Yuan Liu
刘元
Yuan Liu is a partner at ZhenFund, best known as the earliest and most persistent backer of Manus founder Red Xiao (肖弘), having invested in him five times over nearly a decade . That relationship was described by elsewhere as "one week with Manus, ten years with Red" — his nearly ten years backing Xiao almost matches his entire tenure as a ZhenFund partner . Before joining ZhenFund, he worked at a US VC fund-of-funds, researching the domestic VC landscape . He has shared his views on entrepreneurship publicly, including a 2024 Z Talk appearance on what kind of founder stands out in this era , and 2025 was, per elsewhere's own account, a year of considerable emotional volatility for him as the Manus story broke .
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Coverage
A New Autumn Begins | Z News
Join us as we look back on August's highlights.
Today, We Decided to Release the ZhenFund Portfolio Companies Recruitment Handbook
Perhaps the best way to learn is to start a company or join a startup.
Wanwu Capital | Z News
We invite you to revisit the July "highlight reel."
ZhenFund and Momenta's Ten-Year Journey, as the "Physical AI" First Stock Goes Public
Volume production deployments have surpassed 1 million units.
Summer Glimpses | Z News
Let's take a look back at the highlights from May, and invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
Spring's End Not Yet Come | Z News
We're looking back at the "highlight reel" from this past April, and we invite you to join us in witnessing the growth of our portfolio companies and what's new at ZhenFund.
Spring Sets the Stage | Z News
Let's look back at the highlights from the past three months — and we invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
2026 VC Promotion Roundup
Universal celebration.
Sp.02 | A Conversation with Master Dong: The Untold Stories Behind 20 Years of Chinese Venture Capital
A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital
Happy New Year!
A New Beginning | Z News
We’re looking back on the highlights from the past month of January, and we invite you to join us in witnessing the growth of our portfolio companies and what’s new at ZhenFund.
Is the "Cursor Moment" for Video Editing Here? | A Conversation with ChatCut Founder Li Kaiwen: From Golden Horse Director to AI Entrepreneur
It takes a lot of reason, but it also takes a lot of feeling.
Gen Z Is Building the World
There's always someone young.
The Stars Are Still Young | Z News
ZhenFund wishes you a Happy New Year.
The First Manus Cup Singapore Concept Essay Competition
Why are the lizard people so evil 😭
Manus Team Joins Meta: A Decade-Long Journey for a Group of Young People
A deep understanding of users and exceptional product engineering ability are what truly scarce in this era.
Where Did the Money Go? Who's Still Writing Checks? A 2025 VC Debrief With Jing Liu
VC takes a certain amount of instinct.
A Conversation with ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red Xiao
ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red
A mental landscape few investors would ever admit to out loud.
The Most Moving AI Investment Story of 2025
A Week with Manus, a Decade with Xiao Hong.
Vol.001 | A Conversation with Yuan Liu: One Week with Manus, Ten Years with Xiao Hong
ZhenFund angel project "Pollo AI" announces $14 million seed round to continue building all-in-one AI video creation platform
The proceeds from this round will be used to accelerate the scaled rollout of its one-stop creation platform.
A Conversation with Pollo AI's Chenbiao Zhu: A "Grassroots" Founder Without Big Tech or Overseas Pedigree
"The game has entered the second half," said Abiao. He wants Pollo AI to become the CapCut of the AI era.
How a Gen Z College Student in Chengdu Sold 100,000 Copies of a ¥9 Solo Travel Guide
For a premium game to succeed, keeping costs under control is the single most important factor.
I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
Duolingo Talks to Early-Stage Founders: How to Build a Fun Product in the AI Era?
Because it's weird, because it's fun, because it's one of a kind.
Beyond the Set Trajectory | Z News
We look back at the "highlight moments" of the past month and invite you to witness the growth of our portfolio companies and what's new at ZhenFund.
ZhenFund angel project "Teable" announces completion of several-million-dollar angel round, launches world's first multidimensional spreadsheet agent | Z News
The new funding will be used to accelerate global expansion and continue investing in the underlying engine and product R&D.
The AI Investment Mid-Game: Talent Wars, Faith Divides, and Super Opportunities
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August, Before Summer Ends | Z News
To beat the summer heat, we invite you to join us in celebrating the growth of our portfolio companies and sharing what's new at ZhenFund.
Conversation with Kaijie Chen: The Gen-Z Founder Who Pivoted Three Times to Build the World's First Personal Agent
A '97-born founder's third pivot: building a Personal Agent that doesn't chase productivity
Like the earliest Apple Mac computers, we hope to realize the transformation of agents from productivity to everyday life.
Starting from Five Investments in Manus's Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How His Read of People Has Evolved
I think the market is at its best right now.
ZhenFund angel project "OMOWAY" announces completion of tens of millions of dollars in funding, launches first electric motorcycle with intelligent driving features | Z News
XPeng co-founder He Tao launches OMOWAY, driving motorcycles into the 3.0 era.
Starting with Five Investments in Manus Founder Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How Reading People Evolves
A Conversation with Huang Xiang CEO Yi Wang: Five Years, Three National No. 1s, Champion Breakfasts Designed for Kids — How Huang Xiang Is Reshaping Morning Meal Habits
A Conversation with Wang Yi, CEO of Butter Elephant: Three National No. 1s in Five Years, Champion Breakfasts Crafted for Kids — How Butter Elephant Is Reshaping Breakfast Habits
For every 10 frozen scallion pancakes sold online, four are from Little Yellow Elephant.
No matter how the world changes, *Dark Tide* turns three.
Before the sun rises, Anyong will keep searching for answers alongside all of you.
"If you bloom, butterflies will come" — How Hillhouse and ZhenFund Partners See New AI Startup Opportunities
If you bloom, butterflies will come.
Crossing March Offline Salon Recap: What AI Startup Opportunities Exist in the Post-DeepSeek Era?
We recently pulled off "something big."
Shanghai Offline Salon: The Post-DeepSeek Crossroads — New AI Investment Opportunities in 2025
Join us in Shanghai to discover new opportunities in the post-DeepSeek era!
A Conversation with Cao Xudong: Eight Years of Entrepreneurship, Why the "One Flywheel, Two Legs" Strategy | Z Talk
When making decisions, always let customer value be your guide.
ZhenFund's Lunar New Year Reading List: A Good Story
Walking alongside words, seeing a wider world.
2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
Inspired by "The Greatest Show on Earth," a 17-year-old high schooler put on a hackathon | WAVES
The trumpet of the golden age.
Autumn Dreams, Good Fortune on the Breeze | Z News
A hint of coolness in September.
Yuan Liu of ZhenFund: What Kind of Entrepreneur Stands Out in This Era? | Z Talk
Great investors recognize patterns; great founders break them.
ZhenFund Wins "Most Active Early-Stage Investment Firm" and Multiple Other Awards from First Voice | Z News
**China's Most Active Investors in Q2 2024**
Late Summer Sun, Breezes Bringing Autumn | Z News
A gentle breeze blows warm and pleasant.
A Conversation with Momenta's Cao Xudong: Beyond Moore's Law for Autonomous Driving | Z Circle
The hardest choice is not changing your original choice.
The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
Source Code Capital Becomes Inaugural Partner in Alibaba Cloud's Entrepreneur Program, Portfolio Companies Eligible for Up to 1 Million RMB in Cloud Credits
The Alibaba Cloud Entrepreneurship Program is open to startups across all sectors — any venture with cloud computing needs during its growth phase is eligible to apply.
Destruction Precedes Creation: Rebooting the Era of General Artificial Intelligence
On August 22, Chinese tech think tank *Jazzyear* hosted the "2023 Jazzyear Gravitational Force X Tech Industry Investment Conference" in Beijing. Dozens of industry leaders gathered to discuss cutting-edge topics, using AI and other hard-tech investments as a starting point to analyze emerging trends in the tech industry and explore new directions, opportunities, and futures for the sector. In 2023, generative AI led by ChatGPT has swept across the globe, ushering in a second wave of artificial intelligence.
200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
When ZhenFund's youngest partner faced life's greatest joy and sharpest pain all at once
"Life is a wilderness."
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.
ChatGPT is the talk of Silicon Valley, but the buzz is theirs.
"Some people laughed. Some people cried. The vast majority fell silent."
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.
