I think the sun will shine bright tomorrow morning | Opening Remarks

Over the past year, I've been updating a series called "Tales from Chinese Investing" from time to time.

At first, it was simply a way to keep memories from fading with the wind — and an attempt to make sense of the era of short-form content. But to my surprise, it received quite a bit of positive feedback. People even tracked me down through various channels to ask for more.

Roughly speaking, across more than forty articles in this series, I've mentioned over fifty investors, more than twenty companies, and all sorts of colorful characters.

These are just scattered fragments from China's venture capital industry.

Compared to weighty long-form essays, this content is thin, even frivolous. If there's any particular value, it's perhaps that beyond the mainstream narrative, it lets us see another side of an industry and its people.

In the meantime, the AI industry has gone from trough to peak, and market confidence has risen from its lows. The fast pace of the times seems to constantly dilute the present value of past events. People crave newer, faster, more futuristic things.

Over the past three or four months, AI companies have been raising funding nearly every single day. And just two weeks ago, three VC firms announced the close of new fundraising rounds on three consecutive days.

If we went back to 2021, these wouldn't be remarkable numbers. But today, they're at least telling us: things are changing, things are still changing.

So we've decided to launch a new story with a special package. We've invited a group of active fund partners — key participants in this new wave. Each has provided one or more images that signal something new. These images were either shot by themselves or generated with AI.

"elsewhere" is the name of this new brand. It carries two meanings: first, that innovation often happens where you least expect it; second, and more importantly, that we aim to produce tech and business content that matters but is also genuinely interesting.

As our slogan goes: Maybe wrong, always fun.

Trust us, "elsewhere" is a wonderful word. It has a silky rhythm to it. On the road of believing in both artificial intelligence and human intelligence, we walk and sing as we go.

The following is in no particular order, arranged alphabetically by name

Cao Xi @MONOLITH

The front desk at MONOLITH's Shanghai office.

Dai Yusen @ZhenFund

Is innovation like a beam of light shining down from the sky into a cave?

Gu Minman @Wanwu Capital

This is our weekly flower delivery, right here in our office. Wishing you weekly renewals :)

Shan Shan Guo @Zhuofei Capital

Both related to my current entrepreneurial journey: one from a birthday celebration, one from new office renovation.

Han Rui @Gaorong Capital

2:00 AM, April 14, 2024. The Moonshot AI deal team at Gaorong Capital, finalizing investment committee materials at their Shanghai office strewn with Genki Forest cans on desks (and the floor). From left to right: Ma Xiaoyu, Yang Luxi, Hu Shuo. Around the same time, Gaorong began accelerating its AI investment deployment, with its "Internet and Consumer" group subsequently renamed "AI, Internet and Consumer." (Photo by Han Rui)

He Yu @Black Ant Capital

Warmth before takeoff.

Hu Boyu @XVC

Seventeen of our thirty-plus core portfolio companies have achieved profitability or positive cash flow.

Huang Yungang @Source Code Rhythm

A Buddha statue in one of the caves at Yungang Grottoes. Resolute, powerful, yet deeply still.

Li Guangmi @Shixiang Technology

Our new Hong Kong office. Hoping China can have its own Silicon Valley.

Li Yihao, Zhong Luhuan @Creek Stone

With an entrepreneur's heart, serving every entrepreneur, witnessing and empowering every ambitious dream, profound insight, and unyielding resilience — moved to laughter by sincerity and brilliance.

Lian Meng @IDG Capital

People are always drawn to the new, the distant, the grand — but that may just be a mirage that has nothing to do with you. The treasure is right beside you. Tend your own garden.

Liu Gang @Alpha Startups

After closing a new deal, a team dinner downstairs — free dessert from a check-in promotion.

Yuan Liu @ZhenFund

Accompanying Xiao Hong and Zhang Tao to scout a new office location. At this moment, Manus had just launched, and they were brimming with ambition and ready to dive in. This very moment was like a stage curtain slowly rising.

Meng Xing @5Y Capital

My kid learning to pick up something bigger than their own head with one hand for the first time — as a human-powered AI, this is no small milestone.

My dad had back surgery and can't walk far. For years we haven't been able to go on outings together. I bought him a Jiku exoskeleton from one of our portfolio companies. He walked 10,000 steps in one go — a new record.

Wang Bei @Hillhouse Capital

Terrified of cooking, I tried making a cake for the first time.

Huadong Wang @Matrix Partners

Entrepreneurship and investing are a lot like trail running: you don't know what weather or terrain you'll encounter. Only by staying grounded and focused on each step beneath your feet can you reach the finish line.

Wang Huai @Linear Capital

Do the right thing. Do it right. Drink well. Have fun.

Wang Xinyu @Meituan Longzhu

A 3D-printed sculpture at the entrance of the Liangzhu Culture and Art Center. Liangzhu is a gathering place / ideal homeland for young post-95 AI application entrepreneurs.

Wen Yongteng @Yijia Ventures

When I left BV (Baidu Ventures), I took this photo of the Eastern Veil Nebula. It captures my vision for this new venture — just as nebula imaging requires long exposure times, I too want to take the long view in discovering and supporting a new generation of founders.

Xia Ling @Mingshi Capital

While evaluating an AI health coach project, the founder said the inspiration came from a colleague who lost 6 kg in a month using an online nutritionist. So I found one on Taobao too, and installed every health app's AI calorie recognition feature. In the end, none of the AI-powered solutions worked — it took a real human: lost 6 kg in the first month.

This isn't a story disproving AI. It's that when you believe someone is probably a real person, you still have respect for professionals. But with AI, people naturally feel superior.

AI has long surpassed many professionals in terms of knowledge. What AI lacks is how to build trusting, dependable relationships with people.

Yang Jie @Jinqiu Fund

Last week we held a team offsite (business strategy session) for Jinqiu Fund. This time, we handed facilitation over to OpenAI and Claude. They handled breaking down strategy, pressing on logic, correcting biases. The discussion went surprisingly well. AI is already an invisible colleague in our organization. Perhaps soon, it will become our 21st partner.

Zhang Jinjian @Oasis Capital

A child from a slum, encountered by a friend during a motorcycle journey. The kid said he was determined to make it to the big city.

Zheng Qingsheng @Sequoia Capital China

My first trip to Barcelona in early 2014. I photographed the Columbus Monument at the port, his finger pointing toward the Americas, commemorating his voyage to the New World and his return from here. It was from then on that I began thinking about economic history and technology cycles.

Zheng Xuanle @Light Source Capital

Something new — this is our biggest new.

Zhou Yang @Congbi Qiushi

In Xinjiang, fell in love with skiing.

Zhou Zhifeng @Qiming Venture Partners

Qiming portfolio company, Singapore-based AI robotics firm Sharpa, begins mass delivery of its flagship product SharpaWave — a robotic dexterous hand approaching human hand capability.

This photo was taken at Qiming Venture Partners' 2025 Annual General Meeting.

Zhu Tianyu @Lanchi Ventures

New campfires have been lit on the old continent.

Cover image: Original photography