Growth-equity investor Β· Hong Kong / China
Capital Today
About
Capital Today is a China-focused growth-equity investment firm known for early bets on category-leading Chinese consumer and tech companies.
APAC secondaries activity
Capital Today won the bid for Bank of China's private-equity division's ByteDance shares in a block trade priced roughly 45% above ByteDance's own buyback price β a clear premium signal from a specialist buyer.
What a transaction here looks like
A growth-equity investor with a long China track record participates in secondaries mostly as a holder of positions that need a liquidity route, and occasionally as a buyer of stakes in companies it already knows. Familiarity with an asset is the main advantage a buyer can have in a market where information about private Chinese companies is limited and hard to verify independently.
Who sits on the other side
Counterparties include earlier investors seeking an exit and companies managing their own shareholder registers. For an outside reader, the presence of an existing investor on the buy side of a secondary is informative: it is the counterparty best placed to know what the asset is worth.