Tiantu Capital to list on China’s New Third Board
China consumer-focused GP Tiantu Capital has been approved to list on the National Equities Exchange and Quotation (NEEQ), also known as the New Third Board. It has raised a total of RMB2.68 billion ($420 million).
According to a filing, Tiantu issued 117 million shares at RMB22.86 apiece to 100 selected investors, including two shareholders in the company and 98 LPs in its funds.
Founded in 2002, the firm has RMB4.56 billion in assets under management across five renminbi-denominated funds and one US dollar fund. It has invested more than RMB4 billion in over 80 consumer businesses since inception. The firm has also made 20 exits, generating an IRR of over 50%.
Over the past five months, the firm invested in mobile skincare and cosmetics app Meilapp, online interior design platform Mei Jia Bang, fruit store chain Pogola, and online electronics recycling platform Aihuishou.
Tiantu is the latest in a string of Chinese domestic PE firm to target the New Third Board. Over the last two weeks, Chinese early-stage VC firm Innovation Works and China-focused GP CITIC Capital announced they had applied to list on the board.
Last year, JD became the first Chinese PE firm to list on the board. It now wants to list on Shanghai's main board through a reverse merger with publicly-traded property developer Jiangxi Zhong Jiang Real Estate. The other PE firms on the New Third Board are CSC Group, Shenzhen Cowin Capital and ChinaEquity Group.
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