Alibaba

Possibly the World's Smallest VC

Small in stature, big in dreams.

16 Companies Making Agents More Useful Are Raising Funding

Product-Agent Fit

"Natural Selection" Raises $30 Million as Alibaba, Ant Group Bet on AI Companions

Virtual companionship steps into the real world.

Sp.01 | Debriefing China's Primary Market in 2025 (Ft. Crossroads)

Liang Jun's First Year at the Helm: Fangqing Tech Raises Over 500 Million RMB in Three Rounds Within Six Months

A star-studded lineup of shareholders quickly assembled.

A Conversation with Thailand's First Unicorn Founder: From Orphan to $3 Billion CEO --- When Kavin Bhumikittikul was six years old, he watched his mother walk out the door and never come back. His father, a gambling addict, had accumulated crushing debts. The family shattered. Kavin and his siblings were sent to separate orphanages across Bangkok. Forty years later, he is the founder and CEO of Agoda, the online travel platform valued at roughly $3 billion — Thailand's first unicorn, and one of Southeast Asia's most consequential tech companies. I met Kavin at Agoda's Bangkok headquarters, a sleek glass tower overlooking the Chao Phraya River. He arrived without an entourage, wearing a company polo shirt and carrying his own laptop bag. The contrast between his current stature and his origins is almost too stark to process. Yet he speaks about both with the same even, analytical tone — as if describing data points in a business case rather than his own life. --- **"I learned to sell before I learned to read properly"** Kavin's earliest memory of commerce is selling candy to other children at his orphanage, age seven. He would buy bulk packs with his meager allowance

The fiercer the storm, the more powerful the lightning.

Starbucks China Sale Enters Final Round | Mega M&A

Far from the end.

Wang Hua's Latest Prediction: The Biggest Difference Between the AI Era and the Mobile Internet Era Is Fulfillment, Not Connection

The first year is the golden window to capture the first-mover advantage on model dividends — start building now.

72 Hours, Fully Documented: Humanity's First Close Encounter with AI

The stories of seven modern-day Robinson Crusoes.

Exclusive | Luminous Sail Tech Raises 130 Million RMB in Three Months, with CATL Co-founder, Shokz, and Goertek Joining

The age of warring gods is back.

Will Chinese Concept Stocks Disappear?

Let's hope it doesn't happen.

A Conversation with Rokid's Misa Zhu: The AI Glasses Battleground Is China Alone

The Spring of an 11-Year-Old Company

The Clear Path, Hidden Path, and Rocky Path of AI Fundraising

Where does the money come from?

Countless Lies About M&A in China, and One Truth

All we hear are footsteps on the stairs, but no one ever comes down.

Revisiting Shan Weijian: Plain Water and Financial Storms

Drink the lightest water, close the biggest deals.

The AR path is grueling, but Xu Chi still wants to know what the finish line looks like | WAVES

Those without ideals don't grieve.

Exclusive | The Full Untold Story Beneath the Surface of "Kimi Yang Zhilin Arbitration Case"

Who saw the sixpence, and who saw the moon.

Exclusive | Kimi Founder Yang Zhilin Faces Arbitration Filed by Former Investors

Another scandal at a high-profile AI company.

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

A VC Lesson from Tian Xuan

Thirty years, a journey of departures and returns.

When Moonshot AI's investors sat down with MiniMax's investors

Five individuals and two companies.

Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One

A Conversation on Non-Consensus and Long-Term Optimal Solutions

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.

Chinese in Saudi Arabia: Flowers, Desert, and Dampened Dreams

A wavering journey of ambition.

ZhenFund's Tianyi Qin: Globalization Will Unfold Cautiously in a New Form

Investing overseas, but not talking about the destination.

Breaking Into Silicon Valley, David Wei Blazes a New Trail for Dollar Funds | Getting in the Game

"There's no way to stop the exchange of ideas between people."

Exclusive | Daniel Zhang Joins Primavera Capital, Continuing His Unfettered Path in M&A

"Industry consolidators prefer winter."

When the Inventor of Unicorns Stops Believing in Unicorns

Using valuation as the benchmark for a unicorn's success is convenient, but far from perfect.

Looking Back at 2023: The World Has Really Changed

These people and events reshaped 2023 — and will shape the years ahead.

Saudi Arabia Invested in a Chinese Fund

Four Years of a China Cross-Border Fund

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Is investor Zhang Yong someone to watch?

The revelry has ended.

Li Guofei's 10,000-Word Interview: Seeking Wisdom Is About Constantly Breaking the Prison of the Mind

Two worlds that seem to have nothing to do with each other may, at their foundations, arrive at the same destination by different paths.

Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End

Contestants, take your positions.

"This Is an Ordinary Day" | 2022 in Review

Don't summarize unless necessary.

ChatGPT is the talk of Silicon Valley, but the buzz is theirs.

"Some people laughed. Some people cried. The vast majority fell silent."

The Hidden Depths of the Primary Market

If a perfect deal is one where everyone wins, then in an S deal, that may never be possible.

3 Billion New Fund First Close: Arthur Yeung on Kairous Capital's Two Major Organizational Restructurings

A New Solution to the Organizational Challenge of Funds.

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: