Innovation
happens
elsewhere.

We are elsewhere.

We report the shifts reshaping technology and venture capital in China.

We are curious about how AI will reshape media.

We have written about the capital battles behind China’s model race: how HSG, Capital Today, Monolith, and ZhenFund were early backers of Zhilin Yang’s Moonshot AI, the company behind Kimi; how Tencent and Alibaba competed to invest in its Series B; and how IDG Capital led the decisive $500 million Series C that turned the tide. When DeepSeek raised outside capital for the first time, IDG Capital invested RMB 3 billion, crossing paths again with Xi Cao’s Monolith, which invested the same amount in DeepSeek.

We have also written about the giants emerging at the application layer. ZhenFund’s Yuan Liu stayed alongside Red Xiao through Nightingale Technology, Monica, and Manus. Manus then inspired Lovart, founded by Melvin Chen; three months after Lovart’s launch, HSG, CMC Capital, and Ant Group co-led its $130 million round.

More important, perhaps, is how people navigate these networks. Yutong Zhang left GSR Ventures and helped turn Moonshot AI from a lab into a company. Rui Han, a partner at Gaorong Ventures, backed both Tianxiang Sun and Justin Lin, whose paths ran in opposite directions: Sun moved from a startup into Baidu to lead foundation-model work, while Lin left Alibaba’s Qwen team to start a company. Xi Cao left HSG to found Monolith, then made major bets on Moonshot AI and DeepSeek.

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