In recent years billions have flooded into the more-than-5, 000 private-equity firms that focus on China (see chart), but Hony has emerged as the top dog.
That is not what matters most, Mr Zhao counters: Chinese firms have a very strong culture and little experience working with outsiders, which he thinks gives Hony a decisive edge.
But more important than all the small connections is a big one: Hony is an offshoot of Legend Holdings, a quasi-governmental investment firm, which also controls Lenovo, a computer maker.
By helping them acquire such skills, Mr Zhao says, two-thirds of the 70 or so firms in which Hony has invested so far have met or beaten expectations and nearly all have seen improving profits.