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Legend Holdings' Revenue increased to RMB358.92 billion; Representing an Increase of 13% Year-On-Year
Five Segments of Strategic Investments Recorded Profits; Breakthroughs of Building Pillar Assets
HONG KONG, Mar 28, 2019 - (ACN Newswire) - Legend Holdings Corporation Limited ("Legend Holdings" or the "Company"; stock code: 3396.HK) today announced the audited annual results for the year ended December 31, 2018 (the "Reporting Period"). During the Reporting Period, the revenue of the Company increased by 13% year-on-year to RMB358.92 billion. The net profit attributable to equity holders of the Company decreased by 14% to RMB4.362 billion, mainly caused by the decrease in the fair value of the financial assets invested as financial investments businesses were impacted by capital market. The basic earnings per share came in at RMB1.87, a year-on-year decrease of 13%. The dividend per share (before tax) was RMB0.3, a year-on-year growth of 11%.
Financial Highlights:
- Twelve months ended December 31, 2018:
- Revenue was RMB358.92 billion, a year-on-year growth of 13%
- Net profits attributable to equity holders of the Company were RMB4.362 billion
- Basic earnings per share reached RMB1.87
- Dividend per share (before tax) was RMB0.3, a year-on-year growth of 11%
Mr. Zhu Linan, president of Legend Holdings, stated: "In 2018, the external environment is undergoing profound changes. Legend Holdings duly adjusts the tactics in accordance with environmental changes during the implementation of strategy to ensure steady business development. For strategic investments, we strengthened the risk resistance through post-investment management and services, optimized the asset portfolio by means of resource allocation and capital operation, and achieved breakthroughs for the strategic objective of building pillar assets. Pre-emptive measures have been adopted against potential risks in financial investments to ensure favorable and long-term fundamentals. Legend Holdings has gained more recognition from the financial market for its consistency in business stability, compliant operation and excellent corporate governance. Moreover, we always attach great importance to cash flow management, further securing the overall financial conditions. In 2019, our strategic investments will focus on three aspects, including: fundamentally strengthening the capability in post-investment management and services, effectively promoting capital operation, and giving full play to the advantages of two-wheel drive, for the purpose of creating new profit pillars. Financial investments will place more emphasis on risk and liquidity management, enhance management of portfolio investments, and pursue opportunities."
With Business Enhancement, Five Segments of Strategic Investments Recorded Profit
During the Reporting Period, the revenue of strategic investments increased by 14% year-on-year to RMB 358.301 billion with net profits attributable to parent company coming in at RM5.223 billion, which represents a year-on-year growth of 186%. The business development and value growth of the strategic investments portfolio was driven by enhancement of both business and capital operations, all the five segments witnessed organic growth.
Intelligent transformation in IT segment witnessed initial results, generating a 10% year-on-year growth to RMB330.78 billion with net profits attributable to parent company amounted to RMB1.085 billion, reversing losses incurred from the previous year. PC business reached a record high market share of 24.6%, ranking 1st in the global market. The mobile business recorded its first ever pre-tax profit in the fourth quarter in 2018 since the Motorola acquisition, while the Data Center Group continued to deliver strong growth and increased profit margins.
The financial service segment increased continuously, the revenue up to RMB6.962 billion representing an increase of 91% year-on-year with net profits attributable to parent company coming in at RMB2.567 billion, a 56% year-on-year growth. During the Reporting Period, Legend Holdings completed the acquisition of an 89.936% of the shares of BIL ( Banque Internationale a Luxembourg), achieving its strategic goal of building pillar assets. From July to December 2018, BIL generated a revenue of RMB2.165 billion, with net profits amounting to RMB510 million. Zhengqi Financial formally submitted its application to HKEx for listing on the Main Board, and, during the Reporting Period, it generated a revenue of RMB1.831 billion, representing a growth of 55% year-on-year. In addition, JC Finance & Leasing and Kaola Technology kept profit growth. Lakala Payment's application for listing on the GEM of Shenzhen Stock Exchange was successfully approved by the China Securities Regulatory Commission on March 26 2019. Lakala Payment is a well-known third-party payment company in China, playing an important role in financial service segment of Legend Holdings. Listing will bring market resources of high-quality to Lakala Payment, so as to further promote its strategy and business development.
By continuously strengthening the post-investment management and operational improvement of the portfolio companies, the innovative consumption and services segment recorded RMB 1.288 billion in revenue with net profits attributable to the parent company reached RMB1.099 billion, reversing losses incurred from the previous year. By upgrading its business structure, Shanghai Neuromedical Center increased by 24% year-on-year to RMB273 million. During the Reporting Period, the business fundamentals of Better Education saw steady progress and recorded revenue of RMB497 million with net profits coming in at RMB51 million. In the future, Better Education will actively respond to the national policy call for the reform and development of preschool education, and explore kindergarten operations at a multiple-level model. Bybo Dental strategically introduced Taikang Life Insurance to expand its pool of resources and its general operating conditions were improved.
The overall business layout of agriculture and food sector became more clear-cut, the revenue of which increased by 161% year-on-year to RMB12.94 billion with net profits attributable to the parent company amounting to RMB210 million. During the Reporting Period, Joyvio Group's two main supply chain systems, namely fruit and high-end animal protein, were further consolidated and developed. Joyvio Group acquired the controlling position of Golden Wing Mau and got wider influence for "Joyvio". Joyvio Agriculture saw steady operating income and maintained its leading position as a seafood brand importer and has started to expand its business layout towards scarce seafood resources and assets in the upstream. KB Food further consolidated its pole position in the Australian market and cooperated with Joyvio Agriculture to explore Chinese market.
The advanced manufacturing and professional services segment presented continuous improvement in terms of operations, with revenue increased by 8% year-on-year to RMB6.331 billion and net profits attributable to parent company coming in at RMB262 million. Levima New Materials, a subsidiary of Levima Group, achieved remarkable results through operational improvements and product portfolio optimization. During the Reporting Period, Levima New Materials completed its shareholding reform and the application for the spin-off and IPO by
Levima New Materials was approved by the Hong Kong Stock Exchange, and was actively engaged in the preparation of its A-Share listing. EAL strove for further development in air express and high-end logistics solutions, and succeeded in reducing costs by operational optimization, thus generating a remarkable year-on-year growth in both revenue and net profit. During the Reporting Period, EAL was entering to the restructuring and listing stage.
Fundamentals of Financial Investments Performed Well with Steady Pace in Fundraising
During the Reporting Period, the profit of the financial investments segment was significantly impacted by the fluctuations of fair value resulting from the global market decline. However, our three fund platforms maintained good fundamentals and a steady pace in terms of fundraising, new investments and exits , and the business of which were continuously enhanced with well-developed fund portfolio and portfolio companies in good conditions, ranking as top tier in successive years by the professional institutions in the industry. Furthermore, Legend Holdings achieved sound cash returns from its direct financial investments, and the office building held as the investment properties brought good returns with its value increased steadily.
Legend Star, an angel investment firm, managed 5 funds in total, of which the size exceeded RMB2 billion with an aggregate of over 230 onshore or offshore investment projects. During the Reporting Period, Legend Star completed its first fundraising from external, the 3rd RMB fund raised over RMB700 million, and its 3rd USD fund raised USD20 million. At the same time, Legend Star invested in nearly 40 onshore or offshore projects. Among the projects under management, over 60 completed follow-on financing, while 10 projects were fully or partially exited.
Legend Capital, a venture capital firm, managed 20 funds in total, of which the size exceeded RMB45 billion and accounted for almost 400 invested companies. Legend Capital continued to consolidate its investment influence in industries such as TMT, innovative consumption, intelligent manufacturing, professional services, medical care and health as well as culture and sports. During the Reporting Period, Legend Capital raised RMB3.45 billion in funds, completed 50 new investment projects, and fully or partially exited 24 projects, while 11 of its invested companies were listed domestic and overseas capital markets, and 2 companies have passed the IPO review.
Hony Capital, an investment management firm, managed 11 funds in total, of which the size exceeded RMB80 billion and accounted for more than 100 portfolio companies. Hony Capital successfully form a "2+3" business development pattern. On one hand, Hony Capital keeps building its advantages in PE and real estate finance, on the other hand, it seeks breakthroughs in new businesses such as public offering fund, hedge fund and special opportunity investment. During the Reporting Period, Hony Capital raised RMB5.8 billion funds, completed 17 investment projects and exited 19 projects fully or partially, while 2 invested companies successfully went IPO on the domestic capital market.
Strategic Investments in BIL Pushes for Breakthroughs in Building of Pillar Assets
On July 2nd 2018, Legend Holdings officially completed its acquisition of an 89.936% stake in Banque Internationale a Luxembourg, and became its controlling shareholder. It was the first time the European Central Bank (ECB) approved a Chinese non-financial company to acquire an "Other Systemically Important" European bank regulated by ECB. This reflects the international influence of the Legend Holdings brand as well as its outstanding leading business strength and solid compliance. As of the end of 2018, the balance sheet size of BIL amounted to EUR25.5 billion (approximately RMB200 billion) and the assets under management amounted to EUR39.5 billion (approximately RMB310 billion), with the common equity tier 1 ratio measuring 12.04%, demonstrating BIL's business stability.
After the acquisition, the total asset of Legend Holdings increased markedly by 67% to RMB558.267 billion, the asset structure has been optimized where the financial services, IT, and other segments now account for 45%, 36%, and 19%, brought relatively a more diversified and balanced asset allocation at home and abroad. In addition, BIL is expected to contribute stable profits to Legend Holdings on a long-term basis and help ease the volatility of the company's overall profits. Therefore, the financial stability and financing capabilities of Legend Holdings have been further enhanced. Legend Holdings will continue to invest in the development of the BIL brand in Luxembourg, Europe and the rest of the world, pursue development opportunities in China, bridge BIL with Legend Holdings in the Chinese market and the fintech area, so as to create value for its future innovation and international business, empower it with more intelligence, and expand its global presence.
First Company to Carry Out the H-share "Full Circulation" Pilot Project, Boost the Company's Value Creation and Sustainable Growth
In 2018, Legend Holdings was carry out as the first company to take part in the H-share "full circulation" trial, completing the conversion of its domestic stocks into H shares, and thus elevating its circulation from 16.63% to 53.98%, reflecting the full honor to the company by receiving the recognition for the business and brand from the regulations.
The conversion allow the floating market capitalization better matches the overall value for the company and the H-share holders are more diversified. Higher liquidity of the shares will foster a closer connection between the interests of the Company as well to all shareholders, inspire the management team and all employees to work with closer with such greater enthusiasm, and enhance the Company's value creation and sustainable growth, lastly, consolidates the foundation for Legend Holdings' future development as a listed company.
March Towards Goals by Strengthening Post-Investment Management and Services.
In 2019, Legend Holdings will keep consolidating advantages of the "two-wheel-drive" model and keep a balanced development through effective asset allocation and portfolio management. The Group will also continue to raise the value of existing assets via post-investment management and services. The capital operation, spin-off and listing of the portfolio companies are gradually unfolding. Lakala Payment's application for listing on the GEM of Shenzhen Stock Exchange was successfully approved by the China Securities Regulatory Commission on March 26 2019, and Zhengqi Financial's IPO on the Main Board of Hong Kong Exchange has already been in the process of regulatory review. In addition, Levima New Materials and EAL have completed the counseling and filing for A-share IPO. We hope that the asset value and return of Legend Holdings will be enhanced with the increase of listed platforms affiliated to the Company. Meanwhile, the Group will strike to construct new core assets with growth potential in strategically focused segment, especially the non-financial ones, to reinforce our portfolio.
Financial investments will continue to strengthen the risk control and liquidity management, assist its portfolio companies in achieving operational enhancements through value-added services, and capture the next round of investment opportunities through affiliated investment platforms and direct investment. Despite challenges from external financial environment, we are confident that the three fund management platforms will stand out in future competition, with its sound track record, abundant project resources and in-depth research.
Mr. Liu Chuanzhi, Chairman of Legend Holdings stated: "Legend Holdings marks the 35th anniversary of establishment this year. The company has been keeping its finger on the pulse by revamping actively with precise strategies and its persistence throughout 35-year journey. In 2018, with the challenges of external environment, the management has been vigorously promoted the achievement of strategic goals and made certain breakthroughs, while safeguarded the healthy growth of the Company. The brilliant result was recognized by the board of directors and I. Looking ahead, in view of external uncertainties, the company needs to enhance its internal strength and solidify its foundation of sustainable development. Meanwhile, we must reinforce the effectiveness of our business strategies by exerting the advantages of "two-wheel-drive", be sensitive to ever-changing environment and pay more attention to technology advancement and business models innovation. By the "Capital + Experience" model, we will incubate more outstanding enterprises and maximize returns to shareholders and society."
About Legend Holdings Corporation Limited
Legend Holdings is a leading large investment holding company in China, and has developed an innovative two-wheel-drive business model of "strategic investments + financial investments". Strategic investments aim at holding over the long term and focus on strategic sectors to cultivate and optimize the portfolio. Through strategic investments, the Company invests in 5 segments including IT, financial services, innovative consumption & services, agriculture & food, and advanced manufacturing and professional services. Financial investments businesses include angel investment, venture capital and private equity investment, creating a holistic financial investment industrial chain. The Company has concluded its distinctive investment concepts and management system based on the deep understanding of economies and enterprises. Through forward-looking layout, clear investment strategies and sustained value-added services, Legend Holdings has cultivated a number of influential outstanding enterprises in several sectors.
Attachment: Review of Segment Performance
Strategic investments
- Intelligent transformation in IT segment witnessed an initial success, generating a 10% year-on-year growth to RMB330.78 billion with net profits attributable to parent company amounted to RMB1.085 billion, reversing losses incurred from the previous year. Benefitting from the effective execution of the Intelligent Transformation strategy, PC Business attained successful gain of market share in premium and high-growth and commercial segments. Lenovo achieved record high market share of 24.6% in global PC market and was the market leader, according to the preliminary industry data. Mobile Business achieved a pre-tax profit for the first time in the fourth quarter of 2018 since Lenovo's Motorola acquisition, a result stemming from strong execution of the strategy focused on reducing expenses, simplifying product portfolio, and core markets in Latin and North America. Data Center Business delivered solid growth and profitability improvement. Lenovo now has the most compelling ThinkSystem and ThinkAgile product, the largest storage portfolio in its history and delivers the industry's leading product reliability, and has started to leverage its global strategic partnership with NetApp, including a new joint venture in China launched in February 2019, enabling Lenovo to address nearly the entire storage and data management market in China in the future. Lenovo Capital and Incubator Group's support for building stronger vertical solutions and services businesses is a key element of Lenovo's Intelligent Transformation Strategy. Lenovo achieved quick revenue growth in Software & Services, Big Data, Vertical Solutions and E-commerce business. In China, the Smart IoT User Devices and Services (UDS) platform, connecting users, devices and cloud services, also witnessed rapid increase of its monthly average users (MAU).
- The financial service segment increased continuously, the revenue up to RMB6.962 billion representing an increase of 91% year-on-year with net profits attributable to parent company coming in at RMB2.567 billion, a 56% year-on-year growth. During the reporting period, the Company successfully acquired 89.936% shares of Banque Internationale a Luxembourg S.A., which enabled the Company to fulfill its strategic goal of building pillar assets and is expected to bring sound returns to shareholders. Banque Internationale a Luxembourg S.A. provides a comprehensive range of banking services, including retail banking, corporate and institutional banking, private banking, capital markets and other businesses. As of the end of 2018, assets under management amounted to EUR39.5 billion, representing an increase of 0.2% over the end of 2017; customer deposits amounted EUR17.3 billion, representing an increase of 6% over the end of 2017; customer loans amounted to EUR13.4 billion, representing a year-on-year increase of 0.3%. As of the end of 2018, CET-1 ratio was 12.04%, indicating sound operation. Moody's confirmed its ratings with a revised outlook from positive to stable (A2/Stable). Both Standard & Poor's and Fitch confirmed ratings in 2018 which remained unchanged compared with year-end 2017 (A-/Stable and BBB+/Positive). Seeing an increase in revenue by 55% to RMB1.831 billion, Zhengqi Financial submitted its listing application form to the Stock Exchange through its joint sponsors on November 30, 2018. JC Finance & Leasing posted operating revenue of RMB903 million and net profit attributable to the parent of RMB230 million, representing a year-on-year increase of 26% and 28% respectively. JC Finance & Leasing continued to reinforce its business presence and market expansion. Transportation and logistics department completed the business layout in several provinces, while SME leasing business got off to a good start. Retail financial leasing business represented by heavy truck and SME leasing will become important growth drivers for the Company in the future. In adherence to the principles of small amount and dispersion, Kaola Technology maintained approximately RMB6.0 billion of credit balance despite the tightening financial regulation and achieved revenue and net profit of RMB1.95 billion and 453 million respectively during the period. Transaction amount of Lakala Payment exceeded RMB3.8 trillion, up approximately 70% year-on-year. Its transaction amount and the number of transactions processed through the platform were among the highest in the domestic third-party payment industry.
- By continuously strengthening the post-investment management and operational improvement of the portfolio companies, the innovative consumption and services segment recorded RMB 1.288 billion in revenue with net profits attributable to the parent company reached RMB1.099 billion, reversing losses incurred from the previous year. Shanghai Neuromedical Center focused on the upgrading of business mix, refining professional departments, clarifying the direction for technology development, and investing more resources in the introduction and training of talents. The number of outpatients and inpatients continued to grow at a high rate. During the period, it achieved a revenue of RMB273 million, representing a year-on-year increase of 24%. Better Education is a leading kindergarten group with direct operation networks of middle and high-end kindergartens in China. As of the end of 2018, it directly operated 108 kindergartens and 11 early education and training schools and 16 new kindergartens in preparation, posting a revenue and net profit of RMB497 million and 51 million respectively. The total size of fleet of CAR reached 135,191 cars, increasing by 32% as compared with the corresponding period of last year, while overall rental revenue increased by 6% year-on-year to RMB5.34 billion, among which, car rental revenue increased by 18% year-on-year to RMB4.485 billion. Taikang Life Insurance was strategically introduced as the controlling shareholder of Bybo Dental, and the collaboration with insurance resources has unfolded and takedn gradual effects, driving up revenue to RMB1.81 billion, representing a year-on-year increase of 26%. Bybo Dental had 213 outlets covering 25 municipalities directly affiliated to the State Council and provinces.
- The overall business layout of agriculture and food sector became more clear-cut, the revenue of which increased by 161% year-on-year to RMB12.94 billion with net profits attributable to the parent company amounting to RMB210 million. Joyvio Group carries Legend Holdings' vision in agriculture and food. It categorizes fruit and high-end animal protein as its two main business lines, and actively plans its business layout in the fields of fresh semi-finished products and agro-food technology. For the fruit business, by benefitting from the rapid growth of the new retail industry in China and the upbeat trend of fruit consumption, its subsidiary Golden Wing Mau experienced rapid revenue growth and has officially become a national key leading enterprise of agricultural industrialization. In addition to kiwifruits, it also became the largest importer and distributor of apples, blueberries, cherries and grapes in China and the supplier of Fresh Hema and 7fresh, and once again won the Best Supplier of the Year Award from Wal-Mart China, a global retail giant. For animal protein-related business, Joyvio Agriculture still maintained a leading position as China's largest pandalus borealis importer and distributor, the largest pollock processor and supplier, and a seafood brand importer with full-channel layout. KB Food also actively identified resource in the upstream and completed the acquisition of deep sea shrimp trapping boats from Takari in December 2018, further consolidating its leading position in shrimp product market. Meanwhile, KB Food explored business opportunities in the Chinese market with the support of the channels and resources of Joyvio Agriculture. As Nine Masters has innovated and improved its business model, its abilities of operation and management, product research and development, and resource integration have been further enhanced. For drinks business, after Longguan Longjing was selected as the designated tea for the Belt and Road Forum for International Cooperation and the ministerial conference of BRICS in 2017, Longguan Company continued to enhance the popularity and reputation of the Longguan brand while improving its sales in 2018, hence a greater brand awareness and influence in the tea industry. Liquor Easy, the liquor chain retail business, registered positive profit for the first time and successfully completed two rounds of financing in 2018.
- The advanced manufacturing and professional services segment presented continuous improvement in terms of operations, with revenue increased by 8% year-on-year to RMB6.331 billion and net profits attributable to the parent company coming in at RMB262 million. Benefiting from safe and stable operation of equipment, the continuous reduction in material and energy consumption of the equipment, continuous optimization of product mix, and strong market demand for products, Levima Group achieved a profit of RMB212 million in 2018, representing a year-on-year increase of 83%. Its subsidiary Levima New Materials enjoyed a leading market share in several niche segments in China including its special PP, EVA and EOD products, while thin-walled polypropylene injection molding products have achieved significant growth in fields of meal boxes for take-out service, fresh food package, etc. In addition, Levima New Materials is actively preparing for A-Share listing. Zeny Supply Chain and its associates managed 400,000 tonnes cold-chain storage infrastructure in three major cities along the Beijing-Kowloon Railway (i.e. Zhengzhou, Wuhan and Dongguan) and started to build a B2B e-commerce trading platform for frozen products and is committed to building a comprehensive service platform for online trading, supply chain finance and cold chain logistics services for the frozen products industry. EAL recorded a relatively significant year-on-year increase in revenue and net profit for the year, which was mainly attributable to the increase in revenue from air express and high-end logistics solutions and the optimization of operations to reduce costs. Also, EAL has opened a new cargo airline between Shanghai and Frankfurt to further intensify the cooperation on air transport in South America, Australia and Southeast Asia to increase the variety of cargo airline network products, increase the proportion of cargo transportation other than China and America, offsetting the potential risk of cargo decline on the air routes between China and the United States.
Financial investments
Legend Capital (venture capital)
Legend Capital is one of the leading venture capital institutions in China. As of the end of 2018, Legend Capital totally managed 20 funds and the total asset under management exceeded RMB45 billion with nearly 400 portfolio companies.
During the reporting period, Legend Capital raised fund amounted to RMB3.45 billion and accumulatively completed 50 new project investments, covering start-up and growing stage enterprises in TMT, innovative consumption, healthcare, corporate services, intelligent manufacture, and culture and entertainment sectors. Legend Capital fully or partially exited 24 projects, contributing good cash return. Among its portfolio companies , 11 enterprises were listed on the domestic and overseas capital markets through IPO, namely bilibili, WuXi AppTec, WuXi Biologics, CATL, UXIN , e-Diagnosis, Milkyway, Tongcheng-Elong, iDreamSky. Two companies, namely Pharmaron and Lihua have been listed on A-Share market. As of the end of 2018, a total of 58 of Legend Capital's portfolio companies have been successfully listed (excluding those listed on NEEQS).
In 2019, Legend Capital plans to complete the final closing of the 5th RMB growth fund, TMT Innovative RMB fund and 2nd RMB medical fund and plans to newly raise 2nd USD medical fund and the 8th USD fund. In addition, Legend Capital will strengthen the promotion of exit of projects under management to ensure better return for investors.
Hony Capital (private equity investment)
Hony Capital is one of the leading equity investment and management institutions in China. It managed 11 funds by the end of 2018 and the asset under management exceeded RMB80 billion with over 100 invested companies. During the reporting period, the Haidian technology industry space optimization fund under the strategic cooperation between Hony property fund and a SOE of Beijing Haidian district completed the final delivery with a size of RMB2.16 billion. Hony Horizon Fund Management Co., Ltd., a public fund management company specializing in secondary market investment and management business under Hony Capital, has successfully raised its first fund - Hony Horizon state-owned enterprise transformation and upgrading hybrid fund (006369), a total of 4,549 investors to participate in the effective subscription, with a net subscription amount of RMB493 million.
During the reporting period, Hony Capital completed additional investment in 17 new projects or existing projects, fully or partially exited from 19 projects, providing sustained, stable cash flows for Legend Holdings. Meanwhile, two portfolio companies (Bank of Chengdu and Zoomlion Enviro) were listed in China's capital market.
As of the end of 2018, 43 of Hony Capital's portfolio companies have been successfully listed onshore or offshore (including PIPE investment) and another three were listed on NEEQS. Hony Capital has fully exited from 47 investment projects.
Legend Star (Angel Investment)
Legend Star is one of China's leading angel investment institutions. As the early investment platform of the parent company, Legend Star focuses on three major areas, namely artificial intelligence, TMT and healthcare. As of the end of 2018, Legend Star managed 5 funds in total, of which the size exceeded RMB2.0 billion with an aggregate of over 230 onshore or offshore investment projects including iDreamsky Games, MegviiFace++, AISpeech, Loock.cn, Homework Box, Surestar, Burning Rock Dx, Kintor Pharmaceuticals, PegBio, Conmed Biosciences and other high quality projects.
During the Reporting Period, there were nearly 40 onshore or offshore new investment projects covering different segments such as artificial intelligence, autonomous driving, biotechnology, corporate services and new consumption. Among the projects under management, over 60 projects have finished the follow-on financing; while nearly 10 projects have been exited.
In 2018, the 3rd RMB fund completed its final closing, with raised capital exceeding RMB700 million, while USD20 million was raised from the 3rd USD fund. Since 2014, Legend Star was ranked as top tier of the Annual Angel Investment Institution/Early Stage Investment Institutions in successive years by the professional institutions in the industry, namely Zero2IPO Group and China Venture Group.
Sectors: Daily Finance, Daily News
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