China Merchants Capital

China Merchants Capital is the venture capital and investment arm of China Merchants Group, operating as both a direct investor and fund manager across early-stage and growth-stage deals. The bundle shows it investing under multiple banners: "招商局创投" (China Merchants Venture Capital) for earlier-stage bets and "招商局资本" (China Merchants Capital) for larger, more mature transactions .

Its recent deal activity clusters heavily in embodied intelligence and advanced hardware. In 2025-2026 alone, it led or co-led rounds in humanoid robotics startup AheadForm (首形科技) across multiple tranches—Pre-A in June 2025, then follow-on participation in September 2025 and April 2026 rounds . It also led the Series round for Oula Wanxiang (欧拉万象), a home robotics company, in May 2026 . Earlier bets include GPU designer Moore Threads at its 2021 pre-A, enterprise AI company Zhuiyi Technology, and Deepexi's A4 round in 2020 .

The fund appears to operate with strategic as well as financial intent, typical of state-affiliated capital—though the bundle does not specify its exact relationship to China Merchants Bank or the broader group's listed entities . Its co-investment patterns show it working alongside both market-leading VCs (5Y Capital, Sequoia China, GGV) and other state-linked funds (Shenzhen Capital Group, Shanghai AI Industry Investment Fund) .