Feng Li
李丰
Feng Li is the founding partner of FreeS Fund (峰瑞资本), a Beijing-based early-stage venture capital firm established in 2015 that focuses on consumer and deep-tech sectors including fintech, biotech, AI, and new energy materials . Before launching FreeS, he was a partner at IDG Capital, where he led investments in companies that later became public, such as Yirendai (NYSE: YRD), Bilibili (NASDAQ: BILI), and LAIX (NYSE: LAIX), as well as consumer brands like Three Squirrels and Jiangxiaobai . His more recent bets include Satine Coffee (三顿半), QingTao Energy, XtalPi, Yanming Biotech, and Coinbase . Beyond investing, he co-hosts the podcast "High Energy" (高能量) with business writer Li Xiang, where the two discuss macro trends and industry outlooks .
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Coverage
Interview with Tian Yang of Yinpu: After the Crayfish Craze Fades, What's Next for Edge AI Hardware?
What will the next AI device in our homes actually look like?
Exclusive Interview with LimX Dynamics Founder Wei Zhang: Embodied AI "Isn't Competitive Enough," World Models, and Robot Brains
Demystifying the "World Model"; "You Can't Win If You're Afraid to Lose"
Congratulations to "Yifei Technology" on its listing on the Hong Kong Stock Exchange — FreeS Fund's third Hong Kong IPO of 2026.
"All Spark" — the "spark source" from *Transformers*
On the Eve of IPO, a Conversation with METiS Pharmaceuticals' Caida Lai: From Formulas on a Whiteboard to "The SpaceX of Pharma"
The story behind the investment.
Congratulations to METiS Pharmaceuticals on its Hong Kong Stock Exchange IPO — FreeS Fund invested in four consecutive early rounds.
From Whiteboard Equations to the "SpaceX" of Pharma
FreeS Fund's Li Feng: For Embodied AI to Become Reality, It May Need to Copy These Three Playbooks
Large language models, autonomous driving, and AlphaFold.
Congratulations to FengRui's early-stage portfolio company Lightelligence on its successful IPO: From a Boston Dining Table to Photonic Infrastructure for the AI Era
The World's First Publicly Traded AI Silicon Photonics Chip Company
2026 Outlook: Finding the Wealth Code at the Inflection Point | Macro Musings
The "Macro Musings" column is now live.
If mobile internet failed to reshape the education industry, can AI?
In a future where AI "controls" knowledge, how do we protect children's capacity for autonomous learning?
FreeS Fund's Li Feng 2025 Year-End Share: The Logic and Outlook of AI Investment
Why Is This AI Boom Unprecedented? What Happens Next for AI Investment?
Ant Group's Jigang and FengRui's Li Feng: How Can AI Hardware Startups Survive the "Data Desert"?
Past data has powered large language models; future AI development cannot happen without new data.
"There's always a new opportunity in AI hardware."
Key Insights from Three AI Hardware Entrepreneurs
From Foundation Models to AI Companions: What Cyclical Patterns Lie Behind the Rotation of AI Hype Cycles?
First figure out how to "make something people love," then consider "what role AI plays."
Welcome to Register | Li Feng in Conversation with Ropet Founder, Deconstructing New Opportunities in AI Companionship
Is AI's Next Breakthrough "Emotional Companionship"?
The Busier the Robotics Race Gets, the More We Need to Respect the Fundamentals | Li Feng Column
The Hype, Patterns, and Non-Consensus of Robotics Investing
Venture Capital Lens on the Two Sessions: Six Core Topics and Policy Roundup | FreeS Research --- Every March, China's "Two Sessions" — the annual meetings of the National People's Congress (NPC) and the Chinese People's Political Consultative Conference (CPPCC) — draw widespread attention. For investors and entrepreneurs, the government work report and policy signals released during this period serve as a critical compass for the year ahead. In this article, the FreeS Research team examines the 2024 Two Sessions through a venture capital lens, identifying six core topics most relevant to the tech and startup ecosystem: **AI and digital economy, hard tech and advanced manufacturing, new energy and carbon neutrality, biotech and healthcare, consumption and domestic circulation,** and **capital markets and fundraising environment.** We also map out the specific policy measures and investment implications for each. --- ## 1. AI and the Digital Economy: From "Development" to "Application" AI was elevated to a new level of urgency at this year's Two Sessions. The government work report explicitly called for **"deepening R&D and application of AI"** and **"launching the 'AI+' initiative"** — a notable shift from previous years' emphasis on "development" and
Hoping this can offer a fresh perspective and some food for thought.
Li Feng x Guan Qingyou: What New Opportunities Remain in the Consumer Market for 2025?
How should we view the present and future of China's consumer retail market?
2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
Will the Primary Market Get Better? 9 People Talk About Some Real Problems
Difficult exits, difficult fundraising, and state capital's fault-tolerance mechanisms.
We invested in large language models, AI applications, and embodied intelligence, but BlueRun Ventures still feels it hasn't FOMO'd hard enough.
The more optimistic doers.
The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
"It's Not Going Global, It's New Globalization": Here Are the Thoughts and Practices of Nearly 20 Companies
Global Vision and Chinese Wisdom
Li Feng in Conversation with Ji Yu: Understanding NVIDIA, Deconstructing NVIDIA, Challenging NVIDIA
"Monopolize or Die" — Will NVIDIA's Dominance Be Eroded?
The Era of Private Cloud: How AI NAS Is Reshaping Your Digital Life | FreeS Research Institute
Beyond Traditional Storage: Build Your Personal Cloud
Congratulations to XtalPi on its Successful IPO: How FreeS Fund's Research-Driven Approach Learns from Investing
AI + Robotics Creates First 18C Listing — Congratulations to XtalPi
Tian Xuan × Li Feng: How Is Patient Capital Cultivated? | Li Feng Column
Is China's "Patient Capital Era" Here?
Jing Liu × Feng Li: In the Future, What Kinds of Companies Will Thrive? | Feng Li Column
Always look at the other side of the coin.
Li Xiang x Li Feng: Behind the "May Day" Travel Data — The Long-Term Trends Easy to Overlook | Li Feng Column
Try looking at it from a different angle.
World Book Day | The Books That Give Us "High Energy"
Crossover Book Recommendations from Investors and Business Writers
Li Feng in Conversation with Lian Wenzhao: The Promise and Hype of Large Models, the "Impossible Triangle" of Robotics, and the Future | FreeS Fund Venture Dialogues
This is an unprecedented opportunity: technology-driven, industry-anchored.
Spend a Summer on a VC Journey of "Seeking Truth" and "Taking Things Seriously" | FreeS Fund's 2024 Internship Program Is Now Open
Welcome aboard — a great workplace is one with a bunch of amazing colleagues.
Li Feng in Conversation with LimX Dynamics Founder Zhang Wei: Humanoid? Robot? | FreeS Fund Dialogues
All problems in the world are computational problems.
Li Xiang x Li Feng: Key Timelines and Events Worth Watching in 2024 | Li Feng Column
Why is the period after the Two Sessions such an important inflection point?
Li Xiang × Li Feng: In Waves of Technological Change, Why Is Gaming Usually the First to Make Money? | Li Feng Column
From a Brief History of Gaming to New Online Game Regulations: Finding Innovation Opportunities in the Industry
FreeS Fund 2023 Year in Review: Take the Long View
In 2024, hold onto hope, keep pushing upward, and do what's right rather than what's easy.
What Are Top Overseas Chinese Students Thinking About When It Comes to Entrepreneurship and Investing? | FreeS Fund Dialogue
How do we make sense of the business world and think about the future?
"Pain Comes From Identifying Problems, Joy Comes From Solving Them" | FreeS Fund's 5th Open Day Recap
Frontier Tech Entrepreneurship: Not a Sprint, Not a Marathon, but a Maze
Li Xiang x Li Feng: Stripping Away the Emotion, Let's Talk About Economic Variables for the Second Half of 2023 | Li Feng Column
A Conversation About the First and Second Halves of 2023
Li Xiang x Li Feng: From Purified Water to Unsweetened Tea — A Case Study in China's Consumption Upgrade | Li Feng Column
In consumer markets, the boundary between services and retail is growing increasingly blurred.
Li Xiang x Li Feng: Why Did ChatGPT Emerge Today? What Happens Next? | Li Feng Column
Is there still a chance to build a Chinese OpenAI?
The 6 Questions Young People Care About Most: We Asked 17 Founders | FreeS Fund Youth Festival & Graduation Season Special
Passion and conviction are what carry you through the darkness.
Li Xiang x Li Feng: Institutional Restructuring, Silicon Valley Bank, GDP Targets, Capital Flows... A Chat on Recent China-US Macro Hot Topics | Li Feng Column
China's financial sector is at the starting point of a new structural adjustment cycle.
Li Xiang × Li Feng: What Might 2023 Look Like? | New Year Outlook
Anticipate as much as possible to give yourself more room to react.
Sharing 20 industry research reports and 1 podcast episode to kickstart your work.
What happened in the past? What changes lie ahead?
FreeS Fund's 2022 Year in Review: Stay True to Your Convictions, Do What's Right Rather Than What's Easy
Happy New Year!
How to Invest in Biotech in 2023? | FreeS Research
Data-driven, cross-disciplinary, bearing fruit — the most certain direction amid uncertainty
See you tonight at 7:30 | Yiren Tang Ning and FreeS Fund's Li Feng look ahead to 2023
Welcome to reserve your spot for the livestream — see you tonight at 7:30!
Short Videos: The Shortcut for Chinese Animation to Surpass Disney? | A FreeS Fund Conversation
How Will Anime Change the Way You Build Brands in 2023?
Li Xiang x Li Feng: The Dollar's "Monopolistic Success" and "Gradual Dilemma" | Li Feng Column
Can the U.S. Actually Bring Manufacturing Back?
【Streaming Sept. 25】Li Feng in Conversation with Feng Yuchuan of QingTao Energy | With New Energy in the Spotlight, How to View Innovation and Development in the Power Battery Sector
Going live this Sunday at 10 a.m. sharp.
The U.S.-China Biotech Race: Where Are the Opportunities in Synthetic Biology? | FreeS Fund Dialogue
Over the next five to ten years, which technologies will have a significant impact on synthetic biology?
Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
Will 2022 Be a Capital Winter? | Li Feng Column
Setting aside emotion, let's return to the facts.
From Scientific Innovation to Tech Entrepreneurship in Semiconductors | FreeS Fund Chip Series
What are the core moats at different stages of hard tech startups?
Live tomorrow at 09:30 | Lightelligence's Yichen Shen and FreeS Fund's Li Feng on the present and future of photonic chips
See you Sunday morning!
Lightelligence's Yichen Shen in Conversation with FreeS Fund's Li Feng: The Present and Future of Chip Industry's World-Class Challenges | 424 Livestream Registration
Let's Talk About That Chip
FreeS Fund's Yongcheng Yang: The Red Ocean Is the Ultimate Battle Entrepreneurs Must Face | Chip Series Livestream Registration Now Open
The Hardship of Blue Oceans vs. The Beauty of Red Oceans
How Should Brands Go Overseas on TikTok and With Independent Sites? | FreeS Fund Going Global Series
Do China's hard-won lessons from domestic competition still carry weight abroad?
What Will Happen to Cross-Border E-Commerce in 2022? | FreeS Fund's Going Global Series
Why has cross-border e-commerce managed to buck the trend, and who will emerge as the next winners?
How Does Single-Cell Sequencing Help You Understand the 40 Trillion Cells in Your Body? | 2021 FreeS Fund Annual Investor Summit
How Single-Cell Sequencing Is Revolutionizing Biomedicine
As Long as You Don't Lose the Domestic Race, You'll Win Globally | Li Feng's New Year Outlook on Consumption
7 Defining Factors That Will Shape the Consumer Market Over the Next Decade
How to Capture Category Dividends in Consumer Entrepreneurship? | FreeS Research
How to Lead the Pack?
FreeS Fund Earns Ten Honors from Zero2IPO, PEDaily, ChinaVenture & GEW, CVCRI, ChinaRong360, Wanbang RB, and Lancha Consumer | FreeS Matters
Continuously hiring investors
Expansion or Store Closures: Reassessing Offline Opportunities | Li Feng Column
From "Store Opening Boom" to "Store Closing Wave": Reassessing Offline Opportunities
FreeS Fund Wins 12 Awards, Thanks to Recognition from 36Kr, ChinaVenture, FOFWEEKLY, Cyzone, and 21st Century Business Herald | FreeS Fund
Continuously Hiring Investors
"Interconnection" Opens: What Are the Long-Term Implications for Consumer Brands? | FreeS Fund Daily Business Musings
How can a brand truly grow into a new category?
"DJI Is Already So Big — How Do You Survive?" A Story of Taking on a Giant | FreeS Fund Business School
In an industry with no second place, how do you find the possibility of starting a business?
The Rise and Fall of Education, Consumer Bubbles, Carbon Neutrality, Commercial Spaceflight... "Cool" Reflections on Hot Investment Topics | Li Feng Column
Exploring Opportunities Amid "Major Restructuring"
Breaking the Cycle of Cutthroat Competition in Consumer Industries: Is "Going Premium" the Secret? | Li Feng Column
New Trends in Consumption: From "Value for Money" to "Premium Pricing"
"You always need to balance desire, capability, and resources" | FreeS Fund 2021 US-China Venture Forum Transcript
Startups or Investing: A Game of "Truth or Dare" at the Intersection
Li Feng: Will Consumer Investment Stay Hot in 2021? | FreeS Research
Whenever most people aren't optimistic, there's usually an opportunity hiding in there.
FreeS Fund China-US Venture Forum Session 2 is still open for registration; FreeS Fund receives multiple recognitions from Langchao New Consumption, Joy Capital, and Qiming Technology & New Voice Innovation Service
Do what's right, not what's easy.
Why Was It So Hard to Make Money in 2021? | Li Feng Column
If the stock market roller coaster has left you a bit dizzy, you might want to read this.
FreeS Fund China-US Venture Capital Forum Registration Now Open | Seizing New Opportunities in China's Era
Whether you're looking for a job or starting a company, feel free to come chat with us at FreeS Fund.
Why Are New Energy Vehicles So Hot? And Are They a Good Bet Long-Term? | FreeS Research
An industry with more than a century of industrial history, the automotive sector has finally met its disruptor.
Li Feng's 2021 Outlook: How We See China's Present and Future
Steady progress toward enduring success.
FreeS Fund Is Hiring Investors and Interns, Wins Multiple Awards from Forbes, TMTpost, CVCRI, and ToB Industry Network | Frees Fund Vol. 6
Do what's right, not what's easy.
FreeS Fund Wins Multiple Awards from 36Kr, Jiemian, Sansheng, and Lieyunwang | Frees Fund Vol.5
Do what is right, not what is easy.
Li Feng in Conversation with Academician Shao Feng: New Trends in Drug Discovery
How Can Basic Research Better Connect with Industry in Biomedicine, a Field Where "the Barrier to Entry Is Low, but the Courtyard Runs Deep"?
Li Feng in Conversation with Academician Shao Feng: First In Class in China | Last 2 Days to Register
How can basic biomedical research better connect with industry?
Why Is AI Drug Discovery So Hot? And How Long Will It Stay Hot? | FreeS Fund Events & Research Recs
Three Slightly Brain-Burning Little Gifts
FreeS Fund's Li Feng: Consumer Brands Go From 0 to 1 Easily, But 1 to 10 Is Hard | 10/31 Closed-Door Session Registration
When everyone's doing Douyin, Bilibili, livestreaming... what are the truly sustainable dividends?
Beyond the "Narrow Door": A Real-World Portrait of Early-Stage Frontier Biotech Entrepreneurship in China | FreeS Fund 2020 Biotech Summit Registration Now Open
Will Today’s US Biotech Become China’s Tomorrow?
FreeS Fund Wins Multiple Awards from Zero2IPO, ChinaVenture, and Cyzone; See You Tomorrow at 9 AM in the Live Room | Frees Fund Vol. 4
Looking forward to having you join us!
Li Feng: One Chart to Decode Biotech Innovation Opportunities | Your Complete Guide to the FreeS Fund 2020 Biomedical Summit
Three Livestreams and One Offline Symposium, Decoding the Era of Biomedical Innovation
Fintech Open Day Goes Live 10/17, FreeS Fellow Recruitment Ongoing | Frees Fund Vol. 3
Looking forward to your participation!
FreeS Fellow Program — North America Cohort 1 | Welcome to a VC World Driven by Curiosity and Value Creation
Seek out the young people who are thinking, who are creating.
Tang Ning x Li Feng: How Can Startups Seize the Trillion-Dollar Wealth Management Transformation Opportunity?
What should the composition of a future-oriented portfolio look like?
A Job Posting, Three Events | Frees Fund
Looking forward to your participation.
What Happened to China's First Wave of '90s Founders? | FreeS Fund 2020 CEO Annual Meeting
"When you're young and truly believe in something, you'll give it everything you've got."
FreeS Fund Fintech Investment Summit 2020: What New Opportunities Will Emerge in the Fintech Space?
4 online events, 1 offline Open Day
FreeS Fund Healthcare Open Day Is Here: Entering the Grand Era of Biomedical Innovation
Looking for China's Genentech, Moderna, Alnylam, Spark, Nimbus Therapeutics
Returning to China to Start a Business? Answers to Questions You Did — and Didn't — Think to Ask | Recap of FreeS Fund's First Open Day
Have ideals, but don't be idealistic.
The First FreeS Fund Open Day Is Here: If You're Thinking About Coming Back to China to Work or Start a Company, Come Hang Out at FreeS Fund --- In recent years, we've noticed more and more people overseas considering a return to China — whether to join a startup, start their own, or simply explore what's happening on the ground. If you're one of them, we'd love to meet you. FreeS Fund is hosting our first Open Day for returnees. No rigid agenda, no pressure. Just a chance to chat with our team, hear what we're seeing in the market, and share what you're working on or thinking through. **When:** [Date] **Where:** FreeS Fund office, Beijing **Who should come:** Anyone currently based overseas who's considering moving back to China for work or entrepreneurship Space is limited. If you're interested, drop us a line at [email] with a quick note on your background and what you're exploring. Looking forward to meeting you.
On the path of growth, we're bound to meet fellow travelers who share our passions.
A Visual Guide to How New Platforms Are Born | Li Feng Column
The Importance of Datafication to Platform Ascendance
Why Is "New Infrastructure" China's Most Consequential Stimulus Policy for the Next Decade? | Li Feng Column
Two Decades of Chinese Infrastructure: The Evolution of Stimulus Policy and the Industry Chain's Long March
FreeS Fund received eight recognitions from institutions including *Fortune* (Chinese edition), 36Kr, and the Fund of Funds Alliance.
Do what's right, not what's easy.
Our Past 100 Days: Sailing Against the Wind, Growing Toward the Sun
Venture Capital's Pandemic Fight: A Chronicle
See you tonight at 8pm | Li Feng: Analyzing China's Industrial Transformation in the Next Decade
See you at 8 tonight!
Thinking Through Turning Points and Opportunities Amid the Pandemic from a Global Citizen's Perspective | FreeS Fund North America Online Sharing
Welcome to sign up, VC friends from across the US and anyone following the China-US venture capital scene.
Tang Ning x Li Feng: Tech Won't Replace You — Your Competitors Who Master Tech Will | FreeS Fund Business School
How do you cultivate the ability to spot future trends amid uncertainty?
2020: The Travel Industry's Reset and Restart | Frees Fund
Three Major Shifts and Two Types of Opportunities
In-Vehicle Intelligent Weighing Platform *Shenzhen Hando* Closes RMB 80 Million Series A Round, FreeS Fund Continues to Follow On | FreeS Fund News
Smart logistics is an inevitable trend. At its core lies the intelligence and automation of every link in the supply chain — which in turn depends on digitizing each of those links.
Helping Fight the Pandemic (Updated), Launching Smart Warehouse Robots… Navigating Through Challenges in 2020 | FreeS Chalkboard · January
Do what's right, not what's easy.
Li Feng Column 16 | The Fresh Retail Wars — Learning Early-Stage Investing from the Secondary Market
Exploring the Struggle to Buy Groceries During the Pandemic — and What It Reveals About China's Fresh Retail Industry
Two joyous gatherings, spotlighted by *People's Daily* commentary, Forbes China's Best Venture Capitalist, and 50+ other awards... The past is prologue; the future holds promise.
Do what's right, not what's easy.
Li Feng's New Year Outlook | One Chart to See China's Opportunities in 2020
Setting aside emotion and noise, let's take a serious look at the era we inhabit.
Li Feng Column 15 | How Long Can Live E-Commerce Stay Hot?
How do you judge the real value of a buzzword?
FreeS Fund Recognized with China Renaissance "2019 Top 10 Best Angel Investment Firms" and Multiple Other Accolades
Do what's right, not what's easy.
FreeS Fund was named to Zero2IPO's "Top 50 China VC Firms of 2019" and "Top 30 China Cultural Consumption Investment Firms of 2019."
Do what's right, not what's easy.
5 Deals, Double 11 Results Roundup, 24+ Awards... 42 Highlights and 7 Insights | FreeS Fund Blackboard · November
Do what's right, not what's easy
FreeS Fund Named to 36Kr's "China's Most Influential Early-Stage Investment Institutions TOP 10"; Four Portfolio Companies Win "King of New Economy" Annual Company Awards
Do what is right, not what is easy.
Bluepha Closes RMB 40 Million Series A Round | FreeS Fund Deal Brief
Leading Global Engineered Microbe Development
FreeS Fund 2019 North America Trip ② | We Hope to Walk Through the Fog and Discern the Patterns with You
Six VC Meetups — Come Say Hi
We have an "Investment Observer" position waiting for you to join.
"Do What's Right, Not What's Easy" — Together
Jing Liu in Conversation with Li Feng: China's Economy Is Bottoming Out, Full of Opportunities
In the end, it's not about the moves — it's about the strength behind them.
Beauty Brands Entering China, Becoming India's Third-Largest E-Commerce Player, and Betting on Biomedical — 22 Developments and 5 Takeaways | FreeS Fund Bulletin · September
Do what's right, not what's easy.
Orthopedic AI Company Changmugu Completes Tens of Millions of RMB Pre-A Round | FreeS Fund Investment News
Focused on AI-assisted full-process surgical solutions
What It Means to Be Named 36Kr's Most Founder-Friendly Investor for Three Straight Years — and How We Should Think About the Investor-Founder Relationship
Grateful to be chosen by founders.
Brain Diseases in Its Crosshairs: NeuroXess Raises $4.2 Million in Angel Round | FreeS Fund Deal News
Brain research remains one of the great unsolved challenges in science.
IPOs, Top 50 Best Returns, New Breakthroughs in Rocket Technology... 23 Milestones and 11 Reflections | FreeS Fund Blackboard · July
Do what's right, not what's easy.
Leading Catering Supply Chain Enterprise Xinliangji Raises Another 300 Million Yuan | FreeS Fund Investment News
Fish, shrimp, crab, and shellfish — all caught in one net.
Li Feng in Conversation with Larry Zhang: Reflections on Three Squirrels' IPO
The ultimate outcome of business is a choice of values.
Li Feng's speech at Three Squirrels' IPO ceremony: The times make the enterprise; good people can make money
Go get 'em, Three Squirrels!
Miura Atsushi, Li Feng, and a former 7-Eleven executive break down the many possibilities of new retail
In the future, Chinese brands will claim their place in every major consumer category worldwide.
Landing in Shanghai, Selling 100 Million Bags in 7 Months... 7 Companies Reach New Heights, Plus 4 Awards | FreeS Fund Blackboard · May
Do what's right, not what's easy.
FreeS Fund Sets Up Shop in Shanghai, New Office Now Operational
FreeS Fund opens offices in both the north and south, choosing to do what's right rather than what's easy.
Li Xiang × Li Feng: 200 Million New Urban Residents' Consumer Awakening — Who Will "Reap" the Rewards?
Taobao, JD.com, VIP.com, Pinduoduo, and China's Real Estate Sector
Youth Takes Center Stage: 18 Career Advances and 20 Awards to Share | FreeS Fund Blackboard · April
May is May — and with it, infinite possibilities.
FreeS Fund Lands on 36Kr's "Top 10 Dark Horse Funds in China," Hard Tech Bets Earn LP Recognition
Do what's right, not what's easy.
Onion Math Closes 300 Million Yuan Series D Round, FreeS Fund Continues to Follow On | FreeS Fund Deal News
Internet-based inclusive education focused on primary and secondary school students
360 Finance CEO Jun Xu: Three Things I Got Right in Five Years of Entrepreneurship | FreeS Fund 2019 CEO Annual Meeting
Pick the right track, manage your team well, and expand your coalition of shared interests.
DataPipeline Raises Tens of Millions of RMB in Series A+ Round, Serving Starbucks and Longfor | FreeS Fund Investment News
Better understand data, apply data, and respect data with reverence.
We Want You! FreeS Fund 2019 Spring North America Roadshow
You're the next star-picker in venture capital.
Digging Deep into Tier 3-6 Markets, Shenma Chuxing Announces $20 Million Series A Round | FreeS Fund Deal News
Driving the new energy industry toward digitalization, consumerization, and servitization in the circulation sector
Tang Ning × Li Feng: Truly Great Companies Are the Ones That Spark Debate | FreeS Fund 2019 CEO Annual Meeting
In the DNA of great companies, "original aspiration" matters most.
Four Companies Close New Funding Rounds, Five Reach New Milestones, Plus Two Celebrations | FreeS Fund Monthly · March
Do what's right, not what's easy.
Be Long-Term Greedy, Be a True Hero | FreeS Fund 2019 CEO Annual Meeting
Let's Go Further Together
FreeS Fund Angel-Round Portfolio Company Kolmostar Closes $10 Million Series A | FreeS Fund Financing News
Provides positioning capabilities for IoT devices, mobile devices, and autonomous vehicles.
Li Xiang × Li Feng: Strip Away the Emotion, What Did China Look Like in 2019?
The Year Expectations Shift
Bilibili Score of 9.7, PepsiCo Partnership, "Ten Thousand People Plan"... 6 Takeaways and 4 Insights | FreeS Fund Chalkboard · February
Do what's right, not what's easy.
FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
"The Summit" is rising — we're waiting for you!
SpaceX-like Startup Jiuzhou Yunjian Raises Tens of Millions of RMB in New Funding Round | FreeS Fund Investment News
Chasing the Space Dream
Shangyue Closes RMB 39 Million Angel Round | FreeS Fund Investment News
Focused on enterprise procurement digitization
IPO, 7 Insights, 20+ Awards... In 2019, We Continued to "Do What's Right, Not What's Easy" | FreeS Fund Blackboard · December
A new year to stay grounded and keep pushing forward.
2018 was a tough year, but absolutely one with inflection-point significance.
You don't need to get clever or cut corners. Just do what aligns with the cycle and the structure, and you'll make money in this cycle.
Xinyi Information Technology Raises Tens of Millions of RMB in Series A Funding | FreeS Fund Investment News
The end of Moore's Law and the arrival of the intelligent IoT era have spawned a flood of new scenarios and demands.
Congratulations to 360 Finance on Its Successful NASDAQ Listing | FreeS Fund IPO News
Every bull market has its stragglers, and every bear market births its unicorns.
Li Feng in Conversation with Zheren Hu: On "High" Valuations — We Were Quite Resolute at the Time
As an early-stage investor, we have the privilege of meeting these original dreams at their inception and watching them grow into something great.
Breaking Through Technical Bottlenecks, Surpassing 20 Million Followers... 16 Takeaways and 5 Insights | FreeS Fund Blackboard · November
Continue doubling down on consumer and deep tech.
Changmugu Medical Closes Tens of Millions of RMB Seed Round | FreeS Fund Investment News
Build world-class AI healthcare products.
The Birth of a Retail Unicorn, Winning the Championship, and Finding the "Nail"... 12 Advances and 3 Insights | FreeS Fund Blackboard · October
Continuing to Push on Consumer and Deep Tech
FreeS Fund Angel-Round Portfolio Company NextVPU Closes 200 Million RMB Series A | FreeS Funding News
We provide professional solutions for robotics, drones, autonomous vehicles, and security surveillance.
Another New Retail Unicorn Emerges: FreeS Fund Angel-Round Project Huasheng Haoche Closes $210M Series B | FreeS Funding News
FreeS Fund continued to increase its stake.
Li Feng's Column 13: China Is at Its Most Precious Historical Moment | Frees Fund
Over four decades of turbulence, the darkest days have always given rise to market opportunities.
Li Feng Column 12: A Speculation on the Endgame of China's New Retail | Frees Fund
Short-term: traffic. Medium-term: efficiency. Long-term: supply chain.
Li Feng Column 11: The Middle Path for New Retail | Frees Fund
The Three Axes of Understanding New Retail
Top 5/15/50/100, Going Global to India, Teaming Up with Tencent on IVI... 13 Takeaways and 8 Insights | FreeS Chalkboard · August
"Choose the more long-term path, even if it's the harder one."
Securing Strategic Investment, Rocket Tests, the "Iron Triangle Initiative"... 7 Developments and 3 Insights | FreeS Fund Blackboard · July
Getting it right matters more than making it easy.
IQVIA Makes a Move in China, "Nuoxin Chuanglian" Raises Tens of Millions of RMB in A+ Strategic Round | FreeS Fund Deal News
Version 2.0 pharmaceutical marketing digitalization solution.
Crayfish Goes Global, Chips, Chatting About TikTok... 7 Updates and 3 Reflections During World Cup Season | FreeS Fund Blackboard · June
Continued Investment in Consumer and Deep Tech
Li Feng Column: US Dollar and Hong Kong Dollar Rate Hikes, and the Unicorn "Winter"
Focus on the growth of a company's intrinsic value.
Eleven Breakthroughs in Early Summer: Even Now That We're Grown Up, We Still Believe "Creating Is Endlessly Fun" | FreeS Fund Blackboard · May
Every bit of growth is worth commemorating.
Olympic Champion Li Xiaopeng Joins Amino Acid Hair Care Brand Zhiguan in Closing Tens of Millions of RMB in Series B Funding | FreeS Fund Deal News
Get younger consumers to keep buying and buying.
MaiFei Technology Raises RMB 25 Million in Pre-A Round | FreeS Fund Deal News
Empowering modern agriculture.
Li Feng Column | The Trade War Gets a Comma, but China's Secret Weapon Is Just About to Show Its Edge
What makes China's economic experience distinctive is that much of it consists of "the unintended consequences of human action."
Singleron Biotechnologies Closes Tens of Millions of RMB in Angel Round to Accelerate Commercialization of Single-Cell Analysis Technology | FreeS Fund News
Making single-cell analysis a routine part of clinical practice.
Tingjiandan Completes Series B+ Round Led by Ant Group | FreeS Fund Deal News
Parking — the last major mobility market yet to be fully transformed by mobile internet.
Fundraising, Licensing, New Launches, Team Building, Awards… 15 Notable Events from an April to Remember | FreeS Fund Blackboard · April
Look ahead, keep doing.
Pro-Health Raises Tens of Millions in Pre-A Round to Improve Survival Rates for 1.2 Million Premature Infants | FreeS Fund Investment News
Pro-Health hopes to eventually benefit more mothers and children at grassroots maternal and child health hospitals and children's hospitals in second- and third-tier cities.
Li Feng Column | A $2 Trillion Market and $10 Trillion Output: Why We're Bullish on Chinese Chips?
When Will Homegrown Chips Break Through?
春天里的9份收获和4点洞察 | 峰瑞黑板报·3月
朝前看，坚持做。
Spend Your Summer Mastering VC Skills | "Fengshen Rankings" Season 3 Recruitment
Want to come?
Moka Closes Tens of Millions in Series A+ Funding to Become the Talent Weapon Behind Successful Companies | FreeS Fund Deal News
Overseas, the company with a similar business to Moka is Silicon Valley near-unicorn Greenhouse.
FreeS Fund Is Hiring a PR Lead | Join Us and Make Impact Visible
Welcome aboard.
Onion Math Closes Series C Funding of Over 100 Million RMB to Expand Unmanned K-12 Science Tutoring | FreeS Fund Deal News
You can't reach a new world by following an old map. Onion Math ushers in the Online Education 3.0 era.
2 Gatherings, 10 Pieces of Good News: The FreeS Fund Family in 2018 — "Look Forward, Keep At It" | FreeS Fund Chalkboard · January
FreeS Fund continues to double down on deep tech and consumption upgrades.
Yonghao Luo: Six Years at Smartisan, Five Lessons Learned | 2018 FreeS Fund CEO Annual Meeting Recap
When you start a business in a red ocean, it's "working twice as hard for half the result" multiplied by ten.
Go Explore, Go Strive, Go Persist | 2018 FreeS Fund CEO Annual Meeting Recap
Here, you'll meet more fellow travelers.
The Last "FreeS Fund Family Update" of 2017 | FreeS Fund Bulletin · December
After a year of trudging forward, may you find more fellow travelers here.
Funding, Store Openings, Production Launches, and New Products: Ten Companies Leveling Up, Plus Eight Making the List | FreeS Fund Chalkboard · November
FreeS Fund Continues to Double Down on Deep Tech and Consumer Upgrading
Say Goodbye to Cryptic Code: How to Build a Robot That Works Without Programming | X Lab
Why is it so hard to get a robot to grab something?
Li Feng Column | From iPhone X, Smart Speakers to New Drug R&D and Environmental Monitoring: How I View Technological Innovation
Look for opportunities at the intersection of technological innovation and physical industries — where digital solutions meet real-world infrastructure, manufacturing, and heavy assets.
From Cracking the New Consumption Top 10 to New Frontiers in Intelligent Manufacturing and Green Healthcare | FreeS Fund Blackboard · October
Investing is also a form of entrepreneurship — may we make the most of our time.
BaiChangHui Closes RMB 70 Million Series B Round, FreeS Fund Continues to Follow On | Funding News
Behind BaiChangHui's growth lies consumer demand for personalized venues.
New Retail Entrepreneurship: Move Fast, Fight Hard, and Cultivate with Care | FreeS Talk
Fresh observations on office unmanned shelves, home furnishings, matcha, and personal care.
The holiday is just around the corner, and we want to share six pieces of good news with you | FreeS Fund Chalkboard · September
Looking forward to crossing paths with more innovators and the extraordinary.
Li Feng Column | How I Think About Consumption Upgrades and New Retail: Lessons from Lipton 120 Years Ago, Walmart 50 Years Ago, and MUJI 30 Years Ago
Industry chain foundations + new lifestyles = ?
Since China will give birth to far more world-class brands than we can imagine over the next 20 years, what can we do right now?
Study the essence of industries, capture signals of the future.
Li Feng x Lixing Wang: After 900 Million Consumers Became "Shopaholics," How Can Chinese Brands Conquer the Global Market? | FreeS Talk
A motivational pep talk for consumer upgrade entrepreneurs — good for the next 20 years, guaranteed.
Self-driving cars are just the tip of the iceberg — what you're building isn't just China's Google, Uber, and Tesla.
Automotive technology innovation isn't just for Peter Thiel and Larry Page.
Registration is now open for "Do It Today Vol.5," a workshop co-hosted by FreeS Fund.
We'll be waiting for you~
Low efficiency in project financing matchmaking? FreeS Fund's BONFUND wants to make everything easier
Make fundraising simpler.
Li Feng X Liu Changke: The Depths and Heights of K12 Education Over the Years | FreeS Fund Open Talk
How Do Education Industry Veterans See the Future?
![The First FreeS Fund Open Day Is Here: If You're Thinking About Coming Back to China to Work or Start a Company, Come Hang Out at FreeS Fund
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In recent years, we've noticed more and more people overseas considering a return to China — whether to join a startup, start their own, or simply explore what's happening on the ground. If you're one of them, we'd love to meet you.
FreeS Fund is hosting our first Open Day for returnees. No rigid agenda, no pressure. Just a chance to chat with our team, hear what we're seeing in the market, and share what you're working on or thinking through.
**When:** [Date]
**Where:** FreeS Fund office, Beijing
**Who should come:** Anyone currently based overseas who's considering moving back to China for work or entrepreneurship
Space is limited. If you're interested, drop us a line at [email] with a quick note on your background and what you're exploring.
Looking forward to meeting you.](/_next/image?url=https%3A%2F%2Fkkcktdhgzddmdjdjoenc.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fmedia%2Fimages%2F45f83c6a-7c35-4040-ba2d-210c7948ac95%2F3e49df2ae02b.jpg&w=384&q=75)
