Qin Liu
刘芹
Qin Liu is the founding partner of 5Y Capital, a Chinese venture capital firm. He was the first institutional investor in UCWeb, beginning that relationship in 2005–2006 , and has been a visible figure in the firm's communications and industry recognition for years. In a 2025 speech at the 5Y Capital founder annual meeting, he reflected on the firm's deliberations in 2015–2017 over whether to shift from model innovation into hard tech and biotech—areas where he admitted the team had "zero knowledge储备 and investment experience" at the time . The firm has since made that transition, and Liu's public presence has continued through interviews and annual book and film recommendations .
AI-generated — may contain errors, please verify.
Coverage
Models, Tokens, and Organizations in the Post-Scaling Law Era | 5Y Quarterly
We can only see a short distance ahead, but we can already see that there is much to be done.
The Best Way for Humans and AI Agents to Work Together Hasn't Been Invented Yet | A Conversation with Paperboy
One look, and the Agent gets it.
When AI Makes Individuals More Productive, Why Don't Companies Get Stronger? | Booming Talk
The key to AI Native isn't upgrading your tools — it's rewriting your organization.
Yan Li: From Civilization Back to the Jianghu — 20 Scattered Thoughts at the End of 2025
Not on the shore, but on the crest of the wave.
January, Emergence, and Prologue | 5Y News Monthly
The big news from last month.
Five Sources Capital Promotes Its First Post-90s Partner
How Do VCs Grow New Capabilities?
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief With Jing Liu
VC takes a certain amount of instinct.
Innovation Often Happens Where No One Has Gone Before | 5Y News Monthly
The big news from last month.
Qin Liu, 5Y Capital: Great Companies Don't Win a Single Battle — They Never Leave the Field | 5Y View
Emergence, infinite games, growth.
Jing Liu: Great Companies Don't Win a Single Battle — They Never Leave the Field | End of 2025
"Test early, fail fast, learn faster."
Changing Every Today for Tomorrow | 5Y News Monthly
The big news from last month.
API Bills Don't Lie: The OpenRouter Top 10 Reveals the Next Breakout Hits
A "parallel world" that mainstream AI circles have overlooked.
Compile Uncertainty into Answers | 5Y News Monthly
The big news from last month.
Trailblazers Carry Their Own Wind | 5Y News Monthly
The big news from last month.
The Answer Isn't on the Old Map | 5Y News Monthly
The big news from last month.
Alphaist: A Dollar-Denominated Fund Born in 2025, and Its Ten-Year Bet
Find the founders who create something out of nothing, who insist on pushing through when the odds are against them.
Miracles Come from Perseverance | 5Y News Monthly
The big news from last month.
Ban one TikTok, and a thousand TikToks will rise in its place | Undercurrent Worldview
The Perils of Globalization for Chinese Companies
January: Arriving at the Realm of Infinity | 5Y News Monthly
The big news from last month.
Seeking Entrepreneurs for the Era of Tech Innovation 2.0 | 2024 5Y Capital USD Fund Partner Meeting Recap
They don't just have cross-disciplinary technical integration capabilities — they also bring a global perspective.
November, a World of Infinite Possibilities | 5Y News Monthly
The big news from last month.
Who Is Horizon Robotics' Most Important Investor?
Got it?
Congratulations to Horizon Robotics! The "crazy" one, now believed in | 5Y News
Congratulations to Horizon Robotics on its successful listing on the Hong Kong Stock Exchange.
September: Stay Deliberately Curious | 5Y News Monthly
The big news from last month.
Who's Standing on the Founders' Side in the Buyback Wave?
Those without ideals feel no sorrow.
Confidence Is Tomorrow's Trailblazer | 5Y News Monthly
The major events that happened last month.
Congratulations to XtalPi on its successful listing on the Hong Kong Stock Exchange! | 5Y News
"AI + Robotics" builds the first 18C-listed stock, constructing new R&D infrastructure for future industries.
Change Begins with What You See | 5Y News Monthly
The big news from last month.
Qin Liu: Black Soil, Flowers, Poetry, and the Distance | 5Y View
Growing alongside the next generation of entrepreneurs.
Goodbye to a Decade of Venture Capital | Waves' Second Anniversary
Keep moving forward. Don't look back.
You Yourself Are the Newest Year | 5Y News Monthly
The big news from last month.
January, a Fresh Start | 5Y News Monthly
The big news from last month.
The Investor Who Made the Most Money Off Pinduoduo
"Though millions may oppose me, I will go."
December, the Road Keeps Extending | 5Y News Monthly
The big news from last month.
Riding the Wind | A Close-Up of 5Y Capital's 15th Anniversary CEO Summit
As long as you keep moving forward, the road will keep extending.
November: Stay Curious and Imaginative | 5Y News Monthly
The big news from last month.
Qin Liu: Using Business to Give Back to Basic Science Is Deeply Meaningful | 5Y View
Science is the key to the future.
Greatness Is Built One Moment at a Time | 5Y News Monthly
The big news from last month.
August: Keep Pushing Forward | 5Y News Monthly
The big news from last month.
Qin Liu x He Xiaopeng: An Entrepreneur's Resilience and Faith in Technology | 5Y View
Luck matters, but it takes skill to climb back to the top.
July: The Courage to Keep Believing | 5Y News Monthly
The big news from last month.
May, Where Hope Springs Eternal | 5Y News Monthly
The big news from last month.
5Y News | Share Creators Closes New Funding Round to Streamline Digital Asset Management for Game Developers
Help businesses achieve real cost reduction and efficiency gains.
February: Returning to Our Imagination of the World | 5Y News Monthly
The big news from last month.
The Dawning New Cycle | 5Y Annual Share
Where our confidence lies.
January: Toward Broader Horizons | 5Y News Monthly
The big news from last month.
Time forever forks, leading toward innumerable futures | 5Y News Monthly
The big news from last month.
Beyond What Meets the Eye | 5Y News Monthly
The big news from last month.
The unthinkable is precisely what can be thought. | 5Y News Monthly
The big news from last month.
Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
July: Seeking Vast Possibilities | 5Y News Monthly
The big news from last month.
5Y Capital and Multiple Portfolio Founders Win Multiple Awards from 36Kr and *Fortune* Magazine | 5Y News
5Y Capital continues to seek out, support, and stand by the rarest founders.
The world begins anew each day in a light that is forever fresh. | 5Y News Monthly
The major events from last month.
Ways to Start the New Year | 5Y's New Year Book & Film Recommendations
On intellect, wonder, and imagination.
5Y News | Huoban Cloud Completes $40 Million Series B+ Round
Empower more small and medium-sized enterprises to achieve deep digital transformation.
December, Everything Within Reach | 5Y News Monthly
The big news from last month.
November: Foresight and Boundless Imagination | 5Y News Monthly
The big news from last month.
Agora x 5Y Capital, RTE2021 Innovation Competition Concludes Successfully
Scene updated, ecosystem thriving.
5Y Capital Wins Multiple Annual Awards from Zero2IPO | 5Y News
5Y Capital continues its search for rare founders.
5Y Capital's Qin Liu: White Doves and Menlo Park — Genius Inventors and Tech Entrepreneurs | 5Y View
Tech innovation requires "dual-core" entrepreneurs.
5Y News | Xpeng Motors announces completion of over $500 million Series A funding round
This marks the largest single funding round to date in Asia's low-altitude manned aircraft sector.
October is full of hope and fervor | 5Y News Monthly
The major events from last month.
5Y Capital Wins Multiple Annual Awards from 36Kr and ChinaVenture | 5Y News
5Y Capital will continue to seek out entrepreneurs with bold visions for the future, providing full-stage, ultra-long-term support.
Kai Yu: What Horizon Robotics Has Truly Believed In These Six Years | 5Y Talk
The forces that keep us moving forward.
Carving paths on trackless slopes, exploring where few have ventured | 5Y View
When We Talk About 3Sigma, What Are We Actually Talking About?
September, When Hope Will Break Through Like the Sun | 5Y News Monthly
The big news from last month.
When a group of genuine, smart, and interesting young tech people live together for five days and four nights | 3Sigma Bootcamp documentary
The few who exist beyond 3Sigma — kindred spirits on the entrepreneurial road.
5Y Capital Wins Multiple Awards Including "2021 China Venture Capital Firm of the Year" | 5Y News
Continuously searching for scarce founders.
As Fierce as August | 5Y News Monthly
The big news from last month.
The Future of Real-Time Interaction Is in Your Hands | "Supersonic Program" Recruitment Ongoing
Real-time interactive technology is changing our world.
A Conversation with Qin Liu: An Investor Needs the Coolest Head and the Wildest Heart | 5Y Talk
Entrepreneurs of this era are a band of mad explorers.
Exploring the Future of Transportation | 5Y Capital Congratulates Xpeng Motors on Its Hong Kong Stock Exchange Listing
Exploring difficult questions with an imagination for the future.
Ten Years of Entrepreneurship, Wanwu's New Chapter | 5Y Capital Congratulates ATRenew Group on Successful NYSE Listing
Do things that create long-term value, even when they draw controversy in the present.
The past has become the future, the future has become the past, and both have become the present | 5Y News Monthly
What major events happened last month?
5Y Capital's Qin Liu, Steven Zhang, and Yuan Ye Named to 2021 PEDaily "TOP100 Investors" List | 5Y News
On May 20, the 2021 "Investor TOP100" ranking was officially unveiled. The list was jointly initiated by PEDaily, China's entrepreneurship and investment professional portal under Zero2IPO, and Zero2IPO, with data support from the China Venture Capital and Private Equity Big Data Platform, PEdata. **Qin Liu, Founding Partner of 5Y Capital; 5Y Capital; and Yuan Ye, Partner at 5Y Capital, all made the list.**
5Y News | Buddy Leads the No-Code Digital Transformation Market with $17 Million Series B Round
A no-code app builder and data collaboration platform.
The Best Is Always Ahead | 5Y News Monthly
Happy Labor Day!
5Y Capital's Qin Liu and Zhang Fei Named to Forbes 2021 Midas List | 5Y News
We will keep searching for the rare, the obsessed, the founders who can imagine a different future — and back them in turning that imagination into reality.
Imagination Is the Future | 5Y Capital Completes New Fundraise
Without imagination, the world would not be what it is today.
The Meaning of Inward Exploration | 5Y Spring Festival Books & Film Recommendations
The new year approaches; wishing you spring's blessings.
5Y News | 5Y Capital Portfolio Company StartDT (奇点云) Closes RMB 80 Million B2 Round
Openness and mutual success: building a new cloud-based, data-intelligent business together.
5Y Talk|Kai Yu of Horizon Robotics: The "Crazy" You Others Saw, Now Starting to Be Believed
Our hope is to become the Intel of the robotics era — that has been Horizon Robotics' mission from day one.
5Y News|Keep Closes $360 Million Series F Round, 5Y Capital Continues Backing
Exercise is just a Keep moment.
5Y News | Three 5Y Capital Partners Named to Forbes China's "2020 Best Venture Capitalists in China" List
Qin Liu, founding partner of 5Y Capital, and partners Zhang Fei and Yuan Ye of 5Y Capital all made the list.
5Y News | Shukun Technology Secures Another 590 Million Yuan in Funding, 5Y Capital Continues Its Support
Shukun Technology Raises Another 590 Million Yuan in Funding, Accelerating Medical AI Value Realization with Triple-Class Certification and Capital Backing
5Y News|Horizon Robotics Plans to Raise Over $700 Million in Series C, Completes C1 Tranche
Horizon Robotics announced the completion of its Series C1 funding round, with continued backing from 5Y Capital.
5Y News | PingCAP Closes $270 Million Series D, Setting a New Global Database Milestone
We believe this round of funding is only the beginning of our global expansion — a small step toward the future. The $100 billion global database market is our true north.
5Y News|Influencer E-commerce Service Platform "Mokuai Technology" Closes Hundreds of Millions of Yuan in Series C+ Round
Social commerce service platform Mokuaan Technology recently completed a Series C+ round of several hundred million yuan, co-led by Eastern Bell Capital and 5Y Capital.
5Y News|Agora x 5Y Capital, RTE 2020 Real-Time Internet Startup Challenge Wraps Up!
How to make the real-time internet sector more prosperous and discover more unicorns and innovative companies that create value for all industries is a shared goal of Agora and 5Y Capital.
5Y Capital Day 1: The You Others Thought Was Crazy, Starting to Be Believed
Setting out anew — the same team, the same founding vision.
5Y Capital Completes First Close of New RMB Fund | Light Moments
Recently, 5Y Capital completed the first closing of its second RMB-denominated fund.
What were the big moments for us last month? | Light Moments August Report
IPOs, Funding, Strategic Partnerships, Awards... August in Review
The Triumph of Long-Termism: Morningside Recognized with Multiple Honors in 36Kr's "Most Founder-Friendly" and "Most LP-Trusted" Awards | Light Moments
On August 26, 36Kr's 2020 China Investor Future Summit was held in Shanghai, where the 2020 investment institution rankings were released, including:
Xpeng Motors' IPO: Key Moments We Know About | Light Moments
A new beginning, a new journey, a new chapter — congratulations to Xpeng Motors!
Morningside Partners with Agora to Launch RTE 2020 Startup Competition, Hunting for the Next Real-Time Internet Unicorn | Light View
Who will be the next unicorn in the real-time internet space? The RTE2020 Real-Time Internet Startup Challenge is waiting for you!
5Y Capital's Qin Liu and Fei Zhang Named to PEDaily's "TOP100 Investors" List | Light Moments
On August 12, PEDaily, China's professional portal for entrepreneurship and investment under Zero2IPO Group, jointly released with Zero2IPO Research the authoritative **2020 "Investment TOP100" investor ranking** — with Qin Liu, Founding Partner of 5Y Capital, and Fei Zhang, Partner of 5Y Capital, both making the list.
Tribute to the Unstoppable Force | Light View
A tribute to the unstoppable force.
How Can Effective Equity Incentives Achieve "Fairness, Value, and Participation"? | ESOP Research
Value, sense of value, values
Yi Cao Named to 2017 China Top Venture Capitalists TOP50
Jiemian and Toutiao jointly released the "Top Venture Capitalists in China" list for the first time.


































































































