Alibaba
阿里巴巴
Alibaba is the Chinese tech giant behind Taobao — launched in May 2003 amid the SARS lockdowns — that has in recent years repositioned itself around AI, with CEO Eddie Wu at the helm and the open-source Qwen model family as its flagship technical output . In elsewhere's corpus, Alibaba shows up most often as China's most aggressive big-tech AI investor: it covered all five leading Chinese foundation-model unicorns — Moonshot AI, MiniMax, Zhipu AI, Baichuan and 01.AI — including leading Moonshot's $1B+ round in February 2024 at a $1.5B pre-money valuation, a ~$800M bet that made Alibaba Kimi's largest shareholder . Its deal-making has continued into embodied AI and world models, leading Independent Variable Robotics' A+ round in 2026 and co-leading VAST's $50M Series A with Hengxu Capital . Beyond AI, it maintains an extensive alumni network in China's startup scene — from employee No. 67 Gan Jiawei of the "Zhonggong iron army" to procurement-software founder Miao Feng, who credited "the Alibaba halo" for his angel round — and strategic tie-ups like the 2018 Starbucks partnership .
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Coverage
Heart Capital's Yanchen Liu: AI Enters Its Next Phase — Opportunities, Moats, and Globalization | Voice
What does it take to build a global AI company?
My Mom Won't Let Me Hang Out with Baidu Dazi
Pure accompaniment — running alongside without real skin in the game.
A Subjective Take on the Agent Wars Among ByteDance, Alibaba, and Tencent
Office agents need their own "Mian Shen" too
An Objective Look at the Agent Battle Between ByteDance, Alibaba, and Tencent
Sis Dou killed your little Dou-shark.
Gaorong Ventures Report: Physical AI, Domestic Computing Power, Controllable Nuclear Fusion, and Medical Innovation Companies Close Major Funding Rounds
From the continuous leap in model capabilities to hard tech crossing the thresholds of engineering and industrialization, a new wave of technological innovation is accelerating toward the real world.
The Full Story of Alibaba's Investment in Moonshot AI
Game Changer.
An American Engineer's 11 Days in China
China in 2036 will look very different from 2026.
In the AI Office Battle, Who Will Become Workers' Sidekick in Close Combat?
In the battle for AI-powered workplace scenarios, tech giants are locked in hand-to-hand combat.
Yu Chen on Tech Investing: Beneath the Hype, What Is Long-Term Value? | Yunqi Insights
Finding the Constant in Change
Open-source models are the united front
War of Attrition
Only second-rate models do anonymous benchmark bragging
What the hell is the whole bull market coming for if the big models can't even guess your horse? --- *Note: This appears to be Chinese internet slang/meme language. "牛来" (niú lái) = "bull market coming" (from crypto/stock trading slang). "猜你马" (cāi nǐ mǎ) is a vulgar homophone of "猜你妈" (guess your mom), used here to express frustration that AI models can't predict things accurately — roughly equivalent to "what's the point" or "this is useless." The tone is crude and exasperated, typical of Chinese social media shitposting.*
Xpeng Motors' robotics unit raises over $900 million in first funding round, leading scaled production and application of physical AI
Accelerate the mass production of Xpeng Motors IRON and the R&D iteration of Xpeng's physical AI model, pushing advanced humanoid robots toward a new stage of global commercial application.
The "Open-Source God" Returns! Who Exactly Is Qwen3.8-27B Hitting the Mark With?
Why small models, specifically? And why now?
Meituan's LLM Is as Free as Its Delivery Service
Bullish on Meituan building world models
Former Cainiao CTO Bets on Physical AI: Yunqi Capital Leads KunTeng Dynamics' 100-Million-Yuan Seed Round | Yunqi Partners
Building Physical AI's Data Flywheel Through Real-World Business Scenarios
We captured 28 moments at WAIC, piecing together a cyber *ukiyo-e*.
Melting from the heat.
Four Days at ICML Seoul: Models Are Eating Everything Faster Than Anyone Can Find Their Footing | Xing Meng, 5Y Capital
In July 2026, Xing Meng, partner at 5Y Capital, traveled to Seoul for ICML, where he engaged in deep conversations with researchers and founders on the front lines of the global AI industry. This article presents a selection of his firsthand observations after returning to China.
After Raising 2.98 Billion, PixVerse Is Betting on a Bigger Story
In the past, video was an endpoint; in the future, it will be an entry point.
Guest Lineup Revealed | 2026 WAIC Qiming Venture Partners Entrepreneurship & Investment Forum: The Evolution from Computing Power Origin to Application Deployment
Decoding the Paradigm Shift in the Large Model Era: How the Industry Can Move Beyond Pure Parameter Chasing to Ruthless Exploration of Real-World Scenarios, Cost Efficiency, and Closed-Loop Business Models
From Huawei Autonomous Driving to General-Purpose Robotics: Huang Qingqiu Wants to Rebuild a System for the Physical World | BlueRun Ventures Family Headlines
From Single-Demo to General-Purpose Robot: The Critical Leap
May God bless Qwen and save Alibaba
Where gold and silver mountains lie ahead
Unity Ventures Early Bet Momenta Files for Hong Kong IPO, Over a Dozen Portfolio Companies Announce Funding Rounds | Unity Ventures Summer Review
From Embodied Artificial Intelligence and world models to controlled nuclear fusion and quantum computing, the frontier of exploration knows no bounds.
Independent Variable Robotics Closes Four Rounds in Two Months, Valuation Tops 20 Billion Yuan | Unity Ventures Portfolio News
Its investors span China's four major internet giants, corporate strategic investors, state-backed funds, and top-tier VC firms.
Liblib, what's your dream?
Here's to hoping we can keep winning.
A Conversation with PixVerse Co-founder Xie Xuzhang: When Video Foundation Models Enter the Final Stretch
The Era of Everyone-as-Director Is Almost Here
What's Behind the AhaCreator 3.0 Update: How AI Is Reshaping the Creator Marketing Industry
Why Is "Influencer Marketing" a Piece of the Pie That Claude Code Can't Cut Out?
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"
The People Selling Water to Robots Became a Unicorn
The Pick-and-Shovel Business of Embodied Artificial Intelligence
Morning Star | Lixue Xia on Building the 'Most Efficient Token Factory'
China will become the world's "token factory" in the future. In the past, Made in China meant manufacturing. Now, it's AI Made in China.
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.
World Models Are the Dreamcore Arms Race
Rules for Interpreting World Models
The Next Step for AI: From Tool to Colleague | A Conversation with Helio's Wenfeng Wang
It'll get onboarded, understand the context, take on OKRs, and even get its own desk.
The World Belongs to Cute: 7 Unserious Projects and 3 Global Premieres | AI Night Hunt Takes Over Shanghai
That Night, AI Sprouted a Furry Tail: Apple's Rabbit, the Travel King of the Wild, and the Ambition to Kill Disney
Qiming Venture Partners Weekly | Top 10 Portfolio Company Updates Vol.15, April 28, 2026
Staying with you to mark the milestone moments of Qiming Venture Partners' portfolio companies
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.
Who's the World's Top FA? Not Fan Bao
"Not Fan Bao" April 27, 2026 Qiu Mu *Burying AI* If you clicked on this headline, you probably already know the answer. Allow me to formally introduce — the unicorn factory that hit a $1.3 billion valuation before its product even officially launched, the King Maker holding several "AI Douyins" and world-model projects, the benefactor of Lovart's Melvin Chen on his road to success, the Farsighted Capital that uses Wu Ma as its own Dou+. As the most accomplished player in the current meta of China's venture capital market...
The Buddha, the Splinternet, and Our Spiritual Crisis | A Conversation with Second Me's Fangbo Tao
Fangbo Tao's Everything Everywhere All at Once
Zero real-world training data, nearly 100% success rate! Sudu Tech debuts self-developed system #Sudo R1 | Oasis Vitality
Unlocking a New Paradigm in Embodied Artificial Intelligence
$2 Billion Startup SurgeTech's Debut in Embodied AI Is a Blockbuster: Zero Real-World Data, Zero-Shot, 98% First-Attempt Grasp Success Rate | BlueRun Ventures Family Headlines
Sudo Tech's Embodied Model #Sudo R1 Makes Its Debut
Young Founder Leads AI Social
The information network is everything.
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
Investment and funding heat up alongside spring temperatures | Unity Ventures Spring Chronicle
Portfolio companies have raised more than 5 billion yuan in total funding.
Spring Awakens All Things, Growth Is in Full Swing | Vital Monthly
Share some good news from March.
Have We Still Underestimated the True Ceiling of AI Coding? | A Conversation with Xie Jibao: Technical Lead at QoderWork
One-click install, ready to use out of the box, secure and reliable work companion
Qwen gave us an opening.
Can It Really Run Autonomously
After OpenClaw's Viral Success: A New Form of Company Is Emerging | Yunqi Capital Attent!on Podcast
Interview with Happycapy Founder
Jieti Medical Closes 500 Million Yuan Strategic Round; Source Code Capital Co-Led Previous Round
Source Code Capital continued to follow on in this round as an existing shareholder. In the previous round, Source Code Capital was a co-lead investor.
In-home lobster installation, waiting in line for lobster installation — that's way too janky. He built a desktop lobster that installs in 60 seconds | A conversation with Song Jian, founder of DeskClaw
The Shrimp Myth Lives On
BlueRun Ventures Angel Portfolio Company Zhijian Dynamics Closes RMB 2 Billion Financing Round, Accelerating the Path to Embodied Intelligence | BlueRun Family
Cracking the Complex Challenges in Embodied AI
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.
VAST Closes $50 Million Series A to Build World Models and UGC Interactive Platform | Oasis Vitality
To start a business, you have to "believe first" rather than "see first."
九合创投王啸：具身智能狂热的终局，和早期投资的“模糊正确”｜九合分享
The Investment Philosophy Behind a Leading Embodied Artificial Intelligence Company
Unity Ventures early-stage portfolio company Independent Variable Robotics raises hundreds of millions of yuan in new funding within a month
Becoming the highest-valued Embodied Artificial Intelligence company to announce funding this year
Doubao has Seed, Volcano Engine has Zhong.
Don't make your girl laugh.
Cyber Avatars Go Viral: AI Social App Elys Blows Up Overnight | We Rapidly Fired 15 Questions at Its Two Founders
Old-paradigm social media, get the hell out of Elys
Vibe Coding, Act Two: The Big Four, and Those Who Want to Win | A Conversation with Guangxiang Zhu, Baidu Miaoda Product GM
He built a wheel — and ran it over the 20-year-old version of himself.
New Forces Keep Coming｜5Y News Monthly
The big news from last month.
After OpenClaw Went Viral, Here Are the Startup Signals We're Seeing
What entrepreneurial directions does it open up?
Tencent Bets on an AI-Era Social Gateway With Another Billion-Yuan Red Envelope Blitz — We Tested Yuanbao's "Send" Feature
The Yuanbao Faction: Tencent's Place in the AI Era.
LimX Dynamics: Humanoid Robotics Innovation Leads the World | Vital Views
Achieving side-by-side collaboration with humans within 5 to 10 years
Independent Variable Robotics' Qian Wang: China will produce the world's top embodied AI company, aiming to be the OpenAI of embodied intelligence | Founders Talk
Lands the Year's Biggest Robot Funding Round to Date
Meet the Most Active CVCs of 2025
Now I know who to farm for gold coins 👋😭👋
5Y News｜"Natural Selection" Closes $30 Million Funding Round
Virtual companionship steps into the real world.
What happens when Qwen connects to Alibaba's ecosystem?
I've got it, and you don't.
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
Independent Variable Robotics Raises $1 Billion from ByteDance, HSG, and Others to Build Foundation Models for the Physical World
The only embodied artificial intelligence company in China to have received investment from all three major tech giants — Meituan, Alibaba, and ByteDance
MiniMax Goes Public: The $1.5 Billion Fundraising Blitz, 15 Reasons Investors Bet on It, and How Long Each One Lasts
One Year in AI, Five Years on Earth
What AI Actually Looked Like in 2025
22 real moments documenting how AI is used, loved, questioned, misunderstood, and depended upon in reality.
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.
Merge the "Six Little Tigers" to build China AGI.
"Merge the Six Little Tigers"
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."
MaHui | MaHui Member Moonshot AI Closes $500 Million Series C, Aims to Become a World-Leading AGI Company
Source Code Capital was an early, long-standing shareholder in Moonshot AI.
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)
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief with Jing Liu New Consensus and Undercurrents Among China's VCs
ONE2X Closes Series A, Officially Launches Conversation-Centric Video Creation Tool Medeo | Unity Ventures Portfolio
At Medeo, Talking Your Way to a Great Video
NuMiao's Li Nan: The World Is Getting More Real, Everyone Wants to See the Real Thing | BuMing Brain Trust
What makes a product stand out?
China as a Variable Reshaping the Global Innovation Landscape | Oasis Capital x BRIDGE Summit
Adviser Vitality
Looking at China's Three Competitive Advantages in Gaming Through *Genshin Impact*, *Black Myth: Wukong*, and *Archero*
Build a global company from Day 1.
Alibaba's AI Super Entry Point Is Here! How Will Qwen App Become China's ChatGPT?
The full Qwen lineup is assembled.
Qwen evokes the ultimate fantasies of people around the world.
Loyalty! Devotion!
An AI Spreadsheet Takes Over 2025's Double 11
China's e-commerce industry is making its first attempt to redefine the operating system with AI agents: can an intelligent hub that understands users, comprehends products, and acts autonomously completely replace Excel and ERP?
60 Days After Alibaba Enters the Global AI Coding Battlefield | A Conversation with Shutong: Founder of Qoder
"Exactly right. Couldn't be more right."
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.
When Alibaba Enters the Global AI Coding Arena: 60 Days on the Battlefield | A Conversation with Shutong, Founder of Qoder
Yunqi Capital Portfolio Company Noematrix Secures Alibaba Investment, Accelerating End-to-End Embodied Intelligence Breakthroughs | Yunqi Capital
"Embodied Brain" Gains Traction Across Multiple Scenarios
Wu Mama Tells China's AI Story Well
Pure, Grand Narrative: Telling the AI Story Well
On the "Ruins" of Double Reduction, Rebooting Life with AI | A Conversation with Serial Entrepreneur Liu Ye: From Zuoyebang to Talkit
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
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
I notice you've entered a period/full stop (。) with no Chinese text to translate. Please provide the Chinese content you'd like me to translate, and I'll be happy to help.
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 Conversation with DingTalk CEO Wu Zhao | AI Native, Disruptors, and New Opportunities
Back to day one of building DingTalk — it had to be born for AI.
8 million people have already started living with Samantha from *Her*.
Let AI keep us company during those moments when we're all alone.
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.
Unitree, DJI, Fourier, Xiaomi… We Rounded Up 15 New AI Hardware Products for 2025
"The year of AI hardware" has come and gone, and the market remains the one and only ruthless arbiter.
Xiaohongshu Is Looking for Five Young "Self-Styled Visionaries" — Here's What They're Offering
Be ambitious, be hungry, believe you're destined for greatness.
Why Is Figma Still So Valuable in the Age of AI?
Are there other "Figma-type opportunities"?
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.
Guest Lineup Revealed | Register Now for 2025 WAIC Qiming Venture Partners · Entrepreneurship and Investment Forum — Venture Capital Enters AI Technology and Application Resonance Cycle
This sub-forum will showcase and explore the latest breakthroughs in AI technology and applications through the lens of innovation. Qiming Venture Partners will bring together leading scholars and top entrepreneurs in the field — from both the startup and investment perspectives — for four keynote speeches and four panel discussions.
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.
Half of 2025 is gone — 9 AI Aha Moments
Great products are often born at the "Crossing" of technology and the humanities.
Moonshot AI Has No Dreams
Marching toward the endless, unknown frontier of ice cream 🍦
Dialogue | StepFun: Charting the Uncharted Territory of AI Entrepreneurship
The technical development of AI models is still on a very steep upward trajectory, and multimodal models that integrate understanding and generation are critically important.
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.
VAST Raises Another Tens of Millions of Dollars, Launches AI-Powered All-in-One 3D Workstation | Oasis Vitality
Counselor Vitality
"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.
"SEO's New King of the Grind": Pollo AI Founder Abiao on How to Do SEO, Work with Creators, and Run Paid Ads
SEO isn't rocket science, but it's not exactly simple either.
Crossing Podcast hit 40,000 users! The one thing I think we did right, and a whole bunch of feelings
Not a crossroads of confusion or bewilderment, but a crossroads brimming with possibility.
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?
Qiming Venture Partners' Duane Kuang: China's new quality productive forces are going global, and the venture capital industry can play an important role
Venture capital firms' tolerance for high risk and focus on long-term value inherently make them adventurous, willing to back technological innovation. By building a closed innovation loop that moves from "blood transfusion" to "blood creation," they can deeply embed themselves in company growth. And they have the ability to identify the most promising entrepreneurs and the most compelling directions for innovation.
Yunqi Capital Research | AI Applications 2025: New Technologies and Trends Analysis
Looking at Direction from First Principles
When JD.com, Xiaohongshu, Kuaishou, and Pinduoduo All Stand at the "Crossing" of the AI Era
"Either play or get left behind!"
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
Architecture Revolution, Act Two: China's RISC-V Corps Fires the Opening Salvo in an Ecosystem Upgrade Battle | Unity Ventures Share
Based on open source, surpassing open source.
How to Become a Less Anxious CEO: A Conversation with Maozhu on Duozhuayu's Eight Years, Darkest Hours, and New Plans
Dejavu Founder Cat Zhu's Eight-Year Transformation
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.
Qiming View | Duane Kuang: China's AI Investment Is Not Overheated, It Deserves Capital from Around the World
AI will bring enormous benefits to humanity, and it will also represent the greatest investment opportunity over the next decade.
A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
"LimX Dynamics" Raises 500 Million RMB in Series A Funding Over Six Months | Oasis Capital Vitality
Consultant Vitality
20 Questions to Understand DeepSeek and the "Second Half of AI" It Ushered In
20 Questions, Layer by Layer: The Story Behind DeepSeek
20 Questions to Understand DeepSeek and the "Second Half of AI" It Unleashed
Why I've Always Been Bullish on the AI Application Layer | Unity Ventures' Xiao Wang in Conversation with NetEase Tech
The generative AI wave is not merely an evolution in technology, but a profound reshaping of business models.
ByteDance Is Dancing, Alibaba Is Restless, the AI Six Little Dragons Are Shaken — A Year-in-Review of the Foundation Model Wars with *LatePost*
Elephants can dance, and ByteDance keeps on dancing.
Interview: Tsinghua's Zhao Mingguo on Two Decades of Humanoid Robot Research, From Lone Pioneer to a Crowded Field
A scholar's near-obsessive dedication to their research career
Crossing x Abotify x a16z: Let's Talk About the AI World 1,000 Days From Now at the Peking University Stanford Center | Beijing Offline Gathering
The best way to predict the future is to create it.
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.
AI Designer Handbook: Who Am I, Where Did I Come From, Where Am I Going? | A Conversation with Pozzo and Zhao Chen
Designers are among the professions most affected by AI — they stand at a crossroads.
September AI Watch: New Models, New Apps, and Where AGI Goes From Here | Yunqi Capital Attent!on Tech Notes
The Revolution Continues
Source Code Capital at Ten | Venture Capital Is the Art of Balancing Reality and Optimism
Right now, we need confidence — but even more, we need resilience.
Runway AI Removes Open-Source Models, Sparking Concern | ChatGPT Weekly Active Users Surpass 200 Million | Alibaba Open-Sources Multimodal Model Qwen2-VL
Flip through the digest, get all the AI news you need
Zhilin Yang: The Man Who Got Alibaba and Tencent to Team Up
Call me by your name.
OpenAI: "Tremble, cheating children — I will catch you!"
Tremble!
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?
Heart Capital Leads Series A Investment in Baichuan, Continues AI Sector Bet | HeartStar PORTFOLIO
The funding round reached 5 billion yuan.
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?
I'm Zhilin Yang of Moonshot AI, and I'm here for Alibaba Cloud.
This endorsement is a little too salty.
Beijing says it wants to become an AI-native city. Shanghai responds with a confused "what?"
Is the sewer system of an AI-native city AI-generated?
ChatGPT Mac App Arrives | DingTalk to Open Up to All AI Large Model Vendors | Groq Valued at $2.5 Billion in New Funding Round
The power of intelligence comes from human complexity, not from a single, perfect principle.
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
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
AI inference deployment solution provider **Qingmao Intelligence** closes tens of millions of RMB in Pre-A+ funding | Oasis Vitality
Counselor on Vitality
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.
How ViewTravel Defines AI-Native Travel Products: From Itinerary Planning to Booking | Gaorong Ventures
Travel LLMs are putting this generation's young travelers in a league of their own.
A Conversation with Junjie Yan of MiniMax: AGI Isn't a Doomsday Weapon, It's a Product Ordinary People Use Every Day | Oasis Vitality
Counselor Vitality
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.
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."
ZhenFund's Tianyi Qin: Globalization Will Unfold Cautiously in a New Form
Investing overseas, but not talking about the destination.
Standing at the AI Crossing, the Future Comes Roaring In | 16 Observations and Reflections from My Q1
The green mountains endure, the clear waters flow on — change never misses its cue.
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."
BlueRun Ventures Headlines | Zhilin Yang: Advancing Toward the Uncharted Snow-Capped Mountains
"If your ideal is something everyone can think of, it adds nothing to the total stock of human ideals."
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
$1 Billion! BioMap and Sanofi Partner to Develop AI Drug Discovery Models Based on Large Foundation Models | BlueRun Ventures Headlines
The First Commercial Partnership Based on Large Language Models in the Life Sciences Sector
Source Code Capital Leads Tens of Millions of RMB Series A Round in Yixintong
The New Industrial Paradigm Sparked by Superchips Is Fueling an Explosion in Liquid Cooling
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.
Code Brain | The Gap Companies Can't Cross May Come Down to Running Bad Meetings
If you can run key meetings well, managing a company becomes much easier.
Why Won't Chinese Database Companies Simply "Copy" the Snowflake Model? | Yunqi Capital Science Chat
Respect the market, seek common ground while reserving differences.
Oasis Capital Dialogue with Professor Liu Zhuotao: The Circulation Code of Private Domain Data
Progress and the Good
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?
Oasis Capital in Conversation with Professor Minlie Huang: To Know What You Know and What You Don't — AGI Included
Survival of the fittest
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.
AIGC "Peak Series" | Dr. Li Wei: The ChatGPT Tsunami — Who Gets Washed Away? Who Rides the Wave?
Insights into the AI Ecosystem and LLM Large Language Models from ChatGPT
5Y News | 5Y Capital Portfolio Company "Nowcoder" Closes $50 Million Series B Funding
Powering the full lifecycle of campus recruiting — from sourcing to onboarding.
Zheng Yunduan | How to Think About Organizational Strategy in a New Era?
Strategic insight and strategic decision-making are the foundation of organizational will. In this new era, whether an organization can sustain its drive depends on whether there is shared "hope and meaning" that the organization can rally around.
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.
Code Moment | VR content studio "Bifurcation Point Network" announces two consecutive funding rounds totaling tens of millions of RMB, with Source Code Capital as the sole seed-round investor
Deep cultivation of virtual reality communities --- Or if this is a heading/phrase describing a strategy: **Deep-Rooted in VR Communities** Or more naturally in a sentence context: "deeply embedded in virtual reality communities" / "taking root in VR communities" --- Without additional context, the most natural English rendering would depend on usage: - As a company positioning: **"Deeply rooted in VR communities"** - As a strategy description: *"doubling down on virtual reality communities"*
Code View | Source Code Capital's Wu Fan: Opportunities and Advantages — China's New Energy in a New Cycle
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.
MaHui Founder | Mech-Mind's Tianlan Shao: Some of My "Grassroots" Experience
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.
Code Brain | Navigating Supply Chains Amid "Volatility"
"Together for a Shared Future"
5Y News | Xmov Raises $130 Million to Build Metaverse Infrastructure
Achieving scale, interactivity, and intelligence in metaverse content.
Fairino Raises Over $50 Million in Series B Led by Source Code Capital
Delivering high-performance collaborative robot products at extreme cost-performance ratios.
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.
Corporate Training SaaS Provider CoolCollege Raises Hundreds of Millions of Yuan in Series B Led by Source Code Capital
Will continue to explore AI, gamification, and metaverse-based learning.
Source Code Capital portfolio company "moody" announced the completion of a Series C funding round exceeding 1 billion RMB, with existing shareholder Source Code Capital continuing to increase its stake.
Strengthen research teams and R&D centers, and accelerate international expansion.
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
Maike Technology Raises Over 100 Million RMB in Series B+ Round, Oasis Capital Continues to Increase Stake | Oasis Vitality
The leaders in this space have already emerged.
Source Code Capital portfolio company "MOODY" announced the completion of 380 million yuan in Series B and B+ funding, with existing shareholder Source Code Capital continuing to increase its stake.
Within three months of its founding, the company launched on Tmall and broke RMB 200 million in transaction volume in its first year.
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.
New Economy Listings Account for Nearly 60% of Hong Kong's IPO Market — Why Has Hong Kong Become Fertile Ground for New Economy Companies?
How can you gain a comprehensive understanding of Hong Kong's capital markets, and what are the requirements for a Hong Kong IPO?
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.
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:
Xpeng Motors' IPO: Key Moments We Know About | Light Moments
A new beginning, a new journey, a new chapter — congratulations to Xpeng Motors!
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.
Kaikeba Secures $550 Million Independent Financing, Leading New Vocational Education Track
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.
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!
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.
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
Guofeng Content E-Commerce Platform *Wanwudezhi* Closes Tens of Millions of Dollars in Series B Funding, Led by Source Code Capital
It hit 2 billion yuan in revenue within a year of launch.
Gaotu Techedu Co-founder Lü Weisheng: The Top Trait He Looks for Is 'Drive,' and Winning Battles Is the Best Team Building | Ronghui
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.
Li Yile of Source Code Capital: A Breakthrough in China's VC Model — The Era of Ecosystems and Value Creation Has Arrived
Technology reshapes business; capital empowers entrepreneurship.
Yi Cao, Source Code Capital: "Four-Have Youth" — What Good Companies Look Like in the Second Half
A good company needs principles, systems, tactics, and tools.
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.
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.
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.
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?
Source Code Capital portfolio company GalaxySpace successfully launched its experimental payload!
"Yuqan No. 1"
Meituan IPO on Hong Kong Exchanges and Clearing Limited; 4 Companies Complete Funding Rounds; 8 Companies Win 12 Awards | Source Code Capital Monthly · September
**Source Code Capital Chronicles** — recording our teammates' step-by-step progress, sharing the joy of growth, and looking toward an even brighter future.
Li Feng Column 11: The Middle Path for New Retail | Frees Fund
The Three Axes of Understanding New Retail
How Can Effective Equity Incentives Achieve "Fairness, Value, and Participation"? | ESOP Research
Value, sense of value, values
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?
Decoding New Retail: Online-Offline Integration Opens Up New Possibilities | Source Code Capital 2018
New Trend: OMO
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.
Source Code Capital Named to China's Top 50 Venture Capital Firms
Jiemian and Toutiao jointly released the "China Top Venture Capital Firms" ranking for the first time.
Yi Cao: The Nine Faces of Technological Innovation
At the "2017 Impact Investing Summit" hosted by China Renaissance Alpha, Yi Cao, founding partner of Source Code Capital, shared his exclusive insights.
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.
World Internet Conference Opens; Source Code Capital Named New Investor of the Year
Source Code Capital was named to the "Top 30 Emerging Investment Firms of 2016" list in Wuzhen.
Yi Cao: Source Code Capital's "Three Horizontals, Nine Verticals" Investment Map
Where, when, and by whom will the next major innovation opportunity emerge?
Yi Cao: The More Cross-Disciplinary a Startup, the Higher Its Odds of Success
Just as gathering all seven Dragon Balls can summon Shenron, the more boundaries a startup crosses, the higher its odds of success.
[Wuzhen] Source Code Capital's World Internet Conference Trip
The Second World Internet Conference opened on December 16 in Wuzhen, a waterside town in Jiangnan. Yi Cao, founding partner of Source Code Capital, was invited by the organizers to attend the event. Meanwhile, *Beijing News*, the conference's sole officially designated publication, named Source Code Capital the "Best Emerging Investment Firm of 2015."
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