Red Xiao
肖弘
Red Xiao (肖弘) is the founder of Manus Bio and its parent company Butterfly Effect, a Chinese AI startup that drew wide attention with its Manus agent product in early 2025. He began his entrepreneurial path as a university student at a 2016 hackathon, where ZhenFund first backed him; ZhenFund partner Yuan Liu went on to invest in him five times across roughly a decade, a relationship elsewhere documented as "the most moving AI investment story of 2025" . In late 2025, the Manus team joined Meta, with Butterfly Effect continuing to operate independently post-merger . His trajectory from student founder to the Manus product release was framed by ZhenFund as a case study in its "back the person" investment philosophy .
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Coverage
We Declare That AI Fortune-Telling Has Lost to Humans
Humans won.
葬AI·Vibe Coding Should Start From Childhood
A new generation is already entering elsewhere.
elsewhere别处发生·The First Manus Cup Singapore Concept Essay Competition
Why are the lizard people so evil 😭
葬AI·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.
真格基金·Starting with Five Investments in Manus Founder Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How Reading People Evolves
十字路口Crossing·
