23 January 2026 — Trustar Capital, the private equity investment arm under CITIC Capital Holdings Limited, and New DaZheng Property Group Co., Ltd. (Stock Code: 002968.SZ, “New DaZheng”), a leading property management company in China, today jointly announced that an agreement has been reached on New DaZheng’s acquisition of a significant equity stake in TrustLink Facility Management (Shanghai) Co., Ltd (“TrustLink”), a portfolio company of Trustar Capital. This transaction marks an important milestone in asset restructuring between a Trustar Capital portfolio company, and a Shenzhen A‑share listed company, and represents a notable example of consolidation among leading enterprises in the property management and integrated facility management (IFM) sectors. Completion of the transaction is subject to customary closing conditions.
Founded in 1998, New DaZheng focuses on the operation and management of smart city public spaces and building facilities. As a third‑party professional property services provider, the company has developed a differentiated strategy consisting of three major business segments: core property services, city‑space operations, and innovation services. Its six key business lines span campus services, hospital logistics, aviation services, public facilities, city services, and IFM management. New DaZheng currently employs more than 38,000 staff and provides services across over 26 provinces and municipalities and more than 100 cities, making it one of the most geographically expansive public‑sector property management groups in China.
Since 2018, Trustar Capital has invested in seven facility management companies through a series of acquisitions and established the platform company TrustLink. By integrating the facility management businesses of its portfolio companies, Trustar Capital has driven post‑investment synergies, significantly improving operational efficiency and performance. Today, TrustLink has grown from a regional enterprise into a national leader with operations across 32 provinces and regions (including Hong Kong), over 200 cities. The company now serves more than 2,700 clients, manages over 3,800 project sites, and has become one of China’s largest independent zero‑carbon IFM service providers.
New DaZheng stated: “This asset restructuring with TrustLink represents an important milestone in New DaZheng’s strategic upgrade, marking the extension of the company’s business scope from property management (PM) to integrated facility management (IFM). We are delighted to collaborate with Trustar Capital. As an outstanding buyout fund, Trustar Capital has provided professional support to listed companies in achieving industrial upgrades and high-quality development of the real economy through M&A and restructuring. This transaction is not merely an integration of assets, but also a strong collaboration of capabilities, strategic synergy, and value creation. Moving forward, New DaZheng will continue to uphold its corporate mission of “making cities better,” and together with Trustar Capital and TrustLink, drive further development and upgrade of the property management industry.”
Trustar Capital and TrustLink said: “Trustar Capital maintains strong confidence in the long‑term growth and potential of China’s property management and facility management industries. As an industry leader, New DaZheng possesses significant competitive advantages and tremendous development potential. The deepened collaboration between TrustLink and New DaZheng will generate new opportunities for joint growth, further strengthening their market leadership and establishing a more competitive industry benchmark. Trustar Capital will continue to support the development of TrustLink, actively align with national policies promoting mergers and acquisitions among listed companies, and leverage our professional capabilities in buyout investments to support the high‑quality development of both capital markets and the real economy.”
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About New DaZheng Property Group Co., Ltd.
New DaZheng Property Group Co., Ltd., founded in 1998, specializes in the operation and management of smart city public spaces and building facilities. As a third‑party professional property service enterprise, the company operates through three major business segments—core property services, urban‑space operations, and innovation services—and focuses on six business lines: campus services, medical logistics, aviation services, public facilities, city services, and IFM management. The company employs more than 38,000 people and provides services across over 26 provinces and municipalities and more than 100 cities.
About TrustLink Group
TrustLink Group, founded through investments by Trustar Capital, has nearly 30 years of experience in the IFM integrated facility management sector and is dedicated to becoming China’s leading zero‑carbon IFM service provider. The Group encompasses several high‑quality IFM brands, including Dusservice, ProIFM, SKYFM, D’Anchor, Langjie Property, Anyuan Property, and TL-Tekene. Its offerings span three major service modules: on‑site integrated services, green energy management, and large‑scale event security. The Group’s operations cover 32 provinces and regions (including Hong Kong), serving over 200 cities with more than 30,000 employees, 2,700 clients, 3,800 service sites, and a total managed area exceeding 200 million square meters.
About Trustar Capital
Trustar Capital (the private equity arm under CITIC Capital Holdings Limited) focuses on control‑oriented acquisitions globally and has completed more than 100 investments across China, Japan, the United States, and Europe. It currently manages over USD10 billion in assets. For more information, please visit: http://www.trustarcapital.com/
CITIC Capital, founded in 2002, is a leading alternative investment management and advisory firm. Through more than 100 funds and investment products, the company manages over USD14 billion in assets for a broad base of global institutional investors. Its core businesses include private equity, real estate, structured financing, asset management, and special situations. CITIC Capital has invested in more than 300 companies worldwide, with portfolio companies employing over 500,000 people.
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Irene GAO
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CITIC Capital Holdings Limited
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irenegao@citiccapital.com