Code Brain | In Hangzhou, Witnessing the Rise of China's Smart Manufacturing and AI Enterprises
On September 23, Source Code Capital led more than 20 founders, CEOs, co-founders, and senior executives from its portfolio companies on visits in Hangzhou to Geely, Alibaba Cloud, and Manycore Tech — representatives of smart manufacturing and AI industries.
Following Suzhou, Shenzhen, and Beijing, "Code Brain Visits · Study Tour" arrived at its fourth stop — Hangzhou. On September 23, Source Code Capital led more than 20 founders, CEOs, co-founders, and senior executives from portfolio companies including SEVB, HAI ROBOTICS, Blokees, YQN Logistics, Yangteng Innovation, and CassTime on an intensive one-day tour of three representative companies across different sectors: Geely, a domestic automotive giant in intelligent manufacturing; Manycore Tech, one of Hangzhou's viral "Six Little Dragons"; and Alibaba Cloud, a global leader in cloud computing and AI technology.
That evening, we also organized a special "Going Global Dinner," inviting John Holden, former president of the National Committee on United States-China Relations, to share his observations and perspectives on current U.S.-China relations.
The Hangzhou study tour's first stop was Geely Auto's Qiantang production base, where the group observed the full intelligent production and assembly process. Founded in 1986, Geely now spans automotive manufacturing, mobility services, digital technology, and financial services, with brands including Geely, ZEEKR, and Volvo under its umbrella. In 2024, it ranked tenth globally in vehicle sales.
During an exchange with Source Code Capital's portfolio companies lasting over an hour, Zhang Aiqun, former senior vice president of Geely Holdings, shared in detail Geely's nearly 40-year development journey, its overseas strategic layout, and the stories behind several major strategic decisions.
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The second stop was Manycore Tech, one of this year's breakout "Hangzhou Six Little Dragons." Established in 2011, Manycore Tech is a representative company in spatial intelligence services, with offerings including spatial design software, an overseas spatial design platform, and a spatial intelligence platform. It has also independently developed a billion-parameter multimodal spatial foundation model.
Beyond a video demonstrating the AI-driven evolution of spatial design, Hong Shanshan, general manager of Manycore Tech's cultural heritage division, shared concrete cases of how spatial foundation models are being deployed and commercialized across verticals including consumer retail and home furnishing.
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The final stop was Alibaba Cloud headquarters. As a global leader in cloud computing and AI technology, Alibaba Cloud provides startups with diverse products and industry solutions including large language models, cloud servers, cloud databases, and cloud security. Its proprietary offerings include the "Tongyi Qianwen" foundation model and the "Bailian" one-stop LLM platform.
Alibaba Cloud technical experts, product solution specialists, and ecosystem partnership leads shared perspectives from their respective angles on enterprise AI Agent exploration, LLM deployment cases in vertical industries, and how Alibaba Cloud's ecosystem empowers startups — giving founders a more comprehensive understanding of how to leverage Alibaba Cloud resources to ride the AI wave.
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Addressing the "going global" topic of greatest concern to portfolio companies, we organized an intimate "Going Global Dinner" after the day's tour. We were honored to host John Holden — a leading scholar on U.S.-China relations, business leader, and former president of the National Committee on United States-China Relations, then visiting China — who shared his views on the current and future trajectory of U.S.-China relations, as well as key considerations for Chinese companies entering the U.S. market.
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About "Code Brain Visits · Study Tour"
Beginning in 2023, as the business environment grew increasingly complex, Source Code Capital anticipated that portfolio companies' demand for industry-specific engagement would intensify — and that industry support would deliver greater value both near-term and long-term. The firm began organizing vertical industry exchange activities, aiming to bring portfolio companies, LPs, and SP partners into face-to-face dialogue with representative enterprises. The goal: to understand the latest industry developments and benchmark against leading practices, while exploring potential business collaboration and ecosystem synergy opportunities.
To date, "Code Brain Visits · Study Tour" has organized five themed study tours, cumulatively bringing over 180 founders and senior executives from Source Code Capital portfolio companies and MaHui ecosystem partners to four cities — Shenzhen, Beijing, Suzhou, and Hangzhou — for visits to representative companies across verticals including Foxconn, BYD, Geely, Xiaomi Auto, ECOVACS, Volcano Engine, Insta360, and Shopee, with direct exchanges with founders and senior executives.
