Red Xiao
肖弘
Red Xiao (肖弘) is the founder of Manus, an AI application company that drew global attention in 2025 . His relationship with ZhenFund began in 2016, when partner Yuan Liu first invested in him during a hackathon at Huazhong University of Science and Technology while Xiao was still a college student—what would become a decade-long backing . ZhenFund made five consecutive bets on Xiao's team over the years, and also supplied several partners and employees to the company . By late 2025, this investment had made Yuan Liu "a sought-after investor" in his own right, though he had previously fretted about lacking a thunderous portfolio hit . In December 2025, the Manus team joined Meta, with ZhenFund celebrating the "global journey" of what it called "a group of young people" . As ZhenFund's Yusen Dai noted mid-year, "no one might have expected that Xiao Hong could build a world-class AI application" .
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Coverage
Vibe Coding Should Start From Childhood
A new generation is already entering elsewhere.
elsewhere别处发生·Manus Team Joins Meta: A Decade-Long Journey for a Group of Young People
A deep understanding of users and exceptional product engineering ability are what truly scarce in this era.
真格基金·A Conversation with ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red Xiao
真格基金·ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red
A mental landscape few investors would ever admit to out loud.
真格基金·The Most Moving AI Investment Story of 2025
A Week with Manus, a Decade with Xiao Hong.
elsewhere别处发生·Vol.001 | A Conversation with Yuan Liu: One Week with Manus, Ten Years with Xiao Hong
elsewhere别处发生·Not Chasing Trends, But Backing the People Who Create Them: From Jumei to ZhenFund, Yusen Dai Has Navigated Cycles and Stepped Into the AI Era
真格基金·Are Models and "Shells" Both Undervalued? ZhenFund's Yusen Dai's Mid-2025 AI Review --- The past six months have been a turbulent period for AI. On one hand, DeepSeek's breakthrough has reignited global enthusiasm for Chinese AI; on the other, the commercialization path for large models remains unclear, and the market is growing increasingly anxious about when AI will generate real returns. Against this backdrop, I believe it's necessary to take stock of where we stand at this mid-point in 2025. **The Core Question: Are Models and "Shells" Both Undervalued?** Over the past two years, the AI industry has cycled through several narratives: from the initial frenzy over foundation models, to the subsequent boom in AI applications ("shells"), then a period of disillusionment as applications failed to deliver, and now a renewed focus on models following DeepSeek's success. But I want to propose a contrarian view: **both models and "shells" may be simultaneously undervalued by the market right now.** This might sound paradoxical. Let me explain. **Why Models Are Undervalued** The market's current skepticism toward model companies stems largely from two concerns: the commoditization of models (will they all become undifferent
In 2025, the "Sedol moment" for industries far and wide is only just beginning.
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