BHR Partners

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Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd
Native name
IndustryInvestment Management
FoundersHunter Biden
Christopher Heinz
Devon Archer
Jonathan Li[1]
HeadquartersBeijing, China
Key people
Jonathan Li (CEO)
AUM¥12 billion RMB (April 2017)[2]
OwnersBohai Industrial Investment Fund
Harvest Fund Management
Rosemont Seneca Partners
Thornton Group LLC

BHR Partners (Bohai Harvest RST (Shanghai) Equity Investment Fund Management Co., Ltd.) is a private investment fund founded in 2013 by Bohai Industrial Investment Fund Management Co., Ltd., which is controlled by Bank of China Limited along with a partnership with Hunter Biden, and whose focus is on mergers and acquisitions, and investment in, and reforms, of state-owned enterprise.[3]

Business Overview[edit]

BHR was established specifically for the purpose of capital injection into Sinopec Marketing Co., in accordance with the laws of the PRC. Its registered address is China (Shanghai) Pilot Free Trade Zone and principal place of business at Unit 3101, 31/F, Tower 2, China Central Place, 79 Jianguo Road, Chaoyang District, Beijing."[3]

BHR was one of twenty-five investors to take part in the capital injection of Sinopec Marketing Co. and their investment of approximately (US)$1,700,000,000 dollars was the 7th largest of the group, giving them a 1.68% shareholding interest out of an available 29.99%. As part of the approved agreement, Sinopec retained 70.01%.[3]

BHR was founded in 2013, by two Chinese-registered asset managers, Bohai Industrial Investment Fund and Harvest Fund Management, and two U.S. organisations, Thornton Group LLC and Rosemont Seneca Partners.[4][5][6] The Chinese registered asset managers are BOC International Holdings-backed Bohai Industrial Investment Fund Management and Deutsche Bank-backed Harvest Fund Management.[6] The U.S. partners as a pair and the two Chinese partners each own a 30% stake in the joint management firm.[6]

According to the Wall Street Journal, "Bohai is China's oldest private equity firm, having launched the country's first yuan-denominated fund in 2006. Harvest Fund Management is one of China's largest asset managers, with previous private equity ventures, including with a jointly held fund investing in both domestic and overseas real estate".[6] Thornton Group is a Boston-based cross-border investment advisory firm founded by Michael Lin and James Bulger, son of former Massachusetts state Senate President William Bulger.[5] Rosemont Seneca is a Washington, D.C.-based investment and advisory firm, founded by Devon Archer, Christopher Heinz, and Hunter Biden, who is the son of U.S. President Joe Biden.[5][7] According to The New Yorker, in June 2013, "[Jonathan] Li, Archer, and other business partners signed a memorandum of understanding to create the fund, which they named BHR Partners, and, in November, they signed contracts related to the deal. Hunter became an unpaid member of BHR’s board but did not take an equity stake in BHR Partners until after his father left the White House".[7]


The firm set out in 2014 to raise $1.5 billion for investments, some in dollars and some in yuan. The yuan investments were to be converted to U.S. dollars through Shanghai Free-Trade Zone, facilitating offshore investment for Chinese investors. The website said the company has "the support of Bank of China, China Development Bank Capital, and other major Chinese financial institutions.[4] Bohai Harvest has also partnered with a subsidiary of China's conglomerate HNA Group.[5]


  • 2014 - Approximately RMB4 billion in the Chinese pilot State-Owned Enterprises reform deal "involving the segregation and capitalization of Sinopec Group’s non-oil business into Sinopec Marketing Corporation";
  • 2015 - Henniges Automotive[8] with strategic partner, AVIC Auto;[9][10][11] total transaction valued at around US$600 million; Reuters reported that the "deal was subject to review by the Committee on Foreign Investment in the United States (CFIUS), and last month Senate Finance Committee Chairman Chuck Grassley raised concern about the CFIUS process, citing potential conflicts of interest."[11][12]
  • Investments in 3Bio Inc., and Didi Taxi.[13][11]
  • In November, 2016, BHR agreed to purchase Lundin Mining Corp's minority stake in African copper mine Tenke Fungurume Mining S.A. for $1.14 billion in cash. Lundin held a 30% interest in TF Holdings, a holding company, and an effective 24% stake in the mining operation. Freeport-McMoRan Inc. currently owns the remaining 70% stake in TF Holdings (an effective 56% of the mine), but is in the process of selling its stake to China Molybdenum Co. for a reported $2.65 billion. The Democratic Republic of the Congo, where the Tenke mine is located, owns the remaining 20% of the mine.[14] According to Oxfam, "the Government of DRC knew nothing about [transaction] until after it happened."[15]
  • In 2017, BHR invested in a Chinese technology company Megvii.[16][5]


In November 2021, the New York Times reported that BHR Partners helped finance a coal-mining company in Australia that was controlled by a Chinese state-owned enterprise, as well as assisted a subsidiary of a Chinese defense company in acquiring an auto parts manufacturer in Michigan. It also reported in detail how BHR, whose founding board members included Hunter Biden, son of U.S. President Joe Biden, facilitated the purchase of Tenke Fungurume Mine, one of the world's richest cobalt mines in a US$3.8 billion deal in the Democratic Republic of the Congo by China Molybdenum, a Chinese state-owned mining company. The competition between China and the US in securing cobalt, a raw material used in electric vehicles, has become a point of clash in recent years.[17] The deal has drawn criticism from a variety of sources for the possible involvement of Hunter Biden, including his continued 10% ownership stake in the firm, although a former BHR board member told the Times that Biden and the other American BHR founders were not involved in the mine deal.[18][19]


  1. ^ "Explainer: Trump's claims and Hunter Biden's dealings in China". Reuters. 3 October 2019.
  2. ^ "Hunter Biden's China firm is small fish in China's private equity pond". South China Morning Post. 14 October 2019.
  3. ^ a b c "China Petroleum & Chemical Corporation Foreign Issuer Report 6-K". U.S. Securities and Exchange Commission. Retrieved 18 October 2020.
  4. ^ a b "About Us", company webpage. Retrieved 2019-11-4.
  5. ^ a b c d e "Chinese Fund Backed by Hunter Biden Invested in Technology Used to Surveil Muslims". The Intercept. May 3, 2019.
  6. ^ a b c d Deng, Chao, "Bohai, Harvest and U.S. Investment Firms Expand Target for Outbound Fund", Wall Street Journal, July 10, 2014. Retrieved 2016-11-16.
  7. ^ a b Entous, Adam (July 1, 2019). "Will Hunter Biden Jeopardize His Father's Campaign?". The New Yorker.
  8. ^ "Henniges Automotive is back". The Gazette. April 25, 2010. Retrieved 4 September 2017.
  9. ^ "Henniges Automotive acquired by China's AVIC Automotive". Automotive News. September 11, 2015.
  10. ^ "Senator wants inquiry into whether 'conflict of interest' led to US approval of deal involving Chinese state company and Joe Biden's son". Yahoo News. August 16, 2019.
  11. ^ a b c "Explainer: Trump's claims and Hunter Biden's dealings in China". Reuters. October 4, 2020.
  12. ^ "Grassley Raises Concerns Over Obama Admin Approval of U.S. Tech Company Joint Sale to Chinese Government and Investment Firm Linked to Biden, Kerry Families". Senate Committee on Finance. August 15, 2019.
  13. ^ "Funds", company webpage. Retrieved 2016-11-16.
  14. ^ McKinnon, Judy, "Lundin Mining to Sell Stake in African Mine for $1.14 Billion" (possibly subscription only), Wall Street Journal, November 15, 2016. Retrieved 2016-11-15.
  15. ^ "DRC's largest mine was just sold. And DRC got nothing". Oxfam America. August 3, 2016.
  16. ^ "Chinese facial recognition firm Megvii raises $750m". Financial Times. May 8, 2019.
  17. ^ Forsythe, Michael; Lipton, Eric; Searcey, Dionne (20 November 2021). "How Hunter Biden's Firm Helped Secure Cobalt for the Chinese". The New York Times.
  18. ^ Lipton, Eric; Searcey, Dionne; Forsythe, Michael (20 November 2021). "Race to the Future: What to Know About the Frantic Quest for Cobalt". The New York Times.
  19. ^ Millward, David (21 November 2021). "Hunter Biden linked investment firm 'helped' Chinese buy cobalt mine". The Telegraph.

External links[edit]