarong Asset Management for 10.93 billion yuan ($1.72 billion). The unit now operates as China Reform Securities.[16]

In September 2022, CRHC and the Shanghai Stock Exchange teamed up to compile stock market indexes that track SOEs called the 1+N’ indexes.[3]

In November 2023, it was reported that CRHC was planning to create a new fund worth $14 billion to invest in strategically important emerging industries in China. More than 20 investors had shown interest in it.[17]

Notable deals

In May 2014, CRHC was part of the consortium that funded MMG Limited's acquisition of Las Bambas copper mine in a $5.85 billion deal.[18]

In October 2015, CRHC acquired a 6% stake of China Tower for 10 billion yuan ($1.6 billion).[8]

In November 2015, PetroChina sold 50% of its Trans-Asia Gas Pipeline unit to CRHC for 15.5 billion yuan ($2.4 billion).[19]

In February 2016, CRHC was part of the consortium that funded ChemChina's acquisition of Syngenta in a $43 billion deal.[9][18]

In November 2016, CRHC backed private equity firm, Canyon Bridge Capital Partners to acquire Lattice Semiconductor for $1.3 billion.[1][20] The purchase was in September 2017 blocked by US President Donald Trump based on the recommendation of the Committee on Foreign Investment in the United States on national security grounds under the Exon–Florio Amendment.[21][22][23]

In November 2019, CRHC acquired a 58% stake in Dagong Global Credit Rating as part of its rectification process after it was suspended in 2018 following accusations of corruption and doctored ratings in exchange for fees.[24][25][12]


  1. ^ a b "Exclusive: Chinese government money backs buyout firm's deal for U.S. chip maker". Reuters. 28 November 2016. Retrieved 3 June 2023.
  2. ^ Lynn, Alex (1 June 2022). "PEI 300 2022: Asia-Pacific managers stake a bigger claim". Private Equity International. Retrieved 3 June 2023.
  3. ^ a b c "Shanghai Bourse, China Reform Team Up to Develop Stock Indexes of State-Owned Enterprises". Retrieved 3 June 2023.
  4. ^ "China Starts New Company to Manage State-Owned Assets". 22 December 2010. Retrieved 3 June 2023.
  5. ^ "China Launches New State Asset Management Company -- Beijing Review". Retrieved 3 June 2023.
  6. ^ a b c "China invests in security industry with $7bn fund". Nikkei Asia. Retrieved 3 June 2023.
  7. ^ a b "China to reform SOEs using investment firms, asset managers: Xinhua". Reuters. 25 February 2016. Retrieved 3 June 2023.
  8. ^ a b c "China Reform Holdings Said to Seek Over $1.6 Billion Tower Stake". 9 October 2015. Retrieved 3 June 2023.
  9. ^ a b c d Weinland, Don (16 July 2017). "China uses investment funds to lead reform push". Financial Times. Retrieved 3 June 2023.
  10. ^ a b c "Beijing launches 200b yuan venture capital fund to foster SOE reform and spur innovation". South China Morning Post. 19 August 2016. Retrieved 3 June 2023.
  11. ^ a b "China Launches 100 Billion Yuan Bond Bailout Fund for State Firms - Caixin Global". Retrieved 3 June 2023.
  12. ^ a b "State Firm Takes Over Disgraced Credit Rating Agency Dagong - Caixin Global". Retrieved 3 June 2023.
  13. ^ a b c "China targets $7b security industry fund | AVCJ". AVCJ. 22 November 2019. Retrieved 3 June 2023.
  14. ^ a b 何梦玲. "China Reform Holdings Corporation Ltd". Retrieved 3 June 2023.
  15. ^ "State-Owned Capital Manager to Set Up Funds for SOE Reform - Caixin Global". Retrieved 3 June 2023.
  16. ^ "Huarong Sells Brokerage Stake to China Reform Holdings - Caixin Global". Retrieved 3 June 2023.
  17. ^ Pan, Che (25 September 2023). "China aims to raise US$14 billion for emerging industry fund: report". South China Morning Post. Retrieved 20 January 2024.
  18. ^ a b Wu, Kane (28 February 2016). "How China Inc. Plans to Pay for Biggest Overseas Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 3 June 2023.
  19. ^ Spegele, Brian (25 November 2015). "PetroChina to Sell Gas Pipeline Unit Stake to China Reform Holdings". Wall Street Journal. ISSN 0099-9660. Retrieved 3 June 2023.
  20. ^ Dou, Eva; O’Keeffe, Kate (28 July 2017). "Buyout Firm Blames China-Bashing for Stalled Semiconductor Deal". Wall Street Journal. ISSN 0099-9660. Retrieved 3 June 2023.
  21. ^ Swanson, Ana (13 September 2017). "Trump Blocks China-Backed Bid to Buy U.S. Chip Maker". The New York Times. ISSN 0362-4331. Retrieved 3 June 2023.
  22. ^ Buxbaum, Peter (12 October 2017). "Trump Blocks Deal Due to National Security Concerns". Global Trade Magazine. Retrieved 3 June 2023.
  23. ^ Lahiri, Tripti (14 September 2017). "A fund linked to the tech deal Trump just vetoed is an investor in China's national security". Quartz. Retrieved 3 June 2023.
  24. ^ "China's government seizes control of US-bashing credit rating agency". South China Morning Post. 18 April 2019. Retrieved 3 June 2023.
  25. ^ "Chinese rating agency Dagong resumes operations after suspension". Reuters. 4 November 2019. Retrieved 3 June 2023.