Kathy Xu
徐新
Kathy Xu (徐新) is the founder and a leading investor at Capital Today (今日资本), a Chinese venture capital firm she established after a career that earned her the nickname "investment queen" in consumer retail . She is best known for early, high-conviction bets on JD.com and NetEase, investments that 暗涌Waves cited as exemplifying her "focus and long-termism" .
After a period of reduced primary-market activity that saw her shift attention to secondary-market positions like Pinduoduo, Xu returned to early-stage VC with renewed energy around AI. In 2023 she invested in Lightyears Away (光年之外), and in mid-2024 she told 暗涌Waves she had just backed Sand AI, explicitly rejecting rumors that she had exited primary markets . By mid-2025 she was also active in embodied AI, with reports of her investing in Galaxea AI (星海图) alongside the sector's leading players . She also participated in Moonshot AI's Series C round, where elsewhere reported she had met founder Zhilin Yang in mid-2023 and "quickly made a decision" to invest .
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Coverage
AI Matchmaker: A Conversation with Zeng Xinxun, Founder of Liangpei, on AI-Powered Dating
Former Moonshot AI Search Tech Lead's Dimensionality-Reduction Overhaul of Dating Matchmaking
The Unforgettable Series C Funding of Moonshot AI
A stroke of genius.
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
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A Conversation with Cao Yue of Sand.ai: Farther from Sora, Closer to the Endgame
An adventure that tried to break free from inertia.
Alphaist: A Dollar-Denominated Fund Born in 2025, and Its Ten-Year Bet
Find the founders who create something out of nothing, who insist on pushing through when the odds are against them.
Who Is Horizon Robotics' Most Important Investor?
Got it?
Who's Standing on the Founders' Side in the Buyback Wave?
Those without ideals feel no sorrow.
The times have changed: VCs used to fight over talent, now VCs fight over…?
The World Hasn't Changed: In the End, It's Still a Scramble
Exclusive | Kathy Xu says she hasn't exited primary markets, and just invested in an AI company
The facts may not matter; what matters is the signal.
Goodbye to a Decade of Venture Capital | Waves' Second Anniversary
Keep moving forward. Don't look back.
The Investor Who Made the Most Money Off Pinduoduo
"Though millions may oppose me, I will go."
After a long absence, Sister Xu returns with 26 maxims
"You don't need a high IQ to succeed."
In the long winter of consumption, Hongshan wants to snap its fingers and find resonance.
Sparks mark the beginning of the next cycle.
Source Code Capital portfolio company Linji Convenience Store announced the completion of its $30 million Series B round, with existing investor Source Code Capital continuing to increase its stake.
Linji Convenience Store's average daily sales per store exceed 6,000 yuan, with comparable store sales up more than 50% year over year.
Yi Cao Named to 2017 China Top Venture Capitalists TOP50
Jiemian and Toutiao jointly released the "Top Venture Capitalists in China" list for the first time.
