On November 15, 2025, the Zhonghai International Center in Chengdu gathered distinguished guests. Leaders from TRIKRONS, Sichuan Liantou and other institutions jointly signed the cooperation agreement for Hechen Liantou, marking the official implementation of the strategic cooperation between TRIKRONS, a 10-billion-level industrial investment platform, and Sichuan Liantou, a leading innovative real estate enterprise in Sichuan.

This cooperation is not merely a simple capital alliance, but a paradigm innovation for the deep integration of industrial operation + capital operation. By building a unique asset portfolio of Mining + Real Estate, the two parties aim to establish a professional asset management platform capable of smoothing industrial cyclical fluctuations and realizing efficient capital circulation.

Strategic Signing: Strong Alliance to Build an Industrial Ecosystem

The signing ceremony brought together key forces from industry and investment circles. Zhang Qiaolong, Chairman of Sichuan Liantou Real Estate Development Co., Ltd., and He Yu, President of TRIKRONS and Partner of Hechen Capital, signed on behalf of both parties. Enterprise leaders from Xinshuangli, Meisherui, Hongtong Group, Luzhou Tianrui, Sichuan Gree, Renhe Spring, Chengdu Zhongjin and other well-known enterprises attended and witnessed the signing.

In his keynote speech, Zhang Qiaolong pointed out that the establishment of Hechen Liantou is an inevitable choice to adapt to market development and integrate high-quality resources. The cyclical fluctuation risks faced by a single industry have prompted outstanding enterprises to seek cross-border cooperation to build a more robust business structure. The formation of Hechen Liantou is not only a capital alliance, but also a key step in building a collaborative and win-win industrial ecosystem, aiming to take asset management as the core engine to promote value maximization.

Qiao Xiangchen, Chairman of TRIKRONS and Partner of Hechen Capital, elaborated on the strategic positioning and development path of the TRIKRONS platform. As an industrial investment platform with assets under management exceeding 10 billion yuan, TRIKRONS promotes synergy across a multi-industry ecosystem including resources and building materials, healthcare, catering and consumption, and technology investment through capital ties. The newly established Hechen Liantout, with its unique "Real Estate + Mining" investment portfolio, will forge ahead within TRIKRONS’s industrial ecosystem.

Asset Management Logic: Cyclical Hedging Value of Mining and Real Estate

The core innovation of Hechen Liantou lies in its Mining + Real Estate dual-wheel driven asset allocation strategy. This model builds unique asset management advantages through industrial cycle complementarity, cash flow balancing, and global layout.

Risk Diversification: Smoothing Industrial Cyclical Fluctuations

Although both real estate and mining are capital-intensive industries, their dominant cyclical factors are not synchronized. The real estate cycle is mainly affected by domestic macro policies and local market demand, with relatively frequent fluctuations; the mining cycle is closely linked to global commodity prices, geopolitics and emerging industry demand, with large volatility but a longer cycle.

Cash Flow Balancing: Combination of Long and Short Cycles

This model achieves optimized allocation of cash flow return cycles financially. Mining projects usually require large upfront capital expenditure and have a long development cycle, but can provide long-term stable cash flow once entering stable production. Real estate projects have a relatively short development cycle and can achieve rapid capital recovery.

Through the Hechen Liantou platform, short-term cash flows generated by real estate projects are used to support upfront investment in mining projects; stable returns from mature mining projects can in turn support the real estate sector during volatile periods, forming a benign internal capital circulation.

Global Layout: Balancing Regional Risks

The "Mining + Real Estate" combination naturally drives enterprises to adopt a global business layout. Global mining resource layout helps acquire scarce assets and diversify regional risks; real estate business is deeply rooted in the local market, building competitive advantages based on a profound understanding of local demand.

This pattern of overseas resources + local market helps enterprises balance risk exposure of domestic and overseas projects, enhancing the platform’s resource integration capability and international reputation.

Substantial Progress: First Project Launches a New Chapter

According to the plan, Hechen Liantou has an initial investment target of 300 million yuan, focusing on real estate and mineral projects.

Notably, Hechen Liantou is not merely a strategic concept, but has achieved substantial investment breakthroughs. At the beginning of its establishment, the platform successfully completed investment in its first high-end real estate project in Chengdu, demonstrating the efficiency and pragmatism of all parties’ cooperation.

With the landing of the first project, Hechen Liantou has entered a fast track of development. The successful practice of this innovative model will provide a brand-new paradigm for cross-border cooperation and asset management in the industry.

In the future, the platform will fully leverage Hechen Capital’s professional advantages in mineral resources and Sichuan Liantou’s experience in real estate development to seek high-quality asset targets globally. Through professional capital operation and industrial empowerment, it will build a cross-cycle, continuously appreciating asset portfolio and create stable returns for investors and shareholders.