In October 2019 a fund managed by JAC Capital participated in the pre-IPO financing of Huaqing Telecom Technology (HQ), together with several leading global telecom companies and institutional investors. Since its establishment in 2005, HQ has developed into one of the largest intelligent terminal design and manufacturing companies in the world. Besides the rapid development of its smartphone and tablet business, HQ has been expanding into new territories such as servers, automotive electronics, and wearable devices.