Yi Cao
曹毅
Yi Cao is the founder and managing partner of Source Code Capital, a venture capital firm he established in May 2014 . He has been recognized as one of China's prominent tech investors, making the Forbes Midas List for three consecutive years (2018–2020) and winning Cyzone's China Angel Investor of the Year in 2016 . As of late 2025, he described Source Code Capital's focus as being centered on "technology, product, and model-driven generational innovation," with an emphasis on companies that combine strong business models with distinctive corporate culture .
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Coverage
2026 MaHui | A Deep Connection Without End
"Like going back to that first MaHui, when we all climbed the Great Wall together..."
Source Code Rhythm Closes Over $150 Million Fund, Focuses on AI and Globalization
Focused on early-stage investing, with independent fundraising, independent decision-making, and independent operations.
Source Code Rhythm has raised over $150 million for its first fund and has launched RMB fund fundraising.
Another oversubscribed early-stage USD fund.
The First USD VC Fund to Close in 2026
What comes after Aksu. *(Note: "阿克苏之后的故事" literally means "the story after Aksu." If this refers to a specific title or context I'm missing — such as a book, film, or article — please provide more details and I can refine the translation.)*
Vol.003 | In Conversation with Huang Yungang: From Moving Bricks in Xinjiang to VC — My Folded Life
What Are MaHui CEOs Reading? A 2025 Reading List for Founders
Over the past year, we sent 13 books to MaHui CEOs, including six recommended by Yi Cao, founder of Source Code Capital.
Source Code Capital closes new dual-currency growth fund at $600 million
Long-term support and companionship for the great enterprises of this era as they grow.
Four years after its last close, Source Code Capital has raised another fund.
Dual-currency, $600 million.
MaHui Book Giveaway | These 6 Books to Accompany You Into the Second Half of 2025
Special feature: six recommended books for all MaHui CEOs, including two picks from Yi Cao, founder of Source Code Capital — here's to kicking off a fresh second half of the year together with fellow founders.
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."
Regarding Source Code Capital
Create Enduring Real Value
The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
Source Code Capital at Ten | Venture Capital Is the Art of Balancing Reality and Optimism
Right now, we need confidence — but even more, we need resilience.
Source Code Capital AGM Review: Depth Over Breadth
Exclusive | Yungang Huang and Source Code's New VC: Back to Classic Playbook
Back to the classic VC playbook of "a pizza is all it takes."
Code Moment | Yi Cao and Yungang Huang Named to Forbes China 2023 Midas List
The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
Code View | Yi Cao Attends Tsinghua University Generative AI and Business Innovation Forum
Startups still have major opportunities.
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 | Congratulations to Edianyun, "the first listed office cloud company," on its successful IPO: Source Code Capital's steadfast partnership in creating lasting, real value
"You're only 36. You can be anyone you want to be."
Never stop moving forward.
Exclusive | Source Code Capital, ZhenFund Confirmed to Join In — Wang Huiwen's "Chinese OpenAI" Is Being Scrambled For
China's investment world seems to have gone back to 2016 overnight.
Source Code Capital Brand Refresh | Standing by Your Grand Vision, Exploring Forward Together in Action
Standing the test of nine years. In its ninth year since founding, Source Code Capital has unveiled a refreshed brand identity — a new promotional video, a new slogan, and an upgraded logo.
MaHui | Three Source Code Capital Partners Named to Forbes China 2022 Midas List
From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs
How they will rethink fame, cycles, and investment.
Source Code Insights | Source Code Capital's Dual-Carbon Investments: Exploring New Species Through Full-Industry-Chain Deployment
Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
Source Code Capital | Xingshi Wang and Two Other Source Code Partners Named to ChinaVenture "2021 Investors of the Year" Lists
Source Code Capital | Source Code Capital Makes the "2022 Most Founder-Friendly Investors / Investment Firms List"
Code Moment | Source Code Capital Launches Seed-Stage Investment Initiative
Bet on your leap of faith
Xingchen Zhang | Source Code Capital: A Single Grain of Conviction, Betting on Your Leap of Faith
Cross mountains and seas to discover a precious seed.
MaHui | Source Code Capital's Xingchen Zhang Named to Cyzone's 40 Under 40 Investors List
"Finding tech founders full of conviction"
Roundtable | Some "Serious" Thoughts on Startup Services
Full coding power for you
Source Code Capital Entrepreneur Services 2.0: From "Two Pillars" to "Six Wholes"
"Full Code Ahead for You"
Source Code Capital announced that Zheng Yunduan has joined as a partner.
Create Lasting, Real Value
Source Code Capital closes fifth RMB fund, raising over 7 billion yuan to back tech innovation and SMEs
Invest early, invest small, invest in tech
Source Code Capital was named "Most Founder-Friendly Investment Firm" and received multiple other honors.
Create Lasting, Real Value
How Young Consumers Powered This Year's 618 Shopping Festival: A Look at Source Code Capital's New Consumption Bets
Seeking founders who pursue product excellence
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 "Zoneneng United" announces completion of Series C with cumulative fundraising of RMB 3 billion; existing shareholder Source Code Capital continues to increase its stake
"The Zhongneng Model" — Powering Intelligent Transformation in the Construction Machinery Industry.
2021: Original Aspiration Is the Future
Be the investment firm with the most entrepreneurial spirit.
Let's meet today — I'll be waiting for you at the Shenzhen office!
Source Code Capital's Shenzhen office is now officially open, embedding itself at the cutting edge of South China's tech innovation and riding the new wave of smart manufacturing!
Source Code Capital portfolio company CassTime raises $35M in Series C3 round led by returning shareholder Source Code Capital
One-stop auto aftermarket industrial internet platform & industry solutions.
Source Code Capital announced that Wei Wang has officially joined as a partner.
After joining, Wang Wei will support Source Code Capital's portfolio companies on capital markets matters, drawing on his years of experience to empower companies with capital markets development needs.
Source Code Capital's Wu Jian: Discovering Value in Robots Through the Lens of Industrial Internet
The "last mile" of industrial internet is seeing a convergence of favorable timing, positioning, and human capital in the robotics sector.
Source Code Capital Closes RMB 3.8 Billion for Fourth RMB Fund
Late-stage investment, qualitative transformation, organizational capability
Source Code Capital Wins Multiple Awards in Zero2IPO's 2020 China Equity Investment Annual Rankings
Create Lasting, Real Value
Source Code Capital portfolio company KE Holdings successfully went public, becoming China's "first listed residential services platform."
A shell is home, the pearl in a Chinese heart.
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.
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
Forbes Releases Major Rankings, Source Code Capital's Yi Cao and Yungang Huang Make the List
Create lasting, real value.
The Industry's Growth Double Helix
Why we say efficiency is the only competitive advantage for industrial internet companies.
Source Code Capital Portfolio Company Yijiupi Merges with Zhangshangkuaixiao, Accelerating Consolidation in FMCG Industrial Internet Source Code Capital portfolio company Yijiupi has strategically merged with Zhangshangkuaixiao, marking an acceleration of industry consolidation in the FMCG industrial internet sector.
The merger of Yijiupi and Zhangshangkuaixiao marks a new phase in the development of China's FMCG industrial internet.
Yi Cao, Source Code Capital: "Four-Have Youth" — What Good Companies Look Like in the Second Half
A good company needs principles, systems, tactics, and tools.
Yi Cao: Value Discovery and Creation in Industrial Internet
We believe the nascent industrial internet will also see its boom.
Source Code Capital Closes $570 Million New Fund
Create lasting, real value
Yi Cao of Source Code Capital Named to 2019 Forbes Midas List
Create Lasting, Real Value
Gaorong Ventures' Chang Chen: Consumer Markets in Third-, Fourth-, and Fifth-Tier Cities Are Full of Opportunity
Third- and fourth-tier cities account for over 63% of total social retail consumption, far surpassing the combined share of first- and second-tier cities.
Source Code Capital Portfolio Company BLUE Mobile Completes Series C Financing
Southeast Asia New Retail + New Finance Platform
2 Companies Close Funding Rounds, 5 Complete Strategic Upgrades, 9 Win 6 Major Awards | Source Code Capital Monthly · January
"Ma Hui Chronicles" documents our members' incremental progress, shares the joy of growth, and looks forward to an even brighter future.
Source Code Capital Portfolio Company Yimi Dida Raises RMB 1.8 Billion in Series D, Existing Shareholder Source Code Capital Continues to Increase Stake
This round set a record for the largest financing in China's less-than-truckload (LTL) express freight industry.
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.
Talk to Future Founders: You Can Practice Deliberately Like This
Curious enough to ask, diligent enough to find the answer.
Alumni Interview: Yi Cao — Computer Science Inspires My Decision-Making
The idea that the combination of data, algorithms, and computing power produces optimal decisions is a business approach directly inspired by computer science.
Source Code Capital Wins Seven Awards Including "2018 Most Founder-Friendly Investor/Investment Firm in China"
Creating Lasting, Real Value
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
The Fourth Annual Ma Hui Conference Successfully Held, CEOs Gather to Share Entrepreneurship Insights, Four Companies Announce Completed Financing Rounds | Ma Hui Journal · April
**Source Code Capital Newsletter:** Here we record the small steps of progress made by our team members, share the joy of growth, and look forward to an even brighter future.
Source Code Capital and Its Portfolio Companies Win 11 ChinaVenture 2017 Annual Awards
Create Lasting, Real Value
The "Oscars of Global Investing" Unveiled: Source Code Capital's Yi Cao Makes Forbes' 2018 Midas List
Yi Cao of Source Code Capital made the *Forbes* 2018 Midas List, recognized as the youngest best investor globally.
Yi Cao Named to 2017 China Top Venture Capitalists TOP50
Jiemian and Toutiao jointly released the "Top Venture Capitalists in China" list for the first time.
The Pitfalls of Tech Prophecy | Source Code Capital Insights
From a once-famous victory to once-heavy skepticism, mapped against Gartner's Hype Cycle — Source Code Capital's analysis and research are presented in the seventh issue of [*Source Code Capital Internal Reference*].
Source Code Capital Portfolio Company Qudian Successfully Lists on the New York Stock Exchange | Live Photo Report
China's leading fintech company Qudian Inc. (NYSE: QD) listed on the New York Stock Exchange in the United States.
Four Global Unicorns Make the List, One Files for IPO, Two Raise New Funding | Ma Hui Monthly · September
**Source Code Capital Chronicle** — documenting the small steps of progress among our community, sharing the joy of growth, and looking forward to an even brighter future.
Source Code Capital Wins Three Awards Including Top Investment Institution and Investor in China's New Finance Sector
Leading new-finance companies include: Qudian, Yongqianbao, INK Group, Suishou, Nongfenqi, Cijinrong, and Ether Capital.
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.
Yi Cao: The Nine Faces of Technological Innovation
At the "2017 Impact Investing Summit" hosted by China Renaissance Alpha, Yi Cao, founding partner of Source Code Capital, shared his exclusive insights.
ErGeng Closes RMB 100 Million Series B+ Round Led by Source Code Capital, Cementing Its Position as a Short-Video Industry Leader
Today ErGeng announced the completion of a 100 million yuan Series B+ round, led by Yunfeng Capital with participation from Source Code Capital.
Yi Cao, founding partner of Source Code Capital, was named one of "China's Top 10 AI Investors."
On June 28, at the "Wisdom·Transformation·Achievement — 2017 Business New Ecology Summit," 36Kr released its "Top 10 Investors in China's AI Sector" and "Most Influential Investors in China's AI Sector" lists.
Meili United CEO Qi Chen: The Difference Between Mules and Unicorns Is Focus | 2017 Ma Hui
On April 22, at Source Code Capital's 2017 Ma Hui conference, Meili United CEO Chen Qi shared his insights on breaking through strategic dead ends, recounting the company's journey to focus its business on "combining great content with great products."
Jingbo Wang: In Finance, Operations Are What Make Licenses Valuable | 2017 Source Code Capital
On April 22, Jingbo Wang, Chairwoman and CEO of Noah Holdings, spoke at Source Code Capital's 2017 Ma Hui gathering, sharing with attendees across cohorts how to navigate the "three-year breakthrough period" in entrepreneurship.
Source Code Capital Announces Successful Close of Fund III to Help Tech Companies Create Lasting, Real Value
Source Code Capital founder Yi Cao announced at today's "Ma Hui" opening ceremony that the firm has completed the final closing of its third USD fund at $260 million and the first closing of its third RMB fund at 1.5 billion yuan.
Hongjiang Zhang Joins Source Code Capital as Venture Partner
Source Code Capital announced today that Hongjiang Zhang, former CTO of Microsoft Asia-Pacific R&D Group, former president of Microsoft Asia Engineering Institute, and former CEO of Kingsoft, has joined the firm as a Venture Partner.
Source Code Capital was ranked among China's Top 50 Best Venture Capital Firms, Top 20 Best Foreign Venture Capital Firms, and Top 10 Best Investment Firms in Tech Finance for 2016.
Source Code Capital ranked 50th on ChinaVenture's 2016 "China's Top 100 Best Venture Capital Institutions" list and 20th on the "China's Top 50 Best Foreign Venture Capital Institutions" list, and was named one of the top ten best investment institutions in China's tech finance industry for 2016.
Yi Cao: Inclusive Finance Enters an Era Where "Internet Plus" and "AI Plus" Work in Tandem
"New finance" is an even bigger opportunity than social media, search, e-commerce, O2O, and what came before.
Hui Fenqi Raises Another 230 Million Yuan as Rental Installment Market Enters Era of Giants
As the rental installment market matures and capital flows in, this startup — born from a simple frustration with how much of a hassle renting can be — is growing fast.
With AI, Yongqianbao Hit One Million Monthly Transactions
A monthly transaction volume of 1 million means roughly over 30,000 transactions per day — a new loan is originated on the Yongqianbao platform every three seconds. And many of the people initiating these loans have no credit cards and no access to traditional financial services...
Yi Cao Named "Investor of the Year 2016" by iBlack Horse
The 2016 Chuangye Heima Community Conference was held today in Beijing, where Yi Cao, founding partner of Source Code Capital, was named "Investor of the Year 2016."
Yimidida Closes Series A+ Round, Securing Two Funding Rounds in Three Months
Yimi Dida, a well-known domestic logistics network platform, completed its Series A+ funding round today, raising over 100 million yuan.
Yi Cao of Source Code Capital Named Cyzone's 2016 China Angel Investor of the Year
Yi Cao emphasized that great companies and outstanding investors succeed by capturing the convergence of three peaks: "the right timing, the right place, and the right people."
Yi Cao, Source Code Capital: VCs Must Keep Learning and Embrace a Far-Reaching Sense of Mission
Yi Cao pointed out that in the future, energy won't be scarce, land won't be scarce, and housing won't be scarce either. What will be truly scarce is good technology, the ability to allocate resources well, and people who continuously strive to create value.
Source Code Capital Alumni | KPMG Global Fintech 100: Qudian Ranks Second
In the 2015 Fintech 100 ranking, Qudian placed fourth; in this year's list, it has broken into the top three.
Source Code Capital Launches 2017 Campus Recruitment
On November 3, we'll be waiting for you at Tsinghua University's PBC School of Finance.
Yijiupi Closes $100 Million Series C Round, Source Code Capital Backs E-commerce 'Dark Horse' in Alcohol Industry
The strong growth prospects that came with aligning with strategic investors undoubtedly became the most powerful tailwind behind Yijiupi's rapid completion of its Series C round.
Yi Cao: Source Code Capital's "Three Horizontals, Nine Verticals" Investment Map
Where, when, and by whom will the next major innovation opportunity emerge?
Yi Cao: "Internet Plus" Has Run Its Course — The Next Waves Are "Intelligence Plus" and "Global Plus"
The "Internet Plus" initiative is entering its final handover phase.
Yi Cao: The More Cross-Disciplinary a Startup, the Higher Its Odds of Success
Just as gathering all seven Dragon Balls can summon Shenron, the more boundaries a startup crosses, the higher its odds of success.
Yi Cao Named to ChinaVenture-FT China Top 100 Investors of the Year 2016
On August 15, 2016, ChinaVenture held its "2016 China Investment Annual Conference" in Shenzhen, where it also released the "ChinaVenture 2016 Best Chinese Investors" list.
Yi Cao of Source Code Capital topped Cyzone's "40 Under 40 Investors" list.
On May 11, 2016, Cyzone released its "40 Under 40 Investors" list, with 32-year-old Yi Cao of Source Code Capital becoming the youngest person ever to top the ranking.
Source Code Capital Named to 2015 China Best Foreign Venture Capital Firms Top 50
From April 11 to 13, 2016, ChinaVenture hosted the "2016 China Investment Annual Conference" in Shanghai, where Source Code Capital was named to the "2015 Top 50 Best Foreign VC Firms in China."
China Internet Finance Association Officially Inaugurated; Source Code Capital Elected as Council Member
On the morning of March 25, the China Internet Finance Association held its inaugural meeting in Shanghai. Four investment institutions were selected as council members of the association, with Source Code Capital among those honored.
[Wuzhen] Source Code Capital's World Internet Conference Trip
The Second World Internet Conference opened on December 16 in Wuzhen, a waterside town in Jiangnan. Yi Cao, founding partner of Source Code Capital, was invited by the organizers to attend the event. Meanwhile, *Beijing News*, the conference's sole officially designated publication, named Source Code Capital the "Best Emerging Investment Firm of 2015."
Source Code Capital Wins Three Annual Awards from Top Venture Capital Institutions in 2015
Source Code Capital was named to Zero2IPO's "Top 50 Best VC Firms in China 2015" and "Top 10 Best Fintech Investors in China 2015." It also received ChinaVenture's "Top 10 Best Mobile Internet VC Investors of the Year in China."
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