Qin Liu

Qin Liu (刘芹) is the founding partner of 5Y Capital (五源资本), formerly known as Morningside Capital (晨兴资本) . He is known for a highly concentrated, high-conviction investment style—what one observer called an "Alpha" approach capable of generating dozens of times return [^C?]. His most celebrated bets include Xiaomi, where he spent a 12-hour overnight call with Lei Jun before investing, and Pinduoduo, where he spoke with Colin Huang around the time of the company's B-round . He also played a key role in Horizon Robotics' early funding, introduced by Hillhouse's Zhang Lei to founder Yu Kai for an all-night meeting at Beijing's Four Seasons Hotel . In his own framing, the core of venture capital is "finding your Lei Jun" and "inspiring entrepreneurial spirit to create long-term value" .