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AI Unicorn Factory

Script, catfish, loop, rainmaker, role model, results.

China's "Native" NEO Lab Takes On World Models, Backed by Hillhouse Capital and Peking University-Affiliated Funds in Multi-Million-Dollar Round

The "Final Stop" for AGI.

Sp.02 | A Conversation with Master Dong: The Untold Stories Behind 20 Years of Chinese Venture Capital

A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital

Happy New Year!

Using AI for In-Depth User Interviews, Backed by Lanchi Ventures, Hillhouse Capital, and Wang Huiwen

AI may not be great at companionship for a lifetime, but it can nail a one-hour interview.

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?

PhotonPay Secures Tens of Millions of Dollars in Series B Funding Led by IDG Capital

What Will the Next-Generation Value Network Look Like?

Sp.01 | Debriefing China's Primary Market in 2025 (Ft. Crossroads)

Allen Zhu invested in a Vibe Workflow company

"Coze for Dummies"

Exclusive | Airwallex Raises Another $330 Million, Hits $8 Billion Valuation Today

The Saved and the Saved.

I think the sun will shine bright tomorrow morning | Opening Remarks

Maybe wrong, always fun.

Hillhouse Capital and Hongshan Co-Invest in a Sales Agent Startup Going Global

Former Youzan COO Launches New Venture

Starbucks China Sale Enters Final Round | Mega M&A

Far from the end.

The Only Funding Round Mixue Bingcheng Ever Took: The Fortune of Being Chosen

"Different Money"

Hongshan Enters the Fray: Is the Global M&A Wave Really Here?

Hongshan, beyond China.

Year-end good news: CDH Investments has raised 5 billion yuan for logistics investments.

Insurance capital is turning its attention to real estate investments.

Countless Lies About M&A in China, and One Truth

All we hear are footsteps on the stairs, but no one ever comes down.

China's USD Funds Won't Disappear

Live long enough to long China.

Hillhouse Capital Raises 3 Billion Yuan "Anti-Risk" Fund, a New Way to Win Back LPs

Seeking outsized yet steady returns.

A Scientist's Attempt to Become a Better CEO | WAVES

Starting another company.

10 Facts About 1,000 Chinese Billionaires

The currents of the era, all contained within the sequence.

Who Is Horizon Robotics' Most Important Investor?

Got it?

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.

Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares

Mega funds still making deals.

Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One

A Conversation on Non-Consensus and Long-Term Optimal Solutions

China's LLM Funding War: The Quick Death of Romance

Do the investors regret it?

Goodbye to a Decade of Venture Capital | Waves' Second Anniversary

Keep moving forward. Don't look back.

Investors Trapped in Repurchase Agreements

A dead-end loop.

Two Masterstrokes in NIO's Fundraising History

There is no successful fundraising, only fundraising of the times.

Money, Contradictions, and ESG

*Who Cares Wins*

DPI > 1 — it's a magic spell.

Before taking responsibility for a new world, GPs must first answer to their LPs.

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Is investor Zhang Yong someone to watch?

The revelry has ended.

Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End

Contestants, take your positions.

Hongshan Seed Deploys Another $480 Million, Early-Stage Investing Is About to Get Even More Crowded

What Should Seed Investing Look Like in a New Cycle?

Hesai Group surged 10% in its IPO — a promising start to 2023

Get moving!

Three Barometers for the Primary Market, for Your Reference

The bilateral order of the primary market is being restructured on both sides.

We Analyzed 1,000 LP Commitments and Found 30 Hidden Top Family Offices

They are also a microcosm of China's commercial evolution.

The Hidden Depths of the Primary Market

If a perfect deal is one where everyone wins, then in an S deal, that may never be possible.

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.

Buyouts in China: A "Boy Who Cried Wolf" Fable

After so many cycles of euphoria and heartbreak, will Chinese buyouts finally deliver a different ending this time?

A Conversation with Moody Ciran: Turning Some People's Obsession Into More People's Affection

The Contemporary Entrepreneur in the Cracks.

The New Era of Going Global: Chinese Founders Conquering the World

Today, virtually no Chinese company doesn't aspire to go global — or, put another way, to become a truly global company.

Spring Comes Quietly to Guomao

For China's investment industry at this moment, the eerily quiet Guomao feels like a metaphor.