Zhaogang Group
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Zhaogang Group is China's largest third-party steel-trading digital platform, founded in 2012 by Wang Dong, a former steel-industry professional turned entrepreneur who got his start after sending a cold email to ZhenFund's Dream Center and securing angel investment . The company went public on the Hong Kong Stock Exchange on March 10, 2025, under ticker 06676.HK, in what was the second De-SPAC listing in Hong Kong and the first by a mainland Chinese company via that route . Its platform connects roughly 15,000 registered sellers with over 180,000 registered buyers, offering more than 623,000 SKUs, and handled over 41.3 million tonnes of transactions in the nine months through September 2024, up 21.1% year-on-year . Beyond steel, Zhaogang has pushed into non-steel categories such as electronic components and hardware through its SaaS tool Tengcaitong, with non-steel trading gross profit surging 333% in the first three quarters of 2024, and has begun replicating its model overseas, particularly in the Middle East . The company is backed by Yunqi Capital, which joined its Series E in 2016, and ZhenFund, its earliest institutional investor .
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Coverage
A New Beginning | Z News
We’re looking back on the highlights from the past month of January, and we invite you to join us in witnessing the growth of our portfolio companies and what’s new at ZhenFund.
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云启资本·Yunqi Capital Portfolio Company Zhaogang Group Successfully Lists on Hong Kong Stock Exchange | Yunqi Capital
On March 10, **Zhaogang Group**, a Yunqi Capital portfolio company and operator of China's largest steel e-commerce platform, officially began trading on the Main Board of the Hong Kong Stock Exchange under **ticker symbol 06676**, marking Hong Kong's second-ever De-SPAC transaction.
云启资本·A Conversation with Zhaogang Group's Wang Dong: One Team, One Email, Thirteen Years of Building Zhaogang --- When Wang Dong, founder of Zhaogang Group, sent that email thirteen years ago, he didn't know he was assembling what would become one of China's most resilient B2B platform teams. The email went out to a small group of former colleagues and industry contacts. The subject line was simple, almost too simple for what it would set in motion. They were going to digitize steel trading — an industry notorious for opacity, fragmentation, and old-school relationship-based dealmaking. "We were basically a group of people who understood steel but didn't understand the internet," Wang Dong recalls. "And somehow that turned out to be an advantage." The early years were brutal. Steel is a commodity business with thin margins and entrenched middlemen. The platform model required convincing buyers and sellers — many of whom had operated through personal networks for decades — to transact online. Trust had to be built transaction by transaction. What separated Zhaogang from the wave of B2B platforms that emerged in the mid-2010s was operational discipline. While competitors burned capital on rapid geographic expansion, Wang Dong's
真格基金·A Team, an Email, and Thirteen Years of Zhaogang's Startup Journey
Crank the sensitivity up. For entrepreneurship, crank it even higher.
真格基金·ZhenFund Angel Project "Zhaogang Group" Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
Warm congratulations to Zhaogang Group!
真格基金·Wisdom Cultivates the New, Striding Forward on Ten Years | Yunqi Capital 2024 Investor Annual Meeting
Seize the present, embrace the future.
云启资本·10 Yunqi Capital Portfolio Companies Named to Hurun Global Unicorn Index 2024 | Yunqi Capital News
Partnering with industry leaders to shape the future of technology.
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