QF Capital

QF Capital (启赋资本) is an early-stage venture fund and one of Pop Mart's earliest investors. According to 暗涌Waves, in 2013 QF Capital's Tu Zheng invested RMB 6 million in the company at the introduction of angel investor Mai Gang, at a time when Tu "didn't even know [Wang Ning] was going to do designer toys" but believed in offline consumer opportunities . The fund later sold a portfolio package containing its Pop Mart stake in early 2020, shortly before the company's Pre-IPO round at a $2.5 billion valuation and subsequent Hong Kong listing that sent its market cap toward HK$150 billion at peak . QF Capital founder Fu Zhekuan is counted among the "VC 2.0" generation of investors who broke away from established firms to launch their own shops during the industry's 2014-era expansion .