Kathy Xu

Kathy Xu (徐新) is the founder of Capital Today and one of China's most prominent venture capitalists, often referred to as the "venture capital queen" . She built her reputation on early, concentrated bets in internet companies, with her investments in NetEase and JD.com frequently cited as textbook examples of focus and long-termism . Her portfolio also includes Meituan-Dianping, Ctrip, Boss Zhipin, and Manner Coffee .

In recent years, Xu has shifted heavily toward artificial intelligence. She was an early investor in Moonshot AI (Kimi), reportedly putting in around $20 million alongside Sequoia China in 2023, and remained one of its largest financial investors until Alibaba's major investment . She also backed Light Year AI (光年之外) in 2023 and Sand AI in 2024, the latter founded by Cao Yue, a former co-founder at Light Year AI . According to a 2024 report, her AI investments extend to Zhipu AI, Xingyuanzhe, and other projects .

Xu has publicly denied rumors that she was exiting primary-market investing, though sources note her firm has made fewer early-stage deals in the past couple of years and has increasingly taken positions in public equities such as Pinduoduo and Tencent . Her investment philosophy draws heavily from Warren Buffett and Charlie Munger, emphasizing concentration, patience, and holding great companies indefinitely .