Erhai Liu

Erhai Liu is the founding and managing partner of Joy Capital, a Chinese venture capital firm known for early bets on several high-profile consumer and mobility companies. Per 暗涌Waves, his track record includes investments in NIO (three years to IPO), Mobike (three years), and Luckin Coffee (18 months), though his stake in Tuhu Car Maintenance — which listed on the Hong Kong Stock Exchange in September 2023 at a valuation of roughly HK$22.7 billion — marked a decade-long hold and eight rounds of investment totaling over $100 million, making it his longest IPO . In the case of Luckin, Liu also took an active post-investment role, working with regulators through investigations, helping install new management, and pushing the company toward a beverage-oriented coffee strategy . As of mid-2024, he was still articulating Joy Capital's investment thesis around paradigm shifts in venture capital .