FreeS Fund
峰瑞资本
FreeS Fund (峰瑞资本) is a Chinese venture capital firm co-founded by Li Feng, who serves as founding partner . Established in 2015, the firm has grown from an early-stage focused fund into a manager that also actively deploys growth capital . Its investment thesis centers on finding "non-consensus but imaginative" opportunities, particularly at the intersection of disciplines—what it calls "cross-disciplinary" breakthroughs where science converges .
The firm's three core sectors are consumer/TMT, deep tech, and biotech . Its portfolio includes several public companies—Three Squirrels (SZSE), 360 DigiTech (NASDAQ), Uber Global (NYSE), and Unity (NYSE)—alongside a deep roster of venture-backed names such as XtalPi, Bluepha, METiS Pharmaceuticals, SATURNBIRD, and PatPat . FreeS Fund has been especially active in biotech, leading METiS Pharmaceuticals' angel round in late 2019 and following on through four subsequent rounds , and making an early bet on XtalPi back in 2016 .
The team includes founding partner Li Feng ("Uncle Feng"), executive director Liu Pengqi, and vice presidents Yan Qianhang and Shen Ying, among others . The firm also runs the FreeS Fellow program, a six-month initiative for students to source deals and produce research remotely .
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Coverage
Has the Inflection Point for AI for Science Arrived?
Where will the next Nobel Prize emerge?
峰瑞资本·Taking Over From Smartphones, Smart Wearables Are Becoming the New Engine of Consumer Electronics | FreeS Research
The lifestyle revolution driven by technology has only just begun.
峰瑞资本·Welcoming a New Cycle, Discovering New Paradigms | FreeS Fund 2023 Annual Investor Summit Recap
How Should We Understand Cycles, Technological Innovation, and Early-Stage Investment
峰瑞资本·FreeS Fund "Explorer" Program Recruitment Call | Let's Unlock the New Global Startup Map Together!
In volatile times, hold firm to the value of innovation and creation.
峰瑞资本·How to Build Your Corporate Brand Strategy from 0 to 1 | FreeS Talk
"Different" beats "better."
峰瑞资本·"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
峰瑞资本·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.
峰瑞资本·How Can Startups Build a Steady Stream of Top Talent? | FreeS Fund Free Talk
Building a Team in the Early Days: Forget Titles, Focus on Functions
峰瑞资本·FreeS Fund's 2021 Outlook ④ | The Endgame for Sensors Behind Autonomous Driving
Is the "Tesla Vision" approach the future of autonomous driving?
峰瑞资本·Li Feng's 2021 Outlook: How We See China's Present and Future
Steady progress toward enduring success.
峰瑞资本·FreeS Fund 2021 Outlook ① | 8 Trends in Consumer Entrepreneurship
Where were the innovation opportunities in consumer-facing sectors in 2021? What kind of companies could break through?
峰瑞资本·Is the Internet Destined to Have a Next New Platform? | FreeS Research
Will the new decade that began in 2021 be a better one for entrepreneurship?
峰瑞资本·Learning About Early-Stage Investing From the Secondary Market: Where Are the Opportunities and Timing for Consumer Startups?
Capital markets are a microcosm of the broader economy.
峰瑞资本·Where Is the Future of Livestream E-Commerce? Lessons from TV Shopping History for New Brand Opportunities | FreeS Research
What traits make a brand well-suited for livestream e-commerce?
峰瑞资本·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.
峰瑞资本·What Makes the Low-ABV Alcohol Markets in China, the US, and Japan So Different? | FreeS Research
Where does China's unique opportunity lie?
峰瑞资本·FreeS Report 20 | Learning from History: Why We're Bullish on Industrial Robots?
A Brief History of Industrial Robot Development in Germany, Japan, and the US, and China's Opportunity
峰瑞资本·FreeS Fund Wins Multiple Awards from 36Kr, Jiemian, Sansheng, and Lieyunwang | Frees Fund Vol.5
Do what is right, not what is easy.
峰瑞资本·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"?
峰瑞资本·Wang Liming: Another Breakthrough in AI Protein Structure Prediction — What Does It Mean?
Brute force makes miracles?
峰瑞资本·Building a Brand Is Starting to Look Like Building an App — What Can Consumer Brands Learn From Super Apps About Growth? | FreeS Research
Five Brand Strategies for the New Media Era
峰瑞资本·Why Is AI Drug Discovery So Hot, and Why Now? | FreeS Fund Biomedical VC Summit Transcript
Why We're Bullish on AI Drug Discovery
峰瑞资本·The Secret Behind Instant Food's Explosive Popularity, Explained in 4 Minutes | FreeS Fund Daily Business Insights
Follow FreeS Fund's video channel for the latest observations from the world of venture capital.
峰瑞资本·How to Break Through Innovation with the Power of Interdisciplinary Collaboration? | FreeS Fund Biomedical and Pharmaceutical Investment Summit Transcript
What should you do if you discover a mismatch between technology and market?
峰瑞资本·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?
峰瑞资本·Blue Ocean Strategy: How Early-Stage Biopharma Startups Can Break Through and Win with Big Pharma | FreeS Fund 2020 Biopharma Summit Session 3 — Registration Open
From "Me Worse" to "First in Class": How Can Biopharma Companies Compete Through Differentiation?
峰瑞资本·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
峰瑞资本·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?
峰瑞资本·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?
峰瑞资本·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!
峰瑞资本·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
峰瑞资本·Fintech Open Day Goes Live 10/17, FreeS Fellow Recruitment Ongoing | Frees Fund Vol. 3
Looking forward to your participation!
峰瑞资本·Farewell to Tradition, Decoding Complexity: How Can the Insurance Industry Transform and Upgrade? | FreeS Fund Fintech Venture Capital Summit Transcript
How Can Insurtech Serve the 800 Million People Without Coverage?
峰瑞资本·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.
峰瑞资本·How to Navigate Black Swans: We Spoke with Six Founders
Through the Hundreds of Hardships of Entrepreneurship: A Founder Must Be a Problem-Solver
峰瑞资本·Your Eyes Hold the Galaxy: How Colored Contact Lenses Became a Hit in One Chart | FreeS Research
China's Young People Embrace the Colored-Contact-Lens Era
峰瑞资本·The Financial Transformation Begins: How to Build the Next "Hundsun"?
The Financial Transformation Begins: How Can Startups Compete and Cooperate with Financial Institutions for Mutual Success?
峰瑞资本·Still Hiring Investors: FreeS Fund Fintech Open Day Registration Closing Soon | Frees Fund Vol. 2
Looking forward to your participation.
峰瑞资本·Veteran Entrepreneurs: Surviving the Darkest Hours While Spotting the Windows God Opens | FreeS Fund 2020 CEO Annual Meeting
Original Convictions, Darkest Hours, and Moats
峰瑞资本·FreeS Fund Report 19 | The Age of Tipsiness: Where Are the Opportunities in Low-ABV Alcohol Entrepreneurship?
Is this a market driven by long-term trends, or one poised for rapid near-term growth?
峰瑞资本·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?
峰瑞资本·A Job Posting, Three Events | Frees Fund
Looking forward to your participation.
峰瑞资本·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."
峰瑞资本·Zhang Liaoyuan of Three Squirrels: A Once-in-20-Years Brand Opportunity — How to Win in Three Steps | FreeS Fund 2020 CEO Annual Meeting
Three Squirrels' New Strategy for the Next Eight Years
峰瑞资本·FreeS Fund Fintech Investment Summit 2020: What New Opportunities Will Emerge in the Fintech Space?
4 online events, 1 offline Open Day
峰瑞资本·FreeS Fund Healthcare Open Day Is Here: Entering the Grand Era of Biomedical Innovation
Looking for China's Genentech, Moderna, Alnylam, Spark, Nimbus Therapeutics
峰瑞资本·In Our Sixth Year, FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
Betting on the power of innovation, staying research-driven.
峰瑞资本·Why We Seek Unique Investment Opportunities at the Intersection of Disciplines | Frees Fund — Learning About Investing Through Investing
Breakthrough innovations tend to happen at the intersection of disciplines.
峰瑞资本·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.
峰瑞资本·How to Invest in Industrial Robots? | Frees Fund — Learning to Invest Through Investing
China will give rise to world-class industrial automation enterprises.
峰瑞资本·Philanthropy, Calls to Action, Bottom Lines, and Temptation: A Case Study in How a Startup Handles a Public Crisis | FreeS Fund Business School
True Stories of How Chinese Manufacturing Helped Fight the Pandemic
峰瑞资本·Frees Fund Report 18: Reflections Amid the Stock Market Rally — Where Are the Opportunities in Fintech? | Frees Fund
Our money is rushing toward new financial assets.
峰瑞资本·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.
峰瑞资本·FreeS Report 17: What New Opportunities Will Emerge in the Ancient Jewelry and Accessories Industry? | Frees Fund
From Chow Tai Fook to Pandora and APM: Decoding the Growth Logic of Famous Jewelry and Accessories Brands.
峰瑞资本·A Visual Guide to How New Platforms Are Born | Li Feng Column
The Importance of Datafication to Platform Ascendance
峰瑞资本·After 618: What's Next for Consumer Brands | FreeS Fund Business School
After 967.4 billion in cumulative GMV, who is swimming against the current?
峰瑞资本·How did Saturnbird surpass Nestlé and Starbucks to become No. 1 in the instant beverage category during 618? | Frees Fund — Learning from Investment
From 7-Eleven, Zhou Hei Ya, Three Squirrels, and Saturnbird: Understanding the Fundamentals of Consumer Goods Entrepreneurship
峰瑞资本·Why We're Bullish on Virtual Idols | Frees Fund
A Brief History of Virtual Idols in Japan, and Their Future in China.
峰瑞资本·Network Effects — Possibly One of the Best SaaS Business Models | Frees Fund: Learning from Investing
Tough businesses that address long-standing contradictions always represent outsized opportunities.
峰瑞资本·Riding the Gene Therapy Wave | Frees Fund
From Willow Bark to "God's Scalpel" — A Brief History of Drug Development
峰瑞资本·2020: Consumer Goods Entrepreneurship Enters an Era of Multiple Simultaneous Drivers | Frees Fund
How does content drive brand growth? Let's talk in person this Saturday.
峰瑞资本·2004–2020: Four Reforms in China's Capital Markets — Who Benefited in the End? (Part 2) | Li Feng Column
Standing at the threshold of ChiNext's registration-based IPO system.
峰瑞资本·Will China's Capital Market Improve in the Second Half of 2020? (Part 1) | Li Feng Column
Asset reallocation is, at its core, a process of money making direct judgments between safety and growth potential.
峰瑞资本·The Hammer and the Dance: Where Healthcare Investment Goes Next Under COVID-19 | FreeS Fund
The unexpected arrival of COVID-19 turned out to be a shot in the arm for the healthcare industry.
峰瑞资本·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
峰瑞资本·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.
峰瑞资本·A Visual Guide to China's Industrial Chain Shifts and Opportunities | Li Feng Column
The 40-Year Metamorphosis of China's Industrial Chain
峰瑞资本·Our Past 100 Days: Sailing Against the Wind, Growing Toward the Sun
Venture Capital's Pandemic Fight: A Chronicle
峰瑞资本·Where Does Live E-Commerce End? | Frees Fund
Live commerce is the outcome, not the goal.
峰瑞资本·Jiemian Partners with FreeS Fund to Launch "2020 Entrepreneur Support Program" | Recruitment Now Open
Standing Shoulder to Shoulder with Founders Through Hard Times
峰瑞资本·From Wind Rising to Wind Calming: Is Live E-Commerce a Feature or a Business Model? (Part 1) | Frees Fund
The Evolution of Livestreaming: From Esports and Showrooms to Juhuasuan
峰瑞资本·What Did Minister Miao Wei Actually Say About Chinese Manufacturing? | Frees Fund
What Happened to China's "Undervalued" Manufacturing Sector Between 2015 and 2019?
峰瑞资本·One Chart to Understand Globalization vs. Deglobalization | Li Feng Column
A Piece of History, Two Industries, Eight Companies: Understanding the Global Supply Chain
峰瑞资本·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.
峰瑞资本·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?
峰瑞资本·A Veteran Educator's 10,000-Word Reflection on K-12 Education's Reconstruction and Resilience Amid the Pandemic | FreeS Fund Business School
A child's time is irreversible. The essence of education is to produce good outcomes.
峰瑞资本·2020: The Travel Industry's Reset and Restart | Frees Fund
Three Major Shifts and Two Types of Opportunities
峰瑞资本·Can the Logistics Industry Produce an Uber or DiDi? | Frees Fund — Learning to Invest Through Investing
Following heavy trucks on their nocturnal runs for four years, this company has figured out what smart logistics actually looks like.
峰瑞资本·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.
峰瑞资本·The Education Survival Tournament After the Pandemic | Frees Fund
Spring for online education, not for online education companies. Behind every spring lies a reshuffling.
峰瑞资本·The New Landscape for Fresh Produce, Catering, and Food After the Pandemic | Frees Fund
Will the restaurant industry ever produce a "Xiaomi"?
峰瑞资本·The New Era of "Good Companies" After the Pandemic | Frees Fund
Industry Outlook for 2020 Amid the Pandemic
峰瑞资本·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.
峰瑞资本·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
峰瑞资本·Supporting the Fight Against the Novel Coronavirus: Our Actions and Call to Action | FreeS Fund
Let's come together and help the people of Hubei get through this difficult time.
峰瑞资本·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.
峰瑞资本·Li Feng Column 15 | How Long Can Live E-Commerce Stay Hot?
How do you judge the real value of a buzzword?
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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
峰瑞资本·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.
峰瑞资本·The Mid-Game Battle of Double 11: What Chicecream, Saturnbird, Plant, and Huasheng Haoche Did Right
Swift as the wind, steady as the forest, fierce as fire, immovable as the mountain.
峰瑞资本·"Saturnbird" Closes Tens of Millions of RMB in Series A and A+ Rounds, FreeS Fund Continues to Follow On | FreeS Fund News
The first domestic brand to top Tmall's Double 11 coffee rankings
峰瑞资本·Bluepha Closes RMB 40 Million Series A Round | FreeS Fund Deal Brief
Leading Global Engineered Microbe Development
峰瑞资本·"Shao Nian De Dao" Raises Over 100 Million RMB in Series A+ Round | FreeS Fund Investment News
Achieving "the world's best teachers serving a single child."
峰瑞资本·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
峰瑞资本·"Nuoxin Chuanglian" Raises $15 Million in Funding | FreeS Fund Deal News
A new-generation leader in the life sciences marketing space.
峰瑞资本·Acquisitions, New Brand Entrepreneurship Courses, and More: 21 Developments and 4 Reflections | FreeS Fund Chalkboard · October
Do what's right, not what's easy.
峰瑞资本·We have an "Investment Observer" position waiting for you to join.
"Do What's Right, Not What's Easy" — Together
峰瑞资本·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.
峰瑞资本·"iBeidiao" Raises Tens of Millions of RMB in Series B1 Funding | FreeS Fund Investment News
A seemingly unsexy industry has finally found its spring.
峰瑞资本·Four Years On, Revisiting Cross-Border E-Commerce | Frees Fund
Focus on long-term value, and business will endure.
峰瑞资本·Club Factory Raises $100 Million in Series D Led by Qiming Venture Partners and Several Domestic and International Funds, with FreeS Fund Following On | FreeS Fund Deal News
Ranked as India's third-largest e-commerce company
峰瑞资本·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.
峰瑞资本·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
峰瑞资本·Investment Opportunities in the Pharmaceutical and Chemical Industry Upgrade | Frees Fund
Technology Transfer and Innovation-Driven Growth
峰瑞资本·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.
峰瑞资本·The Category Logic Behind the Hype — Using Coffee Industry Investment as an Example
Most business happens below the surface.
峰瑞资本·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.
峰瑞资本·4th Anniversary, Debut at WAIC... 16 Milestones and 6 Reflections | FreeS Fund Chalkboard · August
Do what's right, not what's easy.
峰瑞资本·Shangyue Closes RMB 58 Million Pre-A Round, Launches Intelligent Procurement SaaS | FreeS Fund Deal News
Innovation will lead enterprises into the era of intelligent procurement.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·Li Feng in Conversation with Larry Zhang: Reflections on Three Squirrels' IPO
The ultimate outcome of business is a choice of values.
峰瑞资本·FreeS Fund Report 16: The Truth About Early-Stage Healthcare Investing and China Speed | Frees Fund
Is early-stage healthcare investment really as "high-cost, high-risk, slow-return" as they say?
峰瑞资本·618 Sales Roundup, World's Smartest Companies... 16 Updates and 7 Insights | FreeS Fund Blackboard · June
Do what's right, not what's easy.
峰瑞资本·Breaking Through for Early-Stage Brands: From Traffic Thinking to Content Thinking | Frees Fund
If all you do is generate exposure, consumers will forget about you just as easily.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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
峰瑞资本·Youth Takes Center Stage: 18 Career Advances and 20 Awards to Share | FreeS Fund Blackboard · April
May is May — and with it, infinite possibilities.
峰瑞资本·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.
峰瑞资本·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
峰瑞资本·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.
峰瑞资本·Our Three Years: Experimenting, Exploring, and Pushing Forward
Still believing in the mission, still hoping to create value.
峰瑞资本·FreeS Fund Wins Three Awards at ChinaVenture's 2018 Annual Rankings
Do what is right, not what is easy.
峰瑞资本·How Will New Technologies Transform the Trillion-Dollar Education Market? | FreeS Fund 2019 CEO Annual Meeting
The Triumph of Education: Crossing the Triple Threshold of People, Technology, and Environment
峰瑞资本·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.
峰瑞资本·We Want You! FreeS Fund 2019 Spring North America Roadshow
You're the next star-picker in venture capital.
峰瑞资本·Wu Minghui, Minglamp Technology: Every New Data Point Drives Business Model Iteration | FreeS Fund 2019 CEO Annual Meeting
Why haven't Chinese software and data companies made serious money?
峰瑞资本·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
峰瑞资本·How Can Early-Stage Consumer Companies Break Through in the Post-Dividend Era? | FreeS Fund 2019 CEO Annual Meeting
China never lacks high-dividend channels — you just have to stay sharp.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·Be Long-Term Greedy, Be a True Hero | FreeS Fund 2019 CEO Annual Meeting
Let's Go Further Together
峰瑞资本·Agricultural Big Data Service Provider "MaiFei Technology" Raises Over 100 Million RMB in Series A Funding | FreeS Fund Investment News
Achieve intelligent perception of crop physiological states.
峰瑞资本·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.
峰瑞资本·Li Xiang × Li Feng: Strip Away the Emotion, What Did China Look Like in 2019?
The Year Expectations Shift
峰瑞资本·Ze Jin Financial Services Completes Tens of Millions of RMB in Series A Funding, Using Technology to Return Finance to Its Roots | FreeS Fund Investment News
Tailored Solutions + One-Stop Service
峰瑞资本·FreeS Fund's Solemn Statement
Important notice.
峰瑞资本·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.
峰瑞资本·FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
"The Summit" is rising — we're waiting for you!
峰瑞资本·New Zealand team-building, fundraising, new launches... Go strive, go make mistakes, go fall, go triumph in 2019 | FreeS Fund Chalkboard · January
Do what's right, not what's easy.
峰瑞资本·SpaceX-like Startup Jiuzhou Yunjian Raises Tens of Millions of RMB in New Funding Round | FreeS Fund Investment News
Chasing the Space Dream
峰瑞资本·FreeS Fund Year-End Special | Fintech 2019: What Opportunities Exist in a Tight Regulation Cycle?
In 2019, we look forward to meeting more outstanding fintech entrepreneurs.
峰瑞资本·Coffee Brand "Saturnbird" Closes Pre-A Round in the Tens of Millions | FreeS Fund Deal News
Instant coffee convenience meets specialty coffee quality.
峰瑞资本·FreeS Fund Year-End Special | 2019: China's Homegrown Chips — From Shadows to the Spotlight
2018 is worth remembering; 2019 is the year to show what we've got.
峰瑞资本·Shangyue Closes RMB 39 Million Angel Round | FreeS Fund Investment News
Focused on enterprise procurement digitization
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·FreeS Fund Angel-Round Portfolio Company SoundAI Technology Closes RMB 200 Million Series B Round | FreeS Funding News
AI technology must be deeply integrated with industry know-how.
峰瑞资本·1.39 Billion Consumers No Longer March in Lockstep: How Should Brands Tell Their "China Story"? | FreeS Fund Business School
A sense of timeliness + Chinese elements + clear values = a great Chinese story.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·A Conversation with Liaoyuan Zhang (Part 1): Three Squirrels' Comeback Battle | FreeS Fund Business School
What is the right path when a company's growth stalls?
峰瑞资本·Changmugu Medical Closes Tens of Millions of RMB Seed Round | FreeS Fund Investment News
Build world-class AI healthcare products.
峰瑞资本·Harvard x MIT x Stanford x CMU x Berkeley, Meeting Gen Z | FreeS Fund North America Campus Recruitment
Welcome aboard. Join the innovators and build something new.
峰瑞资本·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
峰瑞资本·FreeS Fund Report 15: The Life Gamble — The Risk-Filled Journey of Drug R&D | Frees Fund
The Ideals and Persistence Behind a 3% Success Rate.
峰瑞资本·XtalPi Closes $46 Million Series B+ Round | FreeS Fund Deal Brief
Empowering drug R&D organizations worldwide.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·FreeS Fund II Completes First Close, New Launches, Awards... 13 Updates and 4 Insights | FreeS Fund Blackboard · September
Stay grounded, keep pushing forward.
峰瑞资本·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.
峰瑞资本·Li Feng Column 11: The Middle Path for New Retail | Frees Fund
The Three Axes of Understanding New Retail
峰瑞资本·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."
峰瑞资本·From One Person to 1,000: How to Find and Hire People Through Every Painful Transformation | FreeS Talk
150 people is a tipping point. It's the most dangerous moment, when company culture gets diluted and washed out.
峰瑞资本·ByteDance HRD Du Hong: What Can Startup HR Actually Do for a CEO? | FreeS Fund Free Talk
Are values really that big and empty? No.
峰瑞资本·Exploring Ten Thousand Possibilities for Matcha: Guancha Raises Tens of Millions in Series A | FreeS Fund Investment News
"I've prepared enough patience for Guancha, and I'm young enough."
峰瑞资本·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.
峰瑞资本·FreeS Report 14: Cosmetics Keep Getting Pricier, But Is Your Face Really Worth a Million? | Frees Fund
Optimistic about startups carving out a slice of the mass-market cosmetics pie.
峰瑞资本·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.
峰瑞资本·[Deep Dive] How Startups Can Ride Douyin's Traffic Wave | FreeS Fund Perspectives
Create content that machines can understand and users want to consume.
峰瑞资本·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
峰瑞资本·FreeS Fund Report 13: To Understand China's Consumption Upgrade, Look at Japan 40 Years Ago
Consumption upgrade versus consumption downgrade — which one holds more opportunity?
峰瑞资本·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.
峰瑞资本·"Gaoding" Secures Several Million USD in Pre-A Funding from FreeS Fund and Baidu Ventures | FreeS Fund Investment News
Building a company's "cloud-based marketing department."
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·MaiFei Technology Raises RMB 25 Million in Pre-A Round | FreeS Fund Deal News
Empowering modern agriculture.
峰瑞资本·Saifeng Technology Raises Tens of Millions of RMB, FreeS Fund Continues to Follow On | FreeS Fund Deal News
Embrace the Asset Management 2.0 Era
峰瑞资本·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."
峰瑞资本·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.
峰瑞资本·Li Feng Column | The Essence of New Retail, in 10 Characters
We welcome anyone interested in consumer investment to join us.
峰瑞资本·Bluepha Completes Pre-A Round, Angel Investor FreeS Fund Continues to Follow On | FreeS Fund Investment News
Create more microbes to fully satisfy people's pursuit of a better life.
峰瑞资本·Shima Raises 300 Million RMB in Series C to Improve Mobility for 800 Million Rural Residents | FreeS Fund News
Constantly pushing boundaries.
峰瑞资本·[Long Read] Two Decades of Rise and Fall in Chinese Animation | FreeS Fund Business School
How Much Further Is China's Path to Becoming Disney?
峰瑞资本·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.
峰瑞资本·Fundraising, Licensing, New Launches, Team Building, Awards… 15 Notable Events from an April to Remember | FreeS Fund Blackboard · April
Look ahead, keep doing.
峰瑞资本·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.
峰瑞资本·Li Feng Column | A $2 Trillion Market and $10 Trillion Output: Why We're Bullish on Chinese Chips?
When Will Homegrown Chips Break Through?
峰瑞资本·DataPipeline Announces 21 Million Yuan Series A Round, FreeS Fund Continues to Follow On | FreeS Fund Investment News
Break down data silos.
峰瑞资本·Yifei Intelligent Control Completes Series A Round, Gaining Recognition from State Capital and Industry Giants | FreeS Fund Investment News
China's commercial drone market is wide open, and it's only a matter of time before homegrown industry giants emerge.
峰瑞资本·Bingjian Group Completes Pre-B Round to Keep Exploring AI Applications Across Financial Scenarios | FreeS Fund Deal News
As the online lending industry matures, risk control capabilities have become the key to profitability.
峰瑞资本·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。
峰瑞资本·Spend Your Summer Mastering VC Skills | "Fengshen Rankings" Season 3 Recruitment
Want to come?
峰瑞资本·Li Feng Column | The ICO Bubble: Origins and Future
Why is this round of currency bubble certain to burst?
峰瑞资本·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.
峰瑞资本·FreeS Fund Is Hiring a PR Lead | Join Us and Make Impact Visible
Welcome aboard.
峰瑞资本·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.
峰瑞资本·A Year of Reading From 100 CEOs: The 10 Books They Want to Recommend to You Most (With a Perk Inside) | FreeS Fund Startup Library
"Every smart person I've met, across every industry, reads every single day."
峰瑞资本·A Founder's 365 Days: The Days That Got Us Through, and 22 Amazing Moments | FreeS Fund Year-End Special
Here's to exploration, struggle, and perseverance. Happy New Year!
峰瑞资本·Club Factory Raises $100 Million in Series C, FreeS Fund Continues to Follow On | Funding News
Cross-border e-commerce — a market that rivals daigou in scale.
峰瑞资本·Jiang Nanchun: 30 Years of Business Warfare — Winning Companies Plant a Single Word in Consumers' Minds | 2018 FreeS Fund CEO Annual Summit Recap
Whoever captures the 500-million-strong middle class captures the future.
峰瑞资本·创业永处战时，11位CEO谈人性、谋虑与担当 | 2018峰瑞CEO年会回顾
除了不放弃，还要有逆流而上的能力。
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·Go Explore, Go Strive, Go Persist | 2018 FreeS Fund CEO Annual Meeting Recap
Here, you'll meet more fellow travelers.
峰瑞资本·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.
峰瑞资本·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
峰瑞资本·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?
峰瑞资本·Why Is the Pay Gap Between '80s and '90s AI Talent Only 15%? | *2017 Early-Stage Enterprise Compensation Survey Report*
The salary secrets of 19,014 positions across 152 companies.
峰瑞资本·Talking Ethics, Morality, and Lies with AI | Frees Fund
"Honesty" is the most precious gift that new technology has given us.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·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 = ?
峰瑞资本·Li Jian of New Spicy Way: 22 Years, 3 Startups, Crossing Mountains and Seas — 6 Principles | FreeS Fund Business School
The "Ordinary Path" of a Restaurant Industry Veteran
峰瑞资本·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.
峰瑞资本·400,000 Mom-and-Pop Shops Join Internet Finance: How to Capture China's 3 Trillion Rural Opportunity | FreeS Talk
A Serial Entrepreneur's Truth or Dare.
峰瑞资本·Building a Solid Financial Foundation, I Took the Price War to My Rivals' Home Turf | FreeS Talk
The CEO fights on the front lines; the CFO guards the bottom line.
峰瑞资本·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.
峰瑞资本·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.
峰瑞资本·I Saw the Future Before the Product Iteration, and I Couldn't Pretend I Hadn't | FreeS Fund Business School
Spend 80% of your time doubling down on what works, and 20% testing new channels.
峰瑞资本·August 5: Join Us for a Pragmatic Celebration of Startup Growth | "CEO Talk" Series — Register Now
Open Courses on Startup Growth
峰瑞资本·Tea Drinks 1990–2017: 27 Years of Ups and Downs, and a New Street Story Worth 50 Billion RMB | Frees Fund
The Quest for the Next Starbucks
峰瑞资本·The World Is Out There, and We Have to Go | 8 Young FreeS Fund Entrepreneurs Named to Forbes China "30 Under 30" List
Meet youth. Meet innovation and the extraordinary.
峰瑞资本·The Rise of Crayfish, Latiao, and Pickled Pepper Chicken Feet: Why Mala Took Over China | Frees Fund
"Spicy" is the engine that drives hit snack products.
峰瑞资本·How to Build a $40 Million Annual Profit Product — My Experience at Microsoft, Amazon, and Baihuihui | FreeS Business School
A startup's product development model can make or break the company.
峰瑞资本·Registration is now open for "Do It Today Vol.5," a workshop co-hosted by FreeS Fund.
We'll be waiting for you~
峰瑞资本·Shopping as Self-Expression: Can New Retail Win Over the Rebellious New Generation? | FreeS Fund Business School
Are you also an "urban wanderer with some financial means"?
峰瑞资本·200,000 Users Love Watching People Jump on Fridges Late at Night — Who's Paying Attention to Short Video? | FreeS Fund Business School
Who's watching short videos?
峰瑞资本·How Should Startups Design a Compensation System? Here's a Chance to Get the *2017 Early-Stage Enterprise Compensation Survey Report*
Manage the "people" and the "money."
峰瑞资本·A Strong Personal Brand Beats a Million Paid Articles: How Startup CEOs Can Build Their Brand | FreeS Business School
Fortune favors the bold.
峰瑞资本·Low efficiency in project financing matchmaking? FreeS Fund's BONFUND wants to make everything easier
Make fundraising simpler.
峰瑞资本·Channel Penetration Is Just the Beginning: How to Capture New Retail Opportunities in 2,860 County-Level Cities | FreeS Talk
Two years selling cars, and word of mouth still works better than anything else.
峰瑞资本·The Great Leap Forward of Vending Machines: Real Demand or Just for Show? | Frees Fund
Mini KTV booths, photo printers, and shared power banks are popping up everywhere — but can they actually turn a profit?
峰瑞资本·Can Paid Content Buy You Real Knowledge? Can Online Education Fix That? | FreeS Fund Free Talk
What Should the New Intellectual Youth Study?
峰瑞资本·Distributed relational database company PingCAP closes $15 million Series B, with FreeS Fund continuing to participate | Funding News
PingCAP builds open-source databases that change the future, freeing backend developers from drudgery.
峰瑞资本·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?
峰瑞资本·
![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.](/_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)
![[Deep Dive] How Startups Can Ride Douyin's Traffic Wave | FreeS Fund Perspectives](/_next/image?url=https%3A%2F%2Fkkcktdhgzddmdjdjoenc.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fmedia%2Fimages%2F45f83c6a-7c35-4040-ba2d-210c7948ac95%2Fd9c1991d13c2.jpg&w=384&q=75)
![[Long Read] Two Decades of Rise and Fall in Chinese Animation | FreeS Fund Business School](/_next/image?url=https%3A%2F%2Fkkcktdhgzddmdjdjoenc.supabase.co%2Fstorage%2Fv1%2Fobject%2Fpublic%2Fmedia%2Fimages%2F45f83c6a-7c35-4040-ba2d-210c7948ac95%2F3ce574e8a0a5.jpg&w=384&q=75)
