January, Emergence, and Prologue | 5Y News Monthly
The big news from last month.
5Y News Monthly
"5Y News Monthly" is a regular column from 5Y Capital. At the start of each month, we look back at the past month's news from 5Y and our portfolio companies, sharing it with friends who follow us — we hope it helps you get to know 5Y better.
01 Portfolio Company Highlights
Major news on fundraising, IPOs, strategic partnerships, breakthroughs, and new product launches from 5Y portfolio companies.
02 5Y Updates
News on 5Y honors, investor interviews, and perspectives.
Note: Companies are listed in alphabetical order by pinyin.
01
Portfolio Company Highlights
Horizon Robotics and Xingshen Intelligence Form Strategic Partnership
On December 9, at the "Rising Together | 2025 Horizon Robotics Technology Ecosystem Conference," Horizon Robotics and autonomous driving technology and smart logistics provider Xingshen Intelligence formally signed a strategic cooperation agreement. Xingshen Intelligence will develop an L4-level autonomous driving solution for logistics scenarios based on Horizon's Journey 6P chip, with plans to begin mass production deployment in June 2026, injecting critical momentum into the scaled development of unmanned logistics. Read more
Jizhao Energy Storage Completes Tens of Millions of RMB in Funding
On December 25, Wuhan Jizhao Energy Storage Technology announced the completion of a tens of millions of RMB angel+ round, led by Luminous Ventures with follow-on investment from Shunwei Capital. The funds will be used for product R&D, team expansion, and platform development, injecting new momentum into technological breakthroughs and industrial development in Wuhan's energy storage sector. Read more
Premier Li Qiang Visits XtalPi
From January 3 to 5, Li Qiang, Member of the Politburo Standing Committee and Premier of the State Council, conducted research in Guangdong. In Shenzhen, Premier Li heard reports on the planning and development of the Shenzhen-Hong Kong Innovation and Technology Cooperation Zone, and learned about how XtalPi uses AI to empower R&D in new materials and biomedicine. At the research site, XtalPi reported to Premier Li on the company's decade-long commitment to independent innovation-driven development, its industry-application-oriented approach, its goal of striving to be the best, its sustained R&D investment, and its participation in international competition and cooperation. XtalPi also highlighted its pioneering commercialization of cutting-edge technologies and its secured orders from leading domestic and international enterprises and research institutions. Read more
Kingsoft Office and CIMC Group Form Strategic Partnership
On December 9, Kingsoft Office and CIMC Group formally signed a strategic cooperation agreement in Shenzhen. The two parties will jointly develop independently controllable office solutions based on the WPS 365 one-stop AI collaborative office platform, focusing on integrated and intelligent office needs while exploring new paths for digital transformation in manufacturing. The cooperation aims to empower enterprise collaboration scenarios through AI technology, building an "enterprise brain" that understands data, organizations, and business operations. Read more
Congratulations to Moore Threads on Successful STAR Market IPO!
On December 5, 2025, Moore Threads Intelligent Technology (Beijing) Co., Ltd. (stock code: 688795.SH) was officially listed on the STAR Market of the Shanghai Stock Exchange, becoming China's first full-function GPU company to enter the capital markets. After five years of entrepreneurship, this IPO marks a critical milestone in the company's development. It represents recognition of the company's long-term commitment to independent innovation in core technologies and product iteration speed, and signals that the company has initially built systematic capabilities spanning technology, products, market, and capital in the strategic domain of GPU computing power. For the path of independent development of domestic high-end GPUs, it also represents a symbolically significant new starting point. Read more
Noitom Robotics Completes Pre-A+ Round
Noitom Robotics announced in December the completion of its Pre-A+ round. The round was led by Qiming Venture Partners, with participation from 5Y Capital, Legend Capital, and other institutions, while Matrix Partners China and Inno Angel Fund made additional investments, resulting in oversubscription. Following the Pre-A round led by Alpha Startups and this round, Noitom Robotics has cumulatively raised hundreds of millions of RMB. Read more
SenseTime, Daxiao Robotics, and Sugon Form Strategic Partnership
On December 18, at the main forum of the inaugural HAIC (Photosynthesis Organization AI Innovation Conference), SenseTime, Daxiao Robotics, and Sugon formally established a strategic partnership. The three parties will collaborate around domestic AI infrastructure and embodied intelligence key technologies, leveraging their respective technological and industrial advantages to jointly promote the development of an integrated "computing infrastructure + world model + embodied intelligence" ecosystem, further accelerating the extension of AI capabilities into the physical world. Read more
WeDoctor Launches "AI + Full-Disease-Cycle Management Platform"
On December 18, WeDoctor's AI + Full-Disease-Cycle Management Platform and its first specialized disease platform (for dermatology) were officially launched in Shanghai. With AI as its core engine, the platform comprehensively integrates quality medical resources nationwide and drug supply capabilities including the special drug and device access channel of the Hainan Boao Lecheng pilot zone, systematically reconstructing a closed-loop service for dermatology covering pre-diagnosis, diagnosis, and post-diagnosis. At the launch event, Professor Zhang Qunhua, WeDoctor's Chief Strategic Officer for Medical AI, elaborated on the platform's core functions and product philosophy, while demonstrating the first patient case completed through the platform — marking the落地 of the "AI + full-disease-cycle management" model. Read more
Xiaomi Open-Sources Self-Developed AI Foundation Model
On December 17, at Xiaomi's Human-Car-Home Full Ecosystem Partners Conference, Xiaomi Group Partner and President Lu Weibing announced that Xiaomi's self-developed AI foundation model, Xiaomi MiMo-V2-Flash, has been officially open-sourced, which he described as a new language foundation for the Agent era. Read more
Xpeng Motors Partners with Malaysia's EPMB to Build ASEAN Right-Hand-Drive Manufacturing Base
On December 15, Xpeng Motors formally announced a partnership with EPMB Group, a large Malaysian manufacturing-listed company, with both parties signing an agreement to jointly advance Xpeng's local production project in Malaysia. This project marks Xpeng's third localized manufacturing arrangement globally, following Indonesia and Austria. According to plans, the Malaysia production base is expected to achieve mass production by 2026, and will serve as an important strategic foothold for the ASEAN right-hand-drive market, further enhancing regional market responsiveness and product supply efficiency. Read more
Moonshot AI Completes $500 Million Series C
On December 31, 2025, Moonshot AI founder and CEO Zhilin Yang released an internal letter announcing that the company had recently completed a $500 million Series C round. The round was led by IDG, with oversubscription from existing shareholders including Alibaba and Tencent. 5Y Capital, as an existing shareholder of Moonshot AI, also oversubscribed. The funds will be used to more aggressively expand GPU capacity and accelerate training and R&D of the K3 model. Read more
02
5Y Updates
Multiple 5Y Partners Named to ChinaVenture's "2025 Investors of the Year"
On December 30, ChinaVenture released its China Venture Capital and Private Equity series rankings — the "ChinaVenture Awards" — for the 19th consecutive year as an independent third-party institution. Based on ChinaVenture's CVSource data and surveys of over 1,000 active investment institutions in the private equity space, ChinaVenture's research institute reviewed data against selection criteria to identify outstanding institutions. **5Y Capital founding partner Qin Liu, partner Zhang Fei, and partner Liu Kai were named to "ChinaVenture 2025 Top 100 Best Venture Capitalists." Read more**
Multiple 5Y Partners Named to Forbes China "Top 100 Venture Capitalists"
On December 16, 2025, Forbes China released its Top 100 Venture Capitalists list. For the 19th consecutive year, Forbes China conducted independent research on venture capitalists active in mainland China's market, identifying 100 investors with strong track records over the past five years from nearly 1,000 nominees recommended by hundreds of VC institutions. 5Y Capital founding partner Qin Liu, partners Zhang Fei, Yuan Ye, and Liu Kai were named to the "Forbes China Top 100 Venture Capitalists." Read more
5Y Capital Named to Jiemian's "China Top Venture Capital Firms" and 2025 REAL100 Lists
On December 16, the 8th "Jiemian Finance Annual Conference," hosted by Jiemian under the guidance of Shanghai United Media Group, was held. At the conference, Jiemian officially unveiled the "2025 REAL100 Innovators / Innovation Institutions" list, documenting the most representative forces in China's technological innovation and advanced industrialization. 5Y Capital was named to the "2025 REAL10 Innovation Institutions" list in the AI technology and applications category.
On December 23, Jiemian released its "China Top Venture Capital Firms" list for the ninth time. The list aims to present the true landscape of China's venture capital ecosystem for entrepreneurs, fund-of-funds (FOFs), and limited partners (LPs). This year's research focused on identifying top-tier investment institutions that have accurately seized opportunities in complex economic environments, demonstrated profound insight into and strong leadership around innovation trends, and delivered exceptional value to entrepreneurs. 5Y Capital was named to the list, ranking 5th.
5Y's Xutian Jing Named to FOFWEEKLY's "2025 100 Youth Leaders in Investment"
On December 30, FOFWEEKLY released its "2025 100 Youth Leaders in Investment" list. The selection conducted comprehensive research across China's equity investment industry, seeking outstanding individuals with foresight, innovation, long-term growth, and innovative development capabilities. 5Y Capital partner Xutian Jing was named to the "2025 100 Youth Leaders in Investment." Read more
Dropped Out of Middle School at 14 vs. Started Coding at 13: The Non-Standard Path of AI Entrepreneurs | 5Y View
Born in 1996, Yang Xie has an unmistakably geeky pedigree: he started programming at 13, was a core hacker at ByteDance, and launched his first startup at 18. As a serial entrepreneur, his identity cloud company Authing became a leading player in China's SaaS identity赛道, was selected by the World Economic Forum as a Technology Pioneer (one of only 15 mainland Chinese companies), and he was named to Forbes Asia's 30 Under 30 list. Now embarking on an AI startup, he released the world's first Agentic Browser in 2025 — an action-oriented browser called Fellou.
At the same age Yang Xie was writing his first lines of code, Qin Tian and Deng Jie began their own "social survival challenge" — to escape domestic violence, the 14-year-old Qin Tian ran away from home with his childhood friend Deng Jie. They worked as game power-levelers, endured black factories, even welded batteries. Deng Jie eventually returned to school, while Qin Tian kept grinding. Operating outside mainstream visibility, this duo honed an acute instinct for traffic, built multiple hit products over 11 years, and achieved $6 million in annual revenue from a VR game. Now they've launched an AI startup, releasing the proactive AI product Proactor AI.
On one side, a technically precocious elite; on the other, grassroots strivers who clawed their way up from the bottom. Two radically different life trajectories, converging at the wave of AI entrepreneurship. It proves one thing — in the wild early days of AI entrepreneurship, opportunity doesn't ask about your background; it only rewards those bold enough to set out first into the fog. Read more
One "Takes to the Sky," the Other "Needs a Face": They're Redefining Your Imagination of Robots | 5Y View
If everyone has a destiny, Gao Fei's might be written in his name — "Fei" (fly). He is a tenured associate professor and doctoral advisor at Zhejiang University's College of Control Science and Engineering, a regular in top journals like Science Robotics and TRO, and a 2023-2024 top 2% scientist globally. But compared to titles like "doctoral advisor" or "Outstanding Young Scholar," Gao Fei's current identity more closely resembles that of a geek reshaping the sky. He founded Weifen Zhifei (Differential Intelligence Flight) with a clear and ambitious goal: to build a universal "embodied brain" for flying terminals.
Shouxing Technology founder Yuhang Hu may be the scientist in robotics who understands traffic best — he holds a PhD in robotics from Columbia University and is a regular in top journals like Nature Machine Intelligence and Science Robotics; he is also the creator of short-video account "U Hang," with over 2 million followers and 150 million cumulative views. Behind the traffic experiments lies an extremely冷静 path selection: giving robots a face capable of conveying 55% of emotions. He is attempting to bypass the treacherous pit of complex physical contact, using high-fidelity facial interaction to be the first to crack the Scaling Law for physical robots.
This installment features a conversation between 5Y Capital partner Xing Meng, Weifen Zhifei founder Gao Fei, and Shouxing Technology founder Yuhang Hu, discussing choices, traffic, and the ambition to redefine robots. Read more
The World Has More Than One Scale — There's Also the Dimension You Open | 5Y New Year Book & Film Recommendations
Another new year. The past year may have held unforgettable highlight moments, or been filled with real-time unknown challenges, and reading can always offer room for inward exploration.
The book list comes from recommendations by 5Y colleagues, with quite diverse selections: an AI engineering guide for the future, investment insights for navigating a complex world, legendary lives of scientific giants, or some historical vignettes and social observations. The eclectic mix of books reflects the diverse interests and curiosity within 5Y — they may not hold standard answers for the future, but we hope they offer some reference and enjoyment. Read more
5Y seeks out, supports, and inspires lone entrepreneurs, providing them with support from spirit to all business operations. We believe that if the you whom others see as crazy begins to be believed in, the world will become a different place.
BEIJING · SHANGHAI · SHENZHEN · HONG KONG
