Yunqi Capital Team | New Promotions and New Members: Rooted Downward, Growing Upward

On the journey of tech investing,

seizing opportunities and sensing change

depends on the continuous evolution of organizational vitality.

At this inflection point where a new wave of technological productivity transformation

is bringing renewal to every corner,

following Chen Yu's promotion to Managing Partner in early 2026,

we are delighted to announce

new changes to the Yunqi Capital team

Internal Promotions

Young Talent, Growing Upward

Hao Liang, promoted to Executive Director

Hao Liang joined Yunqi Capital in 2019 and has been deeply involved in the firm's deployments in frontier AI technology and cross-border export infrastructure. He brings strong technical understanding and business acumen, and we look forward to him continuing to leverage his systematic thinking to capture more high-potential innovators amid complexity and change.

Hao Liang holds a B.S. in Computer Engineering from the University of Wisconsin-Madison and an M.S. in Operations Research from Columbia University.

Selected deals: World Logistics, XTransfer, IceKredit, Creao AI, Schenck, ESPO, Index Technology, Anlan Wanjin, Runping Electronics

A Yunqi voice

Yunqi was the first firm I joined in venture capital. Its values — staying curious, thinking independently, mutual trust, and openness and inclusivity — resonate deeply with me.

The firm provides a platform where young entrepreneurs and young investors can seek truth, focus on growth, and surpass themselves. I believe our systematic approach across every fund stage will help us navigate cycles and deliver outsized returns and social impact. I also look forward to walking alongside the most conviction-driven founders in the waves of the AI industrial revolution and business innovation.

Yu Sang, promoted to Executive Director

Yu Sang joined Yunqi Capital in 2021 and has been continuously involved in the firm's deployment and advancement in embodied intelligence and intelligent driving. He brings a hybrid background spanning research and industry, combining sharp technical intuition with an ability to perceive the commercial tension of technology. We look forward to him maintaining his geek-sharp sensibility to discover and empower more technical innovators.

Yu Sang holds a dual degree in Electronic Engineering and Economics & Management from Tsinghua University, and an M.S. in Electronic Engineering. He also serves as secretary of the Electronic Information Committee of Tsinghua University's Shanghai Alumni Association, maintaining close ties with academia. Previously, he worked at SenseTime and Horizon Robotics, **engaged in algorithm R&D and strategy, contributing to chips, autonomous driving, and industrial enablement.

Selected deals: MiniMax, Neolix, RealMan Intelligent, Independent Variable Robotics, Astribot, Aiper,** Zhigu Tiancheng, Baima Technology, Yitu Technology

A Yunqi voice

From algorithm engineer who "stumbled" into investing, this journey has been a transformation from "passive exposure" to "active passion." Initially driven by pure curiosity and admiration for industry veterans, this ideal has now become concrete and profound: I hope to back CEOs I can truly connect with, deeply participate in, and propel frontier technology toward commercial success.**

I am incredibly fortunate that Yunqi was the starting point of my formal investing career. The cultural foundation of "value-driven, long-termism, and pursuit of excellence" has profoundly shaped my professional ethos. The vision of "investing in one unicorn every year" inspires me to constantly push my limits. Going forward, I will continue to stand alongside outstanding entrepreneurs on Yunqi's fertile ground, exploring the endless frontiers of technology.

New Members

R&D DNA, Putting Down Roots

Under the technological tide, more members with deep industry experience and technical accumulation are joining the team, further strengthening our positioning in key directions.

Hongli He, new Executive Director

Hongli He joined Yunqi Capital in March 2026, focusing on new semiconductor, new materials, and advanced manufacturing in hard tech. We look forward to him leveraging his combined experience in technology R&D and industry investing to dig deeper in hard tech and unearth the硬核 forces driving industrial transformation.

He holds a B.S. in Microelectronics from Xidian University and an M.S. in Integrated Circuits from Fudan University. He previously worked at OmniVision Group as a senior analog IC R&D engineer and holds multiple technical patents**; he later transitioned to investing and served as** Executive General Manager at Shanghai SIMIT Venture Capital. Over more than a decade, he has been deeply involved in multiple STAR Market IPOs.

Selected deals: Biwin Storage (688525.SH), Jinghua Micro (688130.SH), Dongke Semiconductor, Ruoming Core, Chudian Intelligent, Shengguang Silicon Research, Liensi Intelligent

A Yunqi voice

I feel deeply honored to have joined Yunqi at this stage, through a fortuitous connection.

Over the past two years**, AI's explosion has accelerated the pan-semiconductor industry from the "import substitution 1.0" phase of filling gaps toward a new stage of "import substitution 2.0" and "supply chain anchor" positioning. With the leap in compute demand from large AI models, investment logic is also shifting. We are no longer merely looking for chips that "can be made"; we are increasingly focused on the foundational capabilities that "can sustain the AI revolution." Behind this lies not only the "technological resonance" between AI and semiconductors, but also a fundamental "value reassessment."**

Joining Yunqi also carries a mission: to use the power of capital to accompany Chinese hard tech companies through this new cycle, and in the global resonance of AI and semiconductors, to write China's own "anchor" narrative.

Founding Managing Partner's Message

Both colleagues being promoted today started their investing careers at Yunqi. For me, seeing Yunqi's pragmatic and enterprising character continue in them is deeply meaningful.

At the same time, I welcome our new member, who brings fresh perspectives and experience — exactly what we need to keep strengthening our positioning in key directions.

Over the years, we have always rooted ourselves on the front lines of technological transformation. What we demand is not only sensitivity to new technology, but reverence for the underlying laws of industry. This hybrid capability of "technical vision + industrial depth" has become Yunqi's core competitive advantage.

Going forward, we will continue along this path, advancing steadily through change. Congratulations to these colleagues on entering new phases, and we look forward to seeing them achieve further growth on Yunqi's platform.

— Chengyu Mao, Founding Managing Partner, Yunqi Capital

Diverse and professional synergy

is what gives Yunqi its confidence to stay grounded through cyclical volatility.

After spring comes the flourishing summer.

We look forward to joining more changemakers

in discovering a more expansive future in the long river of technology!