Alibaba

Liblib, what's your dream?

Here's to hoping we can keep winning.

ZhenFund-backed "Mindverse" Closes $50 Million Series A to Build Continuously Learning Agent Models

Let intelligence truly understand every unique soul.

The Unforgettable Series C Funding of Moonshot AI

A stroke of genius.

Exclusive Interview with LimX Dynamics Founder Wei Zhang: Embodied AI "Isn't Competitive Enough," World Models, and Robot Brains

Demystifying the "World Model"; "You Can't Win If You're Afraid to Lose"

FreeS Fund's Li Feng: For Embodied AI to Become Reality, It May Need to Copy These Three Playbooks

Large language models, autonomous driving, and AlphaFold.

5Y News | Congratulations to Lightelligence on its Hong Kong Stock Exchange listing today!

The world's first publicly listed AI silicon photonics chip company is born.

ZhenFund Backs Global AI Silicon Photonics Chip Leader in Seed Round, *Lightelligence* Rings the Bell at Hong Kong Stock Exchange

Using light-based technology to infuse new power into the AI era.

Possibly the World's Smallest VC

Small in stature, big in dreams.

Global Capital Goes Risk-Off: Where's the Money Going? | Macro Musings

Risk Off | The 2001 Dot-Com Bubble? | The Aftermath of the US-Iran Conflict

16 Companies Making Agents More Useful Are Raising Funding

Product-Agent Fit

After OpenClaw's Viral Success: A New Form of Company Is Emerging | Yunqi Capital Attent!on Podcast

Interview with Happycapy Founder

Embodied intelligence startup ZhiJian Power closed five funding rounds within six months, raising a total of 2 billion yuan.

Build embodied intelligence products with high user value.

New Forces Keep Coming｜5Y News Monthly

The big news from last month.

5Y News｜"Natural Selection" Closes $30 Million Funding Round

Virtual companionship steps into the real world.

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

Virtual companionship steps into the real world.

Dancing with Love, Zhang Huaiting: Staying a Calm "Value Builder" Amid the AI Hype

Make decisions toward your goals, not away from your difficulties.

"Independent Variable Robotics" Raises 1 Billion Yuan in A++ Round | Yunqi Capital

Building Foundation Models for the Physical World

January, Emergence, and Prologue | 5Y News Monthly

The big news from last month.

Rongbao | Biren Technology and Seyond list successfully in Hong Kong, Moonshot AI completes major funding round

A new chapter begins.

5Y News｜Moonshot AI Closes $500 Million Series C Round, Aims to Become a World-Leading AGI Company

Moonshot AI will become an LLM that is "distinctive" and "undefinable."

Moonshot AI Completes $500 Million New Funding Round, Zhilin Yang: Kimi Will Become a Distinctive LLM

"Become the world's leading AGI company."

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.

Looking at China's Three Competitive Advantages in Gaming Through *Genshin Impact*, *Black Myth: Wukong*, and *Archero*

Build a global company from Day 1.

A Conversation with Jekka Founder on Human-Level AI Agent Customer Service: AI's Boundaries, Large-Scale Implementation, and the Endgame

From Sierra to Jekka: The Boundaries of AI, Large-Scale Practice, and the Endgame

In the future, experimentation itself and time will be the anchors of social value distribution.

Yunqi Capital Portfolio Company Noematrix Secures Alibaba Investment, Accelerating End-to-End Embodied Intelligence Breakthroughs | Yunqi Capital

"Embodied Brain" Gains Traction Across Multiple Scenarios

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.

The Next Step in Intelligence Enhancement: Is Agent a Patch or the Future? | MonoX

The Value Hierarchy of Large Model Training Is Quietly Being Rewritten

Starbucks China Sale Enters Final Round | Mega M&A

Far from the end.

Deep Dive: a16z's Global Top 100 AI Apps — New Patterns and Trends | Yunqi Techπ

It's not just about who's fastest — it's about who can stick around.

A '97-born founder's third pivot: building a Personal Agent that doesn't chase productivity

Like the earliest Apple Mac computers, we hope to realize the transformation of agents from productivity to everyday life.

Yunqi Capital | "Creao AI" Closes Two Consecutive Rounds of Tens of Millions of Dollars in Funding, with Yunqi Capital as Sole Angel Round Investor

Agentic OS Unlocks a New Paradigm for Agent Collaboration

User Base Breaks 10 Million, Dream Dimension's Shen Qiajin: AI App Entrepreneurship Is Riding the Waves — You Have to Catch Every Surge of Foundation Models

The next most important frontier is multimodal AI and agents.

What's Changed and Where Are the Opportunities in AI Agents in the First Half of 2025? | FreeS Research

Model Wars, App Boom, Commercialization

Yuaiweiwu Lin Wang: From Education Going Online to Going Intelligent — When Will the AI-Powered All-Capable Personal Tutor Arrive? | Gaorong Future

"Yuaiweiwu" — dancing with love, and dancing with AI.

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.

5Y View | Bill Gurley: How the AI Wave Is Reshaping the Structure of Primary Markets

The AI wave interrupted a market correction that should have happened, and China's cutthroat competitive environment will actually forge stronger companies.

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

The stories of seven modern-day Robinson Crusoes.

"The Internet Queen" on the AI Era: Decoding Mary Meeker's *AI Trends Report* | Yunqi Capital Techπ

The AI wave is accelerating, bringing both opportunities and risks.

JPMorgan Chase Global China Summit: Linear Capital's Voice on AI and AR | Linear Portfolio

The next step for AI is to achieve deep integration with the physical world.

The Ambitions, Dilemmas, and Endgame of AI Coding | FreeS Research Institute

After OpenAI and Apple Bet on AI Coding, Do Startups Still Have a Shot?

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.

Yunqi Capital Research | AI Applications 2025: New Technologies and Trends Analysis

Looking at Direction from First Principles

Will Chinese Concept Stocks Disappear?

Let's hope it doesn't happen.

Linear Capital Portfolio Company Rokid Founder Misa Zhu Interview: The AI Glasses Battleground Is Only in China

The Springtime of an 11-Year-Old Company

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

The Spring of an 11-Year-Old Company

ZhenFund's Yusen Dai: A Deep Dive on AI Agents — Every Industry Will Face Its "Lee Sedol Moment" (Part 2)

We're still on day one of the AI intelligence revolution.

7 Interdisciplinary Companies Close New Funding Rounds | FreeS Family Funding News Vol.22

Looking forward to working alongside more outstanding founders.

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

Where does the money come from?

A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?

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.

Shilv Technology Closes 100 Million Yuan Series A to Build AI-Powered Next-Gen Travel Platform

Doubling down on R&D for travel-focused large language models.

September AI Watch: New Models, New Apps, and Where AGI Goes From Here | Yunqi Capital Attent!on Tech Notes

The Revolution Continues

Yunqi Research Select | Mid-Year AI Industry Review: Ten Hopes and Heartbreaks in the Year of Implementation

How Does the Balance Between Cost and Effectiveness Tip?

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

WAIC 2024 Observations: AI Comes Down to Earth | Yunqi Capital Attent!on Tech Notebook

Robots, foundation models, AI applications — what new heights are they reaching in China's race to the top?

A VC Lesson from Tian Xuan

Thirty years, a journey of departures and returns.

Harry Wang: Where Are the Opportunities for Young People in the Coming Decade of AI?

On June 14–15, 36Kr WAVES New Wave 2024 was successfully held at Langyuan Station·Cangku in Beijing. WAVES means tide — a fitting metaphor for the courage and creative spirit of today's young people chasing their dreams. This year's conference centered on four themes: Ideal and Reality, Technology and Humanities, Exploration and Deep Cultivation, Tradition and Transformation — each addressing topics that resonate deeply with young people. They say life is a wilderness, but

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

Looking Back at AI's "May": The Five Most Important Little Things | Attent!on Tech Notes

The future is already here — it's just not evenly distributed.

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.

AI Itinerary Planning, Trip Booking... How Vtrip Redefines AI-Native Travel Products | Gaorong Ventures --- When ChatGPT first launched in late 2022, it sparked immediate excitement across the travel industry. Travel is a classic information-asymmetry business — fragmented supply chains, complex decision-making, and high service costs. The industry had long dreamed of a "travel super assistant," and large language models finally seemed to make it possible. But two years later, the reality has been underwhelming. Most so-called "AI travel" products remain stuck at the chatbot level: they can answer questions and draft itineraries, but can't actually complete bookings. The gap between "generating a plan" and "executing a trip" remains vast. Vtrip (视旅科技), a startup founded in 2021, is taking a different approach. Rather than bolting AI onto existing travel infrastructure, it's rebuilding the entire travel product from the ground up with AI at its core. The company recently closed a new funding round led by Gaorong Ventures, with participation from existing investors. We spoke with Vtrip's founding team about what "AI-native travel" actually means in practice. ## From "AI-Assisted" to "AI-Native" The travel industry's first

Travel LLMs are putting this generation's young travelers in a league of their own.

Yunqi Capital | In Conversation with MiniMax's Junjie Yan: AGI Isn't a Weapon — It's a Product Ordinary People Use Every Day

MiniMax is already one of China's most highly valued large language model companies.

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."

Replicating Sora? Long-context or RAG? Are Agents a fake demand? | Yunqi Capital's Ten Questions X Attent!on

Just enjoy the "petrichor" of AGI.

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

"Endless Watt" Raises Nearly RMB 150 Million in Angel Round, Redefining Smart EV Chargers | Yunqi Capital

Day 1 Going Global in Europe and America: Breaking Through Two Major Challenges — Efficiency and Intelligence

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Linear Capital Portfolio Company Tezign Founder Fan Ling's Lecture Notes: Creativity Has a Moore's Law Too

**"History is an arrow. It comes from the distant past and flies toward the future. AIGC is that arrow, just released — it may be a once-in-fifty-years technological breakthrough."** **— Fan Ling, Founder and CEO of Tezign**

Is investor Zhang Yong someone to watch?

The revelry has ended.

"AI + Vertical Industry Applications" Salon Recap: What's Changing in Marketing, Law, and Healthcare?

Since ChatGPT's official launch, the generative AI-driven entrepreneurship wave has continued to spread globally — and after 300 days, the赛道 remains as hot as ever. The long-term value proposition that **generative AI will transform productivity** has become an industry consensus. Yet the road ahead is long. The harder questions behind this revolution are how to **translate technology into real-world deployment, accelerate the development of innovative applications in vertical scenarios, and achieve commercialization**.

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.

After 200+ Days of AIGC Fervor, Investors Reach Three Broad Consensuses

By Elune, edited by Jiumu, curated by Eason On July 19, Meta, Facebook's parent company, released the Llama 2 large language model, making it freely available for both research and commercial use — widely hailed as the most powerful open-source alternative to GPT-4. This marks a significant shift from the previous landscape, where numerous global large language models were built on Llama but constrained by its inability to be used commercially at no cost.

Why Won't Chinese Database Companies Simply "Copy" the Snowflake Model? | Yunqi Capital Science Chat

Respect the market, seek common ground while reserving differences.

Li Xiang x Li Feng: Why Did ChatGPT Emerge Today? What Happens Next? | Li Feng Column

Is there still a chance to build a Chinese OpenAI?

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

Contestants, take your positions.

Why "Copy to China" Is Hard to Replicate, and Where China's LLM Opportunity Lies

Recently, Bai Zeren, Senior Investment Director at Linear Capital, sat down with *Jazzyear* to share his views on the entrepreneurial opportunities brought by ChatGPT. When it comes to the domestic market for large language model startups, Linear Capital remains optimistic. "While the engineering detours and challenges will take time to work through, the probability of Chinese companies producing something with 80% of ChatGPT's capabilities within two to three years is quite high — even if surpassing what OpenAI has already built will be difficult."

3D Real-Time Interactive Virtual Event Platform "Bizhen Technology" Raises Tens of Millions in Funding, with Linear Capital Leading Angel Round

36Kr has learned that **BIZEN Technology, a 3D real-time interactive virtual events platform, announced it has completed two consecutive funding rounds — an angel round and an angel+ round — totaling tens of millions of RMB, with Linear Capital, HSG, and Cathay Capital as investors.** The funding will be primarily used for product iteration and market expansion.

5Y News | 5Y Capital Portfolio Company "Nowcoder" Closes $50 Million Series B Funding

Powering the full lifecycle of campus recruiting — from sourcing to onboarding.

Li Xiang × Li Feng: What Might 2023 Look Like? | New Year Outlook

Anticipate as much as possible to give yourself more room to react.

FreeS Fund's 2022 Year in Review: Stay True to Your Convictions, Do What's Right Rather Than What's Easy

Happy New Year!

"This Is an Ordinary Day" | 2022 in Review

Don't summarize unless necessary.

Time forever forks, leading toward innumerable futures | 5Y News Monthly

The big news from last month.

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

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

The Past and Future of ESG: From Dividing the Pie to Growing It | FreeS Research

A Complete Guide to ESG ESG — Environmental, Social, and Governance — has evolved from a niche investment framework into a mainstream lens for evaluating companies. Yet for many in China's tech and investment circles, it remains more buzzword than business practice. Here's what actually matters. **The Three Pillars** *Environmental* covers a company's carbon footprint, resource use, waste management, and broader ecological impact. For Chinese manufacturers, this increasingly means compliance with the EU's Carbon Border Adjustment Mechanism (CBAM) and domestic dual-carbon targets — not just greenwashing. *Social* encompasses labor practices, supply chain ethics, data privacy, and community relations. In China's context, this gets complicated fast: tech platforms face scrutiny over algorithmic labor management (think Meituan's delivery riders), while consumer brands navigate Xinjiang cotton controversies that can tank overseas sales overnight. *Governance* examines board structure, executive compensation, shareholder rights, and anti-corruption measures. For Chinese companies listing in the U.S. or Hong Kong, this includes VIE structure transparency

5Y News | Metaverse UGC Platform "YAHAHA" Closes $40 Million Series A+ Round

Empowering the next generation of 3D content creators.

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.

Database startup **Chengzhang Data** has raised tens of millions of RMB in an angel round led by **Linear Capital** | Linear News

Linear Capital director Zheng Can said: "Data analytics and management platform software, with databases as a representative category, is a thriving market with enormous potential, but at the same time it is also..."

Guandata CEO Chunyuan Su: BI Enters a New Era of Business Value (Plus Guandata 2022 Intelligent Decision Summit & Product Launch Agenda)

In the post-pandemic era, as the economy enters a new normal and market uncertainty intensifies, more and more companies need to strengthen their resilience through refined operations and agile responsiveness while seeking new growth opportunities. Against this backdrop, the value of data has gained further recognition, and data-driven analysis and decision-making capabilities have gradually become essential for businesses.

July: Seeking Vast Possibilities | 5Y News Monthly

The big news from last month.

5Y News | Indonesian E-Commerce Solutions Provider *Desty* Closes New Funding Round

Building a one-stop service platform for Indonesian merchants.

Linear Capital Leads Angel Round in Metaverse Infrastructure Startup Qiyihuo Technology Elsewhere.News | Qiyihuo Technology, a metaverse infrastructure provider, has announced a multimillion-yuan angel funding round led by Linear Capital.

36Kr has learned that Qiyihuo Technology announced it has raised tens of millions of yuan in an angel round led by Linear Capital, with listed company L&A Design participating as a co-investor. Following this round, the company will focus on developing its underlying technology, expanding market operations, and building out its ecosystem — marking its second successful fundraising after an earlier seed round of several million yuan.

New Playbook for Going Global: From "Air Force" to "Marine Corps" | FreeS Research Institute · Going Global Series

From Europe and America to Southeast Asia: How Can Chinese Companies "Gang Up" to Go Global?

Linear News | AI Frontier Tech Startup Mindverse Raises Angel Round in the Tens of Millions, Led by HSG with Co-Investment from Linear Capital and K2VC

The MindOS framework endows AI with associative mechanisms, enabling enterprises to deploy customized virtual minds.

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.

5Y News | Xmov Raises $130 Million to Build Metaverse Infrastructure

Achieving scale, interactivity, and intelligence in metaverse content.

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:

Three Hours Drinking with Three Female Founders | 5Y Tavern Vol. 3

After a few rounds of drinks, what did they talk about?

Cloud-native intelligent industrial design SaaS provider Shexu Technology closes Series A funding

Establish an intelligent design technology system for industrial machinery design scenarios.

2022, the Door Opens to the Future | 5Y News Monthly

The big news from last month.

5Y News | Vastai Technologies Completes Two Consecutive Rounds of Series B-1 and B-2 Funding, Raising 1.6 Billion RMB

5Y Capital has been closely following the development of China's AI sector.

5Y News | Graph Origin Raises Several Million USD in Angel Round to Build Low-Barrier Collaborative 3D Creation Engine

Build a 3D content creation tool for the masses.

Rongbao · November | New milestones for drug R&D, chips, and autonomous driving; UJU Media lists on Hong Kong Stock Exchange Main Board

New funding, new products, new applications.

5Y News | moody Announces Completion of Series C Funding Round Exceeding RMB 1 Billion

How Did They Become an Industry Champion in Just Two Years?

YunYou Freight Announces Completion of Tens of Millions of Dollars in Series B+ Funding, Led by 5Y Capital | 5Y News

Let every individual operate more efficiently within an ordered, high-performing network.

5Y News | AgileX Robotics Completes Series A Financing to Accelerate Deployment of Mobile Robot Industry Application Solutions

5Y Capital is optimistic about AgileX Robotics's continued innovation and iteration capabilities, and looks forward to the company evolving into a platform enterprise for mobile robots.

How to Understand the Divergence Between Chinese and American Development Models, and Find China-Based Startup Opportunities? | Li Feng Column

Why "Spring" Remains Elusive for SaaS, and the Root of US-China Startup Differences

5Y News | "Tapdata Secures Tens of Millions of USD Across Two Consecutive Rounds, Carving Out a New Track in Real-Time Data Services"

Building a real-time data service platform for TP operations.

Guoxin Technology Secures New Round of Strategic Investment to Lead Innovation in IoT AI Chips

Covering the full-scenario application of "human-vehicle-home," shaping a better life with "chips."

How to Build Your Corporate Brand Strategy from 0 to 1 | FreeS Talk

"Different" beats "better."

How Can Startups Build a Steady Stream of Top Talent? | FreeS Fund Free Talk

Building a Team in the Early Days: Forget Titles, Focus on Functions

5Y View | Xiaoxiao Zhou, 5Y Capital: The Underlying Logic of Business Is Supply and Demand

Companies that can truly close the loop on supply-demand dynamics are the ones that change the world — but they are few and far between.

Learning About Early-Stage Investing From the Secondary Market: Where Are the Opportunities and Timing for Consumer Startups?

Capital markets are a microcosm of the broader economy.

5Y News｜Deepexi Completes $40 Million Series A4 Round

Deepexi raised $40 million in its Series A4 round. We talked about why organizational building matters.

Chen Yaochang: World Factory + Social Media + Talent — More and More Global Brands Will Emerge from China | Ronghui

Over the next five years, we're bound to see more and more international consumer brands emerging from China.

Hangzhou Nationalchip Technology Completes Hundreds of Millions of Yuan in Series C Funding

Focused on chip design and system solutions for digital television and AIoT (AI + IoT).

Morningside-backed LifeTech Scientific raises over RMB 1.2 billion in new funding round | Light Moments

China's new drug R&D is undergoing a "Cambrian explosion." The industry's underlying infrastructure for pharmaceutical innovation is one of the core sectors we're tracking in healthcare.

5Y Capital Completes First Close of New RMB Fund | Light Moments

Recently, 5Y Capital completed the first closing of its second RMB-denominated fund.

Xpeng Motors' IPO: Key Moments We Know About | Light Moments

A new beginning, a new journey, a new chapter — congratulations to Xpeng Motors!

The Triumph of Long-Termism: Morningside Recognized with Multiple Honors in 36Kr's "Most Founder-Friendly" and "Most LP-Trusted" Awards | Light Moments

On August 26, 36Kr's 2020 China Investor Future Summit was held in Shanghai, where the 2020 investment institution rankings were released, including:

In Our Sixth Year, FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy

Betting on the power of innovation, staying research-driven.

Kaikela Secures $550 Million Independent Financing, Leading the New Vocational Education Track --- Kaikela has raised 550 million yuan in independent financing, positioning itself at the forefront of the new vocational education sector.

Dedicated to cultivating digital talent for the new infrastructure era, leading the charge in modern vocational education.

The Collision of AI and Pharmaceuticals: Galaxy Pharma Tech Raises Nearly $10 Million in Funding | Light Moments

Galixir announced the completion of a nearly $10 million Pre-A funding round. The round was co-led by Source Code Capital and DCM, with 5Y Capital participating as a follow-on investor. Gaorong Capital, the lead investor in the company's angel round, continued to increase its stake.

5Y Capital's Qin Liu and Fei Zhang Named to PEDaily's "TOP100 Investors" List | Light Moments

On August 12, PEDaily, China's professional portal for entrepreneurship and investment under Zero2IPO Group, jointly released with Zero2IPO Research the authoritative **2020 "Investment TOP100" investor ranking** — with Qin Liu, Founding Partner of 5Y Capital, and Fei Zhang, Partner of 5Y Capital, both making the list.

Morningside Partners with Agora to Launch RTE 2020 Startup Competition, Hunting for the Next Real-Time Internet Unicorn | Light View

Who will be the next unicorn in the real-time internet space? The RTE2020 Real-Time Internet Startup Challenge is waiting for you!

Tribute to the Unstoppable Force | Light View

A tribute to the unstoppable force.

Before Mastering Taobao, Douyin, and Kuaishou Marketing Tactics, Learn Product and Data Thinking First | Ronghui

In the wave of data-driven marketing, marketing has become product and operations.

A Visual Guide to How New Platforms Are Born | Li Feng Column

The Importance of Datafication to Platform Ascendance

When Traffic Costs More Than Gold, How Do You Actually Drive Growth? | Ronghui

Hunting for traffic in the "stock era."

A Visual Guide to China's Industrial Chain Shifts and Opportunities | Li Feng Column

The 40-Year Metamorphosis of China's Industrial Chain

HiCTO Founder, Former Dianping CTO Shihai Gong: How to Build a High-Performance Engineering Team

A Practical Handbook for Building High-Performance Engineering Teams at Startups

Gaotu Techedu Co-founder Lü Weisheng: When Hiring, "Drive" Comes First; Winning Battles Is the Best Team Building | Rong Talk --- Lü Weisheng, co-founder of Gaotu Techedu, shares his management philosophy on talent selection and team building. His core belief: the single most important trait in a candidate is "要性" (drive/ambition) — an intense hunger to achieve and grow. Technical skills can be taught, but raw motivation is what separates those who merely execute from those who transform organizations. On team culture, Lü argues that nothing builds cohesion faster than shared victory. "打胜仗是最好的团建" — winning together creates trust, alignment, and momentum that no offsite retreat or trust fall can replicate. Teams forged in challenging, high-stakes environments develop the resilience and mutual reliance that sustain them through future crises. The conversation, hosted by Rong Talk (榕汇), delves into how this philosophy shaped Gaotu Techedu's evolution through China's fiercely competitive online education landscape — from its early days as a startup to navigating regulatory upheaval and reinvention.

How do you identify the right people when building a startup? How do you lead a team to win?

The New Landscape for Fresh Produce, Catering, and Food After the Pandemic | Frees Fund

Will the restaurant industry ever produce a "Xiaomi"?

Great Crises Breed Great Opportunities? Lessons from SARS and the Financial Crisis | Gaorong Ventures Share

Spring always comes, and the view next spring will surely be different from years past.

Gan Jiawei: To B Sales Must Return to Fundamentals, Stop the "Mystery Power Dependency" | Ronghui

"A lot of methods aren't things others don't know — it's just that you're more persistent and more deliberate than they are."

Jing Liu in Conversation with Li Feng: China's Economy Is Bottoming Out, Full of Opportunities

In the end, it's not about the moves — it's about the strength behind them.

XTransfer Raises Tens of Millions in Series B1 Funding to Bring Financial Services to Global SMEs

Leveraging technological innovation and data intelligence to provide financial services solutions that empower SMEs to expand globally.

Miura Atsushi, Li Feng, and a former 7-Eleven executive break down the many possibilities of new retail

In the future, Chinese brands will claim their place in every major consumer category worldwide.

Breaking Through for Early-Stage Brands: From Traffic Thinking to Content Thinking | Frees Fund

If all you do is generate exposure, consumers will forget about you just as easily.

Li Xiang × Li Feng: 200 Million New Urban Residents' Consumer Awakening — Who Will "Reap" the Rewards?

Taobao, JD.com, VIP.com, Pinduoduo, and China's Real Estate Sector

Wu Minghui, Minglamp Technology: Every New Data Point Drives Business Model Iteration | FreeS Fund 2019 CEO Annual Meeting

Why haven't Chinese software and data companies made serious money?

The "Brain" Behind Starbucks' Rapid Delivery Launch | A Gaorong Ventures Enterprise Services Case Study

The "Mastermind" Behind Starbucks' "Lightning Speed" Online Business

FreeS Fund Year-End Special | 2019: China's Homegrown Chips — From Shadows to the Spotlight

2018 is worth remembering; 2019 is the year to show what we've got.

Shangyue Closes RMB 39 Million Angel Round | FreeS Fund Investment News

Focused on enterprise procurement digitization

FreeS Fund Angel-Round Portfolio Company SoundAI Technology Closes RMB 200 Million Series B Round | FreeS Funding News

AI technology must be deeply integrated with industry know-how.

A Conversation with Liaoyuan Zhang (Part 1): Three Squirrels' Comeback Battle | FreeS Fund Business School

What is the right path when a company's growth stalls?

Li Feng Column 11: The Middle Path for New Retail | Frees Fund

The Three Axes of Understanding New Retail

FreeS Report 14: Cosmetics Keep Getting Pricier, But Is Your Face Really Worth a Million? | Frees Fund

Optimistic about startups carving out a slice of the mass-market cosmetics pie.

MaiFei Technology Raises RMB 25 Million in Pre-A Round | FreeS Fund Deal News

Empowering modern agriculture.

[Long Read] Two Decades of Rise and Fall in Chinese Animation | FreeS Fund Business School

How Much Further Is China's Path to Becoming Disney?

A Year of Reading From 100 CEOs: The 10 Books They Want to Recommend to You Most (With a Perk Inside) | FreeS Fund Startup Library

"Every smart person I've met, across every industry, reads every single day."

Club Factory Raises $100 Million in Series C, FreeS Fund Continues to Follow On | Funding News

Cross-border e-commerce — a market that rivals daigou in scale.

I Saw the Future Before the Product Iteration, and I Couldn't Pretend I Hadn't | FreeS Fund Business School

Spend 80% of your time doubling down on what works, and 20% testing new channels.