Xingshi Wang
王星石
Xingshi Wang is a managing partner at Source Code Capital, having joined the firm in 2014 and been promoted to partner in March 2021 . Before Source Code, he worked at Hanergy Investment Group and TusStar Ventures . His track record centers on growth-stage bets in automotive, logistics, and digital infrastructure: he led Source Code's investments in Li Auto (NASDAQ:LI), Yuanbao Inc. (which listed on Nasdaq in 2025), Car300, Yimi Dida, and Biren Technology, among others . He has also continued to increase positions in portfolio companies such as Ruigu Mall and Yimi Dida through multiple rounds . Founders who have worked with him describe a hands-on style—Yang Tianli of Zoneng Lianhe noted monthly meetings and heavy involvement in strategic redesign and talent recruitment during a 2020 pivot .
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Coverage
MaHui | Hong Kong's First GPU Stock! MaHui Member Biren Technology Lists on Hong Kong Stock Exchange
Source Code Capital participated in Biren Technology's Pre-B+ round in 2020 and has backed the company ever since.
MaHui Entrepreneur | Yuanbao Inc. Founder Fang Rui: The IPO Is Just One Thing Checked Off the List
For China's insurance industry, we've only just laid the first "smart brick."
MaHui | Congratulations to MaHui member Yuanbao Inc. on its successful Nasdaq listing
On the evening of April 30, 2025, Beijing time, Yuanbao Inc., a leading insurtech company, officially listed on the Nasdaq Stock Exchange in the United States.
Code View | *China Enterprises* Exclusive Interview with Xingshi Wang, Managing Partner of Source Code Capital: Finding Certainty in an Uncertain Era
The criteria for what makes a good company have become more diverse, making it harder for investment firms to evaluate them.
Source Code Capital Named to 36Kr's "Most Entrepreneur-Friendly Investors and Investment Firms" List
What Kind of Investor Does 2023 Need?
Source Code Capital | Congratulations to Edianyun, "the first listed office cloud company," on its successful IPO: Source Code Capital's steadfast partnership in creating lasting, real value
Conversations with 29 Tech Investors: There Are Treasures, But No Treasure Map
Investing in tech is definitely the right call, but consensus remains scarce.
MaHui | Three Source Code Capital Partners Named to Forbes China 2022 Midas List
Code Moment | Source Code Capital Wins Multiple Awards in Zero2IPO's "2022 China Equity Investment Annual Rankings"
MaHui | Source Code Capital's Xingshi Wang Named to 2022 "F40 China Young Investors" List
Source Code Capital | Source Code Capital Honored with "Top Investors and Investment Firms Across Ten Innovation Economy Sectors" Awards
Source Code Insights | Source Code Capital's Dual-Carbon Investments: Exploring New Species Through Full-Industry-Chain Deployment
MaHui | Multiple MaHui Members Win Awards at HICOOL 2022 Global Entrepreneurship Competition
Source Code Capital | Xingshi Wang and Two Other Source Code Partners Named to ChinaVenture "2021 Investors of the Year" Lists
On the first day of August, we spoke with 23 investors about "confidence."
And, what are the things that are hard but right, and what are the things that are hard but wrong.
Source Code Capital | Source Code Capital Makes the "2022 Most Founder-Friendly Investors / Investment Firms List"
Source Code Capital's Yungang Huang: The Essential Quality for Entrepreneurs Is a Resilient, Bold Spirit of Exploration
We want to be partners on your entrepreneurial journey.
Fairino Raises Over $50 Million in Series B Led by Source Code Capital
Delivering high-performance collaborative robot products at extreme cost-performance ratios.
Source Code Capital announced that Zheng Yunduan has joined as a partner.
Create Lasting, Real Value
Source Code Capital "Tech + Bio-Med" Investment Open Day Now Accepting Applications
"The Tech + Biotech" Crossover: A New Investment Consensus on Convergent Innovation
Professional, systematic, and patient for the long haul.
Source Code Capital announced that Wei Lai has been appointed as Ecosystem Partner.
Creating Lasting, Real Value
Source Code Capital portfolio company Ruigu announced the completion of a $250 million Series D funding round, with existing shareholder Source Code Capital continuing to increase its stake.
Accelerating the digital transformation of China's industrial goods sector.
Source Code Capital was named "Most Founder-Friendly Investment Firm" and received multiple other honors.
Create Lasting, Real Value
Source Code Capital's Xingshi Wang and Yungang Huang Named MVIP Young Investors of the Year and Best Digital Healthcare Investor
MVIP of the Year, Best Investor in Digital Healthcare.
Source Code Capital portfolio company Li Auto was successfully listed on the main board of Hong Kong Exchanges and Clearing Limited today.
Create a mobile home, create a happy home.
Source Code Capital Closes $1 Billion New Fund Raise
Be the investment firm with the most entrepreneurial spirit
Source Code Capital announced that Xingshi Wang has been appointed as partner.
Focus on long-term B2B investments in industrial internet, automotive and mobility, and other enterprise-facing sectors.
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.
Source Code Capital Wins Multiple Awards in Zero2IPO's 2020 China Equity Investment Annual Rankings
Create Lasting, Real Value
Source Code Capital portfolio company "Ruigu Mall" announces completion of hundreds of millions of RMB in Series C2 funding; existing shareholder Source Code Capital continues to increase its stake
Covering nearly 100,000 end-customer locations across dozens of cities, with hundreds of thousands of electromechanical tools and hardware products delivered daily.
Source Code Capital portfolio company Li Auto goes public, opening a new chapter for Li Auto
The power of the Source Code Capital ecosystem is like the range extender in the Li Auto ONE — it gives Li Auto a vigorous boost of sustained momentum.
Financial Opportunities in Industrial Internet | Code Brain Issue 13
The industrial internet is entering its "golden age," bringing new opportunities for financial empowerment and entrepreneurship.
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
The Industry's Growth Double Helix
Why we say efficiency is the only competitive advantage for industrial internet companies.
Xingshi Wang, Source Code Capital: Industrial Internet Innovation Through the Lens of Organizational Capability
Source Code Capital remains committed to creating lasting, tangible value, focusing on the challenges and uncertainties that member companies face as they scale from 1 to 100. And organizational capability building is one of the most critical factors determining whether a growth-stage industrial internet entrepreneur can achieve iterative expansion.
Where Are the Boundaries of Industrial Internet? | Source Code Capital 2019
"Knowledge Capital, Deep Practice" — at Source Code Capital's 2019 Ma Hui annual conference, the founders and CEOs of Xiaoyaoyao, Yijiupi, ZNLH, and YQN Logistics were invited to explore the boundaries and breakthroughs of industrial internet.
Three Realms of Industrial Internet Entrepreneurship | Source Code Capital Insights
A new wave of deep business model innovation in industrial internet is underway.
"ZNLH" announced the completion of a $50 million Series B funding round, led by Source Code Capital.
Building a Chinese version of United Rentals (NYSE: URI).
Source Code Capital Wins Five Awards Including Zero2IPO's 2018 Top 50 China VC Firms
Create Lasting, Real Value
Source Code Capital and Portfolio Companies Win Multiple Awards at 36Kr's 2018 "King of New Economy"
The King of the New Economy — let us see the future.
The Great To B Adventure
The true B2B adventurers have mostly become big winners.
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.
Juli Xinfang Raises Tens of Millions of Dollars in Series B+ Round Led by Eight Roads, with Strategic Investment from 58 Group and Follow-on from Existing Shareholder Source Code Capital
Save Money and Buy a Good Home
The automotive and mobility sector, shaped by converging waves of transformation, is giving rise to companies worth hundreds of billions of dollars | Source Code Capital Insights
China's automotive and mobility sector is navigating a complex period of multiple overlapping waves.
4 Companies Close Funding Rounds, 7 Firms Undergo Strategic Upgrades: Code Brain Issue 7 Breaks Down WeChat Ecosystem and Mini Program User Acquisition | CodeHui Journal · August
【Ma Hui Journal】A place to record the small steps forward of our community members, share the joy of growth, and look toward an even brighter future.
2018 Global Top 1000 Computer Scientists by H-Index Released, Hongjiang Zhang Ranks First in Mainland China
Top Scientists in Computer Science and Electronics 2018
5 Companies Raise Funding, Several Make China's Top 100 Unicorns List | Code Meet Journal · March
【Source Code Capital Chronicle】A place to record the small steps forward of our team members, share the joy of growth, and look toward an even brighter future.
CHJ Automotive Announces Completion of 3 Billion Yuan Series B Funding Round; Existing Shareholder Source Code Capital Continues to Increase Stake, Bullish on Mobility 3.0 Era
On the era of Auto 3.0, Xiang Li believes its arrival is accelerating.
Ma Hui Ecosystem in August: Funding, Upgrades, and Honors | Ma Hui Chronicle
**Source Code Capital Chronicle**: A place to record our team's small steps forward, share the joy of growth, and look toward an even brighter future.
Juli Xinfang Closes $10 Million Series B Round, Existing Investor Source Code Capital Continues to Double Down
Juli Xinfang raises tens of millions of USD in Series B to launch new-home e-commerce model.
Targeting Unicorns in the Consumer Upgrade Wave | Source Code Capital Insights
"Consumption upgrade" has become a sustained investment theme commanding capital markets' attention. How do we understand the underlying patterns behind this phenomenon, and how do we identify great consumer companies? Source Code Capital presents the third installment of its exclusive *Source Code Capital Internal Reference* series, based on its analysis and research.
What Potholes We Hit in Three Years of Entrepreneurship | 2017 Ma Hui
At Source Code Capital's 2017 Ma Hui event, INK Group president Enmin Lin, Yijiupi CEO Wang Chaocheng, Zhirong Group CEO Jiao Ke, and Sales Crown Network Technology Co., Ltd. CEO Huang Weixin — all representing entrepreneurs — shared their hard-won lessons and reflections from the trenches of building companies, drawn from their own struggles and missteps along the way.
