Tian Tu Investment's stock price roller coaster: turning losses into profits by 2025, with promising prospects in cutting-edge fields ahead

As one of the first venture capital firms in mainland China to achieve dual listings on both the NEEQ (New Third Board) and H-share markets, Tiantu Investment (01973.HK, 833979) has recently drawn heightened market attention due to sharp fluctuations in its stock price. On April 2, its H-share closing price surged 19.05% to HK$2.50, while in the days prior the stock had already repeatedly played out a “roller-coaster” pattern: it plunged 37.74% on March 27, rebounded 61.25% on March 30, and then suffered another sharp drop of 25% on April 1. According to analysis, these extreme swings are mainly driven by its relatively low liquidity—its average daily trading volume is only several thousand to several hundred thousand shares. With relatively small amounts of capital, the stock price can be pushed into large-scale oscillations. Combined with the volatility characteristics commonly seen in Hong Kong small-cap stocks, this ultimately forms a distinctive “surge-and-crash” trading pattern.

Based on the latest disclosed 2025 annual report, Tiantu Investment turned profitable for the full year after a major loss in the same period of 2024, with net profit of RMB 196 million. This turnaround was mainly attributable to a significant improvement in investment returns: in 2025, the net amount of investment gains increased from -RMB 705 million in 2024 to +RMB 232 million. However, the company’s revenue fell from RMB 424 million in 2024 to RMB 178 million. The main reason was that some funds, after entering an extension period, saw reduced management fee income. By the end of 2025, its total assets under management reached RMB 20.4 billion, consisting of RMB 16.0 billion in fund assets and RMB 4.4 billion in direct investments. It managed 22 investment vehicles in total (including 18 RMB-denominated funds and 4 USD-denominated funds). Of these, 14 funds focus on early-stage investment, while the remaining 8 target growth-stage and later-stage projects.

In addition to capital injections, Tiantu Investment also provides resource support to portfolio companies through post-investment management, helping them overcome early funding bottlenecks and strengthen competitiveness. As some funds entered the exit period, in 2025 the company realized exits from 31 projects, generating approximately RMB 2.1 billion in returns for investors. In terms of asset allocation strategy, the company achieves a diversified layout through methods such as corporate venture capital (CVC), consumption infrastructure investments, and dividend-oriented investments, building a return structure with both defensive characteristics and growth potential across sectors including biotech, robotics technology, data centers, and the low-altitude economy.

Looking ahead to 2026, Tiantu Investment plans to further deepen its investments in the technology sector, shifting its related positioning from tentative cross-industry exploration to well-defined themes, and to improve its post-investment empowerment system. Specifically, the company will focus on emerging opportunities such as data centers, Web3 infrastructure, and investments in crypto assets, and explore the possibility of incorporating them into its asset allocation portfolio. Meanwhile, on top of optimizing its equity investment layout, the company also plans to systematically expand the boundaries of its asset allocation, with an emphasis on non-IPO-dependent strategies oriented toward sustainable cash returns, in order to respond to market changes and improve the stability of investment returns.