Changlei Capital
常垒资本
Changlei Capital is an early-stage Chinese venture fund whose founding partner Shi Mao has publicly taken a cautious stance on large-model AI, telling 线性资本 in mid-2023 that he would not invest in foundation-model projects that year, citing a missed window and unclear monetization . The fund has also built a Middle East presence—its regional partner described Saudi Arabia as the real prize versus the UAE, "like Shanghai versus Guangdong province" . Among its disclosed bets are Tanxu Technology, a Fudan University tech-transfer project, and a stealth startup that completed an angel round in August 2025 . Elsewhere's corpus does not cover its vintage, AUM, or full team.
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