Huawei

ZhenFund-backed "Mindverse" Closes $50 Million Series A to Build Continuously Learning Agent Models

Let intelligence truly understand every unique soul.

A Conversation with Chen Yilun of Tashi: In the Trillion-Dollar Embodied Intelligence Arena, Only Those Who Win the War Are Heroes

The first panoramic telling of the Tashi founding story.

An Architect Wants to Use AI to Rebuild a North American "Xiaohongshu"

Let AI amplify human agency.

The First USD VC Fund to Close in 2026

What comes after Aksu. *(Note: "阿克苏之后的故事" literally means "the story after Aksu." If this refers to a specific title or context I'm missing — such as a book, film, or article — please provide more details and I can refine the translation.)*

"OdyssLife" Closes Nearly 200 Million Yuan in New Funding, Linear Capital Continues to Double Down | Linear Portfolio

The world's first smart wearable hardware product for dietary monitoring.

KernelCAT Released: Agent Automation Enables Domestic Chip Adaptation and Compute Acceleration

From relying on existing ecosystems to building self-evolving computational foundations.

Yunqi Capital | DeepRoute Maintains Top-Tier Position in China's Autonomous Driving Sector, Mass Production Deliveries Continue Surging

2026 "Target" of One Million Units in Mass Production

DeepWisdom Raises $220 Million in One Year, Finally Launches First Product

Not just writing code, but launching a company.

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?

Starting with *2001: A Space Odyssey*, This '97-Born AI Founder Doesn't Want to Be Humanity's "Rebel" | Linear Voice

The Birth of a Human Native Product

Liang Jun's First Year at the Helm: Fangqing Tech Raises Over 500 Million RMB in Three Rounds Within Six Months

A star-studded lineup of shareholders quickly assembled.

A Conversation with "Father of Supply Chain" Hau Lee: Future Competition Won't Be Between Companies, But Between Ecosystems | Waves World View

The New Questions Supply Chains Must Answer

Changing Every Today for Tomorrow | 5Y News Monthly

The big news from last month.

Is AI Healthcare Having Its DeepSeek Moment? | Frees VC Research

AI healthcare is becoming an open secret.

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

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.

Yunqi Capital x OpenAtom Foundation *China Open Source Development Deep-Dive Report* Officially Released

What's Next for Open Source

"Grainite" Closes Series B3 Round to Accelerate AI-Native 3D Graphics Engine R&D | Linear Portfolio

Advancing the AI transformation of 3D engines and their deployment in automotive and industry-specific scenarios.

Zero Zero Technology's Wang Mengqiu: An Atypical 11-Year Survival Story of a Flying Camera Company | Z Talk

Choosing the right direction matters more than zero-to-one innovation.

Three PhDs from HKU born in the 1990s want to give every mobile robot a hippocampus | Z Talk

How do you cross the "valley of death" from lab to industry and build the "Odin's Eye" for robotics?

Exclusive | SiliconFlow, the First to Catch DeepSeek's Traffic Wave, Raises Hundreds of Millions in New Funding Led by Alibaba

A series of choices that were at once accidental and inevitable.

Exclusive | Luminous Sail Tech Raises 130 Million RMB in Three Months, with CATL Co-founder, Shokz, and Goertek Joining

The age of warring gods is back.

What Did This Company Do Right by Walking Away from a 600 Million RMB ODM Business to Build a Smart Wearables Brand? | A Conversation with COROS Founder Lewis Wu

What's changing in the sports tech industry, and where are the future opportunities?

Even Realities: The First Eye

The subject of smart glasses can only be glasses, and nothing else.

April: Curiosity and New Paths | 5Y News Monthly

The big news from last month.

ZhenFund's Yusen Dai: A Deep Dive on AI Agents — Every Industry Will Face Its "Lee Sedol Moment" (Part 2)

We're still on day one of the AI intelligence revolution.

A Conversation with Cao Xudong: Eight Years of Entrepreneurship, Why the "One Flywheel, Two Legs" Strategy | Z Talk

When making decisions, always let customer value be your guide.

DeepSeek Fired the First Shot, but AI Democratization Is What Really Matters | A Conversation with Yu Ji of Xingyun Integrated Circuit

Where is the moat for large language model companies?

Angry Miao Li Nan's Unfiltered Take on "AI Glasses": Stop Kidding Yourself About Tech, Cash In on the Hype While It Lasts | Z Talk

The payoff on this smart glasses wave could come far faster than anything we've seen before.

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

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

The AR path is grueling, but Xu Chi still wants to know what the finish line looks like | WAVES

Those without ideals don't grieve.

LiDAR or cameras? How we see the autonomous driving route debate

This Industry, Which Elon Musk Has Doubted, Keeps Advancing Amid Skepticism and Support

After Traveling Halfway Around the World, a Post-'85 Woman Decides to Start a Business in Peru | An Yong's World View

Will Peru Be the Next Mexico?

Long Yu and Her Twenty Friends in Mexico | Waves World View

Someone said, "My whole life has been elevated."

Hongshan and Li-Ning Go Abroad Together, Sending Two Market Signals

A bellwether for the primary market.

Colossal-AI's You Yang: What Choices Am I Making on Top of a 30 Billion Valuation Ambition?

Reasoning Becomes the Next "Battleground," AI Infra Startups "Prospect" for Video Foundation Models.

Angry Miao Li Nan: The Battle for "Made in China" Mindshare in Global Markets Is the Blue Ocean Opportunity of a Lifetime for Gen Z | Z Talk

Chinese brands can win the battle for mindshare on the global luxury battlefield.

September AI Watch: New Models, New Apps, and Where AGI Goes From Here | Yunqi Capital Attent!on Tech Notes

The Revolution Continues

Fu Wei, who spent ten years doing control buyouts, said they are the blue-collar workers of the investment industry.

Go with the flow.

Linear Capital Angel-Round Project **Hongjing Drive** Closes Hundreds of Millions of Yuan in Series C1 Funding, with Middle Eastern Capital Backing Four Consecutive Rounds

This is one of the larger funding rounds the autonomous driving industry has seen this year.

Silicon Intelligence Goes Left, Colossal-AI Goes Right | Z Talk

Colossal-AI's approach to training large models is already making money.

Let's go to Mexico with Anyong | Waves Odyssey

Join us.

China's Homegrown AI Robots Are Getting Wild... Playing Piano, Brewing Tea, Practicing Wing Chun, and Even Petting Cats? | Yunqi Capital

"Stardust Intelligence" Unveils Its First-Generation AI Robot

Z Talk: A Conversation with Uzis Founder Sen Wang — Dropping Out, Returning to China at 22, and 10x'ing GMV in Three Years Selling Basketball Socks

We don't do anything outside of basketball, and it's impossible to understand that many people.

A Visual Measure of Our Distance from Robots | Yunqi Capital Attent!on · Embodied Intelligence Series

Continuous innovation, continuously drawing closer.

A Conversation with Momenta's Cao Xudong: Beyond Moore's Law for Autonomous Driving | Z Circle

The hardest choice is not changing your original choice.

One Step Ahead: Unlocking the N Possibilities of Embodied Intelligence | Yunqi Gathering · Yunqi Capital Demo Day Now Open for Registration

When Embodied Intelligence Comes Knocking

Shipments Exceeding 200 Million: The Mass Production Journey of Vertilite's VCSEL Laser Chips | Gaorong Ventures

Driven by industrialization thinking.

Eight Hard Thoughts on the Vitality of AI Hardware | Yunqi Capital × Zhixing Attent!on Shenzhen Recap

From *One Punch Man* to *Ready Player One*

Li Feng in Conversation with Ji Yu: Understanding NVIDIA, Deconstructing NVIDIA, Challenging NVIDIA

"Monopolize or Die" — Will NVIDIA's Dominance Be Eroded?

Starting Up in Egypt: The Joys and Sorrows of the Middle East's "Shadow World"

This company actually managed to make money in Egypt.

A VC Lesson from Tian Xuan

Thirty years, a journey of departures and returns.

"Yunqi Attent!on · Shenzhen" Meetup | After the Viral AI Hardware Flopped, Where Are the Real Heavyweights?

Let's Grab Coffee and Talk About the Present and Future of AI + Hardware

"Late to the Party": How Xiaomi and Huawei Are Outflanking Legacy Automakers

The bloody battle has already begun.

Chinese in Saudi Arabia: Flowers, Desert, and Dampened Dreams

A wavering journey of ambition.

14 Tips on Mexico

Waiting for the wind in Mexico.

Yunqi Capital | Embarking on Embodied Intelligence: Angel-Round Portfolio Company Astribot Unveils Next-Generation AI Robot Astribot S1

AI Brain + Best-in-Class Operational Performance, Naturally Yours

Setting Out on a Journey at 36 | Call for Submissions

"Knowing would be fatal. Uncertainty is what makes it enchanting."

April: Growing Upward | 5Y News Monthly

The big news from last month.

A Globalization Guide for Chinese Founders: Slicing the World Horizontally

The word "globalization" — so brief, yet it encompasses so many narratives.

Replicating Sora? Long-context or RAG? Are Agents a fake demand? | Yunqi Capital's Ten Questions X Attent!on

Just enjoy the "petrichor" of AGI.

Twenty Years, 500 Interviews: A Peking University Scholar's View of China's Automotive Independence

A battle for Sino-foreign dominance.

Yunqi Capital Year-End Roundup | Annual Deep-Dive Report: AI + Open Source + Commercialization = ?

Three Years Running: The New Trends in Open Source + AI

Exclusive | NIO Capital Raises Over 3 Billion Yuan in New Fund

An Industrial Capital Firm and Its Unusual Circle of Friends

Two Decades of Breaking Through: Only by Turning the Blade Inward Can a Company Find the Right Path | 5Y View

Era, value, humanity.

"Endless Watt" Raises Nearly RMB 150 Million in Angel Round, Redefining Smart EV Chargers | Yunqi Capital

Day 1 Going Global in Europe and America: Breaking Through Two Major Challenges — Efficiency and Intelligence

Is There a Cure for LLM "Hallucinations"? Here's the Prescription — | Yunqi Science Chat

To prescribe the right medicine, you first need to understand the pathology.

"Standing High, Seeing Far": The Origins and Future of the Satellite Communications Space Race | FreeS Fund Report 34

How should we think about satellite communications?

September, Sprinting on the Cloud | 5Y News Monthly

The big news from last month.

AGI in Practice: Summer Results, Diverse Ecosystems, and Frontier Insights | Yunqi Capital Quarterly · Summer

Large language models have been integrated across thousands of industries, and a new ecosystem is flourishing.

Li Guofei's 10,000-Word Interview: Seeking Wisdom Is About Constantly Breaking the Prison of the Mind

Two worlds that seem to have nothing to do with each other may, at their foundations, arrive at the same destination by different paths.

"Aosogena" Closes Several-Million-Dollar Pre-A Round | Yunqi Capital

Conveying Tech Aesthetics Through Cutting-Edge Technology

AI-powered product design tool developer **Axiogena** has raised several million dollars in a Pre-A round led by Linear Capital.

Shanghai-based Orthogonal Technology, a developer of intelligent product design tools, recently announced the completion of a multi-million-dollar Pre-A funding round led by Linear Capital, with participation from Yunqi Capital and Fengwu Capital. The proceeds will be used primarily to accelerate new product R&D and advance global commercialization efforts.

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

The XR Bubble and the Trajectory Ahead: From Polygon Games to Reality Fusion

"Cloud News · Business Chalkboard" — First Issue Now Live! Ten Tech Industry Developments Worth Watching

Ignite curiosity and seek answers this summer.

Amid the GPT Frenzy: Anxiety and Breakthroughs in China's Chip Market | FreeS Research --- The launch of ChatGPT has ignited a global AI race, and chips — the silicon foundation of this revolution — have become the most scrutinized bottleneck in China's tech ecosystem. For domestic semiconductor players, this moment is charged with both urgency and opportunity. ## The Anxiety: Caught in the Supply Chain Squeeze China's AI chip landscape is dominated by a handful of players, with NVIDIA holding roughly 90% of the market for training chips. The U.S. export controls, tightened in October 2022 and again in 2023, have systematically choked off access to NVIDIA's most advanced GPUs — the A100 and H100, then the cut-down A800 and H800 workarounds. Each restriction has sent ripples through China's AI infrastructure buildout. The anxiety runs deeper than procurement headaches. Training large language models demands massive clusters of high-bandwidth, high-memory chips working in lockstep. China's domestic alternatives remain one to two generations behind on process nodes, interconnect bandwidth, and software ecosystems. The gap isn't merely hardware; it's the accumulated decades of compiler optimization, framework integration, and developer familiarity that NVIDIA

It's been nearly a year since the CHIPS Act took effect. How is China's chip industry doing?

Yunqi Capital Invited to Become a Founding Council Member of the Global Tech Industry Alliance | Yunqi News

Helping Unite Global Tech Forces

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?

5Y News | Portfolio Company DataBlackhole Closes Nearly RMB 100 Million Series C2 Round

Toward "Enterprise-Grade."

We Studied 1,000 Corporate Venture Capital Deals and Found That "Strategic Capital" Is a Myth

So what exactly is true industrial investment?

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

Contestants, take your positions.

Why "Copy to China" Is Hard to Replicate, and Where China's LLM Opportunity Lies

Recently, Bai Zeren, Senior Investment Director at Linear Capital, sat down with *Jazzyear* to share his views on the entrepreneurial opportunities brought by ChatGPT. When it comes to the domestic market for large language model startups, Linear Capital remains optimistic. "While the engineering detours and challenges will take time to work through, the probability of Chinese companies producing something with 80% of ChatGPT's capabilities within two to three years is quite high — even if surpassing what OpenAI has already built will be difficult."

Automotive Tech Companies Visit Huawei: The Ambition, Evolution, and Ecosystem of Automotive Intelligence | Ronghui

From "horsepower" to "computing power."

Medical Device/Chip Companies Close New Funding Rounds, Driving High-Quality Growth Through R&D, Commercialization, and Supply Chain | Rong Report · February

Infinite possibilities for creating a better life.

5Y News | 5Y Capital Portfolio Company "Nowcoder" Closes $50 Million Series B Funding

Powering the full lifecycle of campus recruiting — from sourcing to onboarding.

Li Xiang × Li Feng: What Might 2023 Look Like? | New Year Outlook

Anticipate as much as possible to give yourself more room to react.

Brain science-based vision health startup Juehua Medical raises tens of millions of RMB in angel round, with Linear Capital as sole investor

36Kr has learned that neurotechnology medical company Juehua has completed an angel round of financing worth tens of millions of RMB, with Linear Capital as the investor and Qidian Capital serving as the financial advisor for this round. The funding will be used for product iteration, clinical data accumulation, and team building.

ChatGPT is the talk of Silicon Valley, but the buzz is theirs.

"Some people laughed. Some people cried. The vast majority fell silent."

Linear Academy｜Former Founding Team Executive on How OnePlus Navigated Its Early Startup Days

Recently, Linear Academy invited the former VP of OnePlus's Platform Center and a founding team executive to share his insights with Linear Academy friends in an online session. He discussed OnePlus's startup phase, acceleration period, and development lessons to date, with particular focus on how a relatively niche brand built global influence in the smartphone market. We've compiled portions of his talk to share with you. Below is a transcript of Gong Yin's remarks.

Back in the Office: Rethinking What Makes a Great Organization | Ronghui Practical Insights

Stay stretched out, avoid rigidity.

How Should Chip Companies Position Themselves Amid the IoT Industry's Rapid Growth? | FreeS Fund Chip Series

From Water Meters to Wearables to EV Batteries: How Chips Are Powering the Internet of Everything

Turning Strategy from Art into Science, and Back into Art: How Huawei Does It | Ronghui Practical Sharing

How do you execute strategy in a market that never stops shifting?

How Do Next-Generation Brands Become Global Brands? Anker's "Guns and Roses" | Ronghui Practical Sharing

At the end of the day, it's about winning over consumers.

When Going Global Enters the "Born Global" Era: 10 Trends Worth Watching | Ronghui Practical Insights

How to "Ride the Momentum" on the Path to Global Growth?

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

How Do Tech Companies Go From "Technology Is Valuable" to "Technology Makes Money"? | FreeS Research --- In the past two years, the tech industry has undergone a profound shift. The era of "technology for technology's sake" is fading. Companies that once commanded sky-high valuations based on technical prowess alone are now facing a harsh reality: investors and markets increasingly demand proof that technology can translate into sustainable profits. This transition—from "technology is valuable" to "technology makes money"—is far from automatic. It requires fundamental changes in how tech companies think about product-market fit, commercialization strategy, and organizational capabilities. ## The Valuation Trap For years, Chinese tech companies were rewarded for technical milestones. Breakthroughs in AI, quantum computing, or autonomous driving could attract hundreds of millions in funding before a single revenue dollar was earned. The underlying assumption: superior technology would inevitably find commercial applications. This logic has collapsed on multiple fronts. Some technologies proved to be solutions in search of problems. Others faced regulatory headwinds that made their intended business models unviable. Still others discovered that the cost of commercial deployment far exceeded initial projections, rendering unit economics untenable. The result is a growing cohort of "zombie unicorns

Why should tech talent avoid "walking around with a hammer looking for nails"?

Vertilite, a Domestic VCSEL Manufacturer, Closes Hundreds of Millions of Yuan in Series C3 Funding to Accelerate Automotive Electronics Push

Providing high-power and high-frequency VCSEL solutions for customers worldwide.

FreeS Report 23: Crossing the "Valley of Death": Systemic New Opportunities in Small-Molecule Drug R&D

Across every stage of preclinical drug R&D, new infrastructure, methods, and tools are emerging in China — making rapid, low-cost experimentation possible.

How to Use Communication to Resupply Your Organization with "Emotional Ammunition" and Work Motivation | Ronghui Practical Sharing

How many founders simply can't communicate — or have never even learned how?

5Y News | AgileX Robotics Completes Series A Financing to Accelerate Deployment of Mobile Robot Industry Application Solutions

5Y Capital is optimistic about AgileX Robotics's continued innovation and iteration capabilities, and looks forward to the company evolving into a platform enterprise for mobile robots.

How to Build Your Corporate Brand Strategy from 0 to 1 | FreeS Talk

"Different" beats "better."

What Does a Day and a Half Up Close With Huawei Feel Like? | FreeS Talk

How do you work hard and split the money right? How do you stay ahead of technology trends?

FreeS Fund's 2021 Outlook ④ | The Endgame for Sensors Behind Autonomous Driving

Is the "Tesla Vision" approach the future of autonomous driving?

Li Feng's 2021 Outlook: How We See China's Present and Future

Steady progress toward enduring success.

5Y Talk｜Kai Yu of Horizon Robotics: The "Crazy" You Others Saw, Now Starting to Be Believed

Our hope is to become the Intel of the robotics era — that has been Horizon Robotics' mission from day one.

5Y News｜Deepexi Completes $40 Million Series A4 Round

Deepexi raised $40 million in its Series A4 round. We talked about why organizational building matters.

5Y News｜HashData Raises $15 Million to Accelerate Cloud-Native Data Warehouse Development

HashData has raised $15 million in an A++ round led by 5Y Capital.

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?

How to Manage and Motivate Organizations Well? Huawei's Former Head of Financing: Respect Human Nature, Distribute Money Right, and Live in Fear | Ronghui

Focus your force through a single point, and the returns will flow through that same point.

Kaikela Secures $550 Million Independent Financing, Leading the New Vocational Education Track --- Kaikela has raised 550 million yuan in independent financing, positioning itself at the forefront of the new vocational education sector.

Dedicated to cultivating digital talent for the new infrastructure era, leading the charge in modern vocational education.

SmartX Closes Nearly RMB 200 Million in Series B+ and C Funding to Accelerate Coverage of Mid-to-High-End Enterprise Cloud Market

Accelerating independent innovation and scenario expansion for enterprise cloud core engines, building a solid foundation for digital transformation and "new infrastructure."

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

A Visual Guide to China's Industrial Chain Shifts and Opportunities | Li Feng Column

The 40-Year Metamorphosis of China's Industrial Chain

What Did Minister Miao Wei Actually Say About Chinese Manufacturing? | Frees Fund

What Happened to China's "Undervalued" Manufacturing Sector Between 2015 and 2019?

One Chart to Understand Globalization vs. Deglobalization | Li Feng Column

A Piece of History, Two Industries, Eight Companies: Understanding the Global Supply Chain

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.

Chinese Hyperconvergence Leader SmartX Recognized by Gartner, Authoritative Global Market Research Firm

Gartner released its China hyperconverged infrastructure market landscape report, with SmartX ranking alongside top-tier international vendors on the strength of its core technology and "production-ready" products.

XYZ Robotics raised its Series A round, leveraging world-leading robotics technology to power logistics and industrial automation.

Pick anything. Place anywhere anyway.

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.

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?

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.

Shangyue Closes RMB 39 Million Angel Round | FreeS Fund Investment News

Focused on enterprise procurement digitization

Food delivery-focused new retail brand "Zuo Da Shi" has raised tens of millions of RMB in an angel round led by Gaorong Ventures.

The world's top food connoisseurs scour the globe for the finest condiments to make takeout taste better.

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.

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.

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.

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.

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 = ?

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.