Xiaohongshu
小红书
Xiaohongshu (RedNote) is, per 十字路口Crossing, "the only phenomenally successful consumer-internet product to come out of China after 2015," with around 300 million monthly active users — 50% post-95s, 35% post-00s, half from tier-1 and tier-2 cities, and a male user share that has climbed to 30% . Its edge over Baidu and Zhihu-style search is practical, experience-based content: fragmented, visual, actionable posts rather than theory, which is why it became the go-to platform for AI tutorials and daily-life know-how . More recently it has leaned into AI directly — launching an "AI Convenience Store" giving 30k–500k traffic boosts to AI-tagged posts , and rolling out "点点" (Didi), an AI search assistant built entirely on its own community content, as reports of a US IPO at a $20B valuation resurfaced in early 2025 . Perhaps most consequentially, it has become China's de facto cold-start ground for AI products: by late 2025 over 50,000 developers were active there, tech content had grown over 100% year on year, and both founders and investors were using it to launch and scout projects — as AI闹 framed it, part of "the first mile of China's AI innovation" .
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Coverage
A Subjective Take on the Agent Wars Among ByteDance, Alibaba, and Tencent
Office agents need their own "Mian Shen" too
When AMD Acquires Taalas, a Chinese Company Decides to Etch AI Models into Silicon
The era of specialized inference compute has arrived.
Since everyone's so into bathing
Next time you come, let's go to the bathhouse together.
The 500th Day of the Agent Era: What's Disappearing, What's Being Born, and Why We Should Stop Investing in GUI-Thinking Software
On January 1, 2025, we released a kickoff podcast episode. ZhenFund managing partner Yusen Dai and Koji proposed in their conversation: 2025
After Raising 2.98 Billion, PixVerse Is Betting on a Bigger Story
In the past, video was an endpoint; in the future, it will be an entry point.
Hanging Out in the Bathhouse Watching Soccer with Six Brand-New VC Firms
Why do we watch the World Cup together?
The 500 Days of the Agent Era: What's Disappearing, What's Being Born, and Why We Should Stop Investing in GUI-Thinking Software
6 Keywords to Debrief the Agent Moment
ZhenFund angel project Lxson completes nearly 500 million RMB Pre-A funding round, launches home embodied intelligence brand "Zeroth"
Outstanding orders have surpassed 30,000 units, securing an early foothold at a critical entry point for home embodied intelligence.
ZhenFund angel project "YuanCe Future" (源策未来) has raised hundreds of millions of RMB in its Series A funding round, aiming to build the OpenAI of the humanoid robot era.
A University of Hong Kong professor has founded a startup to build a general-purpose, full-body embodied intelligence brain.
YouMind: Yu Bo's 9 Reflections on Entrepreneurship — Growing Disenchanted, Growing Contrarian
Honest reflections from an AI founder over the past year.
The Best Way for Humans and AI Agents to Work Together Hasn't Been Invented Yet | A Conversation with Paperboy
One look, and the Agent gets it.
ZhenFund Celebrates Another Angel-Stage IPO in Three Weeks as "UISEE" — the First Full-Scenario L4 Autonomous Driving Stock — Lists on Hong Kong Stock Exchange
Accelerate the large-scale adoption and application of AI drivers.
Xiaohongshu's Youngest Business Unit Head Strikes Out on Her Own, Using AI to Reimagine "Grass-Seeding"丨début
No more speculation, no more spectating.
We Brought 7 Hackathon Contestants Into the Podcast | Champions, Oddballs, and Ambitious Sleepless Souls After 48 Hours
When you're young, go to Paris; in the age of AI, go to hackathons.
She Wants to Build a "Super Playground" for the AI Era | A Conversation with Roi: Founder / CEO of Mujian
People who are afraid to lose will never win the game.
Vibe Coding Should Start From Childhood
A new generation is already entering elsewhere.
Spring Sets the Stage | Z News
Let's look back at the highlights from the past three months — and we invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
OpenClaw in the cloud is even more of a non-starter.
Cloud OpenClaw is the biggest scam of the 21st century
Vol.004 | Conversation with Richard Guo: Staying Out of the Fray, But Keeping on Winning
A Conversation with Sam Guo: Staying Out of the Fray, but Keeping on Winning
Truck drivers, sour kiwis, counterfeit cigarettes and booze — and the legends of investing.
AI hardware hype has gone through the roof.
Might as well go into business for myself. --- *Note: This is a common Chinese expression, often used when someone is fed up with their current job (especially a stable but unfulfilling one) and contemplates striking out on their own — "下海" literally means "go out to sea," but idiomatically refers to leaving a secure position (often government or state-owned enterprise) to become an entrepreneur or enter business in the 1990s-2000s reform era. The tone carries a mix of resignation, frustration, and boldness.*
A New Beginning | Z News
We’re looking back on the highlights from the past month of January, and we invite you to join us in witnessing the growth of our portfolio companies and what’s new at ZhenFund.
Meet the Most Active CVCs of 2025
Now I know who to farm for gold coins 👋😭👋
Here we go: JD.com is rebuilding e-commerce from scratch with AI.
The Future of AI E-Commerce: Maybe No More "Browsing"?
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
The Stars Are Still Young | Z News
ZhenFund wishes you a Happy New Year.
Sp.01 | Debriefing China's Primary Market in 2025 (Ft. Crossroads)
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief With Jing Liu
VC takes a certain amount of instinct.
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief with Jing Liu New Consensus and Undercurrents Among China's VCs
Recommendation: Medeo Should Rebrand as CapCut (Lite)
Specifically, it means Medeo is a trimmed-down version of CapCut.
Vol.002 | A Conversation with Huadong Wang: Living a Haruki Murakami Life
When AI Starts Using Phones Like Humans
From Doubao to StepFun's Step-GUI: Smartphones Are Becoming AI's New Entry Point
Dancing with Love: Zhang Huaiting on Serial Entrepreneurship — Why Education Deserves Another AI Makeover | Tsinghua Campus Tour
At a technological inflection point, you have to throw yourself in to seize the era's opportunities.
What Are We Really Talking About When We Talk About AI on Xiaohongshu?
Authentic, conversational, iterative, connected.
Who Laid the First Mile of China's AI Innovation?
On one side are genuine human needs and diverse scenarios; on the other, a steady influx of AI creators. Xiaohongshu has become a connector for innovation.
Moonshot AI's Yutong Zhang: The "1%" Exception Under the Capital-and-Compute Determinism | Tsinghua University Campus Talk
Seeking the optimal solution for converting energy into intelligence.
Ant Group's "Lingguang" has been turned into a "gaming console for everyone."
Creativity isn't a gift — it's the joy of being allowed.
Ant Group should acquire Macaron.
The most founder-respecting episode ever 👋😭👋
An AI Spreadsheet Takes Over 2025's Double 11
China's e-commerce industry is making its first attempt to redefine the operating system with AI agents: can an intelligent hub that understands users, comprehends products, and acts autonomously completely replace Excel and ERP?
ZhenFund early-stage portfolio company CloudView Innovation announces completion of Pre-A funding round, embracing new AI-powered rehabilitation approaches
The proceeds will go toward deepening product iteration and expanding global distribution channels, continuing to build the brand's core moat in the intelligent health space.
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.
On Xiaohongshu, I Saw the Wild Growth of a New Generation of AI Developers
Maybe the next Manus is already quietly germinating in Xiaohongshu communities and hackathon venues today.
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.
From "No Competitors" to "Crashing Several Times a Day" | A Conversation with Zilliz Founder/CEO Charles Xie
"I've always believed that the world of technology needs idealism.
Expo Hopping and Gossip: Fresh Dispatches on Linear Capital From Inside and Outside WAIC | Linear News
At the singularity of thought, the future is compiling itself.
First Investment Deal Agent Bobby Launches; Exclusive Interview with Vakee
Never underestimate anything you see in life.
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.
From "Search for Me" to "Just Gaoding It for Me" | Deep-Dive Review of the Nami AI Super Search Agent
The end goal of search isn't more information — it's better answers.
Conversation with YouWare's Ming Chaoping: They're Skeptical That AI Coding Is a New Form of Creation — and I'm Thrilled | Z Talk
The promising AI product founder chose a path few others dared to take.
ZhenFund angel project "Lexiang Technology" announces completion of angel+ round, bringing total angel-round financing to nearly RMB 300 million | Z News
The proceeds from this round will go primarily toward team building and the mass production and development of the product platform.
ZhenFund angel project "Weiming Shiguang" announces completion of strategic funding round of nearly 100 million RMB | Z News
The proceeds from this round will be used to accelerate the advancement of its diversification and globalization strategy.
Agent Neo Launches: A First-Hand Conversation with CEO Derek and CMO Guai Zi — The Starry-Eyed Founders Building the Ultimate AI Creation Tool
ZhenFund Tops the "2024 Best Early-Stage VC Firms in China" List | Z News
ZhenFund and its portfolio companies received a total of 10 recognitions.
ZhenFund angel project "Yaosu Technology" announces completion of new tens of millions of yuan funding round | Z News
The proceeds from this round will be used to accelerate the construction of its organ chip, wet lab, and AI algorithm "3D-Wet-AI" closed-loop system, and to further expand international partnerships and multi-scenario commercial deployment.
We Hosted an Open Mic at the Market|Vital Young
Counselor on Vitality
Right now, the most sought-after developer profile might just be the Xiaohongshu-native type.
A new startup niche.
Let's Create Insomnia Once Again | AdventureX 2025 Recruitment Opens
"Any soaring thought will crash to the ground — the gravity of reality is simply too heavy." — Cixin Liu, 2025
When JD.com, Xiaohongshu, Kuaishou, and Pinduoduo All Stand at the "Crossing" of the AI Era
"Either play or get left behind!"
Can Xiaohongshu Didi AI, which has "devoured" 1 billion posts, outflank traditional search?
DianDian took a different path — it never tried to become a "god that can do everything."
ZhenFund Angel Project "Zhaogang Group" Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
Warm congratulations to Zhaogang Group!
Their Paths, Methods, and Conviction | 5Y Tavern Vol. 27: International Women's Day Special
Has there ever been a belief, behavior, or habit that truly changed your life?
ZhenFund Early-Stage Portfolio Company LinkZill Closes Tens of Millions of RMB in Series A Funding | Z News
The proceeds from this round will be used to accelerate product delivery and expand into global markets.
ZhenFund angel project "Colossal-AI" (Luchao Technology) closes new funding round | Z News
Focused on world-class large video-generation models.
ZhenFund angel project "Lexiang Technology" announces completion of nearly RMB 200 million angel round | Z News
Valued at roughly 600 million RMB, the company is making a push into the consumer hardware arena.
2025 Kickoff Conversation: The Critical Year for AI, The Dawn of the Agent Era | A Conversation with ZhenFund's Yusen Dai
"You couldn't have built Douyin in the BlackBerry era."
ZhenFund early-stage project "SatSense" (*Xingce Weilai*) announces completion of tens of millions of RMB in Pre-A++ round | Z News
Contributing to space-based computing infrastructure and supporting China's strength in aerospace.
ZhenFund Angel Project "Hyde Hydrogen Energy" Announces New Strategic Investment from Aramco Ventures | Z News
Amaravati Ventures' first investment in the Asia-Pacific hydrogen energy sector.
ZhenFund angel project **Zhongke Ruiyi** announces completion of tens of millions of RMB in Series A+ funding | Z News
The proceeds from this round will be used primarily for product R&D, clinical trials, product registration, and market expansion.
Flexiv's strategic incubatee Noematrix Intelligence announces completion of hundreds of millions of RMB in Pre-A+ funding | Z News
Noetic Space Intelligence secured three rounds of funding within a year.
"Let's Get to the Next Failure Fast": A Growth Hacker's Playbook for the AI Era | A Conversation with Bolong Wang
No lingering on the past; forge ahead with abandon.
A Conversation with Li Xiang: Throwing Questions at Someone Who's Always Asking
Reflections of a Lifelong Business Journalist
ZhenFund early-stage portfolio company "Qbit" announces completion of $10 million B1 round | Z News
Use financial innovation to drive global growth for companies expanding overseas.
Exclusive | The Full Untold Story Beneath the Surface of "Kimi Yang Zhilin Arbitration Case"
Who saw the sixpence, and who saw the moon.
Golden Skies, Orange Leaves, Good News with Autumn | Z News
The autumn air is crisp and clear.
10 Facts About 1,000 Chinese Billionaires
The currents of the era, all contained within the sequence.
ZhenFund Angel Project Horizon Robotics Successfully Lists on Hong Kong Stock Exchange Main Board | Z News
This marks ZhenFund's sixth IPO this year. Congratulations to Horizon Robotics!
ZhenFund angel project "Luchuang Technology" announces completion of hundreds of millions of RMB in Series A++ funding | Z News
Dedicated to building world-class large-scale video generation models.
ZhenFund angel project "MenuSifu" announces $40 million Series B funding round | Z News
MenuSifu helps Chinese restaurant brands go global.
AI in Silicon Valley: White-Hot and Bubbling | A Conversation with Bob Xu and Yunfei, Founder of Beta University
ZhenFund Early-Stage Project "XCharge" Successfully Lists on Nasdaq | Z News
Warm congratulations to XCharge! A new journey begins — the future is bright!
Flexiv's strategic incubatee **Qiongche Intelligence** announces completion of hundreds of millions of RMB in Pre-A funding round | Z News
Proceeds from this round will go toward product R&D, commercial expansion, and talent recruitment.
ZhenFund's early-stage portfolio company Infinigence AI announced the completion of a nearly 500 million yuan Series A financing round | Z News
It has raised nearly RMB 1 billion in total funding.
Becoming China's Most Daily-Interaction Heavy AI Company: 15 Things MiniMax Got Right
There are two optimistic signals regarding large language models.
A Guide for AI Product Managers: Who I Am, Where I Come From, Where I'm Going — A Conversation with ByteDance AI Product Lead Vanessa: Lessons from Interviewing 100 AI Product Managers
We sat down with our good friend Vanessa, an AI product manager at ByteDance, to talk about how she interviews candidates for AI PM roles.
Zhilin Yang: The Man Who Got Alibaba and Tencent to Team Up
Call me by your name.
Will You Really Fall Behind the AI World If You Don't Use Xiaohongshu?
Xiaohongshu has opened the world's first AI-powered convenience store.
Yonghao Luo's Next Act: AI Is Here, Time to Swing Big
Go for it.
Exclusive | Actually, DST Bought Xiaohongshu Secondary Shares
Mega funds still making deals.
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
MiniMax's Junjie Yan: Today's AI Apps Won't Become Super Apps, But That Doesn't Matter | Oasis Vitality
Counselor Vitality
MiniMax Founder Junjie Yan: First Principles on the Path to AGI | Yunqi Capital
What really needs to be done is to make technology and product iterate fast enough.
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.
Allen Zhu went left, Zhang Yutong went right
When Allen Zhu chose to stay put and ride out the storm, Zhang Yutong decided to find a new table.
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.
China's LLM Funding War: The Quick Death of Romance
Do the investors regret it?
BlueRun Ventures Headlines | Zhilin Yang: Advancing Toward the Uncharted Snow-Capped Mountains
"If your ideal is something everyone can think of, it adds nothing to the total stock of human ideals."
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
DPI > 1 — it's a magic spell.
Before taking responsibility for a new world, GPs must first answer to their LPs.
AI Thinking Part Three: One-Year-Old vs. Eighteen-Year-Old AI | VOICE
The best way to predict the future is to create it.
Can You Still Remember the Last Time a Purchase Actually Satisfied You? | WAVES RADIO
Fengqiao Capital's Chang Xin in conversation with Luxe.Co's Yu Yan.
New drug development, energy storage, computing, and semiconductors see breakthrough innovations: homegrown R&D, world-first technologies, and AI-driven advances
Constantly creating new possibilities.
AI Reflections, Part Two: The Open Cards and Hidden Cards in AI | VOICE
Consensus and Non-Consensus in AI.
Data Intelligence Search Engine "DataGPT" Revolutionizes Analytics Experience | Oasis Vitality
DataGPT Revolutionizes the Data Analysis Experience
Guandata CEO Chunyuan Su: BI Enters a New Era of Business Value (Plus Guandata 2022 Intelligent Decision Summit & Product Launch Agenda)
In the post-pandemic era, as the economy enters a new normal and market uncertainty intensifies, more and more companies need to strengthen their resilience through refined operations and agile responsiveness while seeking new growth opportunities. Against this backdrop, the value of data has gained further recognition, and data-driven analysis and decision-making capabilities have gradually become essential for businesses.
Taking the Next Step This Summer: 7 Companies Announce Funding | FreeS Family Funding News · Vol 11
Walk alongside more outstanding founders.
Style3D Completes Nearly $100 Million Pre-B+ Round to Build Digital Fashion Infrastructure
Building out new digital infrastructure and accelerating overseas expansion.
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
Source Code Capital Portfolio Companies Visit Xiaohongshu: Building Brand Moats in Three Steps
Mind-First Seeding, Brand Win-Win
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.
Before Mastering Taobao, Douyin, and Kuaishou Marketing Tactics, Learn Product and Data Thinking First | Ronghui
In the wave of data-driven marketing, marketing has become product and operations.
Where Does Live E-Commerce End? | Frees Fund
Live commerce is the outcome, not the goal.
Strategic Thinking on Douyin Marketing for Consumer Brands | Code Brain No. 12
Guest: Le Kang, Founder & CEO of Buff Technology, former head of Douyin's Brand Studio department, and former Brand Director at NetEase Yanxuan.
New Retail Entrepreneurship: Move Fast, Fight Hard, and Cultivate with Care | FreeS Talk
Fresh observations on office unmanned shelves, home furnishings, matcha, and personal care.
The Supply-Side Experiment in E-Commerce: Is "Selling Stuff" Too Lowbrow, and "Making Consumer Connections" the Trendy Play? | FreeS Fund Business School
TV shopping migrated to short-video live commerce — and you hit "buy."

















































































































