5 Companies Raise Funding, Several Make China's Top 100 Unicorns List | Code Meet Journal · March
Four years since Source Code Capital's founding, the many members of its extended family have grown into a thriving forest — and the "Ma Hui" has become a platform where Source Code Capital's LPs, partners, and entrepreneurs connect. *Ma Hui Journal* is here to document every step of progress, share the joy of growth, and look forward to an even brighter future.
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Four years since Source Code Capital's founding, many members of our portfolio family have grown into a thriving forest. The Code Society has become a platform for our LPs, partners, and founders to connect. Code Society Journal records our partners' progress, shares in their growth, and looks toward an even brighter future.
March
Code Society
Journal
Briefing
"Financing"
Zhangshang Fucai (掌上辅材) completed a tens-of-millions RMB Pre-A round
Existing shareholder Source Code Capital continued to increase its stake
Zhangshang Kuaixiao (掌上快销) raised 205 million RMB in Series B
Chehejia (车和家) announced completion of 3 billion RMB Series B
Existing shareholder Source Code Capital continued to increase its stake, bullish on Mobility 3.0
Edianzu completed $32 million Series C
Zhiyin Zhihui (知因智慧) completed 100 million RMB Series A
Source Code Capital led the round to empower AI
"Upgrades"
Meituan Dache (美团打车) reached 300,000 completed daily orders in Shanghai
50% of users became repeat customers
Lianjia and ICBC achieved system integration
Homebuyers can now complete mortgage applications online
Ziroom obtained 2 billion RMB shelf-registered ABS issuance quota
Quality assets in high demand
JD.com partnered with Meili United (美丽联合) to launch Weixuan
Tapping WeChat traffic value
Hai Feng Education (海风教育) released Parent Committee App and Zhixuepai
Leading the new wave of online education
"Quotes"
Yiming Zhang: The most important quality for a product manager is empathy, not A/B testing.
Xiang Li: When productivity changes, production relations and the world change with it.
Pengcheng Ji: If business owners don't accept a B2B product, it simply means the product isn't good enough.
"Honors"
Chuangyejia & iHeima released China's Top 100 Unicorn List
Toutiao, Meituan, Pagoda, and others made the list
Toutiao Media Lab won the
BIGGIES Award for Data-Driven Product
Edianzu won Internet Weekly's Annual Product Award
1
Milestone
Zhangshang Fucai completed a tens-of-millions RMB Pre-A round
Existing shareholder Source Code Capital continued to increase its stake
On March 30, following its 2017 industry-record 20 million RMB angel round, Zhangshang Fucai — a B2B platform focused on construction auxiliary materials — announced another tens-of-millions RMB Pre-A investment jointly from Source Code Capital and Buhuo Ventures. In just half a year, Source Code Capital and Buhuo Ventures continued to double down, demonstrating their confidence in the building materials B2B sector and their strong endorsement of Zhangshang Fucai.
Founded in 2014, Source Code Capital currently manages $750 million and 3 billion RMB, focusing on "Internet +," "Intelligence +," "Global +," and other innovation-driven sectors. Its investments in industrial internet include: Yi Jiupi, Yimi Dida, Baibu, Zhangshang Kuaixiao, Ruigu, and others. Source Code Capital Investment VP Yuemei Lü commented: "We believe in the efficiency gains Zhangshang Fucai delivers — in customer acquisition, supply chain management, and fulfillment — as well as the consumption upgrade for construction foremen. The platform can consistently deliver stable, standardized genuine products and responsive service."
2
Zhangshang Kuaixiao raised 205 million RMB in Series B
Existing shareholder Source Code Capital continued to increase its stake
On March 26, Zhangshang Kuaixiao founder and CEO Yubin Zheng announced that the company completed a 205 million RMB Series B round in February, jointly led by Prologis and Meituan's Longzhu Capital, with Source Code Capital and Hanxin Capital participating. Founded in July 2016, Zhangshang Kuaixiao is a leading fast-moving consumer goods B2B platform — #1 in South China — currently covering 15 prefecture-level cities in Guangdong, Fujian, and other provinces. In 2018, the company will expand into Hunan and Hubei while increasing investment in manufacturer service systems to further consolidate its advantages on the supply side. 2018 revenue is projected to reach 3 billion RMB.
Zheng noted that as FMCG B2B channels scale rapidly, manufacturers are accelerating their focus and investment in these channels. "Q3 and Q4 of this year will be the critical inflection point when FMCG B2B transforms from a supplementary channel to a mainstream one. Beyond continued rapid expansion, this round will heavily invest in brand service capabilities to deepen partnerships with brand owners."
3
Chehejia announced completion of 3 billion RMB Series B
Existing shareholder Source Code Capital continued to increase its stake
Bullish on Mobility 3.0
On March 22, Chehejia announced completion of a 3 billion RMB Series B round, jointly led by Matrix Partners China and Shougang Fund's New Energy Fund, with existing shareholders Yintai Group, Source Code Capital, BlueRun Ventures, Future Capital, and Fancheng Capital participating. Taihe Capital served as exclusive financial advisor. Including previous angel and Series A rounds, Chehejia has raised 5.755 billion RMB in its two and a half years since founding.
Regarding this round, Chehejia founder, Chairman, and CEO Xiang Li stated: "Chehejia is committed to creating high-quality mobility spaces, leveraging motor-driven power, intelligent connectivity, autonomous driving, and other advanced technologies to drive the transformation of automobiles from traditional fuel-powered transportation tools into future mobility spaces."
Source Code Capital Executive Director Xingshi Wang commented: "Smart vehicles and intelligent mobility will become two massive waves reshaping the transportation industry. Chehejia's deep R&D in intelligent mobility, forward-looking vision, efficient execution, and positioning across the upstream and downstream industrial chain all give it the potential to become a leader in future mobility. Partnerships with mobility platforms will accelerate the development of autonomous driving technology, opening up even broader market opportunities. Source Code Capital firmly believes in Chehejia's team and will continue to support technology-driven 'Intelligence +' enterprises in their continuous innovation and development."
4
Edianzu completed $32 million Series C
Source Code Capital led the round
On March 21, enterprise computer leasing leader Edianzu announced completion of a $32 million Series C round, led by Source Code Capital with Shunwei Capital, Matrix Partners China, Hongtai APlus, and Koala Fund participating. Edianzu founder and CEO Pengcheng Ji stated: "Following the Series C, Edianzu will continue improving IT service efficiency, expanding our premium 4-hour delivery service to more cities nationwide. We'll also accelerate nationwide marketing expansion. Enterprise computer leasing has entered a rapid growth phase. This funding will go toward product refinement, service upgrades, and nationwide business expansion."
Source Code Capital Managing Director Kaishi Chang commented: "Outsourcing non-core business services is an unstoppable trend, with customer demand driving steadily rising industry penetration. Starting with IT equipment, Edianzu pioneered a deposit-free, rent-as-needed model that not only improves corporate capital efficiency but significantly reduces IT management costs and enhances customer experience. We believe strongly in Edianzu's team and their ability to continue creating greater value for clients' IT services."
5
Zhiyin Zhihui completed 100 million RMB Series A
Source Code Capital led the round to empower AI
On March 20, Zhiyin Zhihui — a leading industrial chain finance AI enabler and operator — held its Series A funding announcement and strategic upgrade conference themed "Knowledge Graphs, Knowing the Future," officially announcing completion of a 100 million RMB Series A round. Source Code Capital led the round, with YuanYi Capital and Lingfeng Capital participating. Qingtong Capital served as financial advisor.
This marks Zhiyin Zhihui's second financing round within 12 months. Capital markets possess keen market instincts and sharp discernment — regardless of macro conditions, companies with genuine innovative spirit, technological strength, and the ability to solve real customer problems will continue to win market recognition and investor favor.
what's new
1
Meituan Dache reached 300,000 completed daily orders in Shanghai
50% of users became repeat customers
On March 24, Meituan Dache announced that daily completed orders in Shanghai continued rising on the third day since launch, with cumulative orders for March 23 (00:00-24:00) exceeding 300,000. Nearly 50% of new users in Shanghai during the first three days placed repeat orders — meaning nearly half became returning customers.
Meituan Dache's official Shanghai launch marks its first step toward national expansion following its Nanjing pilot, offering both taxi and express ride services. The launch generated tremendous market response, attracting many users and drawing significant attention among local ride-hailing and taxi drivers. Day-one orders exceeded 150,000, rising to 250,000 on day two. By day three, March 23 (00:00-24:00), completed orders surpassed 300,000, with nearly 50% of Shanghai new users placing repeat orders.
Strong market demand has driven impressive Shanghai performance. Meituan Dache will also vigorously promote the "Internet +" transformation of the traditional taxi industry. Meituan Senior VP Huiwen Wang stated, "Meituan's mission is 'We help people eat better, live better.' Meituan Dache is committed to improving users' travel efficiency and creating better lives. We will actively promote the integrated development of new and old business formats in accordance with relevant regulatory authorities' requirements and guidance."
2
Lianjia and ICBC achieved system integration
Homebuyers can now complete mortgage applications online
Recently, Lianjia and Industrial and Commercial Bank of China signed a strategic agreement to achieve system integration for individual loan processing. Through this technological and industry innovation, second-hand home mortgage applications will move beyond traditional complex offline procedures, enabling one-click QR code qualification pre-screening, online dedicated face-to-face pre-approval, and real-time loan application progress tracking.
This partnership not only comprehensively optimizes the loan application and approval process but enables customers to receive real-time progress updates, achieving transaction process visualization, significantly improving loan signing efficiency, and enhancing the home transaction service experience.
3
Ziroom obtained 2 billion RMB shelf-registered ABS issuance quota
Quality assets in high demand
On March 20, 2018, Ziroom successfully established the first tranche of its shelf-registered ABS — Ziroom No. 2 Phase 1. Over the coming year, Ziroom will complete a total of 2 billion RMB in asset-backed securities on the Shanghai Stock Exchange: "CITIC Securities-Ziroom No. 2 [Phases 1-8] Rent Installment Trust Beneficiary Rights Asset-Backed Special Plan." The plan will soon be listed on the Shanghai Stock Exchange, with CITIC Securities serving as plan manager and underwriter. Participants also include FOTIC, China Chengxin Credit Rating, Dacheng Law Firm, and Ernst & Young.
Ziroom CEO Lin Xiong stated, "Ziroom No. 2 ABS represents our new attempt at rental consumption scenarios based on customer needs. But Ziroom will not become a financial company — we are a company serving the real economy through quality assets. Going forward, we will continue meeting urban young people's multi-level housing needs, providing them with more diverse, comprehensive, and premium rental products and lifestyle services."
4
JD.com partnered with Meili United to launch Weixuan
Tapping WeChat traffic value
On March 16, Weixuan — jointly established by JD.com and Meili United Group — officially launched. Industry observers believe that the social network WeChat has built is creating more imaginative possibilities for e-commerce traffic conversion, and the Weixuan project could become a template for JD.com's "JD + Tencent" empowerment strategy. Weixuan is now accessible through the JD Shopping page in WeChat's Discover > Shopping entry, located in the bottom navigation bar and connected to the Weixuan mini-program. The JD Shopping interface also includes Weixuan special features, Weixuan · New & Novel, and Weixuan · TOP Rankings.
5
Hai Feng Education released Parent Committee App and Zhixuepai
Leading the new wave of one-on-one online education in China's K12 sector
On March 28, Hai Feng Education formally launched its latest major R&D achievements: the Hai Feng Parent Committee App and the intelligent learning hardware Hai Feng Zhixuepai. The Parent Committee App focuses on parent audit and class monitoring, learning feedback, homework analysis, and family education content. It not only helps parents easily view monthly course schedules but enables them to drop in on online classes anytime, effortlessly grasping their child's learning status without disrupting normal classes. Traditionally, offline education institutions operated like a black box — parents had no visibility into what actually happened during instruction. By making classrooms transparent, Hai Feng Education isn't just truly teaching students to fish; it fosters unprecedented parent-child connection and interaction.
Hai Feng Zhixuepai is one of the few intelligent learning devices in the domestic market supporting full-platform PC, tablet, and phone compatibility, perfectly solving students' difficulties with science formulas and geometry problems in online education. Moreover, Zhixuepai requires no consumable supplies, truly achieving convenience and peace of mind. Its complete recording of handwriting strokes particularly highlights the unique advantage of big data-powered intelligent analysis of students' written notes.
Quote
Yiming Zhang (Founder & CEO, Toutiao)
"We've always emphasized internally the need to communicate directly with users, to get firsthand experience, to build intuitive understanding. We want to bring users' feelings and experiences into the company. Our first step in globalization was making overseas user feedback available, providing contact channels so users could reach us directly. Intuitive understanding matters — A/B testing can't measure long-term goals. You must have user empathy to understand their feelings, through user interviews. As a product manager, the most important quality is empathy, not A/B testing."
Xiang Li (Founder & CEO, Chehejia)
"I think everyone will eventually become a mobility company. It's a simple scenario: suppose after 2025, AI becomes highly convenient. At under 1 RMB per kilometer without a driver, most users won't have reason to refuse — the price is more competitive. It waits for you at your door every day for work — better than finding parking or washing your car, and not expensive. When productivity changes, production relations and the world change with it. AI is a crucial foundation for future productivity transformation. By then everyone will define their role. If cars become mobility, they'll become very similar to real estate. We currently have the largest intelligent team among new car manufacturers. We'll control effective investment early on, gradually increasing. Roughly 5% of revenue went to this in the first three years, increasing gradually thereafter."
Pengcheng Ji (Founder & CEO, Edianzu)
"Following the Series C, Edianzu will continue improving IT service efficiency, expanding our premium 4-hour delivery service to more cities nationwide. We'll also accelerate nationwide marketing expansion. Enterprise computer leasing has entered a rapid growth phase. This funding will go toward product refinement, service upgrades, and nationwide business expansion. If business owners don't accept a B2B product, it simply means the product isn't good enough. Blaming bosses for being old-fashioned is wrong. Because business owners' core demands are efficiency improvement and profit growth — if B2B services can truly deliver, they will sell."
Honor & Awards
1
Chuangyejia & iHeima released China's Top 100 Unicorn List
Toutiao, Meituan, Pagoda, and others made the list
Recently, Chuangyejia & iHeima selected 100 companies from frontier sectors including internet, AI, intelligent manufacturing, and biomedicine, comprehensively evaluating industry position, financing status, and other criteria. These are either rapidly growing, established industry leaders; or relatively young companies with technological advantages and high-growth potential — all "unicorn" companies with high valuations. If they file for IPO, they will be among the most likely to list on A-shares. Among them: Toutiao, Meituan, Pagoda, Meili United Group, and ETCP Group.
2
Toutiao Media Lab
Won BIGGIES Award for Data-Driven Product Development
Recently, the 2018 Global BIGGIES Awards — a heavyweight global media innovation prize — announced its winners. Toutiao Media Lab won first place for Excellence in Data-Driven Product Development. The judges' citation noted, "Toutiao Media Lab represents China's extensive big data application cases, demonstrating the enormous potential of reading data."
Hosted by the Big Data and AI for Media Association for seven consecutive years, the awards recognize outstanding products in global media's big data and AI applications. This year's ceremony was held at Columbia University's Pulitzer Hall — also the venue for the Pulitzer Prizes. Other winners included Washington Post's ModBot, Dow Jones' DNA data analytics platform, BBC's NHS Tracker, and South China Morning Post's Lotame data management platform — media technology products from 14 countries and regions. Toutiao Media Lab was the only winner from mainland China.
3
Edianzu won Internet Weekly's Annual Product Award
On March 9, the 2017 Internet Weekly Annual Person and Product Awards ceremony — hosted by Chinese Academy of Sciences' Internet Weekly, Chinese Academy of Social Sciences' Information Research Center, and eNet Silicon Valley Power — was held at China World Hotel. The ceremony gathered over a hundred outstanding entrepreneurs and representatives from various industries and sub-sectors competing for annual person and product honors. In this year's selection, Edianzu was awarded the 2017 Annual Product Award by Internet Weekly.
More Code Society Journal
Code Society Journal · January | 6 companies completed financing, 2 made latest global unicorn list
Code Society Journal · August | Financing, upgrades, and honors
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