Boyu Capital

Boyu Capital is a China-focused investment firm that has backed companies including J&T Express and Recurrent AI (循环智能). In J&T Express's 2023 Hong Kong IPO, Boyu held a 6.1% stake worth roughly $800 million at the time . The firm also invested in AI startup Recurrent AI, whose founder Yang Zhilin later became entangled in an arbitration case with Boyu and other former investors over his departure to found Moonshot AI (月之暗面) without securing consent waivers . Boyu has appeared in other notable deals as well: it was among investors in a 2024 Xiaohongshu secondary share transfer at a $17 billion valuation , and was shortlisted as one of four bidders for Starbucks China in 2025 . The firm was also referenced as an LP in Lisi Capital (砺思资本), the fund founded by former Sequoia China partner Xi Cao and ex-Boyu secondary markets partner Tim Wang in 2021 .