Zhencheng Capital

Zhencheng Capital (真成投资 / 真成资本) is an early-stage investment firm whose founding partner Li Jianwei (李剑威) has been active in Chinese tech venture capital since at least 2018 . The firm operates across both blind-pool fund and single-deal structures — Li told 暗涌Waves that when Evernote founder Tang Yi launched a Series B in 2021, Zhencheng quickly raised a single-project vehicle to lead the round, a format he described as a "transitional fundraising tool" during a difficult vintage . The team has developed sector expertise in commercial aerospace: director Wu Chao (吴超) began studying SpaceX's rise in 2015 and has since mapped virtually every Chinese commercial space company, noting to 暗涌Waves that the industry's key shift in the preceding two years was the accumulation of concrete milestones . Zhencheng has also shown up as a repeat co-investor or jury participant alongside 5Y Capital, GGV Capital, Shunwei Capital and others at demo-day events for accelerator programs like Agora's Spring Supersonic .