Where the Clouds Are, a New Journey Begins | Notes from Yunqi Capital's 2025 Outing
YQ Pursues a Passion
Eleven Years In, YQ Sets Out for a New Decade
"Four seasons in a day, ten miles of ever-changing skies." In the Hengduan Mountains, the weather of northwest Yunnan is a work of shifting art: sunlight one moment, rain and mist the next. Much like the world we inhabit — in constant flux, full of unknowns.
In May, Yunqi Capital's annual offsite collided with this "art of transformation." Our eleventh year took us to Dali and Lijiang, where we embarked on a journey of "rebooting exploration" as a new decade began.
Ancient stone steps weathered by time, vast landscapes flowing for millennia. The team stepped away from the noise, feeling history's echo in carved beams and painted walls, discovering nature's pull in mountains and rivers, and drawing collective energy from the sky's unpredictable shifts.
Millennia-Old Steps, Kindness in Motion
Outing Days
The offsite officially kicked off at Longwei Pass in Dali. Once a critical checkpoint on the Tea Horse Road and the southern gate of the ancient Nanzhao kingdom, contested by military forces. A thousand years later, history has faded, yet the simple texture of Bai ethnic life remains quietly preserved. Elders chatting in alleyways, women washing clothes by murmuring streams, the "Lotus Pond Society" chanting sutras in unison... Walking these mottled stone steps, we encountered history's lingering warmth and felt the rhythms of life and spiritual faith passed down through generations.
Deep in the ancient alleys, we also practiced Yunqi's long-standing ESG commitment — the "Yunqi Charity Sale" returned. This signature event encourages team members to exchange idle items for environmental good, with all proceeds donated to charity.
This auction featured over 20 items, ranging from home goods like speakers, coffee machines, and beauty devices to pieces carrying warm personal stories: a bottle of wine dubbed the "one that started it all," decade-old headphones, a 30-year-old book from someone's mother, handmade crystal bracelets... Partners retold each other's stories through these objects, passing along kindness and warmth amid laughter.
The nearly three-hour charity auction was electric, with a sell-through rate once again exceeding 100% — not only did all prepared items sell, but colleagues spontaneously contributed "impossible-to-find" global hit IP keychains to support the cause. As old belongings found new homes, we also exchanged a piece of daily life with those beside us.
Mountains and Seas Together, Steps Unceasing
Outing Days
Beauty amid elevation changes often surprises. Moving together through the rises and falls of Cangshan Mountain and Erhai Lake, we gained new vistas through tests of speed and altitude.
Yunxiang Mountain, bathed in afternoon light. Partners were split into three groups based on complementary personality traits for a fun challenge. Usually quiet colleagues suddenly took charge, remote coworkers became teammates at your back, and a "no-prize" competition under the blazing sun proved fierce and joyful — deeper connections formed through physical and mental contest.
After the games, a sudden downpour disrupted the planned luge course. Just as disappointment set in, the skies quietly cleared. We regrouped and hit the track, sharing the rush of wind through unexpected sharp turns and steep drops. A fitting metaphor for how we adapt quickly and push forward together amid change.
The next day's Erhai Lake cycling offered a different flavor of companionship. Three groups set out at intervals, heading toward shared checkpoint goals. Every journey's meaning extends beyond reaching the destination — it's about having people moving in sync beside you. We chased wind and watched waves, feeling the team's warmth in each other's company.
Ximatan on Cangshan Mountain is said to be where Kublai Khan paused to water his horses during his campaign against the Dali Kingdom, and offers a spectacular panoramic vantage. But the high-altitude climb posed real challenges for most Yunqi team members from flatland regions. Through exhaustion, persistence, and mutual encouragement, we reached the 3,920-meter summit together.
Some pushed their physical limits, others set new altitude records, some considered it "a small peak of 2025." Looking back from the summit, the sight of us moving together was the most moving scenery of all.
At the Foot of the Snow Mountain, Setting Out Again
Outing Days
The collective journey's finale brought us to Baisha Ancient Town at the foot of Jade Dragon Snow Mountain, where a breeze-wrapped courtyard provided a gentle yet solemn close to this heartfelt offsite.
As night approached, a bonfire blazed and Naxi dancers welcomed us with song and movement. To melodies free as open fields, we tried to follow along — clumsy in our movements, but constant in our laughter. Especially precious was sharing this lightness beyond daily routine with partners who'd fought alongside us.
As the music softened, the warm "YQ Partners" reveal moment arrived. Each Yunqi member took the stage, using distinctly personal keywords to describe the "guardian target" they'd randomly drawn on Day 1, then presented a carefully chosen gift with the story and blessing behind it.
Tea wines, fruit wines, ceramic cat figurines, creative fridge magnets, distinctive accessories... The dinner became an instant "Yunnan Souvenir Expo." Though modest in value, the gifts sparked wit and humor, genuine feeling and surprise. Steady, reserved colleagues suddenly turned eloquent; new hires revealed unexpectedly tender thoughtfulness. In waves of laughter, we saw each other more vividly, more endearingly — and forged more sincere understanding and connection.
That warm evening, we answered the "One Team" founding spirit with heartfelt exchange: whatever the weather, staying true to our direction; whatever the terrain, moving hand in hand; whatever our roles, keeping each other company with warmth.
Night deepened. Yunqi's eleventh birthday cake was lit, and every smiling face reflected in raised glasses. Rebooting isn't an ending — it's a signal to set out anew. The empty cup isn't about letting go, but making room for more possibility.
Witnessed by the snow mountain, we continue side by side: YQ charges toward a new decade, YQ climbs toward new peaks.
Bonus
Work hard, play hard!
Wait — there's more. Beyond group activities, Yunqi members also formed their own teams to pursue personal "mountain and sea wish lists" — the grandeur of Tiger Leaping Gorge, the serenity of Lugu Lake, the majesty of Jade Dragon Snow Mountain, the raw romance of Niaodiao Mountain... all captured through their lenses. Every photo is evidence of loving life, and of Yunqi members' passion for exploration!
The more complex the times, the more we need courage to set out again. Eleven years of Yunqi — where there are clouds, we begin anew.
(P.S.: Yunqi's fundraising and investment teams are hiring. We look forward to unlocking more adventures with you, YQ-style.)
