JD Capital

JD Capital (九鼎投资) was a prominent Chinese PE firm emblematic of the "全民PE" (mass PE) wave, built around what 暗涌Waves termed the "JD model" — a standardized, factory-like approach to sourcing pre-IPO companies at scale . At its peak, the firm employed around 500 people and raised a new RMB 500 million–1 billion fund roughly every three months . Founder Wu Gang (吴刚), described as having grassroots origins, pioneered this aggressive street-sweeping strategy for finding listing-ready targets .

The firm's influence has waned significantly. By 2024, a JD Capital managing director described the past five years as a "rollercoaster" of surge and decline, with the broader institution having "experienced the same trajectory as most in the industry" . The "JD model" itself was premised on the belief that PE investing contained far more "technical" than "artistic" components — something that could be "standardized and process-ized," as then-chairman Kang Qingshan explained to 暗涌Waves in 2022 .