We welcome CBDEIF as our new member
The Benelux Chamber of Commerce in North China is proud to announce that CBDEIF joins the chamber as our member.
China-Belgium Direct Equity Investment Fund (“CBDEIF”) was established in Beijing on November 18, 2004 as a corporate private equity institution. CBDEIF has a registered capital of EUR 100 million and a 28-year term until 2032. CBDEIF’s total investable scale stands at RMB 2 billion, consisting of an initial RMB 1 billion capital contribution and an additional RMB 1 billion supplementary investment, both tranches available for recyclable equity investment.
I. Shareholding Structure
CBDEIF is jointly funded by 9 institutional shareholders: Ministry of Finance of the People’s Republic of China (acting on behalf of the Chinese Government), the Government of the Kingdom of Belgium, National Council for Social Security Fund, Guotai Haitong Securities Co., Ltd., BNP Paribas Fortis, China Development Bank Capital Co., Ltd., China Banknote Printing and Minting Group Co., Ltd., State Development & Investment Corporation, and Guangdong Strong Group Co., Ltd.
II. Mandate and Objectives
Approved by the State Council of China, CBDEIF is a dedicated industrial investment vehicle jointly initiated by the Chinese and Belgian governments to boost the development of small and medium-sized enterprises (SMEs) across both countries and serves as an important platform for bilateral diplomatic and economic cooperation. In compliance with China’s industrial investment policies and its Articles of Association, CBDEIF primarily targets SMEs with advanced technologies and sophisticated management, aiming to achieve sustained asset appreciation.
III. Governance Structure
Major corporate matters of CBDEIF are resolved at shareholders’ meetings, while daily operations are overseen under the responsibility of the Chairman. In accordance with applicable Chinese laws, CBDEIF’s Articles of Association, fund management and custody agreement, Haitong-Fortis Private Equity Fund Management Co., Ltd. acts as the fund manager and Shanghai Pudong Development Bank serves as the fund custodian. The manager and custodian perform respective duties to protect CBDEIF’s interests and asset security.
IV. Investment Profile
Committed to supporting the real economy, CBDEIF has invested in 120 projects with aggregate invested capital of approximately RMB 3.957 billion as at end-2025. Around 80% of invested capital is deployed across manufacturing and related sectors, driving high-quality industrial development; 88% of portfolio enterprises fall into China’s strategic emerging industries.
V. Exit Performance
As at end-2025, 67 invested projects have achieved full exit and another 13 are in exit process, with an overall exit ratio of 66.67%. 37 invested projects have secured public listings, including 33 IPO, 1 backdoor listing and 3 exits via acquisition by listed companies, marking a listing success rate above 30%. Benchmark invested projects including Goldwind Science & Technology (002202.SZ), Ganfeng Lithium (002460.SZ), Changxin Technology (300088.SZ), Huayou Cobalt (603799.SH), JL MAG Rare-Earth (300748.SZ), Boqian New Materials (605376.SH), CNGR Advanced Material (300919.SZ) and Yifei Laser (688646.SZ) have evolved into leading enterprises in their respective industries.
VI. Dividend Distributions
Since its establishment, CBDEIF has distributed dividends 16 times, amounting to RMB 3.77 billion, with a DPI of 3.82, gross IRR of around 47% and after-tax net IRR of roughly 31%.