Xunlei
迅雷
Xunlei is a Chinese technology company listed on NASDAQ under the ticker XNET, known for its download acceleration and cloud services. It was an early portfolio company of 5Y Capital (then Morningside Capital), which counted its investment in Xunlei among its landmark deals alongside Sohu, Ctrip, and UCWeb . Hongjiang Zhang, the computer scientist who later became an investment partner at Source Code Capital, served on Xunlei's board during his tenure as Kingsoft Group CEO from 2011 through his retirement in 2016 . More recently, Xunlei has appeared in cap tables as a significant shareholder in other ventures — it holds an 8.7% stake in Insta360, making it the company's third-largest shareholder as of mid-2025 .
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Coverage
IDG Bets on Liu Jingkang: A Victory for Doubling Down on Young Founders
The company turned ten this year; its VC backers have been along for the ride for twelve.
MaHui Entrepreneurs | From 0 to 1 to 23.4 Reading Week: Strategy and Operations
Day 2: Exploring Startup Strategy and Operations
Source Code Capital's Hongjiang Zhang Elected Foreign Member of US National Academy of Engineering
Create lasting, real value
Source Code Capital's Hongjiang Zhang Ranks No. 1 Among Chinese Mainland Scientists in Global Top 1000
In 2021, Hongjiang Zhang was ranked number one in mainland China among the world's top 1,000 computer scientists.
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.
5Y Capital Completes First Close of New RMB Fund | Light Moments
Recently, 5Y Capital completed the first closing of its second RMB-denominated fund.
The Triumph of Long-Termism: Morningside Recognized with Multiple Honors in 36Kr's "Most Founder-Friendly" and "Most LP-Trusted" Awards | Light Moments
On August 26, 36Kr's 2020 China Investor Future Summit was held in Shanghai, where the 2020 investment institution rankings were released, including:
Xpeng Motors' IPO: Key Moments We Know About | Light Moments
A new beginning, a new journey, a new chapter — congratulations to Xpeng Motors!
Morningside-backed XYZ Robotics closes nearly $20 million Series A+ round | Light Moments
Morningside-backed portfolio company XYZ Robotics has closed a nearly $20 million Series A+ round.
The Collision of AI and Pharmaceuticals: Galaxy Pharma Tech Raises Nearly $10 Million in Funding | Light Moments
Galixir announced the completion of a nearly $10 million Pre-A funding round. The round was co-led by Source Code Capital and DCM, with 5Y Capital participating as a follow-on investor. Gaorong Capital, the lead investor in the company's angel round, continued to increase its stake.
Morningside Partners with Agora to Launch RTE 2020 Startup Competition, Hunting for the Next Real-Time Internet Unicorn | Light View
Who will be the next unicorn in the real-time internet space? The RTE2020 Real-Time Internet Startup Challenge is waiting for you!
5Y Capital's Qin Liu and Fei Zhang Named to PEDaily's "TOP100 Investors" List | Light Moments
On August 12, PEDaily, China's professional portal for entrepreneurship and investment under Zero2IPO Group, jointly released with Zero2IPO Research the authoritative **2020 "Investment TOP100" investor ranking** — with Qin Liu, Founding Partner of 5Y Capital, and Fei Zhang, Partner of 5Y Capital, both making the list.
Tribute to the Unstoppable Force | Light View
A tribute to the unstoppable force.
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
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
