Erhai Liu

Erhai Liu is the founding and managing partner of Joy Capital, a Chinese venture capital firm he launched in 2014 as part of the "VC 2.0" generation of investors who broke away from established institutions . His investment style has typically favored rapid exits—NIO and Mobike each took three years from investment to IPO, Luckin Coffee just 18 months—but Tuhu Car Maintenance tested his patience, requiring a full decade and eight rounds totaling over $100 million before its 2023 Hong Kong listing . In the wake of Luckin's accounting fraud, Liu spent three years on active post-investment management, working with regulators, installing new leadership, and pushing a beverage-diversification strategy . As of late 2024, he remained vocal about Chinese companies' capacity to reshape global industry through what he termed "new globalization" .