Strong performance growth with accelerated digital finance deployment. China Renaissance Holdings Limited ("China Renaissance" or "Renaissance", 1911.HK) officially released its 2025 interim results announcement on August 28th. According to the financial report, China Renaissance's total revenue and net investment gains in the first half of this year reached approximately 460 million RMB, representing a 27% year-over-year increase. Operating profit reached approximately 76 million RMB, with net profit attributable to shareholders of approximately 65 million RMB, achieving a comprehensive turnaround from losses to profitability and demonstrating strong growth with significantly improved overall performance compared to the prior year.
**Effective Synergy Among Investment Management, Investment Banking, and Securities Divisions**
Specifically, despite continued pressure on the private equity investment market in H1 2025, with transaction volume and value falling to decade lows as the industry undergoes a critical transformation from "scale expansion" to "quality improvement," China Renaissance's investment banking business still achieved revenue of nearly 70 million RMB, with transaction value growing 74.6% year-over-year.
Two years ago, China Renaissance was among the first to recognize the rise of hard technology trends. Based on in-depth industry research and trend analysis, the firm decisively focused on artificial general intelligence and embodied intelligence tracks, continuously cultivating the industrial ecosystem. In the first half, amid an industry backdrop where over 60% of funds concentrated on pan-technology tracks, China Renaissance leveraged its first-mover advantage to lead in AI, embodied intelligence, advanced manufacturing, and other strategic frontier technology sectors, successfully assisting innovative technology companies including Zhipu, Silicon Flow, Mindverse, Nebula Graph, and Stellar Era in completing multiple funding rounds.
Meanwhile, the M&A market experienced robust development in the first half, supported by favorable policies, corporate demand, and market conditions. China Renaissance's "All-in M&A" strategy accordingly entered a harvest period. The group completed multiple landmark cases including Beisen's acquisition of CoolSchool, with project quantity and scale continuing to lead the market.
In Hong Kong and US equity business, facing changes in public markets including Hong Kong IPO's "volume and price surge" queuing momentum and continued activity in US-listed Chinese concept stocks, China Renaissance actively responded to sector differentiation. As the sole Asian underwriter, the firm assisted C1 Fund Inc. (CFND), a closed-end fund in the Web3 sector, in successfully listing on the New York Stock Exchange, while advancing multiple companies' Hong Kong listings.
In investment management business, China Renaissance seized the key exit window during the recovery of Hong Kong, US, and mainland secondary markets, actively promoting project exits to realize accelerated carried interest recognition and continuously strengthen profits. The "raise-invest-manage-exit" full-cycle capabilities are continuously being enhanced. During the reporting period, investment management business achieved revenue and net investment gains of approximately 240 million RMB, up 81% year-over-year; operating profit reached nearly 140 million RMB, surging 252% year-over-year, becoming the core pillar of group profitability.
Particularly noteworthy, among the 11 flagship funds under management, five funds plus several project funds have achieved key breakthroughs with DPI exceeding 100%.
In the first half, as A-share markets experienced structural upward movement, "steady improvement in quality" became the market development theme. Against this backdrop, China Renaissance Securities actively captured market opportunities and continuously promoted business innovation, delivering particularly impressive performance and becoming a new growth engine. In H1 2025, its revenue and net investment gains reached approximately 130 million RMB, up 25% year-over-year. Retail brokerage business revenue increased 110% compared to the prior year, with overall business showing strong growth momentum. During the period, the firm completed multiple private equity financing projects including Kunlun Core and Magene, with strategic key businesses in the securities segment all maintaining favorable growth trends.
Overall, the three major segments of investment management, investment banking, and securities achieved effective synergy and growth against headwinds, jointly driving high-quality performance growth. Additionally, the firm demonstrated excellent asset liquidity and financial stability amid volatile market conditions, with current cash and high-liquidity assets of nearly 4.5 billion RMB, laying the foundation for future business scale expansion.
**Deepening China Renaissance 2.0 Strategic Layout, Leading Digital Asset Trends**
Since launching the "China Renaissance 2.0" strategy, China Renaissance has precisely captured market opportunities based on steady operation of traditional businesses, fully developing the digital asset sector as a new growth pole. In June this year, China Renaissance's board approved a dedicated budget of $100 million, officially announcing comprehensive entry into the digital asset field. This move not only demonstrates strategic determination but also establishes a solid foundation for Web3 era positioning.
China Renaissance is focusing on building a Web3 and digital currency asset business system, becoming a leading comprehensive financial services platform in the Web3 ecosystem through creating an open and collaborative strategic partnership ecosystem. In 2025, China Renaissance completed key strategic implementation leaps: In June, portfolio company Circle successfully listed on US exchanges, with share price rising nearly 5-fold by June 30th, triggering market enthusiasm. The same month, alongside gradual improvement of Hong Kong's stablecoin regulatory framework, China Renaissance officially announced entry into the digital asset field. In August, China Renaissance served as the sole Asian underwriter for C1 Fund Inc. (CFND) - the world's first closed-end fund focused on Web3 primary market investments - assisting its New York Stock Exchange listing, becoming a landmark industry event.
More notably, in late August, China Renaissance announced deep strategic cooperation with globally renowned digital asset investment institution and incubator YZiLabs, comprehensively deploying in digital asset allocation, compliant digital asset financial product development, RWA infrastructure construction and services, further expanding business boundaries within the Web3 ecosystem.
As the "China Renaissance 2.0" strategy gradually takes effect, phased results of Web3 business are emerging. China Renaissance is progressively converting strategic determination and industry accumulation into concrete results. Through continuously improving the Web3 business framework and building open collaborative platforms, China Renaissance has formed full-chain service capabilities from investment and investment banking to asset management, becoming a core hub connecting Web2 and Web3 worlds.
Overall, as an important facilitator of the new economy, China Renaissance consistently stands at the forefront of innovation, using capital to drive technological evolution and fulfilling the financial mission entrusted by the times. Looking ahead, China Renaissance relies on the robust architecture and innovative vision of its 2.0 strategy, focusing on core technology fields, actively developing second growth curves, connecting primary and secondary markets, integrating traditional and decentralized finance, and building trustworthy interconnected digital ecosystems. The firm is positioned to cultivate more unicorn enterprises in frontier technologies, working alongside entrepreneurs to jointly write stellar chapters of value and dreams.
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