2026 MaHui | A Deep Connection Without End

This was a MaHui gathering five years in the making.

Over 140 MaHui partners — including CEOs of portfolio companies, Source Code Capital investors, and a select group of LPs — gathered in Anji, spending nearly three days amid bamboo forests and mountain landscapes far from the city. They set aside the pressures of entrepreneurship, cleared their minds, studied AI, reflected on themselves, explored partnerships, and connected with fellow travelers...

This was MaHui 2026. The theme: "Go Deep, See Far" — go deep as the road already traveled; see far as conviction in what lies ahead.

Substance, practicality, authenticity, heart, ease, finding one's people, wanting to return — these were the words founders used most when describing this year's gathering.

1

An AI-Intensive Gathering

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May 29 was the centerpiece of MaHui. Nine speakers from different vantage points delivered comprehensive perspectives on where AI is headed and how it's being practiced, organized across five dimensions:

• Yi Cao, founding partner of Source Code Capital, along with directors Guang Han and Xun Zhang, shared the firm's assessment of current AI trends in China and globally.
• Two speakers from Volcano Engine and Doubao offered Big Tech's strategic thinking on AI, their understanding of token economics, and differences between domestic and overseas markets in AI applications.
• Mengdi Wang, director of Princeton University's AI Innovation Center and professor of electrical and computer engineering, brought an academic perspective on the most fundamental research progress in AI — where world models currently stand.
• A guest from a leading domestic foundation model company discussed the evolution of base model intelligence and trends in large model business models.
• Two MaHui member CEOs — Weijie Sun, founder of DeepWise, and Ethan Yuanming Hu, founder of Meshy AI — shared how AI is being deployed in their respective verticals, and how founders can use AI to manage their companies more effectively.

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The final hour of the day featured a particularly engaging roundtable moderated by Guang Han, director at Source Code Capital, with Professor Mengdi Wang of Princeton, Ethan Yuanming Hu of Meshy AI, and Yungang Huang, managing partner of Source Code Rhythm. They moved from points of consensus and divergence in AI, to value judgments, to practical survival strategies at the application layer, to whether AI going global represents real opportunity or mere consolation — then jumped three years into the future to share what each most wanted to know and do.

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Beyond AI, we also prepared macro perspectives to close out MaHui. We specially invited Professor Minghao Zhao, deputy director of Fudan University's Center for American Studies, to deliver a session titled "US-China Strategic Competition: The Triple Movement of Geopolitics, Trade, and Technology" — helping founders cut through the noise of complex information to see the variables in today's geopolitics and their potential impact on business operations.

We also invited two additional guests: a senior investment banker and the CFO of a Hong Kong-listed company, to share opportunities and challenges in today's capital markets, along with practical questions and concerns around the IPO process.

2

Moments of Deep, Relaxed Intellectual Exchange

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Many annual gatherings begin with a formal, ceremonious opening. But this year's MaHui abandoned the traditional welcome dinner in favor of something more relaxed:

On the evening of May 28, we set up a startup-themed pub on the hotel's rooftop. No agenda, no assigned seating, no host, no toasts. Just food, drinks, and an open door. (Plus snacks and beverages sponsored by Source Code portfolio companies Linji Convenience Store and Dongfang Honghu — one MaHui partner even brought white jade loquats from their hometown.)

Whether old friends or new, people sat down and found endless topics to discuss.

That pub didn't close until midnight. Many stayed talking late into the night. The scheduled programming hadn't even begun, yet MaHui was already underway.

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That evening, after a day of intensive learning, everyone gathered on an open outdoor lawn.

As music played, against the mountain sunset and in the evening breeze, founders shed their layers, settled into camping chairs, and talked over food and drink.

As darkness fell, the "MaHui Startup Open Mic" began — seven CEOs, eight minutes each, choosing from three prompts:

• What's the biggest pitfall you've fallen into?
• What's the hardest decision you've ever made?
• How have you changed most since starting your company?

No slides, no scripts, no pitches — just honest self-reflection. Some spoke for eight minutes, others for twenty-six. When someone described their hardest decision, the audience fell so quiet you could hear the mountain insects; when someone recounted a past mistake, the room erupted in laughter and knowing nods.

At the end, the audience voted for three Top Talks.

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On the final morning, we organized a two-hour dawn walk, leading everyone through Lingfeng Mountain to breathe fresh air amid bamboo forests and experience Chinese humanistic aesthetics in an ancient temple — truly decompressing and giving themselves a quiet morning. Many founders said this was the most precious time of the entire gathering.

3

The Thoughtful Touches That Ran Through MaHui

Beyond the scheduled programming, we tucked in a few small details that ran throughout the gathering — not on any agenda, but among the most appreciated by founders: these are what make MaHui different.

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Outside the main venue, we created a Corridor of Answers. The content came from questions we posed to all attending CEOs before the event:

• What change are you most certain about in the next 3–5 years?
• What would you most want to say to yourself 3–5 years from now?

We received many heartfelt responses: some offering themselves encouragement, some giving themselves credit, others reminding themselves to take care of their health...

This was the most heartfelt collective creation of MaHui 2026.

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MaHui Library: Building on the "MaHui Book Gift" tradition, we displayed nearly 200 titles on-site — including previously gifted books, upcoming selections, Yi Cao's recommendations, and personal favorites from attending CEOs.

The rules were simple: founders wrote down one insight from their entrepreneurial journey, or recommended another book that had deeply influenced them, and could take a book home on the spot.

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MaHui Charity Market: The MaHui market has long been a signature element, designed to create practical front-end windows for business collaboration within the ecosystem. This year, it took the form of a charity market. Seven portfolio companies brought their hit products, selling them at charitable prices on-site, with all proceeds donated to Source Code's rural education initiative in Yunnan — collectively practicing the principle of tech for good.

The seven participating companies were: Xeno Dynamics, Keyi Tech, Indel B, LAN, TNT Space, WonderLab, and Pipibear.

4

MaHui, To Be Continued

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MaHui is but a brief gathering.

Thank you to every old and new friend who came this time.

Thank you for your sincerity on stage, your stories on the lawn, your late-night conversations in the pub.

This is the first look back at MaHui 2026. In the days ahead, we will gradually compile and share the highlights from our speakers' sessions, roundtable discussions, and the open mic's honest words.