Qin Liu

Qin Liu is the founding partner of 5Y Capital, a Chinese venture capital firm. He joined what was then Morningside Capital (晨兴资本) and led its evolution into 5Y Capital (五源资本), with the rebrand reflecting a strategic shift from pattern-based innovation into hard tech and biotech—fields where, by his own account, the team's "knowledge储备 and investment experience were completely blank" when first discussed internally in 2015–2017.

He is best known for early bets on two defining Chinese tech companies: Xiaomi, whose 2010 founding he backed and later described as letting him "participate in a great entrepreneurial practice" and "accompany a top-tier entrepreneur through loneliness, endurance, prosperity, desperation, and rebirth"; and Xpeng Motors, where he developed a close enough relationship with founder He Xiaopeng to be interviewed about their "little-known key moments" together. He also backed Horizon Robotics at an early stage, with 5Y participating in its 2020 Series C.

His standing in the industry is consistently high: he ranked #2 on 界面新闻's 2022 China Top Venture Capitalists list, and placed in the top tier of 投中's 2022–2023 annual rankings for best venture investors. His public writing and speeches—collected under 5Y's "Light View" and "5Y View" series—tend toward reflective, long-horizon themes: inward exploration, the meaning of staying in the field, and what he calls "the coolest head and the wildest heart" for investors.