Legend Capital Eyes Listing On China’s NEEQ

Legend Capital, the venture capital arm of Legend Holdings, has applied to list on China’s National Equities Exchange and Quotation (NEEQ), or the New Third Board, according to a regulatory filing.

The move follows that of numerous Chinese venture and private equity firms that have applied to list on the NEEQ, including Tiantu Capital, CITIC Capital, ChinaEquity Group, Innovation Works, Cowin Venture Capital, and CSC Group.

Beijing-based Legend Capital was formed in 2001 with a US$35 million commitment from parent Legend Holdings.

It now manages six U.S. dollar funds and three RMB-denominated funds, with cumulative funds raised totaling RMB11 billion (US$1.7 billion). The firm is in the process of raising another three funds.

By September 2015, Legend Capital has invested in 78 projects, of which 11 are already listed, according to its disclosure documents.

Legend Holdings holds 20% of Legend Capital. The remaining 80% is held by an entity jointly owned by current and former senior executives at Legend Holdings, including Legend Holdings’ president Zhu Linan.

Legend Capital recorded revenues of RMB133 million and RMB116 million for the first seven months of 2015 and in 2014, respectively.

Net profit attributable to shareholders during the same period were RMB19 million and -RMB4 million, respectively.

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