Shenzhen Capital Group

Shenzhen Capital Group (深创投 / SCGC) is a major Chinese state-backed venture capital fund, among the largest and most active provincial-level investment platforms in the country. As of 2023, it managed over 120 billion RMB across government guidance funds, market-oriented funds, and sector-specific vehicles . The firm has been particularly visible in hard-tech deployment: it co-led the Pre-A round of GPU chip designer Moore Threads in early 2021 , led an A-series round in embodied-intelligence startup Intelligent Square (智平方) in 2025 , and has backed companies spanning semiconductor materials, autonomous driving, and robotics .

Ni Zewang (倪泽望) has led the firm since 2014, when he took over from longtime chairman Jin Haitao . Under his tenure, SCGC has maintained a strategy of co-investing alongside both state capital and prominent financial investors — its deal syndicates regularly include Sequoia China, GGV, ByteDance, and Horizon Robotics . The fund also operates through hybrid structures, such as Shenzhen Investment Holdings Donghai, which brings together government guidance capital, market-oriented managers, and industrial players .