Tencent

Liblib, what's your dream?

Here's to hoping we can keep winning.

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

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"

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.

Emperor Jin: I Want to Make a Spiritual Successor to *The Invisible Guardian*

The most important meaning of choice is to experience life.

The First Lobster Batch Deployment Management Tool: How Lobster, Which Raised Millions in Funding, Wants to Help Everyone Build a "Company of One"

Some people are already pulling in tens of thousands a month from this.

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.

HETAN Intelligence Closes 50 Million Yuan Funding Round, as Robots Make Real Inroads into Labs

Veteran founders with backgrounds at Alibaba, Tencent, and WuXi AppTec.

Using AI for In-Depth User Interviews, Backed by Lanchi Ventures, Hillhouse Capital, and Wang Huiwen

AI may not be great at companionship for a lifetime, but it can nail a one-hour interview.

Yungang Huang, Source Code Rhythm: My Aksu

"West Lake is so beautiful, I want to jump right in."

DeepWisdom Raises $220 Million in One Year, Finally Launches First Product

Not just writing code, but launching a company.

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.

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."

Moonshot AI Completes $500 Million New Funding Round, Zhilin Yang: Kimi Will Become a Distinctive LLM

"Become the world's leading AGI company."

Liang Jun's First Year at the Helm: Fangqing Tech Raises Over 500 Million RMB in Three Rounds Within Six Months

A star-studded lineup of shareholders quickly assembled.

Exclusive | Airwallex Raises Another $330 Million, Hits $8 Billion Valuation Today

The Saved and the Saved.

Looking at China's Three Competitive Advantages in Gaming Through *Genshin Impact*, *Black Myth: Wukong*, and *Archero*

Build a global company from Day 1.

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

Starbucks China Sale Enters Final Round | Mega M&A

Far from the end.

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.

Interview with Xiaobai Founder Li Yan: AI Is a Brute-Force Aesthetic; Small Can't Be Beautiful

How to engineer and harness emergence is the defining thread of our era.

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.

Wang Hua's Latest Prediction: The Biggest Difference Between the AI Era and the Mobile Internet Era Is Fulfillment, Not Connection

The first year is the golden window to capture the first-mover advantage on model dividends — start building now.

Before Pop Mart's IPO, an unpublished interview with Wang Ning

Only human nature never changes.

72 Hours, Fully Documented: Humanity's First Close Encounter with AI

The stories of seven modern-day Robinson Crusoes.

VAST Closes New Funding Round of Tens of Millions of Dollars, Says "Model as Product" Is Not a Real Product

A new path.

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

Exclusive | Luminous Sail Tech Raises 130 Million RMB in Three Months, with CATL Co-founder, Shokz, and Goertek Joining

The age of warring gods is back.

Yunqi Capital Research | AI Applications 2025: New Technologies and Trends Analysis

Looking at Direction from First Principles

Early Spring Warms, All Things Compete to Bloom｜Z News

Spring winds stir fresh green growth; the journey never pauses.

A Conversation with Zhiyuan's Chief Scientist: Calling Embodied Intelligence "the Next LLM" Is Its Biggest Misunderstanding

Necessary froth.

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.

The Clear Path, Hidden Path, and Rocky Path of AI Fundraising

Where does the money come from?

A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?

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?

The Overseas Struggle of Five Country Managers | WAVE *Note: "暗涌看世界" is a column/series name from 36Kr (36氪). "暗涌" translates literally as "undercurrent" but the publication uses "WAVE" as the English brand for this series. The vertical bar "｜" is used as a separator in Chinese headlines; in English, a pipe "|" or colon works, though keeping the original separator style is also acceptable.*

Looking back at the bleak path I've come from, I return home — neither storm nor shine.

A Conversation with Google DeepMind and LLM Researchers: Deconstructing OpenAI o1 and the LLM+RL New Paradigm

Revisiting Shan Weijian: Plain Water and Financial Storms

Drink the lightest water, close the biggest deals.

Exclusive | The Full Untold Story Beneath the Surface of "Kimi Yang Zhilin Arbitration Case"

Who saw the sixpence, and who saw the moon.

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?

A Chinese-American Company's Mexican Gold Rush | Dark Tide Goes Global

A new specimen rising on a complex new continent.

Acquired by a multinational after just five years in your first startup? Ren Dongni, founder of Fanqu, breaks down the game of entrepreneurship and exits --- When Ren Dongni co-founded Fanqu in 2016, the cross-border e-commerce space was already crowded with well-funded players. Five years later, the company had been acquired by a multinational corporation — a relatively swift exit by startup standards. In this conversation, Ren reflects on what it took to build and sell a company, the calculus behind taking strategic investment from a potential acquirer, and why he believes first-time founders often overcomplicate the "game" of entrepreneurship. **On the acquisition decision** "The offer came at a point where we saw the competitive landscape shifting dramatically. Cross-border e-commerce was consolidating, and the platforms with the deepest pockets were starting to squeeze out mid-tier players. We had built something valuable — a supply chain infrastructure and brand relationships that took years to cultivate — but scaling to the next level would have required capital and operational bandwidth we didn't have." The acquiring company, Ren explains, had been a strategic investor in Fanqu's Series B round. "That relationship gave them visibility into how we operated. When they approached us about a full acquisition, it wasn't

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

The Alibaba investment executive who bet big on Kimi has left, and she sent off her departure with a rock song

"To be part of the wave can't stop."

VAST Closes New Funding Round: Is 3D the Last Ticket for AIGC?

Will 3D Be the Future?

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 Hype Around *Black Myth: Wukong*, and the Barren Landscape of Game Investment

The world needs *Black Myth*.

In My Prime: How Game Science Made *Black Myth: Wukong* | Z Talk

When you decide to do what you truly love, good things follow.

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?

Embodied Intelligence + Drug Discovery = ? C12.ai Unveils Industry's First Pharmaceutical R&D Intelligent Robot | Yunqi Capital

Accelerating Drug Discovery and Development

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

Vol.05 Has AI "Woken Up" the Robots? A Look at the Many Applications and Bottlenecks of Embodied Intelligence

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*

Event Recap | How AI Startups Can Drive Overseas Growth and Business Model Innovation

A Growth Guide for Internationalizing AI Products

A VC Lesson from Tian Xuan

Thirty years, a journey of departures and returns.

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

Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One

A Conversation on Non-Consensus and Long-Term Optimal Solutions

"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.

Exclusive | Moonshot AI's valuation reaches $3 billion in new round; Tencent joins after Alibaba

A full list of Moonshot AI's investors to date.

Thirteen Years of a Small Firm: Always Struggling on the Brink

Just try to be an atom.

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

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.

ZhenFund's Tianyi Qin: Globalization Will Unfold Cautiously in a New Form

Investing overseas, but not talking about the destination.

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.

China's LLM Funding War: The Quick Death of Romance

Do the investors regret it?

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?

Goodbye to a Decade of Venture Capital | Waves' Second Anniversary

Keep moving forward. Don't look back.

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

When the Inventor of Unicorns Stops Believing in Unicorns

Using valuation as the benchmark for a unicorn's success is convenient, but far from perfect.

Looking Back at 2023: The World Has Really Changed

These people and events reshaped 2023 — and will shape the years ahead.

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

Two Masterstrokes in NIO's Fundraising History

There is no successful fundraising, only fundraising of the times.

"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

The Investor Who Made the Most Money Off Pinduoduo

"Though millions may oppose me, I will go."

Kai Yu, Horizon Robotics: The Scientist-Founder Journey from Zero to One | 5Y View

"Be roughly right, not precisely wrong."

Southeast Asia Investment Finally Has a Success Story

A Resolute Choice

Tuhu's Decade: Liu Erhai's Longest IPO

Fast and Slow.

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.

Coatue's 2023 in Detail: Half Sea Water, Half Flame

Could AI become the lifeline of the economy over the next decade?

Why Won't Chinese Database Companies Simply "Copy" the Snowflake Model? | Yunqi Capital Science Chat

Respect the market, seek common ground while reserving differences.

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.

Put some people in the metaverse, send others to space

One is an inward journey of self-discovery; the other, an outward quest for what lies beyond.

ChatGPT is the talk of Silicon Valley, but the buzz is theirs.

"Some people laughed. Some people cried. The vast majority fell silent."

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

The Hidden Depths of the Primary Market

If a perfect deal is one where everyone wins, then in an S deal, that may never be possible.

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.

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.

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.

5Y News | Xmov Raises $130 Million to Build Metaverse Infrastructure

Achieving scale, interactivity, and intelligence in metaverse content.

The Gambler's Mirage in a Downturn: When a Fund Goes All-In on a Single Company

In the investment industry, it's as ubiquitous as air. When markets plunge, it also faces the greatest risk.

A Thousand People, A Thousand Metaverses | 5Y Capital's Tavern Talk with Xiang's Yao Xing

Adventurers need new frontiers.

How Do Tech Companies Go From "Technology Is Valuable" to "Technology Makes Money"? | FreeS Research --- In the past two years, the tech industry has undergone a profound shift. The era of "technology for technology's sake" is fading. Companies that once commanded sky-high valuations based on technical prowess alone are now facing a harsh reality: investors and markets increasingly demand proof that technology can translate into sustainable profits. This transition—from "technology is valuable" to "technology makes money"—is far from automatic. It requires fundamental changes in how tech companies think about product-market fit, commercialization strategy, and organizational capabilities. ## The Valuation Trap For years, Chinese tech companies were rewarded for technical milestones. Breakthroughs in AI, quantum computing, or autonomous driving could attract hundreds of millions in funding before a single revenue dollar was earned. The underlying assumption: superior technology would inevitably find commercial applications. This logic has collapsed on multiple fronts. Some technologies proved to be solutions in search of problems. Others faced regulatory headwinds that made their intended business models unviable. Still others discovered that the cost of commercial deployment far exceeded initial projections, rendering unit economics untenable. The result is a growing cohort of "zombie unicorns

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

"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.

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.

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.

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.

Kaikela Secures $550 Million Independent Financing, Leading the New Vocational Education Track --- Kaikela has raised 550 million yuan in independent financing, positioning itself at the forefront of the new vocational education sector.

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.

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.

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

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

XtalPi Closes $46 Million Series B+ Round | FreeS Fund Deal Brief

Empowering drug R&D organizations worldwide.

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."

[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?

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.

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.

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.

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.