BYD
比亚迪
BYD is a Chinese company built around new energy: per a 2022 piece from 高榕创投 (Gaorong), its business spans four industries — electronics, automobiles, new energy, and rail transit — with operations in over 70 countries, including an 80%+ share of London's new-energy bus market . Its growth inflection came late: passenger-car sales were flat from 2011 to 2020, then climbed after the Blade Battery and DM-i hybrid launches, with cumulative NEV sales passing 2.6 million by September 2022 — "13 years to the first million vehicles, one year to the second million," as its brand communications director put it . 峰瑞资本 (FreesFund) noted that on China sales alone, BYD overtook FAW-Volkswagen for the top spot in 2022 . It's also an active strategic investor, backing companies like GritWorld (leading its Series B2), Vertilite, and Xin'ai Technology, and appearing as a cornerstone investor in Momenta's IPO . Famously, it drew Charlie Munger — who called founder Wang Chuanfu "a genius" — into a $270 million investment that grew to roughly $8 billion, as Munger recounted in a podcast carried by 绿洲资本 .
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Coverage
ENCOS Raises Over RMB 300 Million in Series B, Evolving From Joint Modules to a Full Hardware Platform | Luzhou Shengmingli
First-pass yield above 97%, ready for large-scale robot delivery
An American Engineer's 11 Days in China
China in 2036 will look very different from 2026.
22-Year-Old Embodied AI CEO, 5 Funding Rounds, Over $100 Million: "Don't Know How High the Sky Is," "Ate Ten Years of Bitterness in One Year" | Interview with RoboParty's Huang Yi
Qiming Venture Partners' Alex Zhou: Riding the Tech Wave to Find AI's Commercial Inflection Point | WAIC 2026
Stick to the "half-step ahead" investment methodology, and only invest within your circle of competence.
ZhenFund and Momenta's Ten-Year Journey, as the "Physical AI" First Stock Goes Public
Volume production deployments have surpassed 1 million units.
Congratulations to "Yifei Technology" on its listing on the Hong Kong Stock Exchange — FreeS Fund's third Hong Kong IPO of 2026.
"All Spark" — the "spark source" from *Transformers*
The People Selling Water to Robots Became a Unicorn
The Pick-and-Shovel Business of Embodied Artificial Intelligence
Qiming Venture Partners | Weijie Sun: DeepWise Aims to Be the Google of Scientific Discovery
The real moat of a scientific product doesn't come from any single breakthrough, but from the feedback, refinement, and repeated iteration that comes from sustained customer use.
"Wance" Closes Over 100 Million RMB Series A+ Funding, Secures Consecutive Orders From Multiple Industry Benchmark Companies | Linear Portfolio
Annual revenue growth exceeded 200%.
FreeS Fund's Li Feng 2025 Year-End Share: The Logic and Outlook of AI Investment
Why Is This AI Boom Unprecedented? What Happens Next for AI Investment?
Deep Potential Technology's 800 Million Yuan Raise: From Research Workshop to China's DeepMind
Six key short stories.
Zhang Sai's 13-Year Oral History of Robotics Entrepreneurship: The Rise and Fall of the "Big Four," Grinding It Out to the End, and Betting on Embodied AI and Global Expansion
Embodied AI doesn't need to reinvent the wheel for industrial robots.
Code Brain | In Hangzhou, Witnessing the Rise of China's Smart Manufacturing and AI Enterprises
On September 23, Source Code Capital led more than 20 founders, CEOs, co-founders, and senior executives from its portfolio companies on visits in Hangzhou to Geely, Alibaba Cloud, and Manycore Tech — representatives of smart manufacturing and AI industries.
Qiming Venture Partners Portfolio Company UBTECH Lands $250 Million Humanoid Robot Order, Setting New Global Single-Contract Record
UBTECH has partnered with well-known companies in new energy vehicle manufacturing, 3C manufacturing, and smart logistics. Its industrial humanoid robot, the Walker S series, has become the humanoid robot deployed for training in the largest number of factories globally.
The Busier the Robotics Race Gets, the More We Need to Respect the Fundamentals | Li Feng Column
The Hype, Patterns, and Non-Consensus of Robotics Investing
Mexico Under the Countdown: New Logic and Unwritten Rules
New rules will be born, one way or another.
"Grainite" Closes Series B3 Round to Accelerate AI-Native 3D Graphics Engine R&D | Linear Portfolio
Advancing the AI transformation of 3D engines and their deployment in automotive and industry-specific scenarios.
Ten Years of Entrepreneurship: The Stories of People Coming and Going in Kai Yu's Eyes at Horizon Robotics | Linear Voice
The only way to change the script is to change yourself.
Linear Capital's Yingzhe Zeng: Early-Stage Investing Isn't a Great Business Model — So Why Do We Keep at It? | Linear View
Knowing full well the path ahead was strewn with thorns, they still ran barefoot alongside the founders.
Dialogue | Glimpsing the Future of the Humanoid Robotics Industry
Whether you're an "early wave" or "late wave" in the humanoid robot industry, only companies that achieve genuine technical breakthroughs and translate them into real-world applications will survive. UBTECH believes that as long as you persist and do the hard but right things, opportunity will follow.
Haawking Technology Closes Pre-B+ Round to Accelerate RISC-V DSP Chip Innovation and Adoption | Unity Ventures Portfolio News
From DSP core to algorithms, fully self-developed; multiple models in mass production and delivery.
Qiming Star | Hesai Technology's David Li: Focus on In-House High-Performance Products and Continuously Improve Operational Efficiency
Each generation of products demands radical innovation and heavy upfront investment to strike a balance between lower costs and high performance.
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.
*The Wild East of Wall Street*
"On Wall Street today, there's no one left who isn't hostile to Trump."
A Conversation with He Xiaopeng: I'd Rather Walk Slowly and Fall Less Often | Xinxing PORTFOLIO
Efficiency and effectiveness are the focal points of the reforms He Xiaopeng is currently pushing inside the company.
Qiming Portfolio | UBTECH Achieves World's First Multi-Robot, Multi-Scenario, Multi-Task Humanoid Collaborative Training
UBTECH has developed a novel BrainNet software architecture for humanoid robots and designed an Internet of Humanoids (IoH) as a smart connectivity hub, offering a viable path for the software and hardware implementation of collective intelligence.
After Reading a 1,000-Page Prospectus, Here Are the Secrets Behind Mixue Bingcheng's Stock Price
Nobody gets a better Mixue ice cream or tea just because they're richer.
A New Year Begins, All Things Renew | Z News
A new year brings new beginnings, and Wanwu Capital is full of fresh energy.
Code Brain | Li Lu's Peking University Speech: The Puzzles of Our Era, Their Causes, Essence, and Value Investing
Value investing, wherever it's practiced, is always closely tied to the era in which it operates.
Code Brain | This Year, We've Been There for Founders Every Step of the Way
Entrepreneurs share genuine insights, exchange experiences, debate issues, resolve confusions, and explore collaborations in the Code Brain space. They learn from one another and draw warmth from each other.
Revisiting Shan Weijian: Plain Water and Financial Storms
Drink the lightest water, close the biggest deals.
Code Brain | How Are Chinese Companies "Going Global" from Shenzhen?
On October 24–25, Code Brain organized a Shenzhen field trip focused on "going global," bringing together more than 30 founders, CEOs, co-founders, and senior executives from 25 portfolio companies based in Shenzhen, Beijing, Shanghai, and other cities. Over the course of 1.5 days, the group made intensive visits to four representative companies in the global expansion space.
Who Is Horizon Robotics' Most Important Investor?
Got it?
Li Xilie: Former Head of Bayer and Medtronic Asia-Pacific on Nine Strategies for Chinese Healthcare Companies Going Global | Ronghui Practical Insights
"Nine Questions" for Chinese Healthcare Companies Going Global
Fu Wei, who spent ten years doing control buyouts, said they are the blue-collar workers of the investment industry.
Go with the flow.
Linear Capital Angel-Round Project **Hongjing Drive** Closes Hundreds of Millions of Yuan in Series C1 Funding, with Middle Eastern Capital Backing Four Consecutive Rounds
This is one of the larger funding rounds the autonomous driving industry has seen this year.
Let's go to Mexico with Anyong | Waves Odyssey
Join us.
A Conversation with Momenta's Cao Xudong: Beyond Moore's Law for Autonomous Driving | Z Circle
The hardest choice is not changing your original choice.
The Smart Chassis Wave Rises, and an Auto Parts Veteran Decides to Dive In | Gaorong Ventures
Kicking off the journey to localize electronic controlled shock absorbers.
"Late to the Party": How Xiaomi and Huawei Are Outflanking Legacy Automakers
The bloody battle has already begun.
Inside BYD: How "Yangwang" Is Redefining Disruptive Tech, and Decoding the "Xuanji" Intelligence System | Ronghui
Unwavering investment in disruptive new technologies.
A Globalization Guide for Chinese Founders: Slicing the World Horizontally
The word "globalization" — so brief, yet it encompasses so many narratives.
Code Brain | How CATL Became "Ning Wang": The Rise of a New Supply Chain Anchor
The beginning of a miracle often lies within the thing itself | 5Y News Monthly
The big news from last month.
Code Engraved | How Li Auto Built a Miracle: ¥100B Revenue, ¥10B Profit
Exclusive | NIO Capital Raises Over 3 Billion Yuan in New Fund
An Industrial Capital Firm and Its Unusual Circle of Friends
Xin'ai Technology Completes New Funding Round to Advance R&D and Mass Production of High-End Packaging Substrates
Accelerate the pace of scaled mass production and strengthen industrial layout in the automotive sector.
Code Brain | PEDaily: Legendary Investor Charlie Munger Passes Away — "My Sword I Leave to Him Who Can Wield It"
What Did 99-Year-Old Charlie Munger Leave Behind?
Charlie Munger's Only Podcast Appearance
Counselor on Vitality / Counselor for Life Force (Note: This appears to be a title or role name without additional context. If this refers to a specific position or program, more context would help determine the precise translation.)
A 10,000-Word Deep Dive: Deconstructing the Changes and Opportunities in New Energy Vehicle Sales and Aftermarket Services | FreeS Report 35
What innovation opportunities exist in sales and after-sales service amid the fierce competition in new energy vehicles?
Linear Capital Leads Angel Round in "Wance," Which Raises Nearly 100 Million RMB as Domestic Sensor Products Enter BYD and Other Top-Tier Customers
Existing shareholder Linear Capital continued its support.
MaHui Member KH Automotive Technologies Co., Ltd. Raises Over 300 Million Yuan in Series C; Source Code Capital Co-Led Series B
Including this Series C round, KH Automotive Technologies Co., Ltd. has completed four funding rounds in total, raising nearly RMB 1 billion in aggregate.
Machenike Closes Over 100 Million RMB Series B+ Round | BlueRun Ventures
Building the Next Generation of ADAS Advanced Driver-Assistance Systems
China's Corporate Venture Capital: Twenty Years of Love and Strife
This is what industrial investment really looks like.
Linear Capital early-stage portfolio company **Gritworld** announced the completion of its Series B2 funding round, led by **BYD**.
Exploring how 3D graphics engine technology is pushing the new frontiers of consumer-end graphics.
A Complete Map of China's Industrial Investment: When the Gears of Fate Begin to Turn
Seven sectors, 200 investments, 500 funds — all in nine charts.
Qin Liu x He Xiaopeng: An Entrepreneur's Resilience and Faith in Technology | 5Y View
Luck matters, but it takes skill to climb back to the top.
Li Xiang x Li Feng: Stripping Away the Emotion, Let's Talk About Economic Variables for the Second Half of 2023 | Li Feng Column
A Conversation About the First and Second Halves of 2023
The Life of Goodenough, A History of the Lithium Battery Industry | Yunqi Capital Science Talks
He didn't start researching lithium batteries until he was 54, and kept working until he was 100.
From One-Tenth to One-Third Market Share: How Did Domestic Industrial Robots Break Through? | FreeS Fund Dialogue
The Past, Present, and Future of Domestic Industrial Robots
We Studied 1,000 Corporate Venture Capital Deals and Found That "Strategic Capital" Is a Myth
So what exactly is true industrial investment?
Code Moment | KH Automotive Technologies Co., Ltd. Hits New Domestic Heights with 100,000th Air Spring Assembly Delivery
This marks an important milestone in Konghui's development journey, and represents significant progress for China's automotive air suspension industry.
A Conversation About 2022 and 2023
How do we move beyond uncertainty toward a higher-quality future?
20+ Frontier Tech Companies Visit BYD to Discuss Opportunities in the New Energy Vehicle Second Half | Ronghui
How cutting-edge technologies can help industries upgrade together for mutual benefit.
"First Collagen Stock" Goes Public, Zero-Carbon Factories and Energy Storage Stars Accelerate Carbon Neutrality Push | Rongbao · October
Major Events of October.
Multiple Innovative Companies Gain Global Recognition, Breakthroughs Achieved in Computational Biology, LiDAR, and Other Fields | Rongbao · July
Major events in July.
Leading VCSEL company Vertilite secures strategic investment from Hesai and RoboSense
Accelerating VCSEL chips' transition from consumer-grade to automotive-grade standards.
The world begins anew each day in a light that is forever fresh. | 5Y News Monthly
The major events from last month.
Vertilite, a Domestic VCSEL Manufacturer, Closes Hundreds of Millions of Yuan in Series C3 Funding to Accelerate Automotive Electronics Push
Providing high-power and high-frequency VCSEL solutions for customers worldwide.
FreeS Report 23: Crossing the "Valley of Death": Systemic New Opportunities in Small-Molecule Drug R&D
Across every stage of preclinical drug R&D, new infrastructure, methods, and tools are emerging in China — making rapid, low-cost experimentation possible.
5Y News | Buddy Leads the No-Code Digital Transformation Market with $17 Million Series B Round
A no-code app builder and data collaboration platform.
5Y News | "Shuce" Raises 100 Million Yuan in New Funding Round to Accelerate Digital Transformation in Auto Industry
Build data intelligence solutions deeply integrated with business scenarios.
Why Are New Energy Vehicles So Hot? And Are They a Good Bet Long-Term? | FreeS Research
An industry with more than a century of industrial history, the automotive sector has finally met its disruptor.
Why Is "New Infrastructure" China's Most Consequential Stimulus Policy for the Next Decade? | Li Feng Column
Two Decades of Chinese Infrastructure: The Evolution of Stimulus Policy and the Industry Chain's Long March
What Did Minister Miao Wei Actually Say About Chinese Manufacturing? | Frees Fund
What Happened to China's "Undervalued" Manufacturing Sector Between 2015 and 2019?
One Chart to Understand Globalization vs. Deglobalization | Li Feng Column
A Piece of History, Two Industries, Eight Companies: Understanding the Global Supply Chain
Tang Ning x Li Feng: Tech Won't Replace You — Your Competitors Who Master Tech Will | FreeS Fund Business School
How do you cultivate the ability to spot future trends amid uncertainty?
Shangyue Closes RMB 39 Million Angel Round | FreeS Fund Investment News
Focused on enterprise procurement digitization
