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Four hard-tech tracks
Tangxing Capital invests in hard tech across electronic information, advanced manufacturing, new energy & materials, and biotechnology (PEdaily, 2023).
Tracks and priorities
In 2023 the firm said it would concentrate on defence electronics and related manufacturing; new materials including new-energy materials and applications; automotive electronics and components; and semiconductor materials and equipment.
Electronic Information
Track 01- Defence electronics
A 2023 priority - Semiconductor materials & equipment
A 2023 priority - Technical barriers
Technologies with real barriers that address critical bottlenecks
Advanced Manufacturing
Track 02- Defence-related manufacturing
A 2023 priority - Automotive electronics & components
A 2023 application focus - High-end manufacturing
Named as a future focus in 2022
New Energy & Materials
Track 03- New materials
A 2023 priority - New-energy materials
Energy opportunities on the materials side - New-energy applications
Projects built around real applications
Biotechnology
Track 04- Healthcare
An investment area in early reports - Biomedicine
A direction named in reports - Sober judgement
Gong Puling has described biotech as swinging “from overheated to overcooled” and urged discipline on valuations
Growth stage first
Mainly growth-stage, complemented by early and later stages (36Kr, 2022).
Early stage
Selective early-stage deals.
Growth stage
The core: hard-tech companies with proven technology moving toward scale.
Later stage
Selective later-stage deals.
Five things we look at
The criteria summarised by founder Gong Puling (36Kr, 2022).
Macro trend
Does the direction ride macro and industrial trends?
Technical position
Where it stands within its technical niche.
Market room
The market the technology can reach once applied.
Core team
The team’s ability to turn technology into a business.
Continuous innovation
Whether it can keep iterating and stay ahead.
Based in Shaanxi, investing nationwide
Per STAR Market Daily (2022), most projects are in Shaanxi and Beijing, with expansion into North and East China.
Schematic, not to scale.
Three or four years ago, hard-tech investing was very lonely. It has heated up fast.Gong Puling (PEdaily, 2023)
Building hard tech? Talk to Tangxing Capital
Electronic information · Advanced manufacturing · New energy & materials · Biotechnology