April: Imagination Is the Courage with Which We Face the World | 5Y News Monthly
The big news from last month.
Articles
The Gambler's Mirage in a Downturn: When a Fund Goes All-In on a Single Company
In the investment industry, it's as ubiquitous as air. When markets plunge, it also faces the greatest risk.
A Collage Poem for Founders: Let's Carry the Courage to Be Fools Together
What Exactly Is "The Big Fool"? "The big fool" — this phrase has been making the rounds in Chinese tech and investment circles lately. But what does it actually mean? In the context of China's startup and venture capital ecosystem, "the big fool" (大傻子, or sometimes used more playfully as 大冤种) typically refers to the last investor or buyer who gets stuck holding an overvalued asset when a bubble bursts. It's the greater fool theory in action — but with a distinctly Chinese flavor of self-deprecating humor. The term gained traction as valuations in sectors like consumer brands, SaaS, and even certain corners of AI became divorced from fundamentals. Founders joke about needing to find "the big fool" to close their next round. Investors privately warn each other not to become "the big fool" in deals where due diligence reveals more red flags than they can ignore. There's also a softer usage: the earnest operator who keeps grinding in a broken market, believing in fundamentals while others chase hype. In this sense, "the big fool" carries a whiff of tragic admiration — the person doing the hard, unglam
Official Statement
Important Statement on Fraudulent Actors Misappropriating the "FreeS Fund" Brand to Publish False Information for Fundraising and Wealth Management Schemes
5Y News | Aikai Biotech Completes Three Funding Rounds in Its First Year
Innovate from the source.
国产半导体材料，能否跑赢国际？| 峰瑞芯片系列
中国半导体行业如何从「卡脖子」困境中挣脱出来？
Steering Through Headwinds, Taking Initiative: How Founders Can Navigate Macroeconomic and Capital Market Trends | Ronghui Practical Insights
Ronghui Macro Strategy Quarterly Series — Event No. 1
As long as we've done what we could | 5Y View
Those with an active, dynamic rationality can transcend themselves — and transcendence means futurity.
Why We're Bullish on Optical Chips | FreeS Fund Chip Series
What unexpected challenges do chip startups face?
Shouhoubao Raises 100 Million RMB in Series A1 and A2 Funding | Oasis Capital Vitality
After-sales service management SaaS provider Shouhoubao announced the completion of its **Series A1 and A2 funding rounds, totaling RMB 100 million. The A1 round was led by HSG, while the A2 round was led by Tiger Global Management. Minglun Capital served as the exclusive financial advisor. Previously, Oasis Capital was the sole investor in Shouhoubao's Series A round.** Li Ming, founder and CEO of Shouhoubao, stated that the proceeds from this round will be used for recruiting top talent and enhancing product capabilities.