Ran Wang

王冉 is the founding partner of 易凯资本 (ECM Capital), an investment bank he established roughly 25 years ago with the tagline "ibanking the new economy." He has remained a vocal commentator on China's venture capital landscape, most provocatively declaring in mid-2024 that "the primary market as we knew it is basically gone" — citing a 68% collapse in investment volume from 2020 to 2023 and warning that even that figure masked steeper declines once state-directed deals were stripped out. His recent writing, as 暗涌 Waves noted, has shifted toward mapping what he calls "the new economy of the future," defined by AI and blockchain as foundational layers.