37884 - Genesis China I

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Summary of Investment Information

Project Number

37884

Company Name

GENESIS CAPITAL I LP

Date SPI Disclosed

Dec 11, 2015

Country

China

Region

East Asia and the Pacific

Projected Board Date

Jan 20, 2016

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jan 20, 2016
Signed : Jan 29, 2016
Invested : Mar 3, 2016

Sector

Venture Capital Fund

Project Description

Genesis Capital I LP (“Genesis” or “the Fund”) is a private equity fund which focuses on TMT investments in China. The Fund aims to provide capital to growth stage internet technology companies. IFC would be investing in the Fund with established institutional investors.

Associated Advisory Engagement

n/a

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

Development Impact

1. The Fund will help support the transition of the Chinese economy from a manufacturing to an increasingly innovation and technology driven one by supporting growth stage and certain early stage internet companies that deliver consumption upgrade and improve efficiency dramatically. The Fund will support the convergence of internet with traditional industries such as retail, fintech, logistics/transportation, healthcare and education. 2. Specifically, Genesis Fund's consumer and SME focused investee companies help provide quality products and efficient services and technology at economical prices to customers, and will improve supply chains and logistical infrastructure. 3. A significant number of Genesis' investments are SME or consumer focused technology companies that are establishing vertically focused online marketplaces or online retail operations that enable SMEs in certain sectors to leapfrog physical infrastructure constraints, payment challenges and provide better access for consumers and SMEs outside of Tier 1 cities. 4. Financial Success: Evidenced by the Fund's investment return (net IRR) and the Manager's ability to raise successor fund.

Provide unique IFC resources and experience: (i) IFC's global investment exposure would be beneficial for Genesis, as its investee Internet companies can penetrate geographies and also help regions close to China achieve consumption upgrade and efficiency; (ii) IFC's reputation and role as a trusted long term partner for the fund; and (iii) additional financing source - IFC's presence as a potential co-investment partner can provide additional capital to investee companies.

E&S Category Rationale / Risks and Mitigation

The proposed Project entails an IFC's equity investment in Genesis China, a private equity fund focusing on investments in non-manufacturing early-stage and emerging growth internet or e-commerce companies in China. The Project has been categorized as FI-3 in accordance with IFC Sustainability Policy. The existing portfolio and proposed pipelines to be supported by the Fund entail no or low E&S risks and negative impacts. The Project will be required to comply with IFC Exclusion List and host country E&S laws and regulations, which will be managed through a simple environmental and social procedure to be implemented by Genesis China.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Beijing Fourth Paradigm Technology Limited	China	R-AC - Other Services (Including IT Enabled Services)
Beijing Yijiupi E-commerce Limited	China	F-BB - Breweries
Iron Armour Inc	China	M-DB - Industrial Machinery
Spruce	China	Q-AA - Wholesale (Including Grocery and Farm Products)
ZKH Group Limited	China	M-DB - Industrial Machinery
Beisen	China	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
Data Visor	United States	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
eJiuPi	China	F-BB- Breweries
Meicai	China	Q-AA- Trading of Agri Commodities
Soul	China	R-AC- Other Services (Including IT Enabled Services)
Tiejia	China	R-AC- Other Services (Including IT Enabled Services)
Zhenkunhang	China	Q-AA- Trading of Agri Commodities

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N/A

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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