Forbes Releases Major Rankings, Source Code Capital's Yi Cao and Yungang Huang Make the List

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Create lasting, real value.

On the morning of April 14, 2020, local time in the United States, Forbes magazine released two major annual lists: the 2020 Midas List and the Midas Brink List.

Yi Cao, founding partner of Source Code Capital, made the Midas List for the third consecutive year following his 2018 and 2019 appearances. Yungang Huang, partner at Source Code Capital, was named to the 2020 Midas Brink List.

Since 2001, Forbes has annually collected portfolio data from venture capitalists worldwide to publish its list of the top 100 venture capitalists, known as the "Forbes Midas List" and widely regarded as the "Oscars" of the venture capital industry. Beginning in 2014, Forbes also began recognizing emerging investors globally through the Midas Brink List.

I. Growth

From the embarrassment of Chinese investors being entirely absent from the Midas List in 2011, to the explosive breakthrough of Chinese investors on the list in 2018 and 2019, this year saw 20 China-background investors make the cut. The growing Chinese presence among global investing "Midas touch" holders confirms that China's new economy has gradually developed global influence.

Source Code Capital was founded in the spring of 2014 with a mission to discover and empower leading enterprises in the information revolution. After six years of development, the firm currently manages $1.5 billion USD and 5 billion RMB, having earned sustained long-term recognition from top-tier global institutions including sovereign wealth funds, university endowments, charitable foundations, pension funds, funds of funds, family offices, and leading corporations, as well as domestic institutional investors such as national guidance funds and large state-owned enterprises.

Following its "Three Horizontals, Nine Verticals" investment map, Source Code Capital has invested in over 150 outstanding companies, including ByteDance, Meituan (3690.HK), KE Holdings (Lianjia Group); Li Auto, NIU Technologies (NASDAQ:NIU), RELX, Cloud Whale, Ziroom, Juli Xinfang, Huizhaofang, Pagoda, Meili United (NYSE:MOGU), Xinchao Media, Walnut Coding, WeiMai, Huishoubao, Linji; Yijiupi, Yimi Dida, Xiaoyaoyao, Baibu, Edianzu, ZNLH, Keenon Robotics, Chuxin, YQN Logistics, Ruigu, CassTime, Car300; Qudian (NYSE:QD), Asset360, Insnail, Cijinrong, Abbotz; KrazyBee, Zenjoy, BLUE, OPay, among others.

The Source Code Capital team has also grown from its initial dozen or so members to over 60 professionals across investment, portfolio services, and platform functions, forming a multidimensional combination unified at the foundational level but drawing from diverse perspectives in investment management, product and technology, advisory consulting, media, and other fields.

II. Responsibility

In 2020, the sudden COVID-19 outbreak spread globally.

At the early stage of the outbreak in China, in order to provide additional protection and support for frontline medical workers battling the virus across the country, Source Code Capital immediately donated 3 million RMB to the Red Cross Society of China, earmarked for the "ByteDance Medical Workers Humanitarian Relief Fund." The firm also called on Ma Hui members, whether individuals or enterprises, to donate to the fund within their capabilities and contribute their share of compassion. Ma Hui members including Baibu, Car300, CassTime, Ruigu, simple pieces, Yimi Dida, Zhaomei.com, and ZNLH collectively donated 1.02 million RMB; individual Ma Hui members including Chuxin CEO Changyi Liu, YiCan CEO Yiran Huang, and ZNLH CEO Tianli Yang donated 125,000 RMB.

Furthermore, to help portfolio companies maintain normal operations during the pandemic, Source Code Capital — while maintaining an active investment pace — organized its portfolio services program "Code Brain" to launch the "Standing Together to Battle COVID-19" series of online courses covering legal affairs, financing, human resources, and other topics. The series delivered eight courses in total, with over 370 entrepreneur and LP participants from the Ma Hui community. Subsequently, to assist portfolio companies with recruitment needs, Source Code Capital's portfolio services team planned the "Ma Shang Ru Zhi" online recruitment series, inviting HR and executive search guests to share workplace experience and strongly driving traffic to solve portfolio companies' hiring challenges.

III. Being "Four-Haves Youth," Being the Investment Institution with the Most Entrepreneurial Spirit

In early 2020, when invited to speak at Tsinghua University's PBC School of Finance, Yi Cao noted that the second half of the internet era would be characterized by: shifting from incremental to stock economy; from consumer-focused to both B2B and B2C; from emphasizing market dividends to emphasizing organizational capabilities; and from favoring high-growth, high-burn business models to appreciating moderate-speed, low-burn business models.

Source Code Capital has proudly entered its youth. Facing the second half with various external uncertainties叠加, the firm needs to look inward to find steadfast strength, achieving at the organizational level the "Four-Haves Youth": having principle (dao), having method (fa), having technique (shu), and having tools (qi) — becoming the investment institution with the most entrepreneurial spirit. (Yi Cao of Source Code Capital: "Four-Haves Youth" — What Good Companies Look Like in the Second Half)

Source Code Capital hopes to always accompany entrepreneurs in navigating complex external environments, to find more like-minded "Four-Haves Youth," and in the second half to leverage the power of technology and capital to drive commercial transformation and create lasting, real value.

Additional Source Code Capital Awards and Honors