Fei Zhang
张斐
Fei Zhang is a partner at 5Y Capital, the Chinese venture-capital firm formerly known as Morningside Venture Capital, where he has worked alongside founding partner Qin Liu . The firm highlights him as a key figure in its AI practice: he was named one of China's best AI-industry investors by ChinaVenture in 2022–2023 , ranked in the top 10 AI investors by the FOF Research Center in late 2022 , and in 2024 moderated a dialogue with a large-model unicorn at the firm's USD-fund partner meeting . He also writes an occasional column for 5Y, "The Horse That Could Count," on cognition and investing . Earlier in his tenure he appeared on Forbes China's 2020 best-VC list and PEDaily's TOP100 , and entrepreneur Wang Yulin of Mokuai Technology has publicly described him as an investor who asks "extremely core and difficult questions" .
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Coverage
January, Emergence, and Prologue | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Congratulations to Moore Threads on its successful STAR Market IPO!
China's First Homegrown GPU Stock Debuts, Kicking Off a New Era of Self-Reliant Computing Power
五源资本·Trailblazers Carry Their Own Wind | 5Y News Monthly
The big news from last month.
五源资本·The Answer Isn't on the Old Map | 5Y News Monthly
The big news from last month.
五源资本·Miracles Come from Perseverance | 5Y News Monthly
The big news from last month.
五源资本·January: Arriving at the Realm of Infinity | 5Y News Monthly
The big news from last month.
五源资本·Seeking Entrepreneurs for the Era of Tech Innovation 2.0 | 2024 5Y Capital USD Fund Partner Meeting Recap
They don't just have cross-disciplinary technical integration capabilities — they also bring a global perspective.
五源资本·Pony.ai's Funding Story: Daydreams in a Winter Storm
The final exam is approaching.
暗涌Waves·Congratulations to Pony.ai on its Nasdaq IPO, becoming the first Robotaxi stock! | 5Y News
Building safer, more efficient, and more convenient transportation for the future.
五源资本·Faith is not an idea, but a way of life.｜5Y News Monthly
Major events from last month.
五源资本·September: Stay Deliberately Curious | 5Y News Monthly
The big news from last month.
五源资本·If wisdom lacks the courage of execution, it is all in vain | 5Y News Monthly
The big news from last month.
五源资本·Confidence Is Tomorrow's Trailblazer | 5Y News Monthly
The major events that happened last month.
五源资本·Change Begins with What You See | 5Y News Monthly
The big news from last month.
五源资本·You Yourself Are the Newest Year | 5Y News Monthly
The big news from last month.
五源资本·January, a Fresh Start | 5Y News Monthly
The big news from last month.
五源资本·Saying Goodbye to 2023 With 19 Books | 5Y New Year Reading List
Happy New Year!
五源资本·December, the Road Keeps Extending | 5Y News Monthly
The big news from last month.
五源资本·Greatness Is Built One Moment at a Time | 5Y News Monthly
The big news from last month.
五源资本·August: Keep Pushing Forward | 5Y News Monthly
The big news from last month.
五源资本·July: The Courage to Keep Believing | 5Y News Monthly
The big news from last month.
五源资本·5Y Capital's Zhang Fei: AI of Loving Grace | The Horse That Could Count --- *Note: This appears to be a title/headline fragment. "会数数的马" (The Horse That Could Count) likely refers to Clever Hans, the famous horse that appeared to perform arithmetic — a classic case study in AI/behavioral psychology about how humans project intelligence onto systems. The main title "AI of Loving Grace" appears to already be in English.*
Everything will be rebuilt from scratch, and we're all starting from the same baseline of understanding.
五源资本·May, Where Hope Springs Eternal | 5Y News Monthly
The big news from last month.
五源资本·January: Toward Broader Horizons | 5Y News Monthly
The big news from last month.
五源资本·Books remind us that tiny pages can hold entire universes | 5Y New Year Reading List
Here's to discovering an even bigger universe in the year ahead.
五源资本·Time forever forks, leading toward innumerable futures | 5Y News Monthly
The big news from last month.
五源资本·"Consistent effort, a life without slack" | 5Y Capital Tavern Vol.9 × Yuan Xingyuan of Colorful Clouds Technology
AI makes our lives better.
五源资本·Beyond What Meets the Eye | 5Y News Monthly
The big news from last month.
五源资本·Boundaries are often pushed in extreme environments | 5Y Adventure x Wilderness Survival
Facing fear head-on, entrepreneurs are far more resilient and formidable than we imagine.
五源资本·No Fear of a Long and Difficult Road | 5Y News Monthly
The big news from last month.
五源资本·Gradients Are a Powerful Mental Model | The Counting Horse
How to build smooth gradients is crucial for an antifragile system.
五源资本·The unthinkable is precisely what can be thought. | 5Y News Monthly
The big news from last month.
五源资本·August: Reasons to Stay Confident | 5Y News Monthly
The big news from last month.
五源资本·July: Seeking Vast Possibilities | 5Y News Monthly
The big news from last month.
五源资本·5Y News | Helixon Pharma Closes Nearly 500 Million Yuan Series A to Deepen AI-Powered Drug Discovery
Building a life-science platform powered by artificial intelligence.
五源资本·5Y Capital and Multiple Portfolio Founders Win Multiple Awards from 36Kr and *Fortune* Magazine | 5Y News
5Y Capital continues to seek out, support, and stand by the rarest founders.
五源资本·The world begins anew each day in a light that is forever fresh. | 5Y News Monthly
The major events from last month.
五源资本·Three Hours Drinking with Three Female Founders | 5Y Tavern Vol. 3
After a few rounds of drinks, what did they talk about?
五源资本·Humans Will Always Need More Sentient Beings | 5Y Pub × Xiaoice's Li Di
AI's Emotions and Creativity
五源资本·2022, the Door Opens to the Future | 5Y News Monthly
The big news from last month.
五源资本·The World Rewards Those Who Stay Pure for the Long Run | 5Y Talk x SenseTime
5Y Capital congratulates SenseTime on its successful listing on the Hong Kong Stock Exchange.
五源资本·5Y News | Moore Threads Completes Series A Funding, First Domestic Full-Function GPU Successfully Developed
The Infrastructure of the AI Era
五源资本·October is full of hope and fervor | 5Y News Monthly
The major events from last month.
五源资本·5Y Capital Wins Multiple Annual Awards from 36Kr and ChinaVenture | 5Y News
5Y Capital will continue to seek out entrepreneurs with bold visions for the future, providing full-stage, ultra-long-term support.
五源资本·Carving paths on trackless slopes, exploring where few have ventured | 5Y View
When We Talk About 3Sigma, What Are We Actually Talking About?
五源资本·September, When Hope Will Break Through Like the Sun | 5Y News Monthly
The big news from last month.
五源资本·When a group of genuine, smart, and interesting young tech people live together for five days and four nights | 3Sigma Bootcamp documentary
The few who exist beyond 3Sigma — kindred spirits on the entrepreneurial road.
五源资本·5Y Capital Wins Multiple Awards Including "2021 China Venture Capital Firm of the Year" | 5Y News
Continuously searching for scarce founders.
五源资本·Xiaoice Closes Series A Funding Round, Li Di: AI Beings Will Be Everywhere in the Future | 5Y News
Unveiled super-natural speech synthesis technology — AI now comes infinitely closer to the sound of a real human voice.
五源资本·The past has become the future, the future has become the past, and both have become the present | 5Y News Monthly
What major events happened last month?
五源资本·5Y Capital's Qin Liu, Steven Zhang, and Yuan Ye Named to 2021 PEDaily "TOP100 Investors" List | 5Y News
On May 20, the 2021 "Investor TOP100" ranking was officially unveiled. The list was jointly initiated by PEDaily, China's entrepreneurship and investment professional portal under Zero2IPO, and Zero2IPO, with data support from the China Venture Capital and Private Equity Big Data Platform, PEdata. **Qin Liu, Founding Partner of 5Y Capital; 5Y Capital; and Yuan Ye, Partner at 5Y Capital, all made the list.**
五源资本·The Best Is Always Ahead | 5Y News Monthly
Happy Labor Day!
五源资本·5Y Capital's Qin Liu and Zhang Fei Named to Forbes 2021 Midas List | 5Y News
We will keep searching for the rare, the obsessed, the founders who can imagine a different future — and back them in turning that imagination into reality.
五源资本·April, When All Things Grow | 5Y News Monthly
Looking back at last month's big events, ready to take on Q2 with full confidence.
五源资本·To Better Kick Off March | 5Y News Monthly
The major events of February.
五源资本·5Y Talk | A Conversation with Kuaishou's Hua Su: The Foundational Principle Is Altruism
On Adventure, Perception, and Inspiration.
五源资本·5Y News | Kuaishou, a 5Y Capital portfolio company, lists on the Hong Kong Stock Exchange. Congratulations to Kuaishou!
Here's to Kuaishou — may it thrive endlessly, connect all things, and create more beauty and order!
五源资本·5Y News | 5Y Capital portfolio company Superparameter Technology completes $30 million Series A+ round
Transforming game content production through AI.
五源资本·5Y News | Three 5Y Capital Partners Named to Forbes China's "2020 Best Venture Capitalists in China" List
Qin Liu, founding partner of 5Y Capital, and partners Zhang Fei and Yuan Ye of 5Y Capital all made the list.
五源资本·5Y View | Zhang Fei of 5Y Capital: Stray Dogs, Missionaries, and Gods
Life's experiences are a personal practice — and every one of us is on that path.
五源资本·5Y News｜Influencer E-commerce Service Platform "Mokuai Technology" Closes Hundreds of Millions of Yuan in Series C+ Round
Social commerce service platform Mokuaan Technology recently completed a Series C+ round of several hundred million yuan, co-led by Eastern Bell Capital and 5Y Capital.
五源资本·What were the big moments for us last month? | Light Moments August Report
IPOs, Funding, Strategic Partnerships, Awards... August in Review
五源资本·The Triumph of Long-Termism: Morningside Recognized with Multiple Honors in 36Kr's "Most Founder-Friendly" and "Most LP-Trusted" Awards | Light Moments
On August 26, 36Kr's 2020 China Investor Future Summit was held in Shanghai, where the 2020 investment institution rankings were released, including:
五源资本·5Y Capital's Qin Liu and Fei Zhang Named to PEDaily's "TOP100 Investors" List | Light Moments
On August 12, PEDaily, China's professional portal for entrepreneurship and investment under Zero2IPO Group, jointly released with Zero2IPO Research the authoritative **2020 "Investment TOP100" investor ranking** — with Qin Liu, Founding Partner of 5Y Capital, and Fei Zhang, Partner of 5Y Capital, both making the list.
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