CICC was established in 1995. As the president, Lin Zhonggeng found Wu Shangzhi and hoped that he would work in CICC, but Wu Shangzhi chose the direct investment department to make preparations. Under the leadership of Wu Shangzhi, Hong Rongxing, Jiao Zhen and others, the direct investment department of CICC quickly invested in China Mobile, Sina.com, Hawke Ceramics, Fu Nan Battery and other projects, with a total investment of 200 million US dollars and an average annual yield of over 30%.

After this investment case became famous in the industry, CDH increased the scale and speed of financing to expand. In 2005, the second phase raised $300 million of CDH China Growth Fund. In 2007, the third phase of CDH China Growth Fund was raised and established with 654.38+600 million US dollars. In 2008, China CDH will raise RMB 5 billion, which is expected to attract the National Social Security Fund Council, the most professional institutional investor in China.

After the CDH fund expands its investment, the biggest headache is the obstacle of withdrawal, especially how companies, including customers and markets, withdraw from the domestic capital market. On April 29th, 2005, the share-trading reform initiated by China Securities Regulatory Commission solved this obstacle well. Wu Shangzhi lamented that it is very good and helpful for PE-invested enterprises to withdraw from the capital market.

CDH participated in the landmark battle of state-owned enterprise reform in Shuanghui and Huayuan Group. In 2006, CDH teamed up with Goldman Sachs to acquire 0/00% state-owned legal person shares of Shuanghui Group and 25% shares of Shuanghui Development held by Yuhai Investment, the second largest shareholder of Shuanghui Development, and jointly reorganized Huayuan Group with China Resources Group.

Wu Shangzhi was named the second best venture capitalist in China in 2009 by Forbes.