Xpeng Motors, Full Truck Alliance, Zhongji Innolight, MetaX, and LandSpace Make Multiple All-China Federation of Industry and Commerce Lists | Heart Capital Portfolio
Five companies, thirteen appearances on the list.
Recently, the All-China Federation of Industry and Commerce (ACFIC) released its 2026 rankings: China's Top 500 Private Enterprises, Top 500 Private Manufacturing Enterprises, Top 100 Private Service Enterprises, Top 500 Private Enterprises by R&D Investment, and Top 500 Private Enterprises by Invention Patents.
Heart Capital portfolio companies Xpeng Motors, Full Truck Alliance, Zhongji Innolight, MetaX, and LandSpace earned a combined 13 spots across these five lists, demonstrating continued progress in business operations, R&D investment, and innovation accumulation.
Xpeng Motors | Selected for Four Lists
Xpeng Motors appeared under the entity name "Guangdong Xiaopeng Motors Technology Group Co., Ltd.," ranking:
- China's Top 500 Private Enterprises: No. 141
- China's Top 500 Private Manufacturing Enterprises: No. 103
- Top 500 Private Enterprises by R&D Investment: No. 23
- Top 500 Private Enterprises by Invention Patents: No. 45
Notably, Xpeng climbed 167 positions on the Top 500 Private Enterprises list compared to the previous year. Its growth in operating scale, alongside recognition on the R&D and patent lists, marks the company's development and accumulated capabilities.
Full Truck Alliance | Selected for Top 500 Private Enterprises and Top 100 Service Enterprises
Full Truck Alliance subsidiary "Jiangsu Manyun Software Technology Co., Ltd." ranked:
- China's Top 500 Private Enterprises: No. 263
- China's Top 100 Private Service Enterprises: No. 56
Selection for both lists reflects the company's achievements in digital freight.
Zhongji Innolight | Selected for Three Lists
Zhongji Innolight appeared under the entity name "Suzhou Innolight Technology Co., Ltd.," ranking:
- China's Top 500 Private Enterprises: No. 365
- China's Top 500 Private Manufacturing Enterprises: No. 266
- Top 500 Private Enterprises by R&D Investment: No. 255
From operating scale to R&D investment, Innolight's presence across three lists illustrates multiple dimensions of the company's growth.
MetaX | Selected for Both R&D Investment and Invention Patents Lists
MetaX appeared under the entity name "MetaX Integrated Circuit (Shanghai) Co., Ltd.," ranking:
- Top 500 Private Enterprises by R&D Investment: No. 235
- Top 500 Private Enterprises by Invention Patents: No. 306
Sustained R&D investment and technical accumulation form the foundation for long-term development at any technology company.
LandSpace | Selected for Both R&D Investment and Invention Patents Lists
LandSpace appeared under the entity name "LandSpace Space Technology Co., Ltd.," ranking:
- Top 500 Private Enterprises by R&D Investment: No. 268
- Top 500 Private Enterprises by Invention Patents: No. 462
Selection for both innovation-focused lists records LandSpace's progress in R&D and intellectual property development.
Behind every ranking lies the long-term commitment and persistent exploration of entrepreneurial teams.
Heart Capital believes that technological innovation takes time and steadfast companionship. We will continue to follow China's technology entrepreneurship ecosystem, supporting founders in translating technical breakthroughs into products and services for broader markets.
Congratulations to Xpeng Motors, Full Truck Alliance, Zhongji Innolight, MetaX, and LandSpace!
Data source: 2026 rankings published by ACFIC. Company names and rankings are based on official announcements.
Methodology: ACFIC's rankings assess private enterprise development across dimensions including operating scale, R&D investment, and invention patent accumulation. The Top 500 Private Enterprises and manufacturing/service sub-lists are primarily ranked by annual revenue. The R&D investment and invention patents lists focus on R&D expenditure scale and domestic valid invention patent holdings, respectively.
Founded in 2022, Heart Capital is a venture capital fund focused on early-stage technology startups in China.
The Heart Capital team comprises founding partners and core investors from Lightspeed China Partners, alongside seasoned investors from industry. Past investments include MetaX (688802.SH), Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), SUNMI (06810.HK), RoboSense (02498.HK), Ambiq Micro (NYSE: AMBQ), Hanshow Technology Co., Ltd. (301275.SZ), FinVolution (NYSE: FINV), HERE (NASDAQ: HERE), as well as LandSpace, MicroNano Space, Baichuan, Yunmanman Cold Chain Logistics, World Logistics, FanDeng Reading, and Lanhu.
Rooted in China with a global outlook, Heart Capital is dedicated to supporting early-stage teams with the potential to become world-class Chinese technology companies. Heart Capital champions the value of "heart," believing that technology can serve as a bridge connecting people. We look forward to accompanying more young Chinese entrepreneurs onto the world stage.