Kathy Xu

Kathy Xu is an investor at Capital Today, known in Chinese venture circles as the "风投女王" or "venture capital queen" . She made her reputation through early, concentrated bets on companies including JD.com and NetEase, where she applied what she has described as Buffett-style focus and long-termism . In July 2024, Xu personally denied rumors that Capital Today was exiting primary-market investing, telling 暗涌Waves that the firm had just invested in Sand AI, a video-generation startup founded by Cao Yue, a former co-founder at Light Year AI . She had also backed Light Year AI itself in 2023 . Her portfolio extends to AI companies including Moonshot AI, where Capital Today reportedly invested roughly $20 million at an early stage, as well as Zhipu AI and Xingyuanzhe . Xu is a Nanjing University alumna and led Capital Today's C1-round investment in Horizon Robotics in late 2020, which kicked off the company's extended, multi-tranche Series C . She has also been a visible proponent of value investing and Munger-style holding periods, once asking Munger himself how to handle fund expirations when sitting on great companies—his reply, she recounted, was "never sell" .