Portfolio

Infrastructure

Infrastructure

Tirana International Airport

Tirana International Airport is located in the capital of Albania and is the country's largest airport in terms of passenger traffic.

The country has a population of 2.7 million and land area of 28,000 square kilometres. It is a member of the NATO as well as a candidate member of EU. A majority of law and policies are in compliance with EU standard, and it has a vetting process of all judges and prosecutors to be monitored by EU.

Since the investment in October 2016, through management incentive programs, passenger traffic management, and proactive government relations, Tirana International Airport has seen its routes increase from 18 to 35 between 2018 and 2020. Passenger traffic has also surged from 2.2 million to 3.3 million between 2016 and 2019, making it one of the fastest-growing airports in Europe in recent years. Pre-tax net profit also increased by nearly 80% during the same period.

During the project's holding period, the fund distributed dividends to shareholders annually, contributing reasonable current returns to investors. The fund successfully exited the project in 2021, achieving a double-digit IRR, generating substantial returns for fund investors.

Beijing Jingneng Clean Energy Co. Ltd

  • The largest gas-fired cogeneration provider in Beijing and a leading wind power operator in the PRC, with a diversified clean energy portfolio including gas-fired power and heat energy, wind power, small to medium hydropower and other clean energy projects. The company has a consolidated installed gas-fired cogeneration capacity of 1,190MW and a consolidated heat energy generation capacity of 1,045MW and is the eighth largest wind power operator in PRC with a wind power project's capacity of 1,094.75MW. The company successfully listed on the Hong Kong Stock Exchange in December 2011. (HK Stock Code: 0579.HK)
  • Website: http://www.jncec.com/jingneng/

SPT Energy Group Inc.

  • SPT Energy Group Inc. is one of the leading non-state-owned providers of integrated oilfield service in China. SPT's services include reservoir research, drilling, well completion and testing, oil and gas production-related services (e.g., oil and gas production enhancement), well workover and other related services. Besides services, SPT also manufactures and sells oilfield service-related products to customers. SPT has strategically expanded their operations to overseas regions that are active in the global oil and gas industry, including Central Asia, North America, Southeast Asia and the Middle East. (HKG Stock Code: 1251.HK)
  • Website: http://www.spt.cn

Termbray Petro-King Oilfield Services Limited

  • Tembray Petro-king Oilfield Services Ltd is a leading independent China-based provider of high-end oilfield services, in terms of technical capability, overseas and offshore project experiences. Petro-King's services covering various stages in the life of an oil or gas field including the provision of services in will evaluation and appraisal, drilling, casing, well completion, well production, well workover, production enhancement and well abandonment, as well as the supply of oilfield services tools and equipment. Among the above services mix, the company principally focuses on the provision of consultancy services; oilfield project management services in drilling, well completion and production enhancement; and also sales of oilfield service tools and equipment. Moreover, the company is one of the few China-based oilfield services companies, which possess the capability to offer high-end oilfield service. (HKEx Stock Code: 2178.HK)
  • Website: http://www.petro-king.cn/

Village Telephone Limited

The sole provider of last mile optical fiber network for 600 villages in New Territories.

The company is currently raising a new round of funding with aim to expand the network to other areas in New Territories, and the ultimate goal to cover the entire urban areas in Hong Kong as well.

According to the statistics from Planning Department, the population in New Territories will increase from 3.78m in 2014 to 4.27m in 2024, circa 54.6% of total population, creating an increasing demand for high-speed internet services. 

The Hong Kong government expects the 5G services to roll out as early as April 2019. The upcoming 5G has let to inflated valuation of telecommunication companies. As the fundamental component of 5G deployment, optic fibre is critical to making Hong Kong a smart city and laying the groundwork for IoT.

The Fund expects the company to be listed in Hong Kong in 2020. 

Jiawei Renewable Energy

  • China's first fully integrated photovoltaic company
  • Invested in company’s Series B financing
  • Listed on ChiNext Shenzhen Stock Exchange
  • http://www.jiawei.com/cn/

CECEP Wind-power Corporation Co.,Ltd

  • Market leader in wind power industry
  • Invested in company’s series A financing
  • Listed on Mainboard Shanghai Securities Exchange
  • http://www.fd.cecep.cn/

Jiacheng Environmental Protection

BOREAL

Boreal is a Norwegian public transport operator, providing ferry, bus, and light rail services in Norway and other Nordic countries. Boreal's primary business is operating government public transport service contracts, with the government paying service fees based on the contract terms, regardless of the traffic volume used. Contracts typically last eight to ten years, with a two-year extension period. Upon expiration, contracts can be renewed through a new tender. Contract prices are also automatically adjusted for inflation.

The Fund invested in Boreal in April 2018. Through effective post-investment management, the Fund successfully improved the company's operational efficiency, optimized its contract portfolio, and expanded its business from Norway to Sweden. Furthermore, adhering to ESG green investment principles, the fund supported the company's expansion into electric buses and electric ferries, gradually transforming the company into a leading global green and sustainable transportation company. Between 2018 and 2021, Boreal achieved steady financial growth, with its revenue increasing by approximately 15% and its contract backlog expanding by 4.5 times, laying a solid foundation for sustainable future development.

The fund successfully sold Boreal in January 2022 and achieved excellent exit returns.