Fei Zhang

Fei Zhang is a partner at 5Y Capital (五源资本) with over 20 years in venture capital, best known as the first and key investor behind Kuaishou — he backed it from its earliest days and added to every subsequent round through its 2021 Hong Kong IPO . Beyond Kuaishou, he was an early investor in PPS, Miaopai, Maimai, Xueqiu, SenseTime, and Pony.ai . His track record earned him PEDaily's 2021 "Return King" award and spots on the Forbes Midas List (No. 90 in 2021) and PEDaily's TOP100 investor lists in both 2021 and 2024 . Per 5Y Capital's own write-ups, he frames investing as a probability game and his philosophy in terms of fundamentals over short-term gains — "many founders think in finite terms, but it's the company's fundamentals, values, and methodology that decide how far you can run" .