Xun Zhang
张洵
Xun Zhang is a managing director at Source Code Capital focused on hard tech and semiconductor investing, promoted from executive director — a title he held as of late 2025 — before being named to ChinaVenture's "2025 Nova Rising Star Investors" list in April 2026 . Per Source Code's own write-ups, he previously worked at Loyal Valley Capital and Cathay Capital, and his led or co-invested portfolio includes ESWIN Material (which listed on the STAR Market in October 2025), Gpixel, Suzhou Xihang Semiconductor, SUNMMIO, and Biren Technology . Source Code frames his trajectory as going from "hunter" to "farmer," per its January 2026 profile .
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Coverage
2026 MaHui | Source Code Capital's Zhang Xun: Growth Beyond Exponential — A Game With Fewer and Fewer Winners
The AI era has given us the longest slope and the wettest snow. Only one question remains — do we have the patience to keep rolling the snowball all the way down?
2026 MaHui | A Deep Connection Without End
"Like going back to that first MaHui, when we all climbed the Great Wall together..."
Source Code Capital | Xun Zhang Named to ChinaVenture's "2025 Nova Rising Star Investors" List
Code Moment | Congratulations to Global Leading High-Performance CIS Provider Gpixel on Hong Kong Stock Exchange Listing
A MaHui portfolio company and one of the world's top-three high-performance CIS providers, Gpixel, has officially listed on the Main Board of the Hong Kong Stock Exchange.
Source Code Capital Co-Leads Pre-A Round in 3D AI Chip Startup Suanmiao Tech, Which Raised Nearly 1 Billion Yuan Across Two Consecutive Rounds
Source Code Capital has invested in more than 20 companies across the AI industry chain.
How Source Code Capital's Zhang Xun Went From "Hunter" to "Farmer" | Source Code Insights
Investment must ultimately return to the fundamentals of business and adhere to the common sense of operations.
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 | Congratulations to MaHui member ESWIN Material on its successful STAR Market debut
Semiconductor Materials: From Domestic Substitution to Global Leadership
