Yuan Liu
刘元
Yuan Liu is a managing partner at ZhenFund, the Beijing-based early-stage VC, where he has spent nearly his entire investing career . Before joining ZhenFund he worked at a US-based fund-of-funds researching China's VC landscape . He is best known for his long-running bet on Red Xiao (肖弘), the founder of AI agent startup Manus: Liu backed Xiao in five separate investment rounds across roughly a decade, a relationship that became one of the most discussed investor-founder stories in Chinese tech during 2025 . That streak—described elsewhere as "one week with Manus, ten years with Red"—also left Liu wrestling with the pressure of not yet having a "thunderbolt" breakout success, as he acknowledged in a late-2025 conversation . Among founders he is seen as an approachable, steady presence; one '97-born entrepreneur likened him to "a macaron—strong, a really good partner you can talk to without worry" .
AI-generated — may contain errors, please verify.
Coverage
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.
真格基金·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.
真格基金·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.
真格基金·2026 VC Promotion Roundup
Universal celebration.
elsewhere别处发生·Sp.02 | A Conversation with Master Dong: The Untold Stories Behind 20 Years of Chinese Venture Capital
elsewhere别处发生·A Sidebar Conversation with Master Dong on 20 Years of Chinese Venture Capital
Happy New Year!
elsewhere别处发生·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.
真格基金·Gen Z Is Building the World
There's always someone young.
真格基金·The Stars Are Still Young | Z News
ZhenFund wishes you a Happy New Year.
真格基金·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.
真格基金·A Conversation with ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red Xiao
真格基金·ZhenFund Partner Yuan Liu: One Week with Manus, Ten Years with Red
A mental landscape few investors would ever admit to out loud.
真格基金·The Most Moving AI Investment Story of 2025
A Week with Manus, a Decade with Xiao Hong.
elsewhere别处发生·Vol.001 | A Conversation with Yuan Liu: One Week with Manus, Ten Years with Xiao Hong
elsewhere别处发生·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.
真格基金·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.
真格基金·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.
真格基金·I think the sun will shine bright tomorrow morning | Opening Remarks
Maybe wrong, always fun.
elsewhere别处发生·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.
真格基金·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.
真格基金·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.
真格基金·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.
真格基金·Conversation with Kaijie Chen: The Gen-Z Founder Who Pivoted Three Times to Build the World's First Personal Agent
真格基金·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.
真格基金·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.
真格基金·Starting with Five Investments in Manus Founder Red Xiao: A Conversation with ZhenFund Partner Yuan Liu on How Reading People Evolves
十字路口Crossing·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
真格基金·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.
真格基金·No matter how the world changes, *Dark Tide* turns three.
Before the sun rises, Anyong will keep searching for answers alongside all of you.
暗涌Waves·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.
真格基金·ZhenFund's Lunar New Year Reading List: A Good Story
Walking alongside words, seeing a wider world.
真格基金·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·Inspired by "The Greatest Show on Earth," a 17-year-old high schooler put on a hackathon | WAVES
The trumpet of the golden age.
暗涌Waves·Autumn Dreams, Good Fortune on the Breeze | Z News
A hint of coolness in September.
真格基金·Yuan Liu of ZhenFund: What Kind of Entrepreneur Stands Out in This Era? | Z Talk
Great investors recognize patterns; great founders break them.
真格基金·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**
真格基金·Late Summer Sun, Breezes Bringing Autumn | Z News
A gentle breeze blows warm and pleasant.
真格基金·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.
真格基金·The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
暗涌Waves·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.
线性资本·200 Days of Frenzy: China's LLM Wars Stuck in a Stalemate
Consensus can form quickly — and dissolve just as fast.
暗涌Waves·When ZhenFund's youngest partner faced life's greatest joy and sharpest pain all at once
"Life is a wilderness."
暗涌Waves·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.
暗涌Waves·ChatGPT is the talk of Silicon Valley, but the buzz is theirs.
"Some people laughed. Some people cried. The vast majority fell silent."
暗涌Waves·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.
暗涌Waves·
