Tencent
腾讯
Tencent is China's internet platform giant whose core, as ZhenFund's gaming discussion put it, "is a massive communications network" — WeChat plus games — making it more like a diversified Microsoft than a pure game company . On top of that base sits one of China's most active investment arms: historically it entered sectors it didn't operate in directly through 15–25% strategic stakes in the likes of JD.com, Meituan, and DiDi , and its game portfolio includes early bets on Riot and an $8.6 billion acquisition of 84.3% of Supercell, with a reputation — per 暗涌Waves' sources — for keeping its promise not to interfere . In the AI era, one investor framed it as a company that "has a base business and can invest with abandon": WeChat's traffic and game distribution let it act as a pure financial investor, able to absorb any AI app valued above $500 million, from Manus (whose developer Monica it led a round for ) onward . Notably, though, 暗涌Waves reported an internal review after game-license tightening concluded new investments had to beat simply buying back Tencent's own stock — one reason it hung back in the early LLM funding war while Alibaba charged in . Its recent AI bets include Baichuan, Moonshot AI, StepFun, and embodied-AI player AgiBot .
AI-generated — may contain errors, please verify.
Coverage
Talking Embodied Artificial Intelligence with Yu Chen: Embrace the Bubble, but Manufacturing Must Eventually Do the Math | Yunqi Capital Insights X Tencent Technology
The truly slow and expensive variable is data accumulated bit by bit by people in the real world.
My Mom Won't Let Me Hang Out with Baidu Dazi
Pure accompaniment — running alongside without real skin in the game.
A Subjective Take on the Agent Wars Among ByteDance, Alibaba, and Tencent
Office agents need their own "Mian Shen" too
Tianji Intelligence Secures B++ Strategic Funding Round to Accelerate Global Expansion of Humanoid Force-Controlled Dual Arms and Full-Robot Products
The Definer of Embodied Force-Control Manipulation Platforms
An Objective Look at the Agent Battle Between ByteDance, Alibaba, and Tencent
Sis Dou killed your little Dou-shark.
If God Did Not Exist, It Would Be Necessary to Invent Him
A New Take on AI + Gaming
Gaorong Ventures Report: Physical AI, Domestic Computing Power, Controllable Nuclear Fusion, and Medical Innovation Companies Close Major Funding Rounds
From the continuous leap in model capabilities to hard tech crossing the thresholds of engineering and industrialization, a new wave of technological innovation is accelerating toward the real world.
Three-Hour Interview with Juanjuan: From Douyin to AI 3D, the Rollercoaster of Entrepreneurship, Ambitions to Become Manufacturing OS, and Why Foundation Models Won't Swallow Everything!
The Full Story of Alibaba's Investment in Moonshot AI
Game Changer.
An American Engineer's 11 Days in China
China in 2036 will look very different from 2026.
Xpeng Motors' robotics unit raises over $900 million in first funding round, leading scaled production and application of physical AI
Accelerate the mass production of Xpeng Motors IRON and the R&D iteration of Xpeng's physical AI model, pushing advanced humanoid robots toward a new stage of global commercial application.
Large Language Models Are a Brutal Manufacturing Business
Get Yu Hao to train the model, stat.
Gaorong Ventures co-leads Pragmatik Labs funding to back next-gen agent paradigm bridging digital and physical worlds
Building the Next-Generation Agent Paradigm
From Token Maxxing to Token Minimizing: Enterprise AI Starts Counting Costs
Token maxxing will be over within six months.
Meituan's LLM Is as Free as Its Delivery Service
Bullish on Meituan building world models
Baidu should apply for intangible cultural heritage status for ERNIE Bot.
Don't forget the road that brought you here.
Faster! Even faster! So fast the world can generate in real time | A conversation with Shengshu Technology's Jintao Zhang on Vidu S1, inference acceleration, and real-time interactive video
AI Matchmaker: A Conversation with Zeng Xinxun, Founder of Liangpei, on AI-Powered Dating
Former Moonshot AI Search Tech Lead's Dimensionality-Reduction Overhaul of Dating Matchmaking
We captured 28 moments at WAIC, piecing together a cyber *ukiyo-e*.
Melting from the heat.
Four Days at ICML Seoul: Models Are Eating Everything Faster Than Anyone Can Find Their Footing | Xing Meng, 5Y Capital
In July 2026, Xing Meng, partner at 5Y Capital, traveled to Seoul for ICML, where he engaged in deep conversations with researchers and founders on the front lines of the global AI industry. This article presents a selection of his firsthand observations after returning to China.
Source Code Capital | Physical AI Firm DeepWise Closes Hundreds of Millions of RMB in Series B Funding, Existing Shareholder Source Code Capital Increases Stake
Source Code Capital led J&T Global Express's Pre-A round in 2022, and continued to increase its investment in multiple subsequent rounds, providing long-term support as the company grew.
Even Realities: A Good Pair of Glasses, and the Beginning of a New Category
How a Pair of Camera-Free Smart Glasses Became a Unicorn
From Huawei Autonomous Driving to General-Purpose Robotics: Huang Qingqiu Wants to Rebuild a System for the Physical World | BlueRun Ventures Family Headlines
From Single-Demo to General-Purpose Robot: The Critical Leap
We got early access to the WeCom AI Agent beta and tested it for a week so you don't have to.
WeChat and WeCom are both playing their agent cards at the same time.
Using Doubao for work? You'll have to sit at the kids' table.
I held it together.
Liblib, what's your dream?
Here's to hoping we can keep winning.
I'm here to congratulate LibTV.
Aimian TV is here
How Do Pros Use AI? How Do Regular People Learn AI? How Do Investors Bet on AI? | A Conversation with Ke Dai Biao Li Zheng
Tencent has built a bunch of emotional companionship agents.
Someone get TiMi Studios on the phone.
Jingying Technology Raises Tens of Millions of Dollars, Former AWS Chief Applied Scientist Joins to Build Agent-Native Company for Content Industry | Unity Ventures Portfolio News
Building a Reinforcement Learning Environment That Agents Can Plug Into and Self-Improve
2026 AI Gaming Panorama: Four Layers, Three Myths, One Consensus Gap | A Talk with 405 Games' Xiaoning
Lots of fragments, no smash hit yet.
Not Here to Disrupt the World Yet, Just Heading to the Office First: Keenon Unveils New Humanoid Robot "K-Zai" | Yunqi Partners
The Pragmatic Romance of Embodied AI
2026 AI Game Industry Panorama: Four-Layer Landscape, Three Major Misconceptions, and One Consensus Gap | A Conversation with Youning Xiao of 405 Games
MaHui Entrepreneur | Narwal CEO Zhang Junbin: Understanding Human Nature, Leaving Naivety Behind
What's more important right now is getting the business right and building a solid product.
The Unforgettable Series C Funding of Moonshot AI
A stroke of genius.
Exclusive Interview with LimX Dynamics Founder Wei Zhang: Embodied AI "Isn't Competitive Enough," World Models, and Robot Brains
Demystifying the "World Model"; "You Can't Win If You're Afraid to Lose"
Morning Star | Lixue Xia on Building the 'Most Efficient Token Factory'
China will become the world's "token factory" in the future. In the past, Made in China meant manufacturing. Now, it's AI Made in China.
FreeS Fund's Li Feng: For Embodied AI to Become Reality, It May Need to Copy These Three Playbooks
Large language models, autonomous driving, and AlphaFold.
World Models Are the Dreamcore Arms Race
Rules for Interpreting World Models
The Next Step for AI: From Tool to Colleague | A Conversation with Helio's Wenfeng Wang
It'll get onboarded, understand the context, take on OKRs, and even get its own desk.
Qiming Venture Partners Weekly | Top 10 Portfolio Company Updates Vol.15, April 28, 2026
Staying with you to mark the milestone moments of Qiming Venture Partners' portfolio companies
Zero real-world training data, nearly 100% success rate! Sudu Tech debuts self-developed system #Sudo R1 | Oasis Vitality
Unlocking a New Paradigm in Embodied Artificial Intelligence
$2 Billion Startup SurgeTech's Debut in Embodied AI Is a Blockbuster: Zero Real-World Data, Zero-Shot, 98% First-Attempt Grasp Success Rate | BlueRun Ventures Family Headlines
Sudo Tech's Embodied Model #Sudo R1 Makes Its Debut
Source Code Snapshot | "Oak Deer Robotics" Closes 300 Million Yuan Funding Round, Source Code Capital Sole Angel Investor
AI Cooking Robots Enter New Phase of Scaled Deployment
Emperor Jin: I Want to Make a Spiritual Successor to *The Invisible Guardian*
The most important meaning of choice is to experience life.
In the Claw Rush Era, Build and Evolve With Us | Unity Ventures AI Wonder Night Shanghai & Agent Evolution Hackathon
Let's Build and Evolve!
Qiming Weekly | Top 10 News from Qiming Venture Partners Portfolio Vol.09, 2026.3.17
Celebrating milestone moments with Qiming Venture Partners' portfolio companies
How a Shandong-Based AI Wrapper Earned Its Seat at the Table | A Conversation with the Founder of Cherry Studio
Wrapped in Greatness 🍒
Jieti Medical Closes 500 Million Yuan Strategic Round; Source Code Capital Co-Led Previous Round
Source Code Capital continued to follow on in this round as an existing shareholder. In the previous round, Source Code Capital was a co-lead investor.
The "OpenAI Moment" for Pharma Labs: HeTan AI Raises 50 Million Yuan, Robot Scientists Step Onto the Lab Bench
The story of robot scientists has only just begun.
Tencent Became the "Shrimp Farming Competition" Sensation, and We Used This Claw to Transform Our Workflow
Try taking over content operations with WorkBuddy Claw.
20 Questions to Understand OpenClaw: The Viral Mechanics, What Fundamentally Changed, and Startup Opportunities
Bubble or Starting Point?
In-home lobster installation, waiting in line for lobster installation — that's way too janky. He built a desktop lobster that installs in 60 seconds | A conversation with Song Jian, founder of DeskClaw
The Shrimp Myth Lives On
Hello, the Great Age of AI Entrepreneurship — Pony Ma, Yiming Zhang, and the Day 0 Moment of 21 People
The era rewards those who bravely take half a step forward through the fog of Day 0.
Vibe Coding, Act Two: The Big Four, and Those Who Want to Win | A Conversation with Guangxiang Zhu, Baidu Miaoda Product GM
He built a wheel — and ran it over the 20-year-old version of himself.
Tencent Bets on an AI-Era Social Gateway With Another Billion-Yuan Red Envelope Blitz — We Tested Yuanbao's "Send" Feature
The Yuanbao Faction: Tencent's Place in the AI Era.
StepFun Closes New 5 Billion Yuan Funding Round: Racing for Endpoints, Crunching Numbers, and the Ultra-Marathon Ahead
StepFun has raised 5 billion yuan in fresh funding, setting a new single-round record for the sector over the past 12 months, as the battle for end-user devices heats up.
StepFun's Major "Step": Over 5 Billion Yuan in B+ Round Funding, Qi Yin Formally Appointed Chairman
StepFun's answer is AI + endpoints.
Source Code Rhythm's Yungang Huang: From Gobi Desert Youth to Fund Captain
The rhythm moves because we believe the world has its own laws.
Meet the Most Active CVCs of 2025
Now I know who to farm for gold coins 👋😭👋
Obsession, Ambition, and a Pair of AI Glasses: The Raw Fuel of Elite Product Managers | A Conversation with Li Auto SVP Fan Haoyu
Not content to let the world stay as it is.
After Raising $220 Million, He Wants to Build the "ByteDance of AI" | A Conversation with DeepWisdom CEO Chenglin Wu
What if you could summon an intelligent organization like ByteDance at any moment?
BlueRun Ventures-backed Zenitar closes nearly RMB 600 million Series C round | BlueRun Family
Build a closed-loop, iterative system spanning "target identification — molecular design — efficacy validation"
5Y News | Zai Ling Bio Completes Nearly RMB 600 Million Series C Financing
The funding will go toward global clinical development, pipeline expansion, and technology platform upgrades.
MiniMax Goes Public: The $1.5 Billion Fundraising Blitz, 15 Reasons Investors Bet on It, and How Long Each One Lasts
One Year in AI, Five Years on Earth
2026: The Year of AI Video Is Coming | A Conversation with OiiOii Founder Nao Nao: After Stints at Tencent and ByteDance, How to Catch the Next Wave?
January, Emergence, and Prologue | 5Y News Monthly
The big news from last month.
Rongbao | Biren Technology and Seyond list successfully in Hong Kong, Moonshot AI completes major funding round
A new chapter begins.
5Y News｜Moonshot AI Closes $500 Million Series C Round, Aims to Become a World-Leading AGI Company
Moonshot AI will become an LLM that is "distinctive" and "undefinable."
MaHui | MaHui Member Moonshot AI Closes $500 Million Series C, Aims to Become a World-Leading AGI Company
Source Code Capital was an early, long-standing shareholder in Moonshot AI.
Moonshot AI Completes $500 Million New Funding Round, Zhilin Yang: Kimi Will Become a Distinctive LLM
"Become the world's leading AGI company."
China as a Variable Reshaping the Global Innovation Landscape | Oasis Capital x BRIDGE Summit
Adviser Vitality
A Group of Young People Built a "Senior Version" of Xiaohongshu to Help Retirees Live Their Best Life | BlueRun Ventures Family Headlines
A sense of purpose is essential to retirement; social connection is the antidote to loneliness.
AutoGame Raises Tens of Millions in New Round, Pioneering AI-Driven Sandbox Gaming Paradigm | Unity Ventures Portfolio News
AI-Powered Game Hits Steam New & Trending with Zero Marketing Spend at Launch
Looking at China's Three Competitive Advantages in Gaming Through *Genshin Impact*, *Black Myth: Wukong*, and *Archero*
Build a global company from Day 1.
What Did He See? | A Conversation with Zhang Fan: Former COO of Zhipu AI, Founder/CEO of Yoolee AI — Why He's Convinced AI's Opportunity Lies in ToB
"Treat AI as a person.
So, 24 hours after the "7 x 24" launch, is anyone still talking about Fei-Fei Li?
Fei-Fei Li's World Labs may have been misunderstood.
Yunqi Capital | Astribot Raises Hundreds of Millions in A++ Round to Accelerate Scale Deployment of Cable-Driven AI Robots
The Pioneer in Mass-Producing Cable-Driven AI Robots Continues to Evolve
Spirit AI Ranks No. 2 on "2025 Most Promising Startups Worldwide" | Oasis Capital Vitality
Ranked among the top tier of the global Embodied Artificial Intelligence industry
Dialogue | Has the AI Cognitive Revolution Already Arrived?
Alex Zhou, Managing Partner at Qiming Venture Partners, and Dr. Wei Liu, Founder and CEO of Qiming portfolio company Video Rebirth, engaged in an in-depth dialogue on core topics including the evolution path of AI technology, industry transformation trends, startup competition, and global expansion strategy — shedding light on the technological trends of the AI 2.0 era and the breakthrough strategies for China's science and technology enterprises.
When Two "World Number Ones" Appear at the Same Time — Written After Hunyuan and Keling AI Both Claimed the Global Top Spot
What a time to be chasing each other!
The Next Billion-Dollar Track After Short Dramas: This AI Company Is Already the Market Leader | A Conversation with Miao Zhuang, Founder of Jellyfish Intelligence
After raising 100 million RMB from top-tier investors, it abruptly abandoned its core business and went all-in on "AI manhua dramas" — an atypical pivot for an AI startup.
Exclusive | AI Coding Startup "Kuaifu Technology" Raises Tens of Millions of RMB in Pre-A Round Led by Fosun RZ Capital
Served 350 cities across China and hundreds of thousands of ordinary users, built up hundreds of thousands of digital applications, and generated 16 billion lines of code.
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
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Qiming Star | Video Rebirth's Wei Liu: Video Generation Models Are the Optimal Path to Building World Models
Video Rebirth defines the video-native world model as a combination of a world simulator and a world predictor.
A '97-born founder's third pivot: building a Personal Agent that doesn't chase productivity
Like the earliest Apple Mac computers, we hope to realize the transformation of agents from productivity to everyday life.
How Humans Might Build "Doraemon": A Look Back at the History of Smart Companion Products | FengRui Report
The inescapable loneliness of being human is the bedrock on which AI companionship products stand.
Xiaohongshu Is Looking for Five Young "Self-Styled Visionaries" — Here's What They're Offering
Be ambitious, be hungry, believe you're destined for greatness.
No Hype, No Hate: Kunlun Tech's New Model Is Kind of a Big Deal
The business world has never gone easy on "good technology."
Why Compete on Models When You Can Compete on Orchestration? CrePal Wants to Be the Creative Director for AI Video Models | A Conversation with CrePal Founder Jiaming Liu
By "orchestrating" the best video models on the market, it helps users generate complete videos from a single sentence, dramatically compressing a complex process that once took days and cost thousands of yuan.
Q&A | Duane Kuang and Qianli Technology's Qi Yin: Closed-Loop Business Models Sustain Tech Progress, AI Era Offers Huge Hardware Opportunities
Because of the changes brought by AI Agent assistants and operating systems, many different hardware form factors will emerge in the future before gradually converging. This is a space where both tech giants and startups will have significant opportunities.
WAIC Observations: Spatial Intelligence in Rough Seas, Everyone Is Looking for the Same Thing
There's a kind of AI that can preserve love.
Guest Lineup Revealed | Register Now for 2025 WAIC Qiming Venture Partners · Entrepreneurship and Investment Forum — Venture Capital Enters AI Technology and Application Resonance Cycle
This sub-forum will showcase and explore the latest breakthroughs in AI technology and applications through the lens of innovation. Qiming Venture Partners will bring together leading scholars and top entrepreneurs in the field — from both the startup and investment perspectives — for four keynote speeches and four panel discussions.
In China's Most Cutthroat AI Coding Race, He Bets on China First to Build the Industry's Pinduoduo | A Conversation with Wuxin, Founder of CodeFlying
CodeFlying's users are middle-aged fishing enthusiasts, water delivery guys from the neighborhood, pork shop owners...
AgiBot "Leaps Onto" STAR Market, World's First Livestream of General-Purpose Embodied Robot Performing Routine Industrial Operations Coming Soon | BlueRun Ventures Family Headlines
Staying the course on independent innovation and building ecosystems together.
Yuaiweiwu Lin Wang: From Education Going Online to Going Intelligent — When Will the AI-Powered All-Capable Personal Tutor Arrive? | Gaorong Future
"Yuaiweiwu" — dancing with love, and dancing with AI.
Half of 2025 is gone — 9 AI Aha Moments
Great products are often born at the "Crossing" of technology and the humanities.
Starting from Five Investments in Manus's Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How His Read of People Has Evolved
I think the market is at its best right now.
VAST Raises Another Tens of Millions of Dollars, Launches AI-Powered All-in-One 3D Workstation | Oasis Vitality
Counselor Vitality
Starting with Five Investments in Manus Founder Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How Reading People Evolves
Xi Cao of Monolith Named to Forbes 2025 Midas List
First-time appearance on the list thanks to early-stage investments in Kuaishou and Unitree
You call the new DeepSeek R1 a minor update? R2 is coming.
The universe cools into an eternal winter as heat death claims all.
Qiming Weekly | Qiming Venture Partners Portfolio Companies: Funding and Updates Vol. 18, 2025
Staying with you through milestone moments for Qiming Venture Partners' portfolio companies
Qiming Venture Partners Portfolio Company WeRide Deepens Strategic Partnership with Tencent Cloud to Expand Robotaxi Commercial Operations and Overseas Markets
WeRide and Tencent Cloud will deepen their integration of strengths to jointly build a new generation of data-driven autonomous driving cloud platforms, connecting the full R&D, testing, and operations workflow to create an innovation flywheel for autonomous driving and accelerate the scaled commercialization of Robotaxi and other autonomous driving products.
Yunqi Capital Research | AI Applications 2025: New Technologies and Trends Analysis
Looking at Direction from First Principles
2025: The Year AI Gaming Goes Mainstream? | A 4,500-Word Efficient Roundup of Major Players' Latest Moves: Tencent, NetEase, miHoYo…
One of the shortest paths to AI commercialization: gaming.
Early Spring Warms, All Things Compete to Bloom｜Z News
Spring winds stir fresh green growth; the journey never pauses.
MaKe | MaHui Member Narwal Raises Another $100 Million, Officially Enters Pre-IPO Stage
Kicking off the final sprint before its IPO, the company is accelerating its capitalization push across the board.
When JD.com, Xiaohongshu, Kuaishou, and Pinduoduo All Stand at the "Crossing" of the AI Era
"Either play or get left behind!"
AgiBot's Chief Scientist: "The Biggest Misunderstanding of Embodied AI Is Treating It Like a Large Language Model" | BlueRun Ventures Family Headline
Now is the best time to enter embodied AI.
Crossing March Offline Salon Recap: What AI Startup Opportunities Exist in the Post-DeepSeek Era?
We recently pulled off "something big."
ZhenFund's Yusen Dai: A Deep Dive on AI Agents — Every Industry Will Face Its "Lee Sedol Moment" (Part 2)
We're still on day one of the AI intelligence revolution.
Qiming View | Duane Kuang: China's AI Investment Is Not Overheated, It Deserves Capital from Around the World
AI will bring enormous benefits to humanity, and it will also represent the greatest investment opportunity over the next decade.
A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?
20 Questions to Understand DeepSeek and the "Second Half of AI" It Ushered In
20 Questions, Layer by Layer: The Story Behind DeepSeek
After Selling His Company for $4 Billion: A Founder's Past, Present, and Future Plans | A Conversation with Moonton Co-Founder Justin
I'm financially free. Now what?
20 Questions to Understand DeepSeek and the "Second Half of AI" It Unleashed
A Deep Dive into the Beauty of DeepSeek's Creation: How Was DeepSeek R1 Forged?
AI penetration today is only 5%. For the remaining 95%, what will their first AI application be?
After Selling His Company for $4 Billion: A Founder's Past, Present, and Future Plans | A Conversation with Yuan Jing, Co-founder of Moonton
Why I've Always Been Bullish on the AI Application Layer | Unity Ventures' Xiao Wang in Conversation with NetEase Tech
The generative AI wave is not merely an evolution in technology, but a profound reshaping of business models.
A Conversation with Google DeepMind and LLM Researchers: Deconstructing OpenAI o1 and the LLM+RL New Paradigm
Code View | Consensus and Non-Consensus: From Models to Applications, Looking Back and Ahead at 2024 AI Trends
Adapting to Change
ByteDance Is Dancing, Alibaba Is Restless, the AI Six Little Dragons Are Shaken — A Year-in-Review of the Foundation Model Wars with *LatePost*
Elephants can dance, and ByteDance keeps on dancing.
Interview: Tsinghua's Zhao Mingguo on Two Decades of Humanoid Robot Research, From Lone Pioneer to a Crowded Field
A scholar's near-obsessive dedication to their research career
From Models to Hardware, From Applications to the Rise of Super-Individuals | A Review of China's AI Innovations in 2024
Crossing x Abotify x a16z: Let's Talk About the AI World 1,000 Days From Now at the Peking University Stanford Center | Beijing Offline Gathering
The best way to predict the future is to create it.
Betting on AI Startups Four Years After a VAM Gamble: The Full Story of a Data Startup's Acquisition
I was going to ring the bell; how could I have sold the company after just four years?
First startup acquired by a multinational after just 5 years? Recurve founder Tony Dongni Ren reveals the game of entrepreneurship and exit
Li Xilie: Former Head of Bayer and Medtronic Asia-Pacific on Nine Strategies for Chinese Healthcare Companies Going Global | Ronghui Practical Insights
"Nine Questions" for Chinese Healthcare Companies Going Global
Black Myth's First Investor Daniel: After Investing 60 Million for 20%, He Doubled Down With Another 100 Million
ZhenFund's investment philosophy and the Black Myth story.
The AI Engineer's Guide: Who Am I, Where Did I Come From, Where Am I Going? | A Conversation with SiliconFlow Founder Jinhui Yuan and Indie Developer idoubi
Ambition, curiosity, and the freedom to roam.
The AI Engineer's Guide: Who Am I, Where Did I Come From, Where Am I Going | A Conversation with Jinhui Yuan, Founder of SiliconFlow, and Indie Developer idoubi
The World's Fastest AI Inference Solution: Leaving NVIDIA in the Dust by 20x
Faster than fast.
Meta AI Introduces Transfusion, a New Method | Tencent Debuts AI Teammates | Daily Brief
Flip through the digest before bed each night, and you'll stay on top of all the AI news.
"Six-Pack Abs" Aren't Just a Dream: AI Can Make It Come True
One-click muscle gain.
We Are All on the Journey to Retrieve the Scriptures | Seeing Vitality
Counselor Vitality --- *Note: This appears to be a fragment without context. "参赞" can mean "counselor" (diplomatic title) or "participate in planning/support." "生命力" means "vitality" or "life force." If this is a title or section header from a larger piece, additional context would help determine the precise rendering.*
In My Prime: How Game Science Made *Black Myth: Wukong* | Z Talk
When you decide to do what you truly love, good things follow.
China's Homegrown AI Robots Are Seriously Advanced... Playing Piano, Brewing Tea, Practicing Wing Chun, Even Petting Cats | Inside Dalton Venture Portfolio Company Astribot
Born for you, born for intelligence.
The first wave of post-90s millennials are already turning to AI to untangle their love-hate dilemmas.
More reliable than people.
Embodied intelligence startup Spirit AI has raised nearly 200 million RMB in an angel round, with Oasis Capital making consecutive follow-on investments | Oasis Vitality
Counselor Vitality --- *Note: This appears to be a fragment without context. "参赞" can mean "counselor" (diplomatic title) or "participate in planning/support" (from classical Chinese). "生命力" means "vitality" or "life force." If this is a title or heading from a specific article, additional context would help determine the intended meaning — e.g., whether it refers to a diplomatic role, a brand/product name, or a philosophical concept about sustaining vitality.*
Zhilin Yang: The Man Who Got Alibaba and Tencent to Team Up
Call me by your name.
OpenAI: "Tremble, cheating children — I will catch you!"
Tremble!
Yunqi Research Select | Mid-Year AI Industry Review: Ten Hopes and Heartbreaks in the Year of Implementation
How Does the Balance Between Cost and Effectiveness Tip?
Heart Capital Leads Series A Investment in Baichuan, Continues AI Sector Bet | HeartStar PORTFOLIO
The funding round reached 5 billion yuan.
Yunqi Capital Attent!on Podcast | Founders Up and Down the Supply Chain: From Embodiment to Intelligence, How Is AI "Awakening" Robots?
Let's Talk About the Messy Reality of Deployment and Application Bottlenecks
Embodied Intelligence + Drug Discovery = ? C12.ai Unveils Industry's First Pharmaceutical R&D Intelligent Robot | Yunqi Capital
Accelerating Drug Discovery and Development
OpenAI Releases GPT-4o mini: Faster and Cheaper
Speed is justice.
Apple: The Ultimate Harvester of AI Dividends
Apple's Strategic Layout in the AI Era
Vol.05 Has AI "Woken Up" the Robots? A Look at the Many Applications and Bottlenecks of Embodied Intelligence
52-Year-Old Man Marries His 24-Year-Old AI Girlfriend
Love is love. Love is love.
A Visual Measure of Our Distance from Robots | Yunqi Capital Attent!on · Embodied Intelligence Series
Continuous innovation, continuously drawing closer.
One Step Ahead: Unlocking the N Possibilities of Embodied Intelligence | Yunqi Gathering · Yunqi Capital Demo Day Now Open for Registration
When Embodied Intelligence Comes Knocking
Eight Hard Thoughts on the Vitality of AI Hardware | Yunqi Capital × Zhixing Attent!on Shenzhen Recap
From *One Punch Man* to *Ready Player One*
Sogou Input Method, truly a "dog" after all
Event Recap | How AI Startups Can Drive Overseas Growth and Business Model Innovation
A Growth Guide for Internationalizing AI Products
Harry Wang: Where Are the Opportunities for Young People in the Coming Decade of AI?
On June 14–15, 36Kr WAVES New Wave 2024 was successfully held at Langyuan Station·Cangku in Beijing. WAVES means tide — a fitting metaphor for the courage and creative spirit of today's young people chasing their dreams. This year's conference centered on four themes: Ideal and Reality, Technology and Humanities, Exploration and Deep Cultivation, Tradition and Transformation — each addressing topics that resonate deeply with young people. They say life is a wilderness, but
"Yunqi Attent!on · Shenzhen" Meetup | After the Viral AI Hardware Flopped, Where Are the Real Heavyweights?
Let's Grab Coffee and Talk About the Present and Future of AI + Hardware
Looking Back at AI's "May": The Five Most Important Little Things | Attent!on Tech Notes
The future is already here — it's just not evenly distributed.
Tonghuo | Vol.02 How Hearing Problems — "Sickness Entering Through the Ears" — Are Driving Us Apart from Our Parents
**03:10** What is hearing impairment? Who are the main groups affected by it?
Harvard University Kecheng Zhu: Automated Social Science Agent and Human Behavior Modeling | Agent Insights
Counselor Vitality
Yunqi Capital | Embarking on Embodied Intelligence: Angel-Round Portfolio Company Astribot Unveils Next-Generation AI Robot Astribot S1
AI Brain + Best-in-Class Operational Performance, Naturally Yours
A Conversation with Junjie Yan of MiniMax: AGI Isn't a Doomsday Weapon, It's a Product Ordinary People Use Every Day | Oasis Vitality
Counselor Vitality
Yunqi Capital | In Conversation with MiniMax's Junjie Yan: AGI Isn't a Weapon — It's a Product Ordinary People Use Every Day
MiniMax is already one of China's most highly valued large language model companies.
Yunqi Capital | Angel Portfolio Company MiniMax Releases Trillion-Parameter MoE Model, Closing In on World's Most Advanced LLMs
Betting on MoE models before the industry consensus caught up.
April: Growing Upward | 5Y News Monthly
The big news from last month.
Replicating Sora? Long-context or RAG? Are Agents a fake demand? | Yunqi Capital's Ten Questions X Attent!on
Just enjoy the "petrichor" of AGI.
Soul App Zhang Lu: How AI Will Transform Social | 5Y View
AI can open up more possibilities.
Li Xiang x Li Feng: Key Timelines and Events Worth Watching in 2024 | Li Feng Column
Why is the period after the Two Sessions such an important inflection point?
Li Xiang × Li Feng: In Waves of Technological Change, Why Is Gaming Usually the First to Make Money? | Li Feng Column
From a Brief History of Gaming to New Online Game Regulations: Finding Innovation Opportunities in the Industry
MiniMax's Self-Developed "Abab6" — China's First Trillion-Parameter MoE Large Language Model — Goes Fully Live | YunXun
Large parameters solve complex problems + MoE improves computational efficiency
Code Brain | How Do Founder-CEOs Understand "Courage"?
"Endless Watt" Raises Nearly RMB 150 Million in Angel Round, Redefining Smart EV Chargers | Yunqi Capital
Day 1 Going Global in Europe and America: Breaking Through Two Major Challenges — Efficiency and Intelligence
Kai Yu, Horizon Robotics: The Scientist-Founder Journey from Zero to One | 5Y View
"Be roughly right, not precisely wrong."
Code Brain | Xianglu Technology CEO Kevin Guo: How to Find the Right Sales Leader?
Startup CEOs Shouldn't Stay in the Sales Lead Role Long-Term
Chinese AI Unicorn Baichuan Closes Series A Round, Heart Capital Invests | HeartStar PORTFOLIO
Among the investors in this round are tech heavyweights including Alibaba, Tencent, and Xiaomi, with total funding reaching $300 million.
$1 Billion! BioMap and Sanofi Partner to Develop AI Drug Discovery Models Based on Large Foundation Models | BlueRun Ventures Headlines
The First Commercial Partnership Based on Large Language Models in the Life Sciences Sector
Source Code Capital Leads Tens of Millions of RMB Series A Round in Yixintong
The New Industrial Paradigm Sparked by Superchips Is Fueling an Explosion in Liquid Cooling
Machenike Closes Over 100 Million RMB Series B+ Round | BlueRun Ventures
Building the Next Generation of ADAS Advanced Driver-Assistance Systems
China's Corporate Venture Capital: Twenty Years of Love and Strife
This is what industrial investment really looks like.
AIGC + Game: New Potential for LLMs in Gaming | Riding the AGI Wave × Silicon Valley
Understand the disruptive transformation that tools bring about.
Linear Capital early-stage portfolio company **Gritworld** announced the completion of its Series B2 funding round, led by **BYD**.
Exploring how 3D graphics engine technology is pushing the new frontiers of consumer-end graphics.
Li Guofei's 10,000-Word Interview: Seeking Wisdom Is About Constantly Breaking the Prison of the Mind
Two worlds that seem to have nothing to do with each other may, at their foundations, arrive at the same destination by different paths.
Saint Bella Closes Hundreds of Millions of Yuan in Series C Strategic Financing, Building a Global Leading Family Care Brand
Targeting the broader consumer-service scenarios of China's new-generation families.
Why Won't Chinese Database Companies Simply "Copy" the Snowflake Model? | Yunqi Capital Science Chat
Respect the market, seek common ground while reserving differences.
Code Moment | DeepWise Closes Hundreds of Millions of RMB in Series A and A+ Rounds, Existing Shareholder Source Code Capital Continues to Increase Stake
Building Next-Generation Deep Energy-Saving Intelligent Control Products and Solutions
Exclusive | The General-Purpose LLM Startup Wave: The First Battle Is About to End
Contestants, take your positions.
Why "Copy to China" Is Hard to Replicate, and Where China's LLM Opportunity Lies
Recently, Bai Zeren, Senior Investment Director at Linear Capital, sat down with *Jazzyear* to share his views on the entrepreneurial opportunities brought by ChatGPT. When it comes to the domestic market for large language model startups, Linear Capital remains optimistic. "While the engineering detours and challenges will take time to work through, the probability of Chinese companies producing something with 80% of ChatGPT's capabilities within two to three years is quite high — even if surpassing what OpenAI has already built will be difficult."
3D Real-Time Interactive Virtual Event Platform "Bizhen Technology" Raises Tens of Millions in Funding, with Linear Capital Leading Angel Round
36Kr has learned that **BIZEN Technology, a 3D real-time interactive virtual events platform, announced it has completed two consecutive funding rounds — an angel round and an angel+ round — totaling tens of millions of RMB, with Linear Capital, HSG, and Cathay Capital as investors.** The funding will be primarily used for product iteration and market expansion.
5Y News | 5Y Capital Portfolio Company "Nowcoder" Closes $50 Million Series B Funding
Powering the full lifecycle of campus recruiting — from sourcing to onboarding.
Li Xiang × Li Feng: What Might 2023 Look Like? | New Year Outlook
Anticipate as much as possible to give yourself more room to react.
Open Source Annual Report! Yunqi Capital Partners Again with Open Source Society to Release *2022 China Open Source Annual Report* | Yunqi News
Open Source Is Entering Its Next Phase of Development
FreeS Fund's 2022 Year in Review: Stay True to Your Convictions, Do What's Right Rather Than What's Easy
Happy New Year!
"This Is an Ordinary Day" | 2022 in Review
Don't summarize unless necessary.
Code Moment | DeepWise Closes Tens of Millions in Strategic Funding Round, Source Code Capital Leads Pre-A+ Round
Dedicated to core "chip" products for world-class deep energy-efficiency intelligent control
The Past and Future of ESG: From Dividing the Pie to Growing It | FreeS Research
A Complete Guide to ESG ESG — Environmental, Social, and Governance — has evolved from a niche investment framework into a mainstream lens for evaluating companies. Yet for many in China's tech and investment circles, it remains more buzzword than business practice. Here's what actually matters. **The Three Pillars** *Environmental* covers a company's carbon footprint, resource use, waste management, and broader ecological impact. For Chinese manufacturers, this increasingly means compliance with the EU's Carbon Border Adjustment Mechanism (CBAM) and domestic dual-carbon targets — not just greenwashing. *Social* encompasses labor practices, supply chain ethics, data privacy, and community relations. In China's context, this gets complicated fast: tech platforms face scrutiny over algorithmic labor management (think Meituan's delivery riders), while consumer brands navigate Xinjiang cotton controversies that can tank overseas sales overnight. *Governance* examines board structure, executive compensation, shareholder rights, and anti-corruption measures. For Chinese companies listing in the U.S. or Hong Kong, this includes VIE structure transparency
BioGeometry Closes Angel Round, Next-Generation AI to Power Macromolecular Drug R&D
Released TorchProtein, the first open-source machine learning platform for macromolecular drug discovery.
MaKe | MaHui Member "Deep Intelligent Control": HVAC Energy-Saving SaaS Technology Powers Dual-Carbon Goals
Linear Capital Leads Angel Round in Metaverse Infrastructure Startup Qiyihuo Technology Elsewhere.News | Qiyihuo Technology, a metaverse infrastructure provider, has announced a multimillion-yuan angel funding round led by Linear Capital.
36Kr has learned that Qiyihuo Technology announced it has raised tens of millions of yuan in an angel round led by Linear Capital, with listed company L&A Design participating as a co-investor. Following this round, the company will focus on developing its underlying technology, expanding market operations, and building out its ecosystem — marking its second successful fundraising after an earlier seed round of several million yuan.
MaHui Founder | Shunhao Fan of Hongyu Technology: What Kind of Operating System Does the XR Era Need?
3 Billion New Fund First Close: Arthur Yeung on Kairous Capital's Two Major Organizational Restructurings
A New Solution to the Organizational Challenge of Funds.
The New Era of Going Global: Chinese Founders Conquering the World
Today, virtually no Chinese company doesn't aspire to go global — or, put another way, to become a truly global company.
MaHui | MaHui Member ONES Acquires SegmentFault to Build High-Quality Developer Community
Cloud Service Engine FORK AI Raises Tens of Millions of RMB in Pre-A Round | Led by Oasis Capital
Seizing the Key to Using Data to Enhance Customer Demand Insight
5Y News | Xmov Raises $130 Million to Build Metaverse Infrastructure
Achieving scale, interactivity, and intelligence in metaverse content.
Code Brain | Three Key Words in Corporate Crisis Management from 3·15
Attitude, Action, Commitment
A Thousand People, A Thousand Metaverses | 5Y Capital's Tavern Talk with Xiang's Yao Xing
Adventurers need new frontiers.
How Can Tech Companies Go From "Valuable Technology" to "Profitable Technology"? | FreeS Fund
Why should tech talent avoid "walking around with a hammer looking for nails"?
5Y News | Graph Origin Raises Several Million USD in Angel Round to Build Low-Barrier Collaborative 3D Creation Engine
Build a 3D content creation tool for the masses.
5Y News | Cloud Security Community "FireLine Security" Closes Two Consecutive Funding Rounds
New Models for Security Products
Corporate Training SaaS Provider CoolCollege Raises Hundreds of Millions of Yuan in Series B Led by Source Code Capital
Will continue to explore AI, gamification, and metaverse-based learning.
"Let Every Talented Ordinary Person Create Music" — ACE Virtual Singer Closes Pre-A Round | 5Y News
The next-generation music creation and distribution platform.
YunYou Freight Announces Completion of Tens of Millions of Dollars in Series B+ Funding, Led by 5Y Capital | 5Y News
Let every individual operate more efficiently within an ordered, high-performing network.
Metaverse Development Hypothesis: Rising from Social, Ending in Digital Immortality | FreeS Research
What Is the Metaverse? Where Did It Come From? Where Is It Going?
How to Understand the Divergence Between Chinese and American Development Models, and Find China-Based Startup Opportunities? | Li Feng Column
Why "Spring" Remains Elusive for SaaS, and the Root of US-China Startup Differences
5Y News | "Tapdata Secures Tens of Millions of USD Across Two Consecutive Rounds, Carving Out a New Track in Real-Time Data Services"
Building a real-time data service platform for TP operations.
How to Build Your Corporate Brand Strategy from 0 to 1 | FreeS Talk
"Different" beats "better."
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?
Define Your World: How to Understand the Metaverse / Omniverse Internet? | 5Y View
Imagining and thinking about the future world.
12 New Trends and 12 New Growth Models in Global B2B for 2021 | Ronghui B2B Growth Camp
A look at the latest trends in the post-pandemic B2B market, and the growth strategies behind high-growth B2B companies overseas.
"You always need to balance desire, capability, and resources" | FreeS Fund 2021 US-China Venture Forum Transcript
Startups or Investing: A Game of "Truth or Dare" at the Intersection
Enterprise interactive learning platform UMU announced the completion of a Series C2 financing round worth over 100 million yuan, with 5Y Capital as the investor | 5Y News
Help companies transform performance and productivity through learning.
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.
Saint Bella Closes Nearly RMB 200 Million Series C1 Round to Build Maternal and Infant Care Platform for New-Generation Families
Dedicated to providing better maternal and infant care services for new-generation families.
Source Code Capital Portfolio Company YiCan Closes Nearly $10 Million Series A, with Existing Investor Source Code Capital Increasing Stake
The platform has served more than 1,500 enterprise clients across a wide range of industries, including enterprise services, artificial intelligence, e-commerce, healthcare, automotive and transportation, food & beverage and retail, education, and finance.
Retail Finance SaaS Firm Tengyin Caizhi Raises Over 100 Million Yuan in Series A+ Round from Tencent and Gaorong Ventures
Fully embracing the WeCom ecosystem, committed to becoming the digital infrastructure for retail financial institutions.
Source Code Capital portfolio company "Julive" announces completion of RMB 400 million Series C+ funding round, with existing shareholder Source Code Capital continuing to increase its stake
Operations span seven major urban clusters across 37 cities, having served more than 3 million households in total.
No-code platform QingFlow announces completion of tens of millions of RMB in Series A+ funding; existing investor Source Code Capital continues to increase its stake
Already serving more than 200,000 enterprises, government agencies, and schools across dozens of industries, both at home and abroad.
Surging 200% on Day One, Peak Market Cap of $9.2 Billion | Oasis Vitality
Oasis Capital Celebrates Its First IPO
5Y News｜Keep Closes $360 Million Series F Round, 5Y Capital Continues Backing
Exercise is just a Keep moment.
5Y News | MedSci Healthcare Announces Nearly 2 Billion Yuan Series E1 Funding Round
5Y Capital will continue to focus on how technological innovation drives efficiency gains and paradigm shifts in China's healthcare services sector.
vesoft Raises Nearly $10M in Pre-A+ Round Led by Source Code Capital
It has been battle-tested across multiple business scenarios at leading tech companies, with proven results in financial risk control, knowledge graphs, and other applications at more than ten enterprises including Tencent, Meituan, Qichacha, Xiaohongshu, and 360 Finance.
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.
Morningside-backed XtalPi raises over $300 million in new funding | Light Moments
5Y Capital has long been bullish on the application of computational science in the life sciences, hoping that the convergence of IT and biotechnology will soon usher human health into a new era.
Morningside-backed LifeTech Scientific raises over RMB 1.2 billion in new funding round | Light Moments
China's new drug R&D is undergoing a "Cambrian explosion." The industry's underlying infrastructure for pharmaceutical innovation is one of the core sectors we're tracking in healthcare.
In Our Sixth Year, FreeS Fund Is Hiring Investors | Let's Do What's Right, Not What's Easy
Betting on the power of innovation, staying research-driven.
Kaikeba Secures $550 Million Independent Financing, Leading New Vocational Education Track
Dedicated to cultivating digital talent for the new infrastructure era, leading the charge in modern vocational education.
Waterdrop Inc. has completed a $230 million Series D funding round, co-led by Swiss Re Group and Tencent.
Leveraging internet technology to ensure accessible, affordable healthcare for the masses — safeguarding hundreds of millions of families.
Why We're Bullish on Virtual Idols | Frees Fund
A Brief History of Virtual Idols in Japan, and Their Future in China.
Source Code Capital's Hongjiang Zhang Ranks No. 1 in China for Third Consecutive Year on Global Top Computer Scientists List
Guide2Research 2020 Global Top 1,000 Computer Scientists h-index Rankings
HiCTO Founder, Former Dianping CTO Shihai Gong: How to Build a High-Performance Engineering Team
A Practical Handbook for Building High-Performance Engineering Teams at Startups
Great Crises Breed Great Opportunities? Lessons from SARS and the Financial Crisis | Gaorong Ventures Share
Spring always comes, and the view next spring will surely be different from years past.
Li Yile of Source Code Capital: A Breakthrough in China's VC Model — The Era of Ecosystems and Value Creation Has Arrived
Technology reshapes business; capital empowers entrepreneurship.
Source Code Capital portfolio company "Chuxin" announces completion of over RMB 230 million in Series B financing — Source Code Capital was the sole investor in its angel round
It provides full-stack AIoT solution leasing services for restaurant back-of-house operations, pioneering the "LIS" model — Leasing Intelligence Services.
Waterdrop Inc. Completes Series C Funding of Over 1 Billion RMB
"Proactive protection + post-event relief" — working together to safeguard hundreds of millions of families.
Gaorong Ventures received honors including 36Kr's "Top 10 Most LP-Friendly VC Firms in China" and ChinaVenture's "Top 10 Best VC Firms in China 2018."
Thank you to all parties across the industry for your continued trust and support.
Onion Math Closes 300 Million Yuan Series D Round, FreeS Fund Continues to Follow On | FreeS Fund Deal News
Internet-based inclusive education focused on primary and secondary school students
Wu Minghui, Minglamp Technology: Every New Data Point Drives Business Model Iteration | FreeS Fund 2019 CEO Annual Meeting
Why haven't Chinese software and data companies made serious money?
MemVerge Closes $24.5 Million Series A, Unveils World's First Memory-Converged System
A new data infrastructure that eliminates the boundary between memory and storage.
Gaorong Ventures' Xiang Gao: Finding Irreversible Trends to Withstand Market Volatility
The Logic Behind the "Irreversible" Trend
Gaorong Ventures' Chang Chen: Consumer Markets in Third-, Fourth-, and Fifth-Tier Cities Are Full of Opportunity
Third- and fourth-tier cities account for over 63% of total social retail consumption, far surpassing the combined share of first- and second-tier cities.
Shuidi Mutual Aid Completes Nearly RMB 500 Million Series B Round, Gaorong Ventures Continues to Increase Stake
Safeguarding Hundreds of Millions of Families
A Conversation with the "Three Musketeers" of Gaorong Ventures: Embracing Technology to Create a Better Life
From 0 to 1, and on to 1 to 10
Source Code Capital portfolio company Yijiupi raises $100 million in D+ round, bringing total Series D funding to over $300 million
The FMCG Super Industrial Chain Platform
FreeS Fund Year-End Special | 2019: China's Homegrown Chips — From Shadows to the Spotlight
2018 is worth remembering; 2019 is the year to show what we've got.
FreeS Fund Angel-Round Portfolio Company SoundAI Technology Closes RMB 200 Million Series B Round | FreeS Funding News
AI technology must be deeply integrated with industry know-how.
1.39 Billion Consumers No Longer March in Lockstep: How Should Brands Tell Their "China Story"? | FreeS Fund Business School
A sense of timeliness + Chinese elements + clear values = a great Chinese story.
Yue Bin, founding partner of Gaorong Ventures, won the "Top 10 Most Influential VC Investors of 2018" award.
Gaorong Ventures was named to the "2018 Top 10 Most Influential VC Firms." At the same time, Rui Han, Aisi Zuo, and Wang Xin, vice presidents at Gaorong Ventures, were jointly selected as "Most Popular Elite Investors of the Year."
The Gaorong Ventures Way: Know What to Do, Know What Not to Do
A matter of resolve.
Gaorong Ventures was named among the top three best venture capital funds at the 2018 Golden Bridge Awards and ranked in the top ten Chinese VC firms in Zero2IPO's 2018 rankings.
Create long-term value for society
Gaorong Ventures Closes $500 Million New Fund, Positioning Itself as a Long-Term Partner in Building Startup Value
Institutional LPs provide the capital foundation; entrepreneur LPs drive ecosystem value-add.
Chang Chen of Gaorong Ventures Honored as "Cyzone 2018 China Investor of the Year"
Be a value co-builder for startups.
Gaorong Ventures was named among the "Top 10 VC Firms of 2018 (Growth Stage)" by the China Venture Capital and Private Equity Association, among other honors.
Measuring the Value of Watchfulness by the Yardstick of Time
Testin Cloud Testing: A Typical Industrial Internet Startup Case Study | Gaorong Ventures Sharing
Make Apps More Valuable
The Great To B Adventure
The true B2B adventurers have mostly become big winners.
Talk to Future Founders: You Can Practice Deliberately Like This
Curious enough to ask, diligent enough to find the answer.
XtalPi Closes $46 Million Series B+ Round | FreeS Fund Deal Brief
Empowering drug R&D organizations worldwide.
Meituan IPO on Hong Kong Exchanges and Clearing Limited; 4 Companies Complete Funding Rounds; 8 Companies Win 12 Awards | Source Code Capital Monthly · September
**Source Code Capital Chronicles** — recording our teammates' step-by-step progress, sharing the joy of growth, and looking toward an even brighter future.
Source Code Capital portfolio company Yijiupi raises $200 million in Series D funding, co-led by Meituan and Tencent, with existing investor Source Code Capital continuing to increase its stake
Yijiupi (supply chain/retail terminals) + Tencent (WeChat Pay/Mini Programs) + Meituan (in-store/on-demand delivery)
Top 5/15/50/100, Going Global to India, Teaming Up with Tencent on IVI... 13 Takeaways and 8 Insights | FreeS Chalkboard · August
"Choose the more long-term path, even if it's the harder one."
How to Design Mini Program Virality: Acquiring Users at Low Cost | Code Brain Issue 7
Code Brain connects Source Code Capital's entrepreneurs with external experts for private, offline brainstorming sessions.
An ESOP Primer from a Labor Law Veteran: 6 Cases and 5 Recommendations | ESOP Research
Build safeguards into the design of documents and systems to preemptively mitigate future risks.
How Can Effective Equity Incentives Achieve "Fairness, Value, and Participation"? | ESOP Research
Value, sense of value, values
SaaS Business Fundamentals and Value-Add Criteria | Source Code Capital Internal Reference
Bonus Points Beyond the Three Core Business Metrics and Operating Data
[Long Read] Two Decades of Rise and Fall in Chinese Animation | FreeS Fund Business School
How Much Further Is China's Path to Becoming Disney?
Decoding New Retail: Online-Offline Integration Opens Up New Possibilities | Source Code Capital 2018
New Trend: OMO
Guo Ruyi, Taihe Capital: Facing Cycles, Building for the Long Run | Code Meet 2018
"GO BIG OR GO HOME"
春天里的9份收获和4点洞察 | 峰瑞黑板报·3月
朝前看，坚持做。
Onion Math Closes Series C Funding of Over 100 Million RMB to Expand Unmanned K-12 Science Tutoring | FreeS Fund Deal News
You can't reach a new world by following an old map. Onion Math ushers in the Online Education 3.0 era.
Two Acquisitions Completed, Six Companies Strategically Upgraded: Lianjia Pushes Into Franchise New Track | Code Club Magazine · February
【Ma Hui Journal】A place to record the small steps forward, share the joy of growth, and look ahead to an even brighter future.
6 Companies Close Funding Rounds, 2 Make Latest Global Unicorn List | Source Code Capital Monthly · January
【Ma Hui Journal】A place to record the small steps forward, share the joy of growth, and look toward an even brighter future.
2 Gatherings, 10 Pieces of Good News: The FreeS Fund Family in 2018 — "Look Forward, Keep At It" | FreeS Fund Chalkboard · January
FreeS Fund continues to double down on deep tech and consumption upgrades.
Asset360 Closes New Funding Round; Existing Investor Source Code Capital Continues to Increase Stake
End-to-end, one-stop services covering the full lending lifecycle — from pre-loan origination and mid-loan management through post-loan collection and resolution.
Zhidong Zhang: How Tencent Grew Into a Major Company From 1998 to 2017 | FreeS Fund Business School
Two hopes in the early days of starting up: don't let the company die, and don't let users get disconnected.
Source Code Capital Named to China's Top 50 Venture Capital Firms
Jiemian and Toutiao jointly released the "China Top Venture Capital Firms" ranking for the first time.
Zhangshang Fucai Raises RMB 20 Million Angel Round from Source Code Capital and Buhuo Ventures
Zhangshang Fucai is, in simple terms, the JD.com of the renovation materials space.
Yi Cao: The Nine Faces of Technological Innovation
At the "2017 Impact Investing Summit" hosted by China Renaissance Alpha, Yi Cao, founding partner of Source Code Capital, shared his exclusive insights.
I Saw the Future Before the Product Iteration, and I Couldn't Pretend I Hadn't | FreeS Fund Business School
Spend 80% of your time doubling down on what works, and 20% testing new channels.
A Profile of "Reliable" AI Startups | Source Code Capital Insider
Unearthing the lesser-known concerns behind the AI industry frenzy — an exclusive look at the second edition of the *Source Code Capital Internal Reference*.
Hui Fenqi Raises Another 230 Million Yuan as Rental Installment Market Enters Era of Giants
As the rental installment market matures and capital flows in, this startup — born from a simple frustration with how much of a hassle renting can be — is growing fast.
World Internet Conference Opens; Source Code Capital Named New Investor of the Year
Source Code Capital was named to the "Top 30 Emerging Investment Firms of 2016" list in Wuzhen.
Yi Cao, Source Code Capital: VCs Must Keep Learning and Embrace a Far-Reaching Sense of Mission
Yi Cao pointed out that in the future, energy won't be scarce, land won't be scarce, and housing won't be scarce either. What will be truly scarce is good technology, the ability to allocate resources well, and people who continuously strive to create value.
Yi Cao: Source Code Capital's "Three Horizontals, Nine Verticals" Investment Map
Where, when, and by whom will the next major innovation opportunity emerge?
Yi Cao: The More Cross-Disciplinary a Startup, the Higher Its Odds of Success
Just as gathering all seven Dragon Balls can summon Shenron, the more boundaries a startup crosses, the higher its odds of success.
[Wuzhen] Source Code Capital's World Internet Conference Trip
The Second World Internet Conference opened on December 16 in Wuzhen, a waterside town in Jiangnan. Yi Cao, founding partner of Source Code Capital, was invited by the organizers to attend the event. Meanwhile, *Beijing News*, the conference's sole officially designated publication, named Source Code Capital the "Best Emerging Investment Firm of 2015."
Zhuang Chenchao: How Startups Compete, How They Lose Money (Long-Form Highlights)
Over the years Qunar has been fighting — from day one to today, we've been at it for ten years, and we've successfully driven the entire industry into losses.
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