Xin Xu

Xin Xu — Kathy Xu — is the founder of Capital Today (今日资本), known in the industry as the "investment queen" for her consumer and retail track record [^C1 in E1 mentions]. Her signature style is concentration and long-termism, best exemplified by her early bets on NetEase and JD.com; she famously treats Buffett and Munger's writings as her investment bible, having read all of Buffett's annual letters and requiring Capital Today colleagues to do the same, per 暗涌Waves .

After a stretch when primary markets reportedly left her cold — she was buying Pinduoduo in secondary markets instead — she re-emerged as an active AI investor: she backed Lightyears Away in 2023, invested in early-stage Sand AI in 2024 (telling 暗涌 that talk of her exiting primary markets was "untrue"), and, as elsewhere reported, moved quickly to back Zhilin Yang's Moonshot AI in mid-2023, later taking a joint-lead role in its Series C . By mid-2025 she had also moved into embodied AI, investing in Xinghaitu, per an AI闹 piece .