2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions

Curated by | Waves Editorial Team

In 2024, the world witnessed too many major stories. These stories shaped the fates of individuals, industries, even nations.

But a collective portrait is built from individual faces. We try to understand the decisions of an era, and also how specific people made their own.

Waves decided to invite 96 investors (or former investors) to share "the important decision they made in 2024." The number 96 carries no special meaning — it's simply how many responses we gathered.

Main text:

"No major decision, really. More like the most important realization: this is even more an era where good money drives out bad. If the good money can just survive, the future can only get better and smoother. Keep doing what you're good at, keep iterating — if you can do these two things, the future will definitely be better." — David Zhang, Matrix Partners China

"Getting 'veteran cadres' to the front lines, working as investment managers." — Yan Li, Founding Partner & CEO, Zhongding Capital

"My biggest takeaway is that for the first time in Chinese venture capital's 30-year history, the strategy of pursuing账面价值 (book value) growth has diverged massively from the strategy of pursuing cash returns (DPI). Everyone needs to think clearly about what they're investing for." — Allen Zhu, Managing Partner, GSR Ventures

"Going all-in on China, all-in on AI. Continuing that focus into 2025, even with challenges in China's economy and AI computing power. Better to be decisively wrong than hesitantly right. A new cycle is arriving, and Chinese talent has the ability to create a brand-new era. What's most important on the road ahead is traveling companions — believing that alongside many top creators, we will eventually reach the summit." — Weiguang Chen, Managing Partner, BlueRun Ventures

"Expanding our investment team against the trend, while closing a new RMB fund. Right now is actually the best time for early-stage tech investing." — Mi Qun, Founding Partner, Lightspeed China Partners

"Continuing to improve myself." — Fu Wei, CEO, CBC Group

"Believing that the new globalization led by Chinese companies will inevitably reshape global industrial格局." — Erhai Liu, Founding and Managing Partner, Joy Capital

"Embracing change with agility. The external environment has changed dramatically — we need to actively understand and rapidly adapt." — Niukuiguang, Partner, IDG Capital

"Proactively embracing AI upstream and downstream产业链 investments. AI has entered every aspect of my daily life, from lifestyle information and health consultations to gaming and art. My life has truly been disrupted by AI, but it's also become more interesting." — JP Gan, Founding Partner, INCE Capital

"Starting to run, and encouraging my Ming Shi colleagues to join me in打卡 (check-ins). We may not control the external environment, but you can control putting on your running shoes and going. Accept the macro, act in the micro, find inner peace — that's also the most important thing in investing."

— Mingming Huang, Founding Partner, Ming Shi Ventures

"Having the opportunity to become part of Qiming Venture Partners' new generation of leadership, serving as Managing Partner. This decision was deeply meaningful to me, opening a journey of exploration with greater intellectual and emotional challenges." — Zhifeng Zhou, Managing Partner, Qiming Venture Partners

"Launching the 'Team Acceleration Growth Plan.' Rather than learning to swim in a pool, better to learn in the ocean with a life jacket. We also fully implemented the 'Team Future Partner Plan' — believe we'll see satisfying results in three years, achieving the传承 and development of Joy Capital. Cross cycles, survival of the fittest, accelerate adaptation, fast but not anxious. Fast is about the process; not anxious means don't rush the results." — Wei Zhe, Chairman & Founding Partner, Joy Capital (嘉御资本)

"Continuing to believe in AI. This year we strengthened systematic布局 across the full-stack AI ecosystem. Though industry寒意 (chill) persists, there are moments when sunlight breaks through the clouds — for example, Cambricon's market cap continued to break through. We didn't sell a single share during its低谷 period, insisting on陪伴 (accompanying it), until seeing it complete one major reversal after another, growing into an AI chip龙头企业 with market cap exceeding 270 billion. That's the concrete manifestation of 'being a friend of time,' I suppose." — Chunyu Song, VP of Lenovo Group & Partner, Lenovo Capital

"Thought about it back and forth — really nothing worth mentioning this year. Thanks for thinking of me." — A well-known investor

"My bigger realization this year is that whether doing investments or managing a company, one should follow the principle that 'slow is fast.' Especially on critical matters, don't rush to quickly achieve some one-time goal. Instead, build long-term方法论, establish systems that are decouplable, stackable, and沉淀-able. Often the path of development resembles an exponential function — early investment may not show obvious utility, but sustained investment leads to exponential爆发 in marginal utility." — Yiping Wang, Founder, Evolutionary Asset Management

"Seeking survival through change, seeking development through change. In 2024, the investment world moved from confusion and困惑 to maneuvering and破局. It comes down to one word: change. Paradigms, models, and expectations are all changing." — Jianghong Quan, Managing Partner & Chairman, Boyuan Capital

"As an early-stage investor, I used to want to figure out 'where we are headed.' Over the past year-plus, my deeper realization is that to answer this, I should first understand 'how the world came to be this way.'" — Feng Li, Founding Partner, FreeS Fund

"Quoting from Mike Maples' Pattern Breakers: 'Being non-consensus and right is the path with the highest odds of achieving a breakthrough.'" — Anna Fang, Founding Partner & CEO, ZhenFund

"2024: reflecting and growing in adversity, staying vigilant in prosperity, unifying knowledge and action,从容不迫 (unhurried and composed)." — Feng Chen, Founding & Managing Partner, Dayone Capital

"Not changing strategy, continuing to steadily evaluate projects and make investments. 2024 marks XVC's eighth year. Among 34 core projects, 14 are profitable, with average net profit exceeding 200 million, year-on-year growth of nearly 3x. But several companies failed to raise their next round before cash ran out, forced to cease operations. Currently well-stocked with弹药, looking forward to meeting more outstanding entrepreneurs." — Boyu Hu, Partner, XVC

"Focusing on AI and embodied intelligence, investing selectively. In this wave, only invest in entrepreneur-friendly tracks, only invest in what I understand and believe in." — Zhu Li, Founding Partner, Inno Angel Fund

"Moving from Huamao to Phoenix Center near Chaoyang Park. Away from the crowded, noisy CBD, we gained rare tranquility. At a time when this industry is experiencing ups and downs, we may precisely need some cold reflection. '风物长宜放眼量' (Take the long view on life's scenery) — relax a bit, take it slow." — Bin Chang, Founding Partner, Qicheng Capital

"Observing success and failure calmly, gradually leaving behind ignorance and vanity, growing inward, being truly oneself, moving forward step by step in reality, finding joy in hardship, leisure in busyness." — Yelin Sun, Founding Partner, Huaye Tiancheng Capital

"Going all-in on AI, all-in on embodied intelligence." — Mengqiu Wang, Founding Partner, Qingliu Capital

"Going all-in on building investor IP." — Shichun Wu, Founding Partner, Plum Ventures

"Building momentum to strike, with the keyword being 'build.' Slowing down to reflect, reducing investment pace. So tactically, spent roughly half the time overseas, but invested in projects with both Chinese elements and global opportunities." — Huai Wang, Founder & CEO, Linear Capital

"Launching an overseas new energy infrastructure investment板块. In the future, this can mutually empower our domestic equity investment板块. Chaoxi is entering its tenth year — I'm fortunate to have stayed in a field I love." — Jie Liu, Founding Partner & Chairman, Chaoxi Capital

"Persistence." — Siqing Xu, Founding Partner, Alpha Startups

"Learning to race cars, experiencing speed and focus on the track, going all-in like entrepreneurship."

— Tian Cheng, Partner, Shunwei Capital

"Being more firm and authentic in being myself, like living again. Past education always made us seek the meaning of life, but life has no meaning. Life is an experience of the heart. Vitality is not meaning either — vitality is a process, a state. Only loving yourself and being yourself can激发 this state."

— Jinzhang Zhang, Founding Partner, Oasis Capital

"Going to bed early and waking up early." — Yang Zhao, Managing Partner, Xianfeng Capital

"Heavily betting on NVIDIA was my best-performing decision." — Yusen Dai, Partner, ZhenFund

"Leaving my comfort zone, transforming from an auto investor to a semiconductor 'entrepreneur.' Over the past decade-plus, I personally experienced the rise of China's auto industry. In the coming decades, I hope to personally experience the transformation of China's semiconductors."

Photo: The opening ceremony of Xinlian Capital in September

— Feng Yuan, Chairman of Xinlian Dynamics / Founding Partner, Xinlian Capital

"Spending more time on inward reflection, seeking 'balance points' — both optimistically tracking technology variables and calmly, rationally controlling risk through portfolio construction; maintaining highly globalized vision while being more grounded, deeply cultivating local supply chains; maintaining competitive advantages in areas of expertise while rapidly iterating in new scenarios and related new tracks." — Zongyi Bai, Founding Partner, Yaotu Capital

"'Believing.' Believing in the huge potential of China's industrial upgrading, believing in the long-term value of technology-driven innovation. It's this 'belief' that drives us forward with industry." — Zhengxuan Le Zheng, Founder & CEO, Lighthouse Capital

"Approaching with openness and curiosity, accepting and embracing change. Professionally, accepting the dramatic changes in venture capital on all fronts; personally, shifting from seeking outward to seeking more inward. Another decision was to bravely and firmly believe in China and China's sci-tech innovation path. Rather than regretting yesterday or worrying about tomorrow, better to用心做好当下 (wholeheartedly do well in the present)." — Yan Han, Founding Partner, Heart Capital

"Investing up to 25% of our entire flagship fund's limit into one project." — Guangmi Li, Founder & CEO, Shi Xiang

"Looking from 2035 back to the present, continuing to go long on China. In an environment of普遍不足的信心 (widespread lack of confidence), chaos, and increasing entropy, continuing to be a calm, cautious, but still firing hard-tech sniper." — Youjin Lan, Founding Partner of Xinxin Investment / Chairman of Shanghai North Bund Financial Research Institute

"Believing in stories that haven't happened yet and brave tech entrepreneurs. Over the past five months we closed fifteen projects, and will continue increasing investment next year."

— Jie Yang, Founding Partner, Jinqiu Fund

"Flying nearly 150,000 kilometers, researching in over ten countries, then seeing the opportunities and challenges beneath the出海 (going global)风口. In 2025, hope to work with more portfolio companies, carrying forward the distant intent of the camel bells, embarking on new journeys of going global." — Chuang Peng, Founder, Yunshi Capital

"Deciding to properly exercise!" — Yu Yuan, Partner, Sky9 Capital

"Re-prioritizing work and life. I increasingly feel that connections between people matter most. I'm giving the most time, energy, and attention to those around me. As Charlie Munger said: Don't sell anything you wouldn't buy yourself; don't work for people you don't respect and admire; only work with people you like." — Zheng Fu, Founder & CEO, Fengyuan Investment

"Actively collaborating with government funds." — Xiaokang Wang, Founding Partner, Ni'ou Capital

"Launching global new energy asset development and investment business." — Chengcheng Lu, Founding Partner, Fenghe Capital

"Losing 20 pounds, with health indicators returning to 2014 levels. The current situation is complex, but the future is certainly bright. Only with good health can we embrace a better future." — Xinyu Wang, Partner, Meituan Longzhu

"Not lying flat, choosing to face challenges head-on and keep moving forward!" — Yang Wang, Managing Partner, Songhe Capital

"Following my inner voice, continuing to firmly do well in early-stage investing, enjoying the sweetness of entrepreneurship, growth, and new things." — Yungang Huang, Managing Partner, Source Code Capital

"Getting a puppy, finding a small pocket of确定性 warmth in an unpredictable world."

— Yuan Liu, Partner, ZhenFund

"Choosing optimism, embracing challenges, going with the flow, still Long China, Long Chinese tech entrepreneurship."

— Chao Gao, Founding Partner & CEO, Yunxiu Capital

"Leaving my beloved consumer investing to become an entrepreneur, and discovering there's a 'most beloved' beyond the most beloved. (Turns out the consumer industry really doesn't need much fundraising 😄)"

— Summer, former consumer investor at Hony Ventures

"Prioritizing our self-developed AI business over small equity investments (looking but not investing in AI)"

— "Famous VC deserter" Minghao Zhuang

"Shifting my investment approach from evaluating companies to evaluating organizations — a new cognitive quadrant for me."

— A CVC investor

"Not changing our decision from last year (laughs). We still firmly believe in vast possibilities, in 'China can do it,' still treating consumption as a career worth sustained commitment. In the new year we'll continue围绕 'China can do it, challenging giants, investing in good products, believing in young people' as our core philosophy to find more projects with long-term development potential."

— Hua Zhou, Managing Partner & CEO, Challenger Capital

"Change is the true state; maintaining an open mindset is extremely important. Constancy lies in hidden laws and keys. Simplicity is founded on confidence and perseverance. Investment is the industry closest to money, subject to too many disturbances. Change, constancy, and simplicity will support us through every warm and cold cycle."

— Bing Yuan, Chairman, TCL Ventures

"After clearly sensing environmental changes, actively embracing new opportunities: secondary markets, crypto, AI."

— Yuetian Chen, Partner, Huofeng Capital

"Slowing down. Using more deliberate strategies against intuitive judgment, capturing industry essence through rational analysis and patient waiting, building precise and long-term investment layouts."

— Cheng Liu, General Manager, Huichuan Industrial Investment

"A project I pushed to the investment committee and got killed — I invested in it myself."

— Yiren Peng, Investment Partner, Changlei Capital

"Continuing with RBF. Events push people forward."

— A former Drip Capital investor

"After being laid off by an investment institution, registering a company within a week, deciding to do something of my own, never working for someone else again.

What you do doesn't matter — just get on the road, time will tell you the answer.事实证明 (It turns out), leaving the platform doesn't necessarily mean it's raining outside. Wishing everyone Follow your heart, making the most correct decision in the present for every coming year."

Photo: Thanks to Hangzhou's outstanding efficiency — business license and official seal obtained in one week — Former dual-currency institution investor / "Penny's World"

"Continuing to focus on investing in components and parts with low domestic substitution rates."

— Xiaohui Xing, Managing Director, Jiu Ding Investment

"Choosing to temporarily bid farewell to venture capital, slowing myself down, having more time to accompany family and think about the future.

Over the past five years, like most firms in the industry, my company experienced a roller-coaster rise and fall. In 2024, the company's main leadership changed. The parachuted-in leader carried no historical baggage, driving major adjustments to company strategy, middle management, and investment strategy. Simultaneously, the company comprehensively收缩对外投资 (contracted external investments), strictly controlling增量 (new additions) and revitalizing存量 (existing assets).

Fortunately, we had long深耕本地 (deeply cultivated locally). Facing these portfolio projects, we were 'knowing the roots and底' — while there were bumps in exit negotiations, overall progress moved forward."

— An anonymous state-owned capital investor

"Taking time to visit the place where the child I sponsor lives. Compared to 2023, 2024 brought more peace and composure."

— Charles, Founder, Blue Bridge Capital

"Moving from a dual-currency financial fund to a local industrial fund, believing in industry, devoting myself to industry."

— Tianruo Wu, Investment Director, Yangtze Optical Fibre and Cable Industrial Fund

"Taking my parents' whole family on an overseas trip. From planning the itinerary to accompanying them throughout, I deeply felt the satisfaction and happiness in their smiles. This kind of wholehearted companionship is precious. May time not age, may parents be healthy and well, hoping for annual opportunities to show parents a bigger world."

— Chuanhu Geng, Founder, Wan Chuang Investment Banking

"'Going global.' Domestically it's the 'king of involution,' but abroad opportunities are everywhere. The moment when several CEOs and I decided to band together and go global, I recalled playing Uncharted Waters as a child. The horn of adventure rang in my ears, dreams returned to that busy Lisbon port..."

— Yiming Feng, Founding Partner, Atom Ventures

"'Watch your mouth, move your legs.' First 10K, first half-marathon, first full marathon. Eating clean food, living simply, speaking from the heart, reducing 35 pounds. Everyone can eventually find their own path, a comfortable posture, returning to a joyful and at-ease self."

— Tingting Sun, Partner, Mumu Capital & Introvert Fund

"Walking with more默契 partners, hoping to go steadily and far."

— Dan Sun, Managing Director, CDH Investments

"Believing in technology, believing in humanity."

— Xiao Shen, Partner, Eight Roads

"Going overseas to find some localized investment targets, truly building investment ecosystems from the perspective of local markets, rather than merely serving parent company cross-border business needs."

— Derrick, CVC strategic investment

"Starting to organize and summarize before the Gregorian New Year, rather than my previous habit of waiting until before Lunar New Year; maintaining weekly Monday 9-10pm routine meetings with overseas colleagues for a full year, no matter how tired; living in a new time zone in 2024 — perhaps this is the new normal for the future."

— Tianfan Wang, Partner, BAI Capital

"'Continuing to build.' Three years ago, I said 'if it doesn't work out in three years, I'll go back to working for someone else.' Though Phenomenon Capital can hardly be called successful, I still choose to stay in the asset management industry, putting 'fiduciary duty' first."

— Zhi Rao, Founding Partner, Phenomenon Capital

"Believing that markets always produce new opportunities: from the low-carbon technology investment angle, global supply chain重构 (reconstruction) is creating new stages; from the low-carbon community asset investment angle, today's stock is tomorrow's increment."

— Tian Zhang, Managing Partner, Deepstone Capital

"Making Zhuichuang become the best fund of the next era."

— Lei Ming, Founding Partner, Zhuichuang Venture Capital

"Doing a series of铺垫 and preparation work: 2024 is the元年 (first year) of new energy vehicles embracing industry transformation and integration, AI, and embodied intelligence."

— Xiang Cao, CEO, Geely Capital

"Doing more concrete things to practice life's mission."

— Qiang Fu, Investment Partner, BlueRun Ventures

"Doing what I've most advised AI entrepreneurs to do in my 23 years as an investor: bravely going out, not setting limits for oneself, welcoming all possibilities with a more open mindset."

— Yongteng Wen, Executive Director, Baidu Ventures

"Going all-in on the most advanced AI investment research. Built a 9-person independent AI investment research team in Silicon Valley,累计出手 (cumulatively invested in) nearly 20 early-stage AI projects globally this year, with接近20% (close to 20%)出手率 (investment rate) in China's new AI application financing."

— Qian Zhang, Founder, FutureX Capital

"After four years, getting back on the board, facing fear head-on, challenging myself."

— Yin Le, Partner, ZhenFund

"Getting a comprehensive physical exam — health is the foundation."

— Gang Liu, Partner, Alpha Startups

"Enrolling in CEIBS EMBA, exercising over 60 hours monthly, losing 24 pounds in 4 months, advancing 4 levels in karate, multiple trips to Silicon Valley, going all-in on AI, team making nearly 30 investments throughout the year."

— Zhenghao Fang, Managing Partner, Xiaomiao Langcheng

"Believing in the power of daily progress, keeping myself at the table. This year we refreshed our decade-old office and website — a small milestone celebrating the firm's entrepreneurial journey."

— Lu Yu, Managing Partner, 01VC

"A personal career decision. Mid-year, I chose to resign from my nearly decade-long former company, then joined international life science USD fund Pivotal bioVenture, embarking on a new investment journey in life sciences. At an investment institution with dual-currency, multi-strategy, cross-regional advantages, personal and platform resources can be strongly integrated, enabling better participation in the globalization of Chinese life science innovation."

— Dan Liu, Managing Partner, Pivotal bioVenture

"Starting a new entrepreneurship. When no longer pursuing grand narratives, but focusing on concrete user experience, many originally模糊 problems become clear."

— Julian, former investor

"Going to a startup to personally do business, distancing from many useless and noisy voices. Being closer to users helps me better understand technology boundaries and commercial monetization."

— Amo, former investor

"Carrying technology innovation investment and industrial incubation investment through to the end — this is also the不二选择 (only choice) after the new cycle begins in 2025."

— Lei Wang, Managing Partner, Huada Gongying Bio Fund

"My 'Little Dragon Girl' arriving. A new life track officially starting, every day filled with love and surprises."

— Ruofan Wang, Executive Director, Shunwei Capital

"Balance through simplicity: simply and directly examining oneself, achieving balance between investment and exit, balance in social relationships."

— Zonglin Du, Partner, Fengshang Capital

"In early September, feeling that the A-share market might be about to move, then going full margin on STAR Market's XXXX and ChiNext's XXXX."

— Star-gazing Star Brother

"Seriously doing every small thing well. Finding optimal solutions at the micro level, then trying to replicate. Flavor pairing, fish-rice ratio, timing control... sushi-making is like this, so are work and life."

**— Zizheng Liu, Founder, Yongchuan Asset

"Embracing change."

— Ruiyuan Li, Managing Partner, Hongnuo Venture Capital

"Regardless of age, always embracing change, always having confidence in the future."

— Fei Ruan, Executive Director, Dayone Capital

"Focusing more on entrepreneurs, hoping to find top entrepreneurs to accompany through cycles, doing things that are big enough, difficult enough, and right enough."

— Chao Zhu, Partner, Congbi Qiushi

"Responding to 'myriad changes' with 'no change.' Unchanging are the core team, original aspiration and vision, investment philosophy and methods — most importantly, responsibility and commitment to LPs."

— Bo Bai, Chairman & Founder, Greenovation Capital

"Facing people and things around me with a more open, relaxed, and connected state."

— Yisheng Yan, Founding Partner, Yuanyi Capital

"Launching Z Fund this year. AI large models are a new generation of revolutionary technology, and also the biggest lever for every ambitious young person. Get on board quickly, let's set off together, until the end of AGI."

— Mingchen Zhang, Managing Partner, Z Fund (Zhipu Eco Fund)

"Establishing a new early-stage USD fund, investing in the young dreamers of the smart era for the next decade."

— Zhe Chen, Founder, Alphaist Partners

Image Source | Unsplash