China Merchants Capital

China Merchants Capital is the venture capital and investment arm of China Merchants Group, a state-owned enterprise under China's central government. The fund operates as both a direct investor and a limited partner in China's venture ecosystem, with a portfolio spanning semiconductors, robotics, AI, and advanced manufacturing.

Its recent deal activity shows a particular appetite for hard tech. In 2025 alone, it led Series A rounds in embodied-intelligence robotics startup Ola Dimensions (hundreds of millions of RMB) and humanoid-robot firm AheadForm (over RMB 100 million, with an earlier co-led pre-A in mid-2025) , and participated in LimX Dynamics' RMB 500 million Series A alongside Alibaba, NIO Capital, and Lenovo . Earlier bets include leading MKSemi's ~RMB 80 million Series A in 2023 for low-power UWB chips , co-leading DeepWise's Series A and A+ rounds in 2023 , and backing Flexiv's $100 million-plus Series B in 2020 . It has also invested in AI companies like Zhuiyi and GPU startup Moore Threads' pre-A round in 2021 .

The fund frequently co-invests with top-tier Chinese VCs including 5Y Capital, Source Code Capital, and Gaorong Capital, and often takes lead or co-lead positions in Series A and pre-A rounds. Its check sizes range from tens of millions to hundreds of millions of RMB, with a pattern of following on in subsequent rounds for portfolio companies.