Junzheng Group and Subsidiary Sign Gaorong Changying Fund Agreement With 12 Limited Partners

On September 15, 2026, Junzheng Group announced that it, its wholly owned subsidiary Junzheng Chemical, and general partner Tibet Rongzhan Investment Center (Limited Partnership), together with 12 other limited partners, signed the partnership agreement for Tianjin Gaorong Changying Equity Investment Fund Partnership (Limited Partnership), with a target committed size of RMB 3.261 billion. The fund involves 15 partners in total, including Muyuan Foods, Zijin Mining, Jiahua Energy, Yifan Pharmaceutical and Xinguodu, with listed companies making up the majority of contributors. The fund is managed by Gaorong Ventures.

Junzheng Group and Junzheng Chemical will each contribute RMB 500 million to the Gaorong Changying fund, for a combined contribution of RMB 1 billion, representing 30.67% of committed capital. Junzheng Group is headquartered in Wuhai, Inner Mongolia. It is a large domestic integrated circular-economy energy and chemical enterprise that also operates in global chemical logistics, and is a national-level high-tech enterprise. Jiahua Energy will commit RMB 200 million directly through its listed company entity; Muyuan Foods' Muyuan Industrial Group will commit RMB 350 million; and Zijin Mining will commit RMB 300 million through Zijin Mining Equity Investment Management (Xiamen). Xinguodu's wholly owned subsidiary Xinguodu Technology (Guangzhou) and a subsidiary of Yifan Pharmaceutical will each commit RMB 100 million; Hainan Bioscience Biotechnology will contribute RMB 400 million.

The Gaorong Changying fund has a term of seven years. The partnership agreement has been signed, but the fund has not yet completed filing with the Asset Management Association of China and has not yet begun project investment. The fund will invest in emerging industries including AI, embodied intelligence, semiconductors, new energy and commercial aerospace. Gaorong Ventures was founded in 2014 and manages both US dollar and RMB funds. The limited partners of its early US dollar funds included founders and core executives of internet companies such as Tencent, Meituan, Xiaomi, Baidu, Alibaba and Focus Media.

Gaorong Ventures has invested in more than 300 companies across new technology, internet and new consumption, and healthcare. Representative projects include Biren Technology, Moonshot AI, AgiBot, Geek+, GalaxySpace, Mingming Henmang, Cornerstone Robotics and Yiming Biotech, and it was an early investor in Pinduoduo. Zhihu announced on the Hong Kong Stock Exchange that it plans to invest RMB 1.5 billion of its own funds in an AI fund under Monolith Management. The new fund has also received contributions from industrial capital including By-health, Century Huatong, Andon Health and Yili-related entities.