Rongbao · October | Seeyon Networks Lists on STAR Market, Chang Chen Speaks at Zhongguancun Forum on "Patient Capital"
To date, companies invested in or backed by Gaorong Ventures have completed 10 successful IPOs.
About Rong Bao: Rong Bao is a monthly digest that rounds up noteworthy news and insights from Gaorong Ventures and its portfolio companies. Each issue features ten items — not just major funding announcements and milestones, but also emerging trends, new innovations, and fresh perspectives. In the spirit of Gaorong's vision to "create" a better life, we believe every step forward in innovation opens up infinite possibilities.
IPO · Seeyon Debuts on STAR Market, Bringing Gaorong-Backed IPO Tally to 10
On October 31, Beijing Seeyon Software Co., Ltd. (stock ticker: 688369) officially listed on the Shanghai Stock Exchange's STAR Market at an IPO price of RMB 49.39 per share, with a price-to-earnings ratio of 59.99x.
Gaorong Ventures invested in Seeyon in 2017. To date, ten companies in Gaorong's portfolio have successfully gone public. Seeyon specializes in enterprise management software, providing collaborative management software products, solutions, platforms, and cloud services — integrating design, R&D, sales, and service into one of China's leading collaborative management software providers.
As a key software enterprise under the national planning layout and a certified high-tech enterprise, Seeyon has built competitive advantages in product technology, brand reputation, marketing, and service capabilities through its sustained focus on the collaborative management software industry. Proceeds from this STAR Market IPO will fund four projects: next-generation collaborative management software upgrades, a collaborative cloud application service platform, a western China innovation center, and marketing and service platform expansion.
Perspectives · Chang Chen on "Patient Capital": Venture Capital Is Long-Term Value Investing
In October, the 2019 Zhongguancun Forum hosted a parallel session titled "Patient Capital: Financing the Future of Industries." Chang Chen, founding partner of Gaorong Ventures, joined a roundtable on "The Underlying Logic of Patient Capital" to share his perspective.
Chang noted that the essence of venture capital is long-term value investing, and that values are tightly linked to investment returns. "If you don't have patience, don't do VC. Your values and your returns are inseparable."
The future industries investment forum, one of the most important parallel sessions at the 2019 Zhongguancun Forum, was led by Zhongguancun Development Group and co-organized by the Asset Management Association of China, Zhongguancun Science Park Management Committee, and Beijing Technology Innovation Investment Management Co., Ltd.
Social Commerce · Beidian Unveils "New Manufacturing — Factory Brand 500" Initiative
On October 18, at the 2019 World Internet Conference · Internet Light Expo, Beidian and the University of International Business and Economics co-hosted the launch of "Research Report on Transformation Trends of Traditional Chinese Processing Plants" and the "New Manufacturing — Factory Brand 500" initiative, themed "Digital Retail Empowering New Manufacturing."
The research report released at the event shows that China's e-commerce market is taking on a new shape, with social commerce playing an increasingly important role in reconstructing industry chains and ecosystems. For factories, social commerce enables not just channel empowerment, but comprehensive upgrades across branding, data, product development, and services.
To help more factories transform and upgrade, Beidian officially launched the "New Manufacturing — Factory Brand 500" initiative. The program will focus on new domestic brands and new manufacturing, helping small and medium-sized manufacturing factories become industry benchmarks and build consumer-trusted factory brands, while accelerating the upgrade of traditional factories across industrial belts. Going forward, Beidian will leverage its platform resources and community user base to build a systematic service platform for SME manufacturers. Selected factories will receive support spanning traffic, operational guidance, data analytics, C2M reverse customization, brand reputation building, and user demand-supply modeling.
AI · YITU Launches "AI Chip Visual Computing Innovation Platform Open Plan" to Build an Open, Interconnected Ecosystem
On October 30, YITU announced its "AI Chip Visual Computing Innovation Platform Open Plan." Going forward, it will collaborate with industry, academia, and research institutions to build an open visual computing technology platform and community, using forward-looking technical thinking and implementation architecture to foster a "layered decoupling, open integration" industrial ecosystem.
In September, China's Ministry of Science and Technology released its latest list of national next-generation AI open innovation platforms, formally designating YITU to build the "Visual Computing National New-Generation Artificial Intelligence Open Innovation Platform" to advance the integration of China's chip design industry with artificial intelligence.
The launch of YITU's AI chip visual computing open plan marks an important step in fulfilling its mission as the designated builder of the national visual computing open innovation platform. YITU stated that it will share its industry development experience and accumulated sector knowledge with partners to jointly drive faster industrial upgrades.
Smart Parking · AIpark Closes Hundreds of Millions of RMB in Series B+ Round
AIpark, a global leader in city-level smart parking, recently raised hundreds of millions of RMB in a Series B+ round led by CICC Capital, with participation from multiple institutional investors. Gaorong Ventures invested in AIpark in 2017.
AIpark is the world's first company to apply high-position video recognition technology to urban smart parking and static traffic order management. It has built world-leading smart parking and static traffic management technology and operational systems, developed over 170 proprietary core technologies and patents in internet big data and intelligent hardware, and launched high-tech products including AIpark Sky Eye and AIpark City urban smart parking management systems.
Since its founding, AIpark has successfully delivered city-level smart parking benchmark projects in more than ten cities including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Shijiazhuang, Handan, Zhangjiakou, Zhengzhou, and Fuzhou, alongside 2,000+ commercial parking projects across first- and second-tier cities.
Financial Services · XTransfer Raises Tens of Millions of USD in Series B1
XTransfer, a leading one-stop cross-border financial services platform for foreign trade enterprises, recently announced a Series B1 raise of tens of millions of USD, led by the eWTP Fund with participation from Gaorong Ventures, China Merchants Capital, Lingyi Venture Capital, and Yunqi Capital. The proceeds will fund expansion of XTransfer's international financial network, applications for financial licenses across countries, team and technology upgrades, and marketing. Gaorong Ventures previously invested in XTransfer's angel round and has continued to participate in subsequent rounds.
Founded in May 2017 and headquartered in Shanghai, XTransfer has established branches in Hong Kong, the UK, Canada, the US, Japan, and Australia, and obtained local payment licenses. By building a global financial network, XTransfer provides SMEs with comprehensive financial solutions for global operations, including cross-border and local collections, payments, foreign exchange, treasury management, lending, and other services.
AI · Testin Officially Launches New AI Testing Product iTestin
In October, at the second NCTS China Cloud Testing Summit, Testin officially launched iTestin, its new AI-powered testing product. As a key component of Testin's AI strategy, iTestin integrates leading natural language processing, text recognition, and icon recognition technologies to significantly improve usability and automation efficiency — doubling script writing efficiency while halving script maintenance costs.
Traditional testing scripts require extensive manual intervention, with testers manually selecting target controls for recording and maintenance. iTestin's natural language scripting dramatically lowers the barrier to script recording and improves usability and maintenance efficiency. Testers simply input natural language descriptions such as "click," "wait," "check," "long press," or "input," and the backend AI accurately executes complete, error-free operations on real devices in real time.
As an enterprise service platform powered by AI technology, Testin operates business brands including Testin Cloud Testing, Testin Data, Testin Marketing, and Testin Gig Work, providing testing, security, promotion, and AI data collection and annotation services to over one million enterprises and developers.
Recognition · Chang Chen Named Among "China's 30 Most Influential Investors of 2019"
Fortune (China edition) recently released its "30 Most Influential Investors in China 2019" list, with Chang Chen, founding partner of Gaorong Ventures, among those honored.
The ranking, produced in partnership with Zero2IPO, evaluates candidates based on firm type, assets under management, number and scale of portfolio companies, exit returns, portfolio company valuations, and overall market influence, selecting the 30 most influential investors in China's VC/PE market since 2018. Fortune (China edition) noted that "the investors on this list continue to uncover valuable companies amid relentless challenges, and search for new growth engines through the lows of the investment cycle."
Recognition · Gaorong Ventures Wins "Most GP-Focused VC Firm" at ChinaVenture 2019 Awards
In ChinaVenture's "2019 Limited Partner Rankings," Gaorong Ventures was named among the top 20 "Most GP-Focused Venture Capital Firms of 2019."
In October, Forbes China released its "2019 30 Under 30 China" list, with Luxi Yang, senior investment manager at Gaorong Ventures, among the honorees.
New Website · Gaorong Ventures Unveils Redesigned Website
At the end of October, Gaorong Ventures launched its newly redesigned website.
The new site showcases how Gaorong's portfolio companies use technology and innovation to bring better lives to people. We hope this portal will share more about our team's "diversity and constant evolution." We hope Rong Hui will serve as a connector to "walk alongside and accompany" entrepreneurs day in and day out. And of course, it will feature timely updates on Rong Hui's knowledge sharing and Gaorong's latest developments, so we can "keep refining and renewing together" with entrepreneurs and partners.
In terms of design, the website uses trees, growth rings, and shifting light and shadow as visual elements to reflect the vigorous evolutionary force of the Gaorong ecosystem.
Website: https://www.gaorongvc.com/
Click "Read More" at the end of this article to visit the new Gaorong Ventures website.
Congratulations to Seeyon on its Successful STAR Market Listing! | Gaorong News
