HECOBASE 宏科百世

Investing in Growth
Building for Generations

A long-term investment firm, building and backing companies across the energy transition, AI infrastructure and life sciences.

Our approach

Powering the energy transition

Storage, electrification and power for industry, from mines and oilfields to AI data centers.

Explore energy

Building the infrastructure of intelligence

AI inference, token production and the applications built on them.

Explore intelligence

From molecule to medicine

Novel therapeutics, AI-driven drug discovery and AI in clinical trials.

Explore life sciences

About

From founding to scale, we back companies built to last

HECOBASE was founded on patience and conviction. Our partners are scientists by training, with careers in investment banking, private equity and industry. We start with the science and work alongside the people who build it.

Rooted in Eastern philosophy and the discipline of science, we take the long view. To us, capital carries responsibility: to nurture progress, sustain trust and create impact that endures.

Businesses

Four businesses, one long-term view

HECO Private Equity

We incubate companies from inception, invest early and keep backing them as they grow.

HECO Public Markets

With licensed partners, we manage global equity and multi-asset mandates for international clients.

HECO Credit

Private lending and structured financing secured by real assets.

HECO Strategic

Through our M&A fund and alongside strategic investors, we acquire controlling stakes in listed companies and lead their transformation.

Approach

In early, in late,
in it for the long run

Incubation

Founding

Our partners evaluate technology firsthand, assemble teams and take hands-on roles from day one.

Follow-on

Growth

We keep backing our portfolio companies from seed through later rounds, working closely with management on strategy, financing and operations.

Control investment

Public-company M&A

We partner with strategic investors to acquire controlling stakes in listed companies and drive growth by integrating new technologies and assets.

Research first

We assess the underlying science, technical feasibility and commercial potential.

Disciplined structure

Tailored structures, capital deployed in stages, and valuation discipline.

Active ownership

Close work with management, and access to strategic investors, capital and M&A opportunities.

Rigorous compliance

AMAC-registered, with fund capital held in segregated or custodial accounts and regular reporting to investors.

Focus

Energy, intelligence, life

Energy powers intelligence, and intelligence accelerates life sciences.

Energy Transition

Storage, electrification and power for industry

Energy storage · Electrification of mines and oilfields · Power for AI data centers

AI Infrastructure

Inference, compute and the applications built on them

AI inference and token production · Inference optimization · Industry applications

Life Sciences

New medicines, from molecule to clinic

Novel therapeutics · AI-driven drug discovery · AI in clinical trials

History

Each year adds a ring

  1. 2021

    Founded in Beijing

  2. 2022

    Registered with AMAC; first RMB fund

  3. 2023

    Second RMB fund

  4. 2024

    Third RMB fund; first overseas direct investment

  5. 2025

    Cross-border asset management; first incubated companies

  6. 2026

    First M&A fund; acquired control of an A-share listed company

Selected Portfolio

Companies we have incubated or backed

SPOWER ESSEnergy storage system integration FullcryoCryogenics and hydrogen BaihaiAI inference
Muhuo TechnologyAI clinical trials · Incubated
Shenyi BioOligonucleotide therapeutics · Incubated
R&D BioNucleic acid delivery · Partner-founded
BioTroy TherapeuticsImmuno-oncology Drug FarmAI drug discovery
Leado PharmaIon channel therapeutics
Juvensis TherapeuticsGene therapy

Team

Scientists, operators and investors

Kevin Xu

Founder and CEO

Leads strategy, capital allocation, public-company M&A and AI venture building. Formerly with Goldman Sachs Investment Banking and Primavera Capital. PhD in Chemistry, Chinese Academy of Sciences; MBA, Rotman School of Management, University of Toronto.

Wenjun Wang

Partner

Leads life sciences investing and incubation. Previously led investments at Huakong and TEDA Technology Investment. Began his career at Asymchem. PhD in Pharmacy, Nankai University; CFA charterholder.

Ethan Li

Partner

Works closely with portfolio companies on strategy and operations; founder of R&D Bio. Formerly Vice President of Asymchem Group, with experience from R&D to manufacturing. PhD in Chemistry, Chinese Academy of Sciences; MBA, Tsinghua University.