During the same period, Baring Asia, helmed by Chuang Chia-cheng, was also unstoppable. When it was founded in 1998, its fund management scale was US$25 million, which had grown to US$1 billion by 2006, making it one of the top 15 private equity fund managers in Asia.
After receiving a $3.5 million investment from Baring Private Equity Asia, Zhonglian Systems successfully turned its fortunes around in less than two years. Ultimately, Baring Private Equity Asia sold its shares in Zhonglian for $35 million, making a tenfold profit.
It can be said that thanks to the tacit cooperation between Zhuang Jiacheng and Xu Xin, Baring Asia has gained a firm foothold in the market.
In September 2005, Xu Xin left Baring Private Equity Asia and founded the well-known independent VC firm "Today Capital," focusing on the consumer, retail, and internet industries. The following year, Liu Qiangdong brought in Xu Xin to invest, and later, JD.com went public in the United States, resulting in a return of over 150 times for Xu Xin's investment.
Later, Xu Xin seized the opportunity presented by the times, investing heavily in Meituan and purchasing vegetables. She made a 40-fold return on her investment in Liangpin Store, a 50-fold return on her investment in Vipshop, and a 50-fold return on her investment in Three Squirrels. With her unique vision and keen judgment, she transformed some small companies into industry giants, rightfully earning the title of "Queen of Venture Capital."
The growth of many domestic internet giants is closely related to Xu Xin; she is the behind-the-scenes driving force, and can be described as a super-chosen working person.
As for Zhuang Jiacheng, he actually chose Xu Xin because of her working-class background and his wife's resources. His wife is the granddaughter of "Steel King" Pang Dingyuan. Of course, Zhuang Jiacheng is also from a small wealthy family, so the marriage was arranged.
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