禹闳：在中国做影响力投资

What makes China’s impact investing market unique? How to innovate in this field? Ehong Impact Capital (hereinafter “Ehong”), founded by Tang Ronghan, is a Chinese pioneer in impact investing and is therefore well-qualified to answer these questions. Chinese impact investors seek to generate both social impact and financial returns, and Ehong was no exception. The firm established three focus areas aligned with the United Nations’ 17 Sustainable Development Goals and developed six principles for selecting ventures to invest in. It not only assisted its portfolio companies in creating economic and social value, but also developed a system for measuring and managing impact. Despite these efforts, Ehong still faced challenges in responsible exits. As a case in point, it faced the challenge of responsibly exiting its investment in Xintong in August 2022. There were two potential investors at the time: Investor A could generate a higher return on investment but might cause Xintong to deviate from its mission, whereas Investor B was less likely to lead Xintong away from its original mission but would provide a lower return. Who was the better choice? Tang was at a loss.