6 Companies Close Funding Rounds, 2 Make Latest Global Unicorn List | Source Code Capital Monthly · January

源码资本·February 1, 2018·0·0

Three and a half years since Source Code Capital's founding, many member companies of the Source Code family have grown into a thriving forest. Ma Hui has also become a platform for Source Code Capital's LPs, partners, and entrepreneurs to connect. *Ma Hui Journal* records the incremental progress of our friends, shares in the joy of their growth, and looks forward to an even brighter future.

To Our Readers

Three and a half years since Source Code Capital's founding, our family of portfolio companies has grown into a thriving forest, and Ma Hui has become a platform for our LPs, partners, and entrepreneurs to connect. Ma Hui Zhi is here to record our friends' progress, share the joy of growth, and look forward to an even brighter future.

January

Ma Hui Zhi

Briefing

"Funding"

Hai Feng Education secures tens of millions of USD in Series C funding from TAL Education Group and Source Code Capital

Fruit retail giant Pagoda announces completion of Series B funding, with Source Code Capital accelerating its growth

Ziroom raises 4 billion RMB in Series A funding led by Sequoia Capital, Warburg Pincus, and Tencent, with Source Code Capital among the followers

Asset360 completes new funding round, with existing shareholder Source Code Capital continuing to increase its investment

Zhangshangkuaixiao discloses funding news, receiving joint investment from Meituan's Longzhu Capital and Source Code Capital

Synced completes Series A funding

"Upgrades"

Toutiao pioneers public disclosure of algorithm principles

Meituan transaction volume reaches 360 billion RMB, releases 2018 Dianping Black Pearl Restaurant Guide

Lianjia Overseas forms strategic partnership with Japan's LIFULL Group

Meili United and JD.com announce formation of joint venture

Qudian Group's Dabai Auto pushes into new car retail

Nongfenqi issues China's first trust-based agricultural ABS

Juli Xinfang reports 20 million users in 2017

Huishoubao report shows steady development in phone recycling industry

Yijiupi launches new chain brand "Yijiupi Ling," plans to open over 1,000 stores in 2018

"Quotes"

Xing Wang: Every advance in human dietary history has been the result of fully applying the technological progress of its time.

Lin Xiong: 2018 is Ziroom's year of reputation.

Chaocheng Wang: If you don't make it to number one, you die a hundred percent.

"Honors"

PitchBook releases 2017 global "unicorn" company list, Toutiao and Lianjia make the cut

Toutiao and Zhirong Group win AI Best Gold-Digging Cases TOP30

Suishou wins Best Fintech Internet Finance Platform

Pagoda founder and chairman Huiyong Yu named CCTV National Model for Agricultural Entrepreneurship and Wealth Creation

Yimi Dida chairman and CEO Lucky Yang named among 20 Core Figures Leading China's Logistics Internet Transformation in 2017

Qudian, Suishou, and INK Group win multiple rankings in 2018 Hurun New Finance list

Milestone

Hai Feng Education

Secures tens of millions of USD in Series C funding from TAL Education Group and Source Code Capital

On January 4, 2018, K12 online one-on-one tutoring brand Hai Feng Education announced the completion of tens of millions of USD in Series C funding from TAL Education Group and Source Code Capital. This marks the second funding round for Hai Feng Education within half a year, following its Series B in July 2017. After this round, Hai Feng Education will continue investing in technology and teaching R&D, strengthening its "intelligent teaching + live teaching" dual-engine teaching system.

In 2017, Hai Feng Education's new student growth rate consistently stayed above 50% month-over-month, with registered users exceeding 4 million and students covering all provinces and regions including Hong Kong, Macau, and Taiwan. Currently, Hai Feng Education's platform has reached a daily peak of nearly 100,000 students in class. Over the past four years, Hai Feng Education has invested over 100 million RMB in teaching and technology R&D. Combined with VIP after-sales teaching service experience, it has focused on building an industry-leading "intelligent teaching + live teaching" dual-engine teaching model, earning strong market reputation. Currently, Hai Feng Education's student renewal rate consistently remains above 80%, with course complaints and refund rates both below 1%.

Fruit retail giant Pagoda announces Series B funding, Source Code Capital helps accelerate development

On January 11, 2018, fruit retail giant Pagoda secured over 1.5 billion RMB in Series B funding. This round was invested by CICC Zhongde, Zhongzhi Capital, CICC HuiRong, Cornerstone Capital, Source Code Capital, Yuexiu Industrial Investment Fund, Shenzhen Capital Group, and other institutions. This also marks Pagoda's continued favor from capital markets following its Series A in 2015 and Pre-B in 2016.

Pagoda is a pioneer in fruit chain retail, having opened China's first fruit franchise chain store back in 2001. From 2002 to 2009, Pagoda only opened 115 stores. After developing a rapidly replicable business model, it quickly expanded stores nationwide. To date, Pagoda has over 2,800 stores across more than 40 cities. According to foreign media Eurofresh, Pagoda has become the world's largest fruit chain enterprise.

Ziroom

Raises 4 billion RMB in Series A funding led by Sequoia Capital, Warburg Pincus, and Tencent, with Source Code Capital among followers

On January 16, 2018, China's long-term apartment leader Ziroom held its 2018 strategy communication and Series A funding announcement, revealing 4 billion RMB in Series A funding. Led by Warburg Pincus, Sequoia Capital, and Tencent, the round also saw participation from China Renaissance New Economy Fund, Sunac China, General Atlantic, Source Code Capital, Strait Asset, and New Hope Group. China Renaissance served as exclusive financial advisor, with Han Kun as legal advisor.

Under the policy of equal emphasis on renting and purchasing, Ziroom, as a representative of professional rental institutions, has gained social recognition and capital favor through its original model and high-speed, steady growth. This funding amount set a new record for single-round funding in China's apartment industry, and is a rare first-round funding record for a startup. As China's leading large-scale, full-category long-term rental apartment brand and youth living community, by the end of 2017, Ziroom had entered 9 cities — Beijing, Shanghai, Shenzhen, Hangzhou, Nanjing, Chengdu, Tianjin, Guangzhou, and Wuhan — managing 500,000 units on behalf of over 200,000 landlords and serving 1.2 million tenants (Ziroom customers) cumulatively.

Asset360

Completes new funding round, existing shareholder Source Code Capital continues to increase investment

On January 20, 2018, technology-driven non-performing asset disposal service platform Asset360 announced completion of a new funding round, with investors including Huarong Tianze, the investment platform under China Huarong, as well as existing shareholders Source Code Capital and SIG Asia Investments. This funding will further strengthen AI intelligence capabilities, bringing in outstanding internet talent and compliant disposal talent.

China Huarong, one of China's four major asset management companies, values Asset360 team's technological innovation capabilities and professional disposal capabilities, and firmly believes that its intelligent collection robot, as it continues to iterate and upgrade and gradually opens to all users, will attract more technology software development companies and disposal service institutions to join the platform, thereby combining forces to play enormous potential in standardized disposal, efficient disposal, and even promoting the healthy development of the internet finance ecosystem, achieving leapfrog sustainable development.

Asset360 founder and CEO Haitao Ye stated that as China's earliest internet + big data-based non-performing asset disposal service platform, Asset360 adheres to technological innovation and steady development, integrating national disposal institutions to provide financial enterprises on the platform with full-chain one-stop disposal services covering pre-loan, mid-loan, and post-loan.

Zhangshangkuaixiao

Discloses funding news, receives joint investment from Meituan's Longzhu Capital and Source Code Capital

Fast-moving consumer goods B2B company Zhangshangkuaixiao recently announced that it received joint investment from Meituan's Longzhu Capital and Source Code Capital in 2017. The opportunity for FMCG B2B to emerge was providing the industry with a direct channel to cover small stores, forming modernized efficient supply chains upstream of small stores through scale and efficiency improvements. Since emerging in 2015, numerous players have entered, including JD Xin Tonglu, Alibaba Ling Shou Tong, Zhongshang Huimin, Zhanghe Tianxia, and Dianshang Hulian. By transaction method, there are two types: marketplace platform and self-operated. The former has shallow involvement in goods ownership and fulfillment systems, with a lighter model; the latter controls goods and builds its own fulfillment system, with a heavier model, but can better control supply sources and service standards. Regardless of model, the essential goal is to reduce procurement costs for B-end users by integrating fragmented upstream and downstream, shortening intermediate links, and optimizing matching efficiency (as well as切入 subsequent services like information-based product selection and supply chain finance).

Synced

Completes Series A funding, persists in globalization and exploring new products

Recently, Synced completed Series A funding. This round was led by Xinglu Capital, with People's Daily Online, TalkingData, Baidu Venture, and ECC Elevation China Capital following, and previous investor iFlytek continuing to follow. After the previous round, Synced achieved rapid development in content, data products, globalization layout, events, and industry services. While ensuring continuous output of high-quality content, it also actively expanded new products and services with significant results.

On the content side, the "Synced" public account continues reporting on latest research results, papers, academic conferences, technology trends, and engineering implementations, with users and readership maintaining rapid growth. It launched the sub-brand "Synced Intelligence," focusing on AI's concrete落地 and industrialization, interviewing and reporting on nearly a hundred AI startups and related industry solutions. To date, the two WeChat public accounts have a combined subscription base of 400,000, with 500,000 subscribers on other content platforms like Toutiao and Zhihu, and cumulative readership of 80 million. In the future, Synced will continue providing users with high-quality content and industry services, expanding in global community building, content, data, events, and services, and will successively launch new information products.

What's New

Toutiao

Discloses algorithm principles, creating first for domestic internet companies

On January 11, 2018, Toutiao held a sharing exchange aimed at promoting the entire industry to examine and advise on algorithms, publicly disclosing its algorithm principles for the first time. Senior algorithm architect and University of Science and Technology of China computer science PhD Huanhuan Cao delivered a sharing titled "Making Algorithms Open and Transparent" at Toutiao headquarters, publicly disclosing algorithm principles to the industry, eliminating some societal misunderstandings about algorithms, and gradually promoting the entire industry to better benefit society through algorithms. This sharing mainly introduced an overview of Toutiao's recommendation system and principles of content analysis, user tagging, evaluation analysis, and content safety.

Meituan

Transaction volume reaches 360 billion RMB, releases 2018 Dianping Black Pearl Restaurant Guide

On January 16, 2018, Meituan CEO Xing Wang revealed at the "2018 Dianping Black Pearl Restaurant Guide" launch event that Meituan's 2017 transaction volume reached 360 billion RMB, with revenue of 33 billion RMB. Currently Meituan covers 2,800 cities, counties, and districts nationwide, connecting over 7 million food and beverage merchants.

Behind the 360 billion RMB transaction volume is a microcosm of Meituan's evolution from C-end business to B-end services. In two-sided markets, to better serve C-end users, B-end merchants need help continuously improving efficiency and service. Based on this, Meituan has completed its six major empowerment strategies for the food and beverage B-end market: marketing empowerment, IT empowerment, operations empowerment, financial empowerment, supply chain empowerment, and logistics empowerment. Among these, the popular smart restaurant concept is achieved through IT empowerment, whose essence is using Meituan's intelligent POS system as the restaurant's hub, achieving connection between restaurant, platform, and people.

Lianjia

Overseas forms strategic partnership with Japan's LIFULL Group

Recently, Lianjia Overseas formally signed a strategic cooperation agreement with Japan's LIFULL Group. The two parties will conduct in-depth cooperation in property selection, property display, and customer service, providing Chinese clients with richer, higher-quality one-stop services for property purchases in Japan.

It is understood that Japan's LIFULL Group is a joint-stock company primarily providing living and lifestyle information services, founded in March 1997 and listed on the Tokyo Stock Exchange in October 2006. As LIFULL Group's core business, LIFULL HOME'S is Japan's largest real estate information website, with considerable number of listed properties covering all 47 prefectures nationwide, including different business segments such as rental, sales, renovation, construction, investment, and moving, able to maximally satisfy each client's diversified needs.

Meili United

Announces joint venture with JD.com, leading social e-commerce innovation

On January 4, 2018, JD.com, China's largest retailer by revenue, and social shopping and e-commerce platform Meili United Group jointly announced the establishment of a new joint venture company. The joint venture will focus on operating e-commerce platforms in WeChat's social ecosystem, providing consumers with richer product selections, exploring and leading model innovation in the social e-commerce field.

Meili United Group CEO Qi Chen will serve as chairman of the joint venture. After establishment, based on JD.com's multiple resources and existing retail infrastructure within the "Shopping" first-level entry in WeChat's Discover channel, it will integrate Meili United Group's social e-commerce experience accumulated through operating leading e-commerce platforms MOGU and Meilishuo, while utilizing continuously opening capabilities like WeChat Mini Programs to extend JD.com's service capabilities in supply chain, logistics, big data and other retail infrastructure, fully exploring and creating social e-commerce scenarios and models, creating new market space for merchants, and providing consumers with richer products, services, and innovative shopping experiences. On January 22, the new joint venture announced its formal name as "Weixuan," with brand positioning "WeChat's Best Shops Collection" and a new brand logo, while fully launching its merchant recruitment plan.

Qudian Group

Launches dual-engine strategy, Dabai Auto pushes into new car retail

Since Qudian Group's IPO last year, it formally launched a dual-engine strategy of traditional consumer installment business and new car retail business. The traditional consumer installment business firmly embraces regulation and fully operates in compliance; Dabai Auto carries Qudian Group's ambitious dream of new car retail. Inheriting Qudian's speed gene, within two months of launch, Dabai Auto has already laid out 175 stores nationwide, with over 660 store employees, and daily new car sales volume has reached top-tier industry standards.

Dabai Auto head Long Xu introduced that Dabai Auto's specific business model adopts an OMO (Online-Merge-Offline) approach, using online customer platforms and offline service stores as infrastructure, merging online user ecosystem with offline service ecosystem. Through strategic cooperation with vehicle manufacturers for centralized vehicle procurement, it provides users with low-threshold car purchase services with 10% down payment, and after three to four years of lease, vehicle ownership transfers to users free of charge.

Xu also stated that new car retail does not directly compete with traditional channels, but creates new value for traditional automobile manufacturers and supply chains. Through installment methods, Dabai Auto can reach demographics that traditional car distribution businesses cannot touch, thereby empowering the automobile supply chain; through three-dimensional full-cycle services, Dabai Auto can also empower industry-level improvement of consumer user experience, and this is precisely the social value of new car retail.

Nongfenqi Jointly with Yunnan Trust

Issues China's first trust-based agricultural ABS

The first trust-based agricultural ABS product jointly released by Nongfenqi and Yunnan Trust, "Tianfeng Securities-Yunxin Nongfenqi No. 1 Asset-Backed Special Plan," was successfully issued, raising 151 million RMB. It is understood that this is also China's first exchange-listed asset securitization product comprehensively supporting new types of agricultural business entities.

Nongfenqi founder and CEO Jian Zhou stated that Chinese agriculture is advancing toward modernization and intensification, and Nongfenqi's users are precisely the backbone of this modernization and intensification process, the "new types of agricultural business entities" that the state is actively cultivating, an extremely creditworthy group. Yunnan Trust believes that Nongfenqi's business model fully贴近 rural markets, with information advantages and cost advantages, able to effectively reduce financial institutions' credit risk, increase agricultural assistance fund supply, and optimize agricultural fund allocation.

As China's first trust-based agricultural ABS comprehensively supporting new types of agricultural business entities, this project's successful issuance represents a new breakthrough in broadening rural credit fund sources, helping financial resources flow more precisely and efficiently into agricultural support channels.

Juli Xinfang releases report

20 million users in 2017

On January 29, 2018, Juli Xinfang released its 2017 growth report, showing that nearly 20 million users used Juli Xinfang throughout the year, helping an average of 20 users find new homes daily. Consultants conducted over 2.3 million kilometers of property viewings, equivalent to circling the equator 57 times. Full-year revenue grew over 3x, with GMV exceeding 10 billion RMB.

In eight cities — Beijing, Tianjin, Shanghai, Suzhou, Hangzhou, Guangzhou, Chengdu, and Chongqing — cooperative projects exceeded 550, with 99.5% user positive ratings, 90.3% of users actively recommending Juli to friends, cumulative user reviews exceeding 1.2 million Chinese characters, and Juli helping users save up to 3 million RMB on single transactions.

Huishoubao Releases annual report

Phone recycling industry developing steadily

In 2017, China's secondhand phone recycling market continued heating up, receiving more attention from capital, media, and enterprises. Domestic leading secondhand phone and digital recycling platform Huishoubao, while providing phone recycling services to users, also accumulated substantial user data.

This year, Huishoubao recycled over 2 million phones in total, with transaction volume approaching 1 billion RMB, monthly recycling volume exceeding 200,000 units, and processing center handling over 6,000 phones daily on average. Q3 and Q4 accounted for larger proportions of recycling volume, at 31.81% and 32.22% respectively, because phone manufacturers mainly release new models in these two quarters, launching annual flagship phones along with various promotional policies to stimulate new phone purchases, leading to continuously strengthening phone recycling demand. Online recycling accounted for 45.17%, offline 54.83%, a significant shift from last year's 55% online and 45% offline split.

Yijiupi Launches new chain brand "Yijiupi Ling"

Plans to open over 1,000 stores in 2018

Recently, alcohol B2B platform Yijiupi announced the launch of China's tobacco and alcohol ten-thousand-store chain brand "Yijiupi Ling," and commenced nationwide recruitment. It is understood that "Yijiupi Ling" is positioned as a "retail + group purchase + wholesale" model, and as one of Yijiupi's core development strategies, has the following characteristics:

First, Xinmeida (Meituan) as Yijiupi's strategic shareholder, will优先 promote Yijiupi Ling, providing online traffic and customer push for franchise stores. Additionally, Yijiupi will provide franchise stores with management systems and big data support, including inventory management systems, customer CRM systems, independent store APPs, and unified POS systems, helping merchants effectively manage inventory and finances, scientifically manage users, establish independent online stores, and satisfy POS and financial management needs.

Yijiupi has also reached deep cooperation with various alcohol and FMCG enterprises, able to provide supply chain support for franchise stores. Currently, Yijiupi has signed cooperation agreements with dozens of first-batch franchise partners in Shanxi, Gansu, Hunan, Shandong, Guangdong, Anhui, Jiangsu, Shaanxi, and Hebei, expecting to open over 1,000 stores in 2018.

Quote

Xing Wang (Meituan CEO)

"Meituan as a company uses IT to empower, to help everyone eat better and live better, but if you look at history, every advance in human dietary history has been the result of fully applying the technological progress of its time. Food is so related to technology, to culture and art, and to business, so I have multiple loves for food, a love beyond taste buds. I love good dishes, I love food, and I believe this love for food is a continuously sublimating love. Making a good food ranking requires three things: love, money, and patience. What's very important is, we don't intend to make money from Black Pearl. You can completely believe that while there may be room for detailed improvement in various organizational processes, our starting point is absolutely fair. We don't intend to make money from Black Pearl, so we won't be bought. We're willing to continuously spend money on this, not hoping to make money from it, only hoping we can get a good result, making a food ranking that truly satisfies everyone."

Lin Xiong (Ziroom CEO)

"In operations, focusing on user needs and everything starting from needs is the business philosophy Ziroom always believes in. 2018 is Ziroom's year of reputation. Ziroom reputation includes product reputation, service reputation, Ziroom.com reputation, and every Ziroom person's reputation. In the new year, the entire company will place more emphasis on reputation building, and use the internationally recognized NPS score to measure its true reputation in users' minds. Since January 2018, long-term apartments have received more attention. From earliest industry creation and exploration to now leading with comprehensive innovation across nine cities managing 500,000 units, Ziroom has gone through much effort. In the first year of operation, tenants' average rental period was 271 days; after six years of development, 2017's latest data shows tenants' average rental period grew to 435 days. And according to relevant statistics, the average rental period in the general rental market is only 8 months. This shows that standardized operation by professional rental institutions can greatly increase average rental periods and stabilize rental relationships."

Chaocheng Wang (Yijiupi founder and CEO)

"Scale in FMCG, in my view, has two types of scale. One is horizontal scale — how many regions have you covered? Another is deep scale, vertical scale — how big do you need to be in one city to have a moat, to have barriers? Horizontal scale is actually a big debate. Now in FMCG B2B, there are national and regional players. Do regional ones have value? Any company is valuable regionally at first, but very likely ends up with no value. All of China's commerce now is national companies killing regional companies. Second is depth. Now in B2B everyone counts by stores, but you can't absolutely count by stores. Now everyone says convenience store B2B — Alibaba, JD.com, plus us are all doing it, a bunch of companies are doing it, everyone values the 5.6 million convenience stores. You could call FMCG B2B convenience store B2B, but is this right? Actually for upstream it's not right. I think in an industry track, upstream and downstream are the same. If you don't make it to number one, you die a hundred percent. So we must run. This year we gradually realized that you can't just be a channel, being just a channel won't work, because then your upstream goods won't reach sufficient depth in a region, you can't build scale, and whether brand profit, financial profit, or chain profit, none can be achieved."

Honor & Awards

Silicon Valley global data research institution PitchBook releases

2017 global "unicorn" company list

Toutiao and Lianjia make the list

Recently, Silicon Valley global data research institution PitchBook released the 2017 global "unicorn" company list. The list shows that in 2017, 57 startups worldwide achieved valuations exceeding 1 billion USD, joining the annual "unicorn" ranks, with total valuations reaching 116.5 billion USD. Toutiao, Lianjia, and over 10 other Chinese companies made the list, covering information, transportation, real estate, education, artificial intelligence, and other fields, becoming a strongly momentum Chinese innovation force.

It is understood that PitchBook mainly engages in global enterprise data research and analysis, investment data and recommendations, and is currently one of the world's most authoritative data statistics institutions. According to PitchBook's definition, annual "unicorn" companies generally refer to unlisted companies valued over 1 billion USD with huge development potential.

Toutiao and Zhirong Group

Win AI Best Gold-Digging Cases TOP30

As AI technology develops, AI field scientific and technological achievements are gradually integrating into our lives. AI-combined products and applications are increasingly important, and competition in related markets is increasingly fierce. Leiphone, out of providing market references, broadening markets for listed companies, opening局面, and creating opportunities for enterprises and products with cooperation needs, selected AI applications in finance, automotive, medical, security, retail, hardware, content, and education industries. Over two months, it selected the nation's first 2017 AI Best Gold-Digging Cases TOP30 list. Among them, Toutiao won "Best Recommendation System Award," and Zhirong Group won "Best Intelligent Risk Control Innovation Award."

Suishou wins annual best

Fintech internet finance platform

Recently, the 6th "Golden Lion Award" Pearl River Delta Financial Industry风云榜 hosted by Information Times was announced. This "Golden Lion Award" selection attracted over a hundred financial institutions from five major industries — banking, funds, insurance, private equity, and internet finance. After three months of strict selection, 64 major awards were selected. Suishou won "Annual Best Fintech Internet Finance Platform."

Suishou, with outstanding performance, has also become an object of capital market favor. This October, Suishou's parent company Suishou Technology received 200 million USD in Series C funding led by global top investment institution KKR, with Sequoia Capital, Source Code Capital, and other institutions following, also KKR's first fintech investment project in China, fully reflecting Suishou series products' development potential.

Pagoda founder and chairman Huiyong Yu

Named CCTV National Model for Agricultural Entrepreneurship and Wealth Creation

At the 8th "CCTV Agricultural Entrepreneurship and Wealth Creation Model" awards ceremony held in Beijing on January 5, 2018, Pagoda chairman Huiyong Yu stood out from thousands of outstanding agricultural entrepreneurs nationwide, being named "CCTV Agricultural Entrepreneurship and Wealth Creation Model." This awards ceremony, based on contemporary hot topics, established six award themes: industry integration, targeted poverty alleviation, new farmers, internet + modern agriculture, ecological entrepreneurship, and innovation, from which 13 entrepreneurship and wealth creation models were selected. These 13 models were层层选拔 from thousands of agricultural star entrepreneurs, representing the most entrepreneurial-spirited outstanding individuals of the era. Pagoda founder and chairman Huiyong Yu was precisely one of them, becoming a wealth creation model through practical action and innovation in leading Pagoda to "develop together with China's fruit industry."

Yimi Dida chairman and president Lucky Yang

Named among 20 Core Figures Leading China's Logistics Internet Transformation in 2017

On January 13, 2018, "Insight 2018: Logistics Industry Development Driver Annual Conference" was held in Beijing. Logistics Zhiwen, as the most influential new business platform in the logistics field, based on their records combined with industry expert and fan voting, selected "20 Core Figures Leading China's Logistics Internet Transformation," "2017 Top 10 Employer Enterprises in China's Logistics Field," "2017 Top 10 Express and Logistics Brands Most Satisfying to Consumers," "2017 Top 10 Most Investment-Worthy Startup Enterprises," "2017 Double 11 Best Scene," and other awards. Yimi Dida chairman and president Lucky Yang won "2017 20 Core Figures Leading China's Logistics Internet Transformation."

Qudian, Suishou, and INK Group

Win multiple rankings in 2018 Hurun New Finance

On January 20, 2018, the much-anticipated 2018 Hurun New Finance Top 100 Summit was held in Shenzhen. During the event, the 2018 Hurun New Finance Top 50 and 10 major awards were officially released. As an authoritative research institution, each year's Hurun Rich List series announcement touches countless entrepreneurs' hearts. Over the years Hurun Rich List has visited thousands of entrepreneurs, building the largest high-end population database, witnessing the growth of China's private entrepreneurs.

Source Code Capital portfolio companies Qudian, Suishou, and INK Group won "2018 Hurun New Finance Top 50," Qudian won "2018 Hurun New Finance Outstanding Consumer Finance Enterprise," and INK Group won "2018 Hurun New Finance Most Valuable Brand Enterprise."

View More Ma Hui Zhi

Ma Hui Zhi · December | Toutiao named CB Insights' strongest global AI startup, 6 companies announce business upgrades

Ma Hui Zhi · November | 2 overseas market funding acquisitions, 6 enterprise strategic upgrades, 7 companies win multiple awards

Ma Hui Zhi · October | 3 companies receive additional funding, 1 NYSE IPO, 6 B2B companies win multiple awards

Ma Hui Zhi · September | 4 global unicorns make list, 1 files application, 2 receive additional funding

Ma Hui Zhi · August | Funding, Upgrades and Honors

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