The Wenzhou Donghai Venture Capital Partnership Enterprise (Wenzhou Donghai), China's second and the first partnership VC institution in the Yangtze River Delta, faded away from the capital market days ago. Wenzhou Donghai has transferred its equities and the remaining capital to Wenzhou Huanya Venture Capital Co., Ltd. (Huanya VC).

Xucang Hu, Initiator of Wenzhou Donghai and Board Chairman of Youli Holdings, said except the RMB130M amount invested, the rest RMB400M capital has all been injected to Huanya VC. Consequently, Wenzhou Donghai became a subsidiary of Huanya VC.

Mr. Hu said Huanya VC basically adopts the management model of Wenzhou Donghai. The shareholding enterprises participating in Huanya VC were those of Wenzhou Donghai. Huanya VC has successfully collected over RMB1B and invested five or six deals including one listed agriculture project.