C Capital Private Equity Fund IV Introduction 2026 Mar
CONFIDENTIAL AND PROPRIETARY
Any use of this material without specific permission of C Capital is strictly prohibited
C Capital Introduction
1
March 2026
Investing in the Next Generation of APAC Leaders
-- 1 of 53 --
2
IMPORTANT NOTE
This document is for Professional Investor only. "Professional Investor" is defined under the Securities and Futures Ordinance of Hong Kong Law. This material (the “Presentation”) is being
provided to you for your internal use only. It has been prepared by personnel of C Capital Corp. SA., C Capital Investment Management Limited and their respective affiliates (“Discloser”) and
does not constitute research or investment advice.
Transactions in financial instruments or other products may carry risks, which may in some cases be substantial and may even equal or exceed the entire principal invested, and therefore certain
transactions may be inappropriate or unsuitable for certain investors. Nothing in this Presentation is prepared in relation to your particular circumstances, and before making any investment or
taking any action with respect to an existing investment you should consult financial, legal, accounting, tax and other advisors as appropriate. By accepting and using this Presentation, you are
deemed to represent and warrant to the Discloser that you are able to make your own evaluation of its contents and that you are not relying on the Discloser for advice or recommendations.
You should only accept and use this Presentation if you ARE A PROFESSIONAL INVESTOR THAT CAN MAKE THE REPRESENTATION AND WARRANTY IN THE PRIOR SENTENCE.
The information and opinions presented in this Presentation have been obtained and derived from sources believed by the Discloser to be accurate, but the Discloser cannot and does not make
any representation or warranty with respect to it or its accuracy, completeness, sufficiency or appropriateness for your purposes or timeliness. The Discloser disclaims, to the extent permitted
by applicable law or regulation, all liability for any use you or your advisers make of the contents of the Presentation.
If this material contains “forward-looking” information, this information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results
under those assumptions (not all of which are specified herein). Actual events or conditions may differ materially from those assumed herein. In addition, not all relevant events or conditions
may have been considered in developing such assumptions. Accordingly, actual results will vary, and the variations may be material. You should understand such assumptions and evaluate
whether they are appropriate for your purposes. Past performance is not a guide to future performance.
The Presentation is not intended to constitute a solicitation or offer to sell or to purchase any securities. This Presentation and any materials distributed in connection with this Presentation are
not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution,
publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The distribution of this Presentation in certain
jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions. This Presentation is
directed at and is only being distributed in member states of the European Economic Area, to persons who are qualified investors within the meaning of Article2(1)(e) of the Prospectus
Regulations (Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017), to the extent implemented in the relevant member state and in respect of whom receipt of
this presentation and any related materials is not intended to constitute “marketing” of an “AIF” for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) as
implemented in the relevant member state of the EEA.
This Presentation and all information and opinions in it are the property of the Discloser. You may not use any portion of this Presentation except for your personal use, and you may not disclose
any information contained in this Presentation or otherwise distribute any portion of this Presentation to a third party without the written authorization of the Discloser. The Discloser and its logo
are trademarks of the Discloser, and you may not use any of the Discloser trademarks for any purpose, or use, alter, remove or otherwise obscure any trademark, service mark, copyright or other
notices (whether or not from the Discloser) provided to you in connection with this Presentation without the written permission of the Discloser or any relevant third-party owner.
-- 2 of 53 --
3
About C Capital
APAC Private Market Opportunities
C Capital Private Equity Advantages
C Capital Private Equity Track Record
C Capital Fund IV Terms
Appendix – Case Studies
Contents ABOUT C CAPITAL
APAC PRIVATE MARKET OPPORTUNITIES
C CAPITAL PRIVATE EQUITY ADVANTAGES
C CAPITAL PRIVATE EQUITY TRACK RECORD
C CAPITAL FUND IV TERMS
APPENDIX – CASE STUDIES
-- 3 of 53 --
About
C Capital
4
-- 4 of 53 --
2017 3
16 40+
US$1.2bn+
5 Source: C Capital Data & Analysis;
AUM include co-investments managed by C Capital
Investing since Operating continents
Unicorn companies Private equity portfolio companies
Cumulative private markets AUM
APAC Focused Private Assets
Management Platform
C Capital At a Glance
Zurich
Abu Dhabi
Hong Kong
Singapore
Beijing
Seoul
Sydney
Shanghai
ZURICH
SHANGHAI
BEIJING
HONG KONG
SYDNEY
Our Global Footprint
C Capital office
-- 5 of 53 --
C Capital Private Equity –
Investment Strategy
6 Source: C Capital Data & Analysis
Minority stake investment into high-
growth companies in the Asia Pacific
region.
Focus on companies with Asia or global
business mindset.
Deep knowledge and focused approach
in tech investing with strong track record.
Consumer ecosystem touches 15 million
consumers daily, providing first-hand
consumer insights.
Prominent global shareholders and
ecosystem partners strong deal access
and value-add support.
Ability to assist companies to go global.
Minority stake in APAC-
centric high-growth
companies.
Tech and consumer
sectors with strong
domain knowledge.
Privileged deal access
and value creation
strength.
-- 6 of 53 --
High Performing Portfolio
Across Focused Sectors
7 Source: C Capital Data & Analysis, Media Coverage
HYPER GROWTH
UNICORN
US$1bn+ Valuation
DECACORN
US$10bn+ Valuation REDnote
CONSUMER DEEP TECHNOLOGY
37%of C Capital Portfolio
Companies Reached
Unicorn or Decacorn
Status.
Appendix – Case Studies
-- 7 of 53 --
Close Partnership with
Global Top-Tier PE Funds
8 Source: C Capital Data & Analysis
VENTURE STAGE
Asia-Focused
Global - Focused
GROWTH STAGE LATE STAGE
# Number of C Capital co-invested companies.
15 2 2
3
9
2 2 6
7
2
12
2
2
3
2
2
2
5
2
3 4
-- 8 of 53 --
9
C Capital Private Equity Has Evolved
to Become APAC Focused
Fund II (2019) Pre-Fund (2017) Fund III (2021)
Fund Size: US$67m Fund Size: US$56m Fund Size: US$125m
* Portfolio’s region based on where it generates most revenue
Source: C Capital Data & Analysis
100%
CHINA
84%
CHINA
43%
CHINA
41%
Rest of ASIA
16%
REST OF
WORLD
17%
REST OF
WORLD
China-focused
Expanding
beyond China Balanced APAC exposure
Based on invested cost
% PORTFOLIO BY REGION*
-- 9 of 53 --
APAC Private Market
Opportunities
10
-- 10 of 53 --
APAC A Massive And Growing Market For
Private Equity Opportunity That Provides
Strong Diversification From US
11 Source: IMF, Statista, CB Insight, C Capital Data & Analysis
60%OF THE GLOBAL GDP GROWTH CAME
FROM ASIA PACIFIC IN 2024
And the region is expected to continue
driving expansion in 2025 and beyond.
c.450UNICORN COMPANIES ARE BASED IN ASIA
Second only to the US (c.700), while Europe
has around c.160.
Pan-Asia
Asia–Europe
RCEP
CPTPP
CAI
EU-
ASEAN
RESILIENT,
INTERCONNECTED MARKET
Pan-Asia trade agreements like RCEP and
CPTPP, alongside Asia-Europe deals such
as CAI and EU-ASEAN, aim to foster a
dynamically connected market to mitigate
risks from U.S. tariffs.
Take advantage of hyper growth
in Asia Pacific – a dynamic and
proven market.
Balance region-specific risks
across global markets.
-- 11 of 53 --
Case Studies: Chinese Outdoor
Brands are Rising
12 Source: C Capital Data & Analysis
CONSUMER
REVENUE 2023-24 2022-23
9,916 -11% -6%
223 +14% +22%
486 +67% +62%
245 +94% +140%
5,183 +18% +23%
3,369 -3% +1%
US$m YoY% YoY%
CHINA
CHINA
CHINA
US
US
EU
-- 12 of 53 --
13
Case Studies: The “Self-Indulgent”
Consumption is on the Rise
13 Source: C Capital Data & Analysis
CONSUMER
CHINA “EMOTIONAL ECONOMY” MARKET SIZE
226
270
321
378
440
507
577
642
US$BN, 2022A -2029E
+ 16%
2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E
-- 13 of 53 --
14
CONSUMER
We Remain Bullish On High-Margin,
High-ASP, Fast-growing Categories With
Global Market Potential
Source: C Capital Analysis
LOW
LOW
GROSS
MARGIN
HIGH AVERAGE SELLING PRICE
Non-Exhaustive List C Capital Invested Categories
SUPPLY CHAIN
LOGISTICS
FASHION
F&B
HOME
DECOR
SOCIAL
SKINCARE
COFFEE
BAKERY
PET
CONSUMER
DRONE
IP
OUTDOOR
ELECTRIC
VEHICLES
High Gross Margin
High ASP
Large TAM
Global Appeal
CONSUMER ELECTRONICS
HIGH
-- 14 of 53 --
15
Competitive Landscape: Dominant
Market Duopoly In AI Infra/LLM
840
350
80
27 27 12
OpenAI Anthropic xAI Zhipu Moonshot MiniMax
Source: Public information, market cap as of 3/1/2026 Source: Bloomberg
TECHNOLOGY
US$BN
VALUATION OF LEADING GENAI LLM COMPANIES CHINA TECH STOCKS REMAIN AT WIDE DISCOUNT
TO US PEERS
-- 15 of 53 --
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000 China Germany Japan
S. Korea US
16 Source: Morgan Stanley RSCH; international Federation of Robots, 2025
China Has Significant Advantage in
Robotics
The Rise of China’s Robots
TECHNOLOGY
40.0
2.2 3.0
0.0
10.0
20.0
30.0
40.0
50.0
Figure Unitree Agibot
Portfolio
TOP 5 COUNTRIES WITH INDUSTRIAL ROBOTS INSTALLED
VALUATION OF LEADING HUMANOID ROBOTICS STARTUPS ($BN)
HUMANOID PATENTS (PAST 5 YRS)
-- 16 of 53 --
17
C Capital Private
Equity Advantages
-- 17 of 53 --
18
Backed by
Established Institutions & Family Offices
US$986bn
ASSET UNDER MANAGEMENT
One of the largest US
Fund of Funds
US$62bn
ASSET UNDER MANAGEMENT
One of the oldest US Fund
of Funds with over 50 years
of history
35+NOTABLE FAMILY OFFICES GLOBALLY
EU & US
Notable family offices in
automotive, luxury fashion,
telecoms & fitness brand.
ASIA
Over 20 of the Top family offices
and 2 of the top 5 tech giants in
Asia & has global influence,
covering a broad range of sectors,
including EV, consumer, social
media, luxury hotels and shopping
malls etc.
MIDDLE EAST
Powerful royal family from
the Middle East as anchor LP.
COMPREHENSIVE &
UNIQUE DEAL ACCESS VALUE CREATION
1
-- 18 of 53 --
19
Xiaomi and Chow Tai Fook are two of the early
adaptors of Agile Robots’ products in their factories,
helping it to establish recognition in market.
&
&
C Capital facilitated Rosewood to install Fiture Mirror in
every hotel guest room, creating tremendous brand
exposure for Fiture and anchoring the brand’s premium
image.
&
C Capital facilitated K11 to help Casetify to open its first
flagship store at the best K11 store location in Shanghai’s
central business district and recruited its China General
Manager.
&
C Capital facilitated the collaboration between Agibot
and Foxtown in Europe to display and promote Agibot
robots to the European market.
&
C Capital facilitated K11 Musea to collaborate with Nothing
to launch and publicize its first pop-up store in Hong
Kong, attracting tremendous media attention and publicity.
&
C Capital leveraged K11 to perform Proof-of-Concept
tests for Tezign’s products and collaborated with the
company to enhance its AI-empowered Digital Asset
Management platform.
Unique and Broad Strategic
Partnerships To Create Value
To Portfolio Companies
Source: C Capital Data & Analysis
1
Appendix – Case Studies
-- 19 of 53 --
20 20
Established Track Record Investing
Leaders Across Focused Sectors
EXITED
EXITED
EXITED
*Non-exhaustive list of existing portfolio; Source: C Capital Data & Analysis
3.5x REVENUE GROWTH
SINCE INVESTMENT.
10+ YEARS
PROFITABLE.
US$2bnNET PROFIT
IN 2025.
30% TOPLINE GROWTH
IN 2025.
4.9x MOIC
1115% IRR
36x REVENUE GROWTH
SINCE INVESTMENT.
2.7x MOIC 45% IRR
3.6x MOIC
109% IRR
5.6x MOIC
93% IRR
5.6x MOIC
72% IRR
4.1x MOIC
40% IRR
CONSUMER DEEP TECHNOLOGY
2
PART
EXITED
Appendix – Case Studies
-- 20 of 53 --
21
Strong Exit Track Record
C Capital has consistently achieved top quartile performance in DPI across its three funds it manages.
C Capital
46%
1st Quartile
245%
C Capital
13%
1st Quartile
37%
C Capital
1%
1st Quartile
3%
PRE-FUND (1) DPI
(2017 VY)
FUND II DPI
(2019 VY)
FUND III DPI
(2021 VY) EXIT TYPE BY EXIT $
1. Single LP/family office structure;
2. Others including company buyback and dividend payment Source: Preqin data for private equity market in Asia Growth Stage Investment as of April 2024,
Capital Data & Analysis
59.3%
32.1%
8.6%
Trade Sale
6 deals
IPO
5 deals
Others (2)
4 deals
~45 %, incl. public shares
~1.1x, incl. public shares
2
-- 21 of 53 --
22 Source: C Capital Data & Analysis
Vast Network and Deep Insight
in Consumer Innovation
CHOW TAI FOK
3.9m+ VIPs
NEW WORLD DEPARTMENT STORE
7.0m+ VIPs
KLUB11, HKGTA, NEW WORLD CLUB, NWCL CLUB
4.7m+ VIPs
15m+NEW WORLD ECOSYSTEM TOTAL
Global leader in tech accessories with
2.7M Instagram followers.
Chinese chic consumer electronics
and EV brand.
Chinese next-gen social media
platform with 300M MAU.
One of the world largest social
network and gaming platform.
Global dominant market leader in
high-end gym equipment.
Premier luxury fashion brand
in Europe.
3
-- 22 of 53 --
Martech Social,
Logistics
23 Source: C Capital Data & Analysis
Deep Knowledge And Experience
In Consumer & Tech Investment
Dynamically Following Innovations
NEW TECHNOLOGY
APPLICATION LLM Reasoning Model
Agent (APP on LLM OS)
Single-modal intelligence and
Text reasoning
Multimodal intelligence and
Visual reasoning
Spatial Intelligence
PARADIGM TRANSFORMATION
MOBILE
INTERNET
SOFTWARE:
HR,
Fintech
Game
Engine
RPA,
Low/No Code
Cloud-native,
Infra,
OSS
AUTO:
Vehicle Autopilot LIDAR Wire Control
Chassis
Electric Drive
ROBOTICS:
Logistics
Robot
AI+3D Vision
Robot
Construction
Robot
Collaborative
Robot
Humanoid Robot Embodied
AI
SEMICONDUCTORS :
GPU Foundry CPU DPU Auto
Chip
Power
Chip
Optical
Chip
AI:
Machine
Vision
Retail Finance Healthcare AGI
2010 NEXT CYCLE 2017 - 2019 2020 2021 - 2024 2025…
C Capital Invested Categories
3
-- 23 of 53 --
24
Stable And Experienced Senior Team With New Senior
Additions To Further Strengthen The Platform
24
Seasoned investor led multiple investments in
unicorn companies; previously in Investment
Banking at Bank of America
Ben Cheng
Co-founder & CEO
9+ Years at C Capital
Simon Shi
Head of China, Partner
9+ Years at C Capital
Suzie Qiu
Head of Technology, Partner
9+ Years at C Capital
Henry Lee
Head of Australia/SEA, Partner
2 Years at C Capital
Previously in Investment Banking at Bank
of America and Venture Capital at
Formation Group
Previously at Alibaba Group, responsible
for sourcing and investing in tech
Over 10 years of experience in PE investment
in Australia and APAC, Previously in Investment
Banking at Bank of America
Previously a senior Principal in Asia fund
investment at HarbourVest and an Executive
Director in investment banking at Morgan Stanley
and Bank of America
Joseph Li
Head of Capital Formation & Portfolio, Partner
2 Years at C Capital
Enrico Andrea Mattoli
Head of Investor Relations, Partner
2 Years at C Capital
Zhen Li
Director
7+ Years at C Capital
Owen Feng
Director
2+ Years at C Capital
Previously a Managing Director in Markets
and Products at UBS with 26 years of
experience in the global financial industry
Previously at New Hope Group and Cathy Capital
with a focus on consumer sector Previously in investment banking and capital
markets at Goldman Sachs and Morgan
Stanley
+ 5 INVESTMENT PROFESSIONALS AND 7 SUPPORT PROFESSIONALS IN IR, LEGAL, FINANCE AND OPERATIONS FOR THE PRIVATE EQUITY STRATEGY
4
-- 24 of 53 --
25
Extended Senior Advisors
25 Source: C Capital Data & Analysis
Co-founder of C Capital
Founding Shareholder of MTV
Japan and E*TRADE Asia
Clive
Ng
Ex-Chief Digital Officer of Dr.
Martens
Sean
O'Neill
Chairman & CEO of DL
Holdings
Andy
Chen
Ex-Chief Executive Officer
of Dsquared2
Gianfranco
Maccarrone
E*TRADE Asia is a global B2B
marketplace that facilitates trade
between businesses, particularly in
the electronics industry
Dr. Martens is a FTSE 250 British
footwear and clothing brand
(LSE:DOCS, US$1.1bn mrkcap)
DL Holdings Group (HKEx: 1709,
US$1bn mrkcap) is a financial services
group headquartered in Hong Kong
Dsquared2 is a leading fashion brand
founded in New York in 1984
4
-- 25 of 53 --
26
Sizable Co-investment
Opportunities
FUND II
2019
FUND III
2021
FUND SIZE (US$ M) 56 125
CO-INVESTMENT SIZE (US$ M) 60 171
CO-INVEST TO FUND SIZE RATIO 1.1:1 1.4:1
CO-INVESTMENT AMOUNT PER DEAL (US$) 5.5 21.4
NO. OF CO-INVESTMENT (#) 11 8
CONSUMER DEALS (#) 5 4
TECH DEALS (#) 6 4
CO-INVESTMENT RETURNS 2.01x 2.13x
Source: C Capital Data & Analysis
5
-- 26 of 53 --
27
C Capital Private Equity
Track Record
-- 27 of 53 --
28
Strong And Consistent
Performance
(1) Single LP/family office structure funded by K11/New World therefore gross IRR/MOIC equal net IRR/MOIC
(2) Data as of 30 Sept 2025
(3) Defined as percentage of investment amount in companies that are written off
Source: Preqin data for private equity market in Asia Growth Stage Investment as at September 2025; C Capital Data & Analysis
PRE-FUND FUND II FUND III
Vintage 2017 2019 2021
Fund Size (US$ m) 67 56 125
Co-Investment (US$ m) / 60 171
Total Investment (#) 9 17 15
Lead / Co-lead Deal (#) 4 9 6
% Capital Called 100% 99.8% 96.7%
Fund Performance (2)
Gross / Net IRR 38.5%/38.5% (1) 14.8%/11.6% 21.0%/17.2%
Gross / Net MOIC 2.5x/2.5x(1) 1.8x/1.5x 2.0x/1.7x
RVTC / DPI 2.45x / 2.45x (1) 0.42x / 0.37x 0.05x / 0.03 (3)
RV + Liquid stock / TC 2.45x 1.1x 0.45x
Loss Ratio 10.0% 9.8% n.a.
Performance Benchmarks(2)
1st Quartile in TVPI
1st Quartile in DPI
1st Quartile in IRR
1st Quartile in DPI
1st Quartile in TVPI
1st Quartile in TVPI
1st Quartile in DPI
1st Quartile in IRR
-- 28 of 53 --
29 Source: Company Data, C Capital Data & Analysis
Fund III | 7 Expected IPO within 6-18 Months
HK IPO reapplied in Oct 2025,
expecting IPO in Q1 2026
Focus on IPO preparation in both
London and Hong Kong
Filed for HKEX in Jan 2026 Preparing for one of the largest
crypto-native IPOs in the US
Filed for US Nasdaq listing via
reverse merger in Nov 2025
Expected IPO in 1H2026
Prepare STAR board in 2027
Only 25% of Fund III NAV (as of 3Q25)
-- 29 of 53 --
-120
-100
-80
-60
-40
-20
0
20
40
60
80
Cumulative to
2025
Q1 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027
Mgmt fee & Carried interest Distribution Net Cash Flow
30 Source: Company Data, C Capital Data & Analysis
Fund III Cash Flow Forecast for the Next 24 Months
Current Estimate
ESTIMATED DPI 31% 3% 61% 107% 114% 127%
Breakeven
2027 2026
Estimated MOIC
by 4Q2027
2.6X
USD mm
-- 30 of 53 --
31 Source: Company Data, C Capital Data & Analysis
Fund II Cash Flow Forecast for the Next 24 Months
Current Estimate
-40
-30
-20
-10
0
10
20
Cumulative to 2025 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027
Mgmt fee & Carried interest Distribution Net Cash Flow
59% 82% 100% 108% 108%
Break even
2027 2026
Estimated MOIC by
Q4 2027
1.9X
ESTIMATED DPI
USD mm
-- 31 of 53 --
32
C Capital Fund IV Terms
-- 32 of 53 --
33
Fund IV Key Terms
Fund name
C Capital Fund IV L.P. (Cayman)
Investment scope
Growth stage private investments in
primarily APAC region; single company
threshold at 20% of the commitment.
Distribution style
European waterfall.
1st close LP incentive
25bps management fee reduction over
the entire investment period.
Priority notice period and allocation for
co-investment opportunities (note).
8+1+1years
3+1commitment period
US$150M
2%management fee
20%
3%
carried interests
Term Economics
Target fund size
GP Commitment
8%
Hurdle Rate
-- 33 of 53 --
34
FUND IV
34
About Noematrix
Noematrix –
Leading Embodied
Intelligence in China
Source: C Capital Data & Analysis
INVESTMENT TYPE
Series A+ (Jan 2026)
Leading robotic brain company pioneering
world’s first embodied intelligence
foundation model with force control.
CHINA
COMPANY INTRODUCTION
Founded in November 2023, and strategically incubated by Flexiv,
Noematrix’s unique positioning is that it integrates physical-world data,
action sequences, and force feedback information, overcoming the
limitations of current VLA (Vision-Language-Action) models, while
significantly reducing their data requirements, enabling general-purpose
manipulation across diverse robotic platforms.
The company currently employs 50+ people and CEO of Noematrix, Professor
Lu Cewu is a top Chinese scientist in embodied intelligence and Chief
Scientist for Embodied Intelligence at the MIIT National and Regional
Center for Humanoid Robotics of China.
Strong
AI+Robotics
Top team in China
1st dealIn C Capital Fund IV
LEAD
CO-INVESTORS MEDIA COVERAGE
-- 34 of 53 --
35
FUND IV
35
About AgiLink
AgiLink –
Emerging dexterous
Robotic Hands
Source: C Capital Data & Analysis
INVESTMENT TYPE
Series A (Jan 2026)
Spin-off from Agibot, a leading embodied
robotics company in China, AgiLink focuses on
high-precision dexterous hands that enable
advanced operational ability for humanoid and
general robotics in large-scale commercial
applications
CHINA
COMPANY INTRODUCTION
In January, 2026, AgiBot (智元机器人) officially spun off its dexterous hand business
to establish a subsidiary, AgiLink (临界点). The company aims to become a global
leader in robotic end-effectors
AgiLink's current team of 30 was formerly responsible for the R&D of dexterous
hands and joints within AgiBot's Hardware Platform R&D Department. The team is
expected to expand to over 50 members by Q1 2026, completing the full-chain
development of a team capable of technical R&D, production delivery, and large-
scale commercialization.
DEAL DYNAMICS
C Capital is an early investor of
Agibot and closely supports Agibot’s
global expansion effort, which gave
C Capital the privileged access to
this super competitive transaction
dynamics
EXPECTED DEVELOPMENT
In 2025, the team developed two models
of dexterous hands, with actual
shipments exceeding 3,500 units,
capturing 25% of the domestic market
In 2026, AgiLink’s dexterous hand
shipments are projected to exceed
25,000 units, securing the top market
share in the industry
Embodied
AI
Spin-off from Top Humanoid
Robotic Company in China
2nd dealIn C Capital Fund IV
CO-INVESTORS
-- 35 of 53 --
Appendix –
Case Studies
36
-- 36 of 53 --
37 37 37
FUND III
About Agibot
Agibot –
Leading developer
of AGI universal
humanoid robots
Source: Omdia
INVESTMENT TYPE
Series A2.
COMPANY INTRODUCTION
Founded in February 2023, Agibot develops AGI universal humanoid
robots, integrating AI large model software technology with robotic
hardware.
Their mission is to overcome the limitations of "one machine for one
scenario" and "one programming for one motion," creating universal robots
that can be employed across various industries for low-cost, efficient
machine replacement.
Agibot is a pioneering company poised to
revolutionize productivity in the AI 2.0 era.
Entry valuation Pre-money RMB3.5bn.
Latest B+ round: Post-money RMB13.3bn.
Preparing for an expected IPO with expected
market cap of US6-7bn.
CHINA
PRODUCT
DEVELOPMENT
Rapid product development, initiated the two generations of humanoid
robots within 2 years since the company founded.
Main products: the family of A2 model humanoid robots now open for
order.
Commercial products: commercial cleaning robots and building end-
to-end capabilities to generate revenue.
Partial
4xMOIC realized.
Exit
-- 37 of 53 --
38
Agibot | Achievements
Since Founding
Source: Company Data, C Capital Data & Analysis
Feb 2023 Aug 2023 Aug 2024 Q4 2024 2025
COMPANY FOUNDED
Team Size: 10
1ST GEN PROTOTYPE
COMMERCIAL USE
Team Size: 120
RMB100m
STARTED GENERATING
REVENUE
2nd Gen Robots
Top 10 Humanoid Robot Company by Shipments
2025
`
-- 38 of 53 --
39
Agibot | Achievements Since Founding
Source: Company Data, C Capital Data & Analysis
Dec 2023
A2/A2+
Apr 2024
A3/A4
Mar 2025
B/B+
Nov 2025
Pre-IPO
C CAPITAL ENTRY
US$0.4b US$0.9b
US$2b
US$3b
COMPANY VALUATION
7XGROWTH
Expected IPO
valuation
US$6b+
~2X
-- 39 of 53 --
40
FUND II
40
About Agile Robots
Agile Robots –
Leader in AI based
robotic
Source: C Capital Data & Analysis
INVESTMENT TYPE
Series A (Feb 2020).
DEAL DYNAMICS
C Capital is the Series A Round Lead Investors for Agile Robots, which
is now one of the most popular deals in the deep tech sector.
Chow Tai Fook is also one of the earliest adaptors of Agile Robots
products in China.
CO-INVESTORS
A world-leading robotic technology platform
company with deep hardware and software
knowhow.
>100% YoY revenue growth for FY2022.
GERMANY
VALUE CREATION
C Capital Investment Team
worked with Chow Tai Fook
manufacturing team to perform
multiple Proof of Concept
tests for Agile Robot’s products.
With the endorsement of Chow
Tai Fook, Agile Robots enhanced
its recognition in industry and
secured orders from such
renowned client as Foxconn.
IMPACT & RESULTS
Company is now a clear leader in AI-
robotics sector with deep partnership
with Foxconn Group.
Fully
Exited
5.6XRealized MOIC.
86%IRR.
LEAD
MEDIA COVERAGE
-- 40 of 53 --
41 Source: Company Data, C Capital Data & Analysis
Agile Robots | Product & Media Coverage
PRODUCT VALUE CREATION
C Capital Investment Team worked with Chow Tai Fook
manufacturing team to perform multiple Proof of Concept
tests for Agile Robot’s products in the early stage.
With the endorsement of Chow Tai Fook, Agile Robots
enhanced its recognition in industry and secured orders
from such renowned client as Foxconn.
Introducing existing LP, Xiaomi, to Agile, who became their
client, and co-investor in the company.
-- 41 of 53 --
42 42 42
FUND II & III
About Biren
Biren – Leader
in Semiconductor
Source: C Capital Data & Analysis
INVESTMENT TYPE
Series B (Apr 2021).
Leading semiconductor company and the
biggest general purpose GPU team in China.
Listed in HKEX in January 2026 and
simultaneously preparing for the A Share STAR
listing.
CHINA
DEAL DYNAMICS
Biren is considered to be a “China Pride” and a solution to alleviate
risk of a foreign ban on exports of high-end GPU chips to China.
C Capital co-led Series B round along with and Ping An Insurance
C CAPITAL’S VALUE-ADD
Leveraging extensive network and
the influence, C Capital brings in
unique value-add to Biren, including:
Capital market support for IPO.
HK government resources and
relations.
IMPACT & RESULTS
On January 2, 2026, Biren (stock code:
06082.HK) officially listed on the Hong
Kong Stock Exchange, becoming the "first
GPU stock in Hong Kong." Its public
offering was met with unprecedented
demand, recording an oversubscription
of 2,347.53 times. On its first day of
trading, the company's shares closed
75.82% higher than the offering price.
Hong Kong
IPO
January 2026.
4x
MOIC
Based on 1st closed share price. LEAD
MEDIA COVERAGE
CO-INVESTORS
-- 42 of 53 --
43
Biren | Further Potential post IPO
Source: Company Data, C Capital Data & Analysis
On Jan 2nd 2026, Biren IPOed in the HKEX, with a
first day closing valuation of US$10.5bn
-- 43 of 53 --
44
FUND III
44
About Leadrive
Leadrive –
Leader in EV
motor control
Source: C Capital Data & Analysis
INVESTMENT TYPE
Series D (Jan 2024)
Leading new energy vehicle motor control unit
manufacturer.
Initiated the HK IPO process in August 2025
and filed HKEX A1 in Jan 2026.
CHINA
COMPANY INTRODUCTION
Since its inception in May 2017, Leadrive has demonstrated impressive growth
and innovation in design, testing, and supply chain integration, achieving more
than 10 design wins from top-tier domestic and international OEMs and Tier 1
suppliers.
With 266 staff members, including a strong R&D team that accounts for 55%
of the workforce, Leadrive's founding team, hailing from prestigious
institutions like GE Global R&D Center, Delphi, UMC, etc.
DEAL DYNAMICS
Leveraging C Capital’s extensive
knowledge in the EV sector, with
successful investments and exits in
Xpeng, and NIO.
DEVELOPMENT & EXIT
Leadrive’s revenue grew by
10 times within 2 years since C Capital
investments; became one of the fastest-
growing EV motor control manufacturer in China.
In 2025, Leadrive is completing Series E round
of financing of RMB580m, led by SDIC Fund, with
pre-money valuation of RMB3.7bn and post-
money valuation of RMB4.28bn.
The clients are SAIC-GM, Chery, SERES,
CHANGAN, European commercial vehicle groups
(Deutz, Engiro) CO-INVESTORS
180
1,179
1,800
REVENUE
2023 2024 2025
+10x
Fastest
Growing
EV motor control firm in China.
3XExpected exit MOIC.
RMB in millions
MEDIA COVERAGE
-- 44 of 53 --
45
FUND III
45
About Casetify
Casetify –
DTC Unicorn
Source: C Capital Data & Analysis
Series A (Jun 2021).
HONG KONG
The largest phone case and electronic
accessories company globally.
Casetify‘s sales grew by a robust double-
digit each year between 2021 to 2024.
Profitable for 10+ years.
INVESTMENT TYPE
PRODUCT
10+Years
profitable.
3.5xRevenue growth in less than three
years since our investment. LEAD & SOLE INVESTOR
Company is a Hong Kong home-grown unicorn founded in
2011, which has consistently delivered record-breaking
revenue every year, while being profitable since inception.
COMPANY INTRODUCTION
Despite being fiercely chased by global and local investors,
Casetify has no financing needs with its healthy profits.
C Capital is the first and only external investor in the
company so far.
DEAL DYNAMICS
-- 45 of 53 --
46
Casetify | Exponential Growth Since
C Capital Investment
Source: Company Data, C Capital Data & Analysis
North America
China
Korea
Japan
Hong Kong
Taiwan
Rest of Asia
Others
Net Revenue Split by Region,
3Q2025
SINCE C CAPITAL INVESTMENT A GLOBAL BUSINESS
8xRETAIL STORES
Growth
3.5xREVENUE
2xEBITDA
2xIP COLLABORATION
22%
21%
14%
13%
7%
7%
10%
6%
C CAPITAL’S VALUE-ADD
C Capital becomes the only external investor
through our unmatched value-addition
capabilities.
C Capital assisted Casetify’s China entry.
K11 mall strategically collaborated with Casetify to
launch its first flagship store in China, securing the
best K11 store location in CBD Shanghai.
C Capital’s portfolio team recruited General
Manager for Casetify China.
C Capital also helped Casetify to open its Tmall
e-commerce flagship store.
127
205
299
385 402 440
USD MM
Revenue
2020 2021 2022 2023 2024 2025
-- 46 of 53 --
47
FUND III
47
About Nothing
Nothing –
Tech Disruptor
Source: C Capital Data & Analysis
INVESTMENT TYPE
Series B (Feb 2022)
DEAL DYNAMICS
Nothing is the hottest consumer
electronics brand co-founded by Carl
Pei, who built OnePlus’s global success
from 0 to 1.
The UK-based brand also has a star
design team led by Jasper Kouthoodf,
co-founder of Acne Studios and founder
of Teenage Engineering, and Adam Bates,
ex-Dyson Design Director.
C Capital and EQT Ventures co-led the
c.US$70m Series B round.
The fastest-growing consumer electronics
brand with a star founding team from
OnePlus.
2025 revenue growth since C Capital
investment by 36x.
UK
VALUE CREATION
K11 Musea strategically collaborated
with Nothing to help them launch
first pop-up store in Hong Kong –
the event offered customers offline,
tangible experience and attracted
tremendous media attention.
IMPACTS & RESULTS
Nothing successfully launched over 20 products so far, with
“Phone 3(a)” in March 2025 and “Phone 3” expected in July 2025.
Sold more than eight million units of products, including phones
and earphones cumulatively.
Nothing is awarded by TIME magazine as the “Top 200 Best
Inventions of 2022”.
Its first offline brand store was opened in London in Dec 2022.
LEAD
50xRevenue growth since
investment in 2025.
.
2.7xCurrent MOIC.
CO-INVESTORS
-- 47 of 53 --
48
Nothing | Business Overview
Net Revenue, US$m
199 224
555
864
2025A 2021A 2022A 2023A 2024A
24
+36x
C CAPITAL ENTRY
Source: Company Data, C Capital Data & Analysis
EFFICIENT GROWTH MODEL
57%
18%
8%
10%
2%
5%
EUROPE
MIDDLE EAST
SOUTHEAST ASIA
NORTH AMERICA
OTHERS 1
NET REVENUE SPLIT BY REGION, 2025
INDIA
83%SMARTPHONE
17%
AUDIO
NET REVENUE SPLIT BY PRODUCT, 2024E
-- 48 of 53 --
Appendix –
Track Record Detail
49
-- 49 of 53 --
50
C Capital Fund III Deal Summary
Note: Data as of 30 Sep 2025, based on the latest unaudited valuation from 3rd party valuer and Fund auditor, including post
quarter-end financing rounds and Biren IPO
COMPANY SECTOR STATUS
INITIAL
INVESTMENT
DATE
ENTRY
ROUND
ENTRY
VALUATION
(POST-
US$M)
INVESTMEN
T COST
(US$M)
REMAINING
VALUE
(US$M)
REALISED
VALUE
(US$M)
TOTAL VALUE
(US$M)
GROSS MOIC
(X)
GROSS
IRR
Casetify Consumer Current Jun 2021 A 755 20.0 31.8 0.2 32.1 1.59x 11.4%
Nothing Consumer Current Feb 2022 B 353 10.8 29.4 0 29.4 2.72x 36.8%
Summer Farm Others Current Oct 2021 C 160 12.8 28.7 0 28.7 2.24x 25.5%
Biren Technology Current Apr 2021 B 1,657 12.3 50.6 0 50.6 4.11x 37.7%
Agibot Technology Current Jan 2024 Pre-A 621 4.2 10.2 5.1 15.3 3.62x 108.6%
Shein Consumer Current Mar 2023 Secondary 45,625 8.0 12.1 0 12.1 1.51x 22.5%
Matrixport Block Chain Current Jun 2021 C 1,104 6.5 8.7 0 8.7 1.34x 7.0%
Leadrive Technology Current Jan 2024 D 358 6.1 7.9 0 7.7 1.29x 19.9%
Lalamove Technology Current Feb 2021 F 10,300 5.3 7.6 0 7.6 1.46x 8.5%
Animoca Block Chain Current Jan 2021 A 5,389 6.0 5.2 0 5.2 0.86x -3.2%
Outer Consumer Current Jun 2021 B 450 7.0 4.7 0 4.7 0.68x -10.0%
Robotics Plus Technology Current Nov 2024 B 73 2.2 4.1 0 4.1 1.86x 96.9%
Hjmicro Technology Current Jun 2022 Pre-A 280 2.8 5.1 0 5.1 1.82x 19.7%
Stanly* Others Current Dec 2023 Seed 40 2.0 2.0 0 2.0 1.00x 0.0%
Consensys Block Chain Current Mar 2022 D 7,150 0.6 0.6 0 0.6 1.00x 0.0%
TOTAL 106.6 207.2 5.3 213.5 2.00x 21.1%
IPOed
IPO
IPO
IPO
IPO
*Stanly has a valuation cap at US$40m on a SAFE Note
IPO Pipeline in coming 6-18 months
Valuation uplift in 1H2025
IPO
IPO
IPO
-- 50 of 53 --
51
C Capital Fund II Deal Summary
Note: Data as of 30 Sep 2025 unaudited; US$6m of Chaodian’s realised value re-invested into Fiture
IPO
COMPANY SECTOR STATUS INVESTMENT
DATE
LEAD/CO
-LEAD
ENTRY
ROUND
ENTRY VAL
(POST)
(US$M)
OWNER-
SHIP %
INVESTMENT
COST
(US$M)
REMAINING
VALUE (US$M)
REALISED
VALUE
(US$M)
TOTAL
VALUE
(US$M)
GROSS
MOIC GROSS IRR
Golong Consumer Current Dec 2019 Yes B 168 4.1% 7.3 11.0 0 11.0 1.51x 7.7%
Biren Technology Current Apr 2021 Yes B 1,657 0.5% 8.0 33.7 0 33.7 4.21x 41.2%
Fiture Consumer Current Sep 2020 Yes A 380 1.8% 7.0 7.0 0 7.0 1.00x -0.1%
Lalamove Consumer Supply
Chain Current Feb 2021 No F 10,300 <0.1% 4.0 6.1 0 6.1 1.52x 10.1%
GritWorld Technology Part. exit Oct 2019 Yes A 66 2.1% 2.7 6.0 1.6 7.6 2.88x 29.3%
Tezign Technology Current Mar 2021 No C 355 0.4% 1.5 2.8 0 2.8 1.86x 15.4%
RoboticPlus.AI Technology Current Apr 2021 No B 90 1.5% 1.4 1.7 0 1.7 1.27x 5.9%
Qcode Technology Current Oct 2020 Yes A 36 4.1% 1.5 1.5 0 1.5 1.00x -
Shimao Others Current Jun 2020 No A 2,432 0.2% 5.0 0.5 0 0.5 0.08x -39.6%
Agile Robots Technology Realised Feb 2020 Yes A 169 - 2.0 0 11.1 11.1 5.64x 72.3%
Chaodian Others Realised Jan 2020 Yes C 400 - 6.0 0 6.6 6.6 1.10x 18.2%
Helen's Consumer Realised Feb 2021 No A 1,400 - 3.0 0 3.7 3.7 1.24x 12.6%
SenseTime Technology Realised Jan 2021 No C 10,800 - 2.0 0 2.6 2.6 1.28x 18.4%
RTFKT Technology Realised Apr 2021 Yes A 33 - 0.3 0 1.6 1.6 4.89x 1115.2%
Knowbox Technology Written-Off Mar 2019 No D 501 - 2.0 0 0 0 0x n.m.
Wholly Moly Consumer Written-off Jul 2020 Yes A 30 - 2.0 0 0 0 0x n.m.
Miss Berry Consumer Written-off Apr 2021 No A 62 - 1.0 0 0 0 0x n.m.
TOTAL 50.6 70.4 21.1 91.5 1.81x 14.8%
Source: C Capital Data & Analysis
IPO Pipeline in coming 6-18 months
Valuation uplift in 1H2025
IPOed
-- 51 of 53 --
52
C Capital Pre-Fund Deal Summary
Note: Data as of 30 Sep 2025 unaudited; US$6m of Chaodian’s realised value re-invested into Fiture Source: C Capital Data & Analysis
COMPANY SECTOR STATUS INVESTMENT
DATE
LEAD/C
O-LEAD
ENTRY
ROUND
ENTRY VAL
(POST)
(US$M)
OWNER-
SHIP %
INVESTMENT
COST
(US$M)
REMAINING
VALUE
(US$M)
REALISED
VALUE
(US$M)
TOTAL
VALUE
(US$M)
GROSS
MOIC GROSS IRR
Aibee Technology Current Oct 2018 Yes A 358 0.5% 2.0 2.0 0.0 2.0 1.00x 0%
XiaoPeng Consumer/EV Realised Aug 2018 No B 2,500 - 18.1 - 100.6 100.6 5.56x 93%
JD Express Consumer
Supply Chain Realised Mar 2018 No A 10,900 - 15.0 - 32.9 32.9 2.19x 25%
Alphamab Others Realised May 2019 No B 715 - 5.0 - 9.8 9.8 1.95x 70%
Little Red
Book (aka.
RedNote)
Consumer
Realised May 2018 No Secondary 2,700 - 6.3 - 8.6 8.6 1.37x 16%
D1M Technology Realised Aug 2018 Yes A 32 - 10.0 - 7.7 7.7 0.77x -13%
Mangbang Consumer
Supply Chain Realised Dec 2018 No A 4,300 - 4.0 - 4.8 4.8 1.20x 10%
Day Day Cook Consumer Realised Jun 2018 Yes B 190 - 2.1 - 0.1 0.1 0.1x 0%
YOHO! Consumer Written-
off Oct 2018 Yes E 225 - 4.5 - 0.0 0.0 0x 0%
TOTAL 67.0 2.0 164.4 166.4 2.48X 38.5%
-- 52 of 53 --
53
-- 53 of 53 --