QF Capital

QF Capital (启赋资本) is an early-stage venture fund and one of Pop Mart's earliest investors. In 2013, QF Capital's Tu Zheng invested 6 million RMB in the company at the introduction of Mai Gang, even though, as Tu later recalled to 36Kr, he "didn't even know [Wang Ning] was going to do designer toys" — he simply believed that "offline consumer opportunities would definitely exist" . The fund reportedly considered selling an asset package containing its Pop Mart stake in early 2020, before the company's Pre-IPO round at a $2.5 billion valuation; within a year, Pop Mart listed in Hong Kong and at its peak approached a market cap of nearly HK$150 billion .

QF Capital is also identified as part of China's "VC 2.0" generation — experienced investors who broke away from established firms to launch their own shops during the industry's boom years. Its founder Fu Zhekuan was named alongside peers from GaoRong Capital, Source Code Capital, and others in that cohort .