＜IPO＞Private Equity Fund Manager 'Broad General' Applies for HK IPO; 80 Funds Under Mgmt in 2023

　　Broad General, a private investment fund manager specialising in serving high net worth individuals and dedicated to empowering China's high-tech enterprises, has filed an application for listing on the Main Board of SEHK, with Everbright Securities and Deutsche Bank acting as joint sponsors.

　　Broad General's total assets under management reached about RMB10.2 billion as of 31 December 2023, a significant increase from RMB100 million in 2016, when its first private equity fund under management completed its filing, preliminary prospectus information showed.

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　　As of the end of last year, the firm managed 80 funds, raising capital mainly from external investors, and achieved an overall internal rate of return of approximately 14.7% on its funds, in addition to accumulating investments in a total of 94 portfolio companies. Three companies under its funds have grown into unicorn companies valued at more than US$1 billion.

　　Last year, Broad General recorded revenue of approximately RMB155 million, a YoY drop of about 27%, and profit for the year crashed nearly 59% to RMB44.117 million. The company expected to use the proceeds from the listing mainly to develop its fund management business, expand its high net worth client base and develop a software to enhance client management.

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