Hangzhou Industrial Investment Group is a city-owned industrial platform rather than a typical VC fund, combining 136 controlled companies, over RMB 669 billion in fund scale, and physical industrial park operations with a commodities and supply-chain trading business through Heat Group, which uses derivatives to help manufacturers lock in margins and stabilize their operations. It builds and organizes entire industrial ecosystems—from low-altitude aviation infrastructure to legacy Hangzhou brands like Zhang Xiaoquan alongside future-tech sectors like semiconductors and magnetic levitation—positioning itself as an industrial organizer that links resources, sets rules, and provides centralized services such as research, capital, and overseas expansion support to the companies and industries it backs.