5Y Capital
五源资本
5Y Capital is a Chinese venture capital firm whose early bets include leading Horizon Robotics' first funding round in July 2015 and backing Pony.ai from 2017 onward . The firm was shaped by founding partner Qin Liu's philosophical investment style—暗涌Waves once noted that his "speculative spirit" gave the firm its distinctive character —and has since evolved from a lean "single-soldier" operation into a multi-sector platform with dedicated PhD teams in biotech, AI, and hard tech . Its portfolio spans XtalPi, Natural Selection, and Extreme Shell Technology , with partner Yuan Ye co-leading the B-round into the latter in late 2025 . In January 2026, the firm promoted Jing Xutian—born in 1991—to partner, making him what 暗涌 described as likely the first post-90s partner at a top-tier Chinese generalist fund to complete a full cycle from rookie to leadership through a single firm's apprenticeship .
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Coverage
Wang Xinming: I'm China's Biggest LLM Wrapper, and I'm Not Ashamed of It at All丨elselier
He was about to lose his job, but he became one of the first people in China to get access to ChatGPT.
elsewhere别处发生·16 Companies Making Agents More Useful Are Raising Funding
Product-Agent Fit
elsewhere别处发生·2026 VC Promotion Roundup
Universal celebration.
elsewhere别处发生·"Natural Selection" Raises $30 Million as Alibaba, Ant Group Bet on AI Companions
Virtual companionship steps into the real world.
暗涌Waves·The Fundraising Stories of China's "Six Little Tigers": Six Paths, Six Lives
If Kimi ever goes public, will the bell-ringing photo look very different?
elsewhere别处发生·Five Sources Capital Promotes Its First Post-90s Partner
How Do VCs Grow New Capabilities?
暗涌Waves·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·Hypershell Closes Two Rounds Totaling $70 Million in Funding
Toward a Future Where Everyone Is "Iron Man"?
暗涌Waves·Jing Liu: Great Companies Don't Win a Single Battle — They Never Leave the Field | End of 2025
"Test early, fail fast, learn faster."
暗涌Waves·Is Leaving Big Tech to Build Hardware Really Worth That Much?
What exactly are investors buying into?
暗涌Waves·72 Hours, Fully Documented: Humanity's First Close Encounter with AI
The stories of seven modern-day Robinson Crusoes.
暗涌Waves·Alphaist: A Dollar-Denominated Fund Born in 2025, and Its Ten-Year Bet
Find the founders who create something out of nothing, who insist on pushing through when the odds are against them.
暗涌Waves·China's USD Funds Won't Disappear
Live long enough to long China.
暗涌Waves·Pony.ai's Funding Story: Daydreams in a Winter Storm
The final exam is approaching.
暗涌Waves·Who Is Horizon Robotics' Most Important Investor?
Got it?
暗涌Waves·Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba
A full list of Moonshot AI's investors to date.
暗涌Waves·Goodbye to a Decade of Venture Capital | Waves' Second Anniversary
Keep moving forward. Don't look back.
暗涌Waves·Money, Contradictions, and ESG
*Who Cares Wins*
暗涌Waves·The Investor Who Made the Most Money Off Pinduoduo
"Though millions may oppose me, I will go."
暗涌Waves·The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
暗涌Waves·Unveiling Li Zexiang: An Engineering Professor and His Sweet Spot
"Let his bullets fly a while longer."
暗涌Waves·Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End
Contestants, take your positions.
暗涌Waves·Conversations with 29 Tech Investors: There Are Treasures, But No Treasure Map
Investing in tech is definitely the right call, but consensus remains scarce.
暗涌Waves·ChatGPT is the talk of Silicon Valley, but the buzz is theirs.
"Some people laughed. Some people cried. The vast majority fell silent."
暗涌Waves·From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs
How they will rethink fame, cycles, and investment.
暗涌Waves·Some people take nighttime cruises along the Qiantang River; others fly all the way to Singapore. They all have bright futures ahead of them.
A note on two investor gatherings held in September, 3,600 kilometers apart.
暗涌Waves·Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
暗涌Waves·On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
暗涌Waves·Forced Exit: The End of China's VC "Tool Man" Era
Behind a rumor about fund staff cuts lies a fundamental shift in China's venture capital model.
暗涌Waves·The Gambler's Mirage in a Downturn: When a Fund Goes All-In on a Single Company
In the investment industry, it's as ubiquitous as air. When markets plunge, it also faces the greatest risk.
暗涌Waves·The Secret Gardens of China's Ultra-Wealthy
By Chen Zhiyan Edited by Jing Liu The Convex Lens of Human Nature In late August 2016, the sale of the DoubleTree by Hilton London finally closed:
暗涌Waves·
