Yunqi Capital
云启资本
Yunqi Capital is an investment fund active in China's venture capital landscape, known for its early backing of AI companies including MiniMax, where it served as an angel investor and participated in subsequent rounds alongside GGV Capital, Hillhouse, and MingShi Ventures . The fund operates with a dollar-denominated orientation, with its support for MiniMax cited as part of a broader pattern of USD fund involvement in China's generative AI wave . Chen Yu, a partner at the firm, was promoted to managing partner in early 2026—a shift that, per elsewhere's reporting, signals a transition from core deal-making to broader management responsibility and revised carry allocation . Chen has been a visible commentator on the sector, notably describing foundation-model investment as a "money-stacked business" where "without two or three hundred million dollars, you can't even get a seat at the table" .
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Coverage
HETAN Intelligence Closes 50 Million Yuan Funding Round, as Robots Make Real Inroads into Labs
Veteran founders with backgrounds at Alibaba, Tencent, and WuXi AppTec.
暗涌Waves·2026 VC Promotion Roundup
Universal celebration.
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If Kimi ever goes public, will the bell-ringing photo look very different?
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Another kind of equality.
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What exactly are investors buying into?
暗涌Waves·A Year Later, When Kimi and MiniMax Investors Sat Down Together Again
The wildest possibility may be that humans won't be the only intelligent species on this planet.
暗涌Waves·China's USD Funds Won't Disappear
Live long enough to long China.
暗涌Waves·The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
暗涌Waves·When Moonshot AI's investors sat down with MiniMax's investors
Five individuals and two companies.
暗涌Waves·Minimax's Yan Junjie in Conversation with Huang Mingming: AGI, There's Only One Path — the Hardest One
A Conversation on Non-Consensus and Long-Term Optimal Solutions
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Contestants, take your positions.
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·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.
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