Chang Chen of Gaorong Ventures Honored as "Cyzone 2018 China Investor of the Year"

高榕创投高榕创投·December 6, 2018

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On December 6, the "2018 Cyzone Future 100 Leaders Summit & Annual Conference" concluded in Beijing. Chang Chen, founding partner of Gaorong Ventures, received the "Cyzone 2018 China Investor of the Year" award.

At the Cyzone annual conference, Zheng Huang, founder and CEO of Pinduoduo, received the "Cyzone 2018 China Entrepreneur of the Year." Gaorong Ventures led Pinduoduo's Series A and B rounds, and continued to invest in its Series C and D. In July this year, Pinduoduo successfully listed on Nasdaq. We'd also like to congratulate the Pinduoduo founding team and Zheng Huang!

Nan Lixin, founder and CEO of Cyzone, presenting the award to Chang Chen

Since 2008, Cyzone has presented the "China Investor of the Year (Angel)" award, with only one recipient selected annually. Lei Jun, He Boquan, Bob Xu, Lin Dongliang, Wang Gang, and others have previously been named "China Investor of the Year (Angel)." The selection and presentation of this award has become a landmark annual event in China's early-stage investment community.

Chang Chen delivering his acceptance speech

Chang Chen, founding partner of Gaorong Ventures, delivered the following acceptance speech:

I'm very grateful to Cyzone for bestowing this important award on me personally and on Gaorong Ventures. I'm especially grateful to Zheng Huang, Dada Nexus, and the Pinduoduo founding team, as well as to the founders of Gaorong's other portfolio companies.

Because I'm a veteran of this industry, I'm acutely aware that if an investment succeeds, 99% of the credit should go to the outstanding founders of these companies; if an investment fails, it's 100% because the investor made a poor judgment call. So I think the applause should go to the most outstanding founders. Thank you!

I'd also like to give special thanks to Mr. Tongyu Sun, founder of Taobao. Mr. Sun was Pinduoduo's angel investor — he was the one who introduced this project to us — and he's also one of Gaorong's important entrepreneur LPs. I'm grateful to entrepreneur LPs like Mr. Sun who have consistently supported Gaorong behind the scenes, and especially grateful to our institutional investors, who have made important contributions to building the Gaorong ecosystem.

I'd also like to officially announce some good news: yesterday, Gaorong Ventures successfully closed fundraising for our fourth USD fund, at $500 million. We remain focused on early and growth-stage investments, with investment directions primarily in new technology, new consumer, industrial internet, and enterprise services. We very much hope to have more opportunities to collaborate with the outstanding entrepreneurs here today. Thank you all!

END

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  • Gaorong Ventures manages USD and RMB funds totaling approximately RMB 15 billion, focused on early and growth-stage investments in the TMT sector.

  • Its limited partners include top-tier global institutional investors, as well as major Chinese enterprises in finance, retail, advertising, and other industries.

  • Additionally, dozens of successful entrepreneurs — founders of companies including Tencent, Baidu, Taobao, Xiaomi, Meituan, Dianping, 360, 002027, Weibo, Sohu, JD.com, Vipshop, Tudou, Autohome, Ganji.com, and others — are also LPs in Gaorong Ventures.

  • The founding partners previously led investments in numerous outstanding companies, including Xiaomi, Razer, Baofeng Technology, G-bits, Tudou, Wondershare, ArcherMind Technology, 91 Assistant, 3G.cn, MOGU, Dota Legend, Yuanfudao, and others.

  • Since Gaorong's establishment, many of its portfolio companies have grown into national or global leaders in their respective industries, including: Pinduoduo (NASDAQ: PDD), HUYA Inc. (NYSE: HUYA), HMI (NYSE: HMI), Lifesense (SZSE: 300562), Meituan (HKEX: 03690), Ping An Good Doctor (HKEX: 01833), Zhongrongjin (acquired by Homa Appliances), DeePhi Tech (acquired by Xilinx), Qian Dai Bao (acquired by Meituan), MOGU, Fanpu Jinke, Beibei, Leqi E-commerce, DotC, Nuro, YITU, Roborock, Tiangong Intelligence, Zhuiyi Technology, Tigerobo, Oasis Labs, Beitai Haoche, QuantGroup, Shuidi Mutual Aid, Testin, Doumi, BIGO LIVE, Danke Apartment, Qian Dama, Perfect Diary, Ucommune, and others.

  • Gaorong Ventures maintains investment teams in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou.

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Thank you, good friends of Gaorong