Heart Capital
心资本
Heart Capital (心资本) is a venture fund founded by Han Yan (韩彦), who previously spent years at Lightspeed China and helped lead its spin-off and dual-currency transformation . The firm closed its first RMB fund, the "Heart Capital RMB Exploration Fund," in early 2025 with a target size of RMB 1 billion . Han has stated that Heart Capital will reject all US dollars — meaning no US brands, no US nationals, and not even $1 million of US capital in its pools — positioning it as a RMB and non-US-dollar dual-currency fund . Its portfolio spans AI, robotics, new energy, and new transportation, with investments in companies like Baichuan Intelligence, XPeng, and LandSpace . Han describes the firm's focus as the top 1% of core assets in these hard-tech sectors, aiming to be entrepreneurs' first institutional investor .
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Coverage
The Fundraising Stories of China's "Six Little Tigers": Six Paths, Six Lives
If Kimi ever goes public, will the bell-ringing photo look very different?
elsewhere别处发生·Another VC Rebrands with a New Name
The twentieth year of local iteration.
暗涌Waves·Interview with Liu Binxin, Heart Shadow Follows Form: AI Products Shouldn't Compete with Short Videos and Games for Users
Companionship that doesn't compete for your attention.
暗涌Waves·Kerry Han Lands His First Fundraise of 2025, Says He'll Reject All US Dollars
The sentimental Han Yan told an even more sentimental story.
暗涌Waves·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·
