Michael Mao
毛丞宇
Michael Mao (毛丞宇) is a founding managing partner of Yunqi Capital, the Shanghai-based venture firm he co-founded in January 2014 with Huang Yubin . Before Yunqi, he was a partner at IDG Capital, where in early 2013 he led the Series A investment in Manycore Tech (the CAD software house now awaiting Hong Kong IPO clearance) and worked closely with its founding team from their first borrowed office .
His track record spans early bets on companies that became listed leaders or sector anchors: Trip.com Group, 360 DigiTech, Kujiale, XTransfer, Baibu, JD Industrials, Home Inns, Amlogic, VeriSilicon, and Tudou, among others . More recently he has backed embodied-AI plays such as Noematrix (Qiongche Intelligence) , and as of early 2026 he continues to lead Yunqi alongside co-founding partner Huang Yubin and managing partner Chen Yu, who was promoted at the start of that year . Yunqi's own materials rank him among China's top angel investors (No. 4 in one 2023 list) and place him on PEDaily's TOP100 investors roll .
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Coverage
When Paper Meets Partner, How Many Possibilities Does AI Still Hold? | Y Transformers
When Young Researchers Worldwide Meet AI Founders: On Tech, Capital, Products, and the Choices of the AI Era
Yunqi Capital Quarterly Q2 | In the Height of Summer, the Future Takes on More Concrete Shapes
A Quick Update on Yunqi Capital
What's Still Missing When AI Enters the Physical World? A Look Back at the Attention WAIC Special Session
After talking with six guests, there's still no standard answer for how "done" world models are
"The China Nobel Prize" Marks Its Tenth Anniversary as Top Scientists Gather for a Future Appointment: Michael Mao of Yunqi Capital Attends the Future Science Forum
Going Deeper into Innovation
Quantum, Brain-Computer Interfaces, Fusion... We Talked the Future to Death | "SJTU–Yunqi Capital AI Angel Fund" BBQ Session
Brainstorming by day, barbecue by night
The Non-Sci-Fi Story of Brain-Computer Interfaces: A Conversation with Ximing Wang of "Kongshan Ci" | Yunqi Podcast Attent!on
Beneath the Brain, Above the Signal
Yunqi Capital Earns Multiple Honors Including PEDaily "TOP100" Investors | Highlights Roundup
Side by side, toward something better.
Yunqi Capital Portfolio Company Manycore Tech Lists on Hong Kong Stock Exchange: From First Institutional Investment to the IPO Bell
13 Years Alongside a Peer, Witnessing the Birth of "The World's First Spatial Intelligence Stock"
Yunqi Capital Quarterly Q1 | Keep Moving Forward, Answers Lie Ahead
A Quick Look at Yunqi Capital's Latest
Academicians Gather at Quantum Industry Conference, Sam Mao in Conversation with Academician Hongbo Sun
From Basic Research to Industrial Application
Yunqi Capital Team | New Promotions and New Members: Rooted Downward, Growing Upward
Let's grow and get better together!
After 13 Years, Manycore Tech Clears Hong Kong Stock Exchange Listing Hearing | Qixing Chronicles
Set to become the "world's first publicly traded spatial intelligence company"
The Human-Centered AI Era: Yunqi Capital Donates to Shanghai Jiao Tong University's Yuanqi Development Fund — Phase II
Where the humanities and sciences soar together, wisdom and intelligence share the same hue.
Three "Tech Guys" Valentine's Day Gift: Early-Stage Portfolio Company Manycore Tech Completes Filing for Hong Kong IPO | Yunqi Capital
Race to become the "first global spatial intelligence stock"
At This Year's Year-End Party, My Colleague Got Upstaged by AI | A Yunqi Capital Holiday Gathering Notes
AI, and each other
Moving Forward Together! Chen Yu Promoted to Managing Partner at Yunqi Capital | Yunqi Team
Marching forward side by side, continuing to rise.
Cloud Summit · Inside SenseTime | The Next Step for Technology and Growth, The Underlying Engine of AI Industrialization
Exploring the Deep Integration of Technology and Industry
For Nine Consecutive Years, Founding Partners Mao Chengyu and Huang Yubin Named to Forbes China's Best Venture Capitalists List | Yunqi Capital News
Thanks for the industry recognition.
Yunqi Capital Doers | MiniMax's Junjie Yan and Yonghao Luo's Four-Hour Deep Dive on "Hard but Right"
Before consensus emerges, choose the hardest path.
Congratulations to JD Industrials on Its Successful Hong Kong Stock Exchange Listing | Yunqi Capital
Technology-enabled, with a promising future ahead.
Yunqi Capital Quarterly | Upward, the Consistent Answer
New Growth, New Gains
Y Transformers' First Gathering: The Real Questions and Real Ambitions on the Minds of Post-'98 AI Founders | Event Recap
Nobody's in a rush to leave.
Yunqi Capital Bulletin | This Autumn, Charging Forward and Reaping Rewards Along the Way
Thank you for the industry's recognition.
Yunqi Capital Named to 36Kr's "Most Influential Early-Stage Investment Firms in China" Top 10 | Yunqi Capital News
Deepening commitment, embracing challenges
Manycore Tech's Huang Xiaohuang: The "Hammer" and the "Stars" of 14 Years Building a Company | Yunqi Capital Doers
From GPU Rendering to Spatial Intelligence
Let's Talk "Truth" in AI-to-Consumer Products: Why Did Duolingo Take Off? How Are Gen Z Building AI Hardware? | What's Next Event Recap
On May 25, the **"What's Next: Finding Next-Gen AI Entrepreneurs"** event series — AI2C session, co-hosted by **Yunqi Capital**, the Shanghai Jiao Tong University Industrial Technology Research Institute (ITRI), and DataWhale, was successfully held in Shanghai. **More than 30 entrepreneurs actively seeking GenAI innovation opportunities** joined **Yunqi Capital investors** with deep expertise in AI venture capital and the **SJTU ITRI team**, an AI-native incubator,
Yunqi Capital's Chengyu Mao in Conversation with SenseTime's Xu Li: 2025 — Is AI Entrepreneurship Getting Harder?
Run with a marathoner's mindset — just keep going.
Yunqi Capital Partners with Shanghai Jiao Tong University to Launch AI Angel Fund, Offering Full-Stack Support for Entrepreneurs
Safeguarding AI Innovation
Yunqi Capital Named to ChinaVenture's "Top 10 Best Early-Stage VC Firms in China" for Fifth Consecutive Year, Portfolio Companies Win Eight Honors | Yunqi Capital News
Moving forward together — thanks for the recognition.
"Looking for Next-Gen AI Founders" Event Recap: We Co-Created an Agent Startup Guide
On April 10, the **"What's Next: Finding Next-Gen AI Founders"** closed-door exchange event, co-hosted by Yunqi Capital and Shanghai Jiao Tong University's Industrial Technology Research Institute, concluded in Shanghai.
Yunqi Capital Quarterly | Spring Winds Ask Nothing of the Traveler; We Chart Our Own Course
A Closer Look at Yunqi Capital's Recent Moves
Yunqi Capital Portfolio Company Zhaogang Group Successfully Lists on Hong Kong Stock Exchange | Yunqi Capital
On March 10, **Zhaogang Group**, a Yunqi Capital portfolio company and operator of China's largest steel e-commerce platform, officially began trading on the Main Board of the Hong Kong Stock Exchange under **ticker symbol 06676**, marking Hong Kong's second-ever De-SPAC transaction.
Yunqi Capital Joins "Intelligent Square" in Hundreds-of-Millions-Yuan Pre-A+ Round to Advance End-to-End VLA Embodied Robot Commercialization | Yunqi Capital
Today, embodied intelligence startup **"Zhi Square" (智平方)** announced the completion of a Pre-A+ round worth hundreds of millions of RMB, with **Yunqi Capital participating in the investment.** This round of funding will primarily accelerate the continued iteration of its end-to-end VLA model and the scaled commercial deployment of embodied intelligence robots.
Mao Chengyu, Yunqi Capital: DeepSeek Accelerates AI Application Adoption — Where to Invest in AI in 2025? | Partners' Perspectives
More Challenges, More Possibilities
Yunqi Capital's Back-to-Work Special: 2025 — Talking Confidence with Tech Founders and Partners
The Lunar New Year holiday just past was anything but quiet in the global tech world. DeepSeek — that "mysterious force from the East" — shattered the assumption that top-tier AI performance requires top-tier computing power, reshaping the global AI landscape through a series of technical innovations and planting a seed of confidence for the year of innovation ahead.
Yunqi Capital in Conversation with MiniMax's Junjie Yan: Looking Back at 2024, What Changed and What Stayed the Same in AI Entrepreneurship | Yunqi Doers
On Original Innovation Intent, Technical Roadmap, and Product Portfolio
Yunqi Capital Named to Multiple Rankings Including CBN Future Industries Investors List, Jiemian China Top VC Firms | Honors Roundup
Side by side, good things happen.
Wisdom Cultivates the New, Striding Forward on Ten Years | Yunqi Capital 2024 Investor Annual Meeting
Seize the present, embrace the future.
Yunqi Capital Wins Multiple Prestigious Awards from Zero2IPO, ChinaVenture, Forbes, and More | Yunqi Capital Honors Roundup
Side by side, good things happen.
Yunqi Capital Bulletin | Founding Partner Chengyu Mao Repeats on "China's Top 30 Angel Investors" List
Deepen the present, capture the future.
The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
Autumn's First Report Card Is In | Yunqi Capital's Latest Wins
Reaping the Autumn Harvest Together
Yunqi Capital Spring-Summer Issue | In the Bright Season, Innovation Grows with Wanwu Capital
AGI Practice, Business Breakthroughs, and Reflections This Spring and Summer
AI + Manufacturing = ? | Cloud Summit · Changzhou Recap
AI Manufacturing, Charting a Steady Course for New Beginnings
Yunqi Capital has repeatedly ranked among the Top 10 Best Early-Stage VC Firms in China in the ChinaVenture awards, among other honors | Yunqi News
A Long-Term Focus with Forward-Looking Planning
Yunqi Capital Wins Multiple Awards at Golden Investment Awards, Including "Most LP-Favored Early-Stage Firm" | News Flash
Striving upward and toward the good, moving ever forward.
"Shanmagnet Technology" Closes Nearly 100 Million Yuan Round to Advance High-Temperature Superconducting Materials | Yunxun
Supplying Critical Raw Materials for the Future Energy Industry | Yunqi Capital
2023 Winter Report Cards Delivered | Highlights Reel
Recent Good News
Asking Science, Crafting the Future | Yunqi Capital 2023 Annual Fund Partners Meeting
Seeking the path to fundamental science, exploring the road to breakthroughs in technology and intelligent manufacturing.
Founding Partner Chenyu Mao Ranks No. 4 on "China's Top Angel Investors" List | Yunqi Capital Update
Focus on the long term, keep digging deep.
First Fall Report Card | Victory Highlights
Recent Good News
Yunqi Capital's Ma Chengyu Named to PEDaily's TOP100 Investors List
Focus on the long term and keep digging deeper.
Yunqi Capital Once Again Named to FOFWEEKLY's "GP Soft Power" Rankings | Yunqi Capital News
Innovate and iterate, keep moving forward.
Yunqi Capital Named to 36Kr's "Most Founder-Friendly Early-Stage Investment Firm" for Fifth Consecutive Year | Yunqi Capital News
Keep digging deeper, embrace the challenge.
Yunqi Capital Repeats as Top 5 Early-Stage VC in China at CV Awards, Among Other Honors | Yunqi News
Technological Innovation Powers Industrial Development
AGI in Practice, Innovation Breakthroughs, and Frontier Insights This Spring | Yunqi Capital Quarterly · Spring Issue
New thinking and new practice in AI from Yunqi Capital and its portfolio companies.
Yunqi Capital · Riding the AGI Wave | 3 Weeks, 3 Cities: We Spoke with 150+ Founders About New Variables in the AGI Era
Embracing the AGI+ Era
Win-Win Cooperation, Empowering Innovation, Building a Sci-Tech Ecosystem Together | Zhangjiang Group × Yunqi Capital
Actively Building a Sci-Tech Innovation Ecosystem
Siyuan and Zhiyuan, Cultivating the Ecosystem Together | Celebrating Shanghai Jiao Tong University's 127th Anniversary, Building a Sci-Tech Innovation Ecosystem Together
Accelerating the rapid development of China's tech industry
"Kujiale" Partners with Intel to Develop SPEAR Intelligent Simulation Platform | Yunqi Capital Tech π
Improve accuracy, make robots smarter
Possibly the Most Important New Year's Greeting of 2023 | A Yunqi Capital Year-End Gathering Note
And the most heartfelt blessing of all.
Yunqi Capital Named to CVCRI 2022 "China's Most Influential Early-Stage Investment Firms" and Other Annual Awards | Yunqi Capital News
Tech Innovation, Our Shared Future
Founding Partner Ma Chengyu Makes Forbes China's Best Venture Capitalists List for Six Consecutive Years | Yunqi Capital Update
Value investing, six-time champion in a row
Yunqi Capital Earns Multiple Honors Including Zero2IPO "China's Top 5 Early-Stage Investment Firms" | Yunqi News
Resilient Growth, a Promising Future Ahead
Yunqi Capital Earns Multiple Honors on 36Kr's "Top Investors and Investment Firms Across 10 Sectors of the Innovation Economy" | Yunqi Capital News
Building Momentum, Advancing with Steadiness --- This appears to be a slogan or tagline (possibly for a company annual report, government work report, or institutional messaging). The four-character parallel structure is common in formal Chinese rhetoric. I've rendered it with rhythmic concision that preserves the paired conceptual contrast: "蓄能积势" (accumulating energy/momentum) and "行稳致远" (proceeding steadily to reach far — a classical idiom derived from *The Book of Changes*).
"Kujiale" Featured by Chinese Embassy in Kenya, Digital Showroom Technology Advances International Exchange | Yunqi Capital
New Ways of Cross-Cultural Exchange
Yunqi Capital Wins Jazzyear's "China's Best Early-Stage Hard Tech Investment Firm" and Other Awards | Yunqi Capital News
Through Challenges, Undeterred by Long Journeys
Shanghai Jiao Tong University & New Energy | Yunqi Capital BBQ Vol.42
Innovation and Challenges in the New Energy Sector
Michael Mao Named Among China's Top 3 Angel Investors | Yunqi Capital News
Resilient Growth, Moving Toward the Light
Linear Capital Perspectives | Rather Than Trends or Windfalls, We Focus on Whether Frontier Technology Can Deliver 10x or 100x Efficiency Gains for Industries
Last week, at the "16th China Investment Annual Conference & Annual Summit" hosted by ChinaVenture, Harry Wang, CEO and Partner of Linear Capital, joined a panel discussion on "China's Digital-Intelligent Transformation and Industrial Restructuring" and shared Linear Capital's perspective on the topic.
