Growth, Growth, Growth, Growth, Growth, Growth, Growth, Growth, Growth

Today is Youth Day, a holiday that belongs to young people.

After more than six years of growth, Source Code Capital has become a vital young force in China's venture capital ecosystem. Across its investment, portfolio services, and platform functions, it has assembled a professional team of over 60 people with backgrounds spanning investment management, product and technology, consulting, media and public relations, and more.

The Song Dynasty Zen master Qingyuan Xingsi once described three stages of Zen practice: at first, mountains are mountains and water is water; upon deeper insight, mountains are not mountains and water is not water; at complete enlightenment, mountains are once again mountains and water is once again water. Similarly, as young people grow, their understanding of the external world follows a cognitive upgrade path — from the "peak of ignorance" through the "valley of despair," up the "slope of enlightenment," and finally onto the "plateau of sustained competence." Meanwhile, their inner world evolves from the arrogance and narrowness of "being ignorant without knowing it," to a reverent mindset of "my life has limits, but knowledge has none," then to the truth-seeking exploration of "hearing wisdom in the morning, one may die content in the evening — integrating knowledge with action," and ultimately to the humble openness of "accepting oneself and others, learning without end."

Through this process of self-cultivation, as each team member breaks through and accumulates understanding of their inner self and the external world, their physical, intellectual, and mental capacities advance rapidly. Inside Source Code, this produces a remarkable chemical reaction — self-driven truth-seeking, open curiosity, and the pursuit of excellence have crystallized into shared values.

These young people have made Source Code what it is today. Here are their stories.

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My Life Has Limits, But Knowledge Has None

Weizhen Li: An Unexpected Cognitive Leap

"Over the past year or so, I've objectively felt my logical thinking strengthen. Charlie Munger once said, 'To become a wise person, you must have multiple models.' Through learning and practice, I've clearly felt myself internalizing many mental models."

"Subjectively, I've become more confident. I've clarified my boundaries of competence and know how to push them further."

"As for career planning, I personally don't think it can be precisely mapped out. What I hope to achieve is a state of ease — not fearing challenges, being certain I can handle them, and knowing that the people around me will support me. Since joining Source Code, I've been working alongside smart people with similar ways of thinking on something I'm fairly good at. I feel like I'm already on that track."

"I hope future colleagues who join us are also candid, thoughtful people."

Jianfeng Sun: Breaking the Spell of Rules

"My biggest feeling is that my way of thinking has changed dramatically. People who work in law for a long time develop a bad mental habit — after rules are established, they simply accept them without asking why those rules exist or whether they're actually reasonable."

"After coming to Source Code, the people around me are full of energy, not just smart but also hardworking, and particularly good at summarizing methodologies. This environment has helped me enormously. Participating in various internal meetings, hearing different perspectives on the same problem, has changed my angles and methods of thinking. It's also pushed me to work harder so I don't fall behind."

"At Source Code today, everyone is willing to quietly focus on things that may not seem productive in the short term but are right in the long term."

"Going forward, I hope colleagues with younger mindsets can join us, so we can keep pace with a rapidly changing environment."

Wanrong Zhao: Climbing That Mountain, Meeting Myself

"Yutang (a Source Code colleague) and I joined Source Code right after graduation. Before joining, I just thought investing was a decent direction and a good career, and Source Code was a pretty good opportunity."

"Starting from my internship in the first half of 2017, it's been nearly three years now. I'd say I've gained three important realizations: First, Source Code has tremendous organizational cohesion — here I found a group of partners willing to work together. Second, Source Code's professionalism in the VC industry has sharpened my hard skills as an investor. Training an investor is like training a pilot — Source Code gives us enough room to learn from trial and error. Third, and more deeply, the input from all my colleagues has enriched my perspective on future work and gradually completed my outlook on life. I've started to find my own philosophy for being at peace with myself."

"Source Code is sincere, upright, and passionate about deep thinking. I hope new colleagues can bring more diversity."

Hearing Wisdom in the Morning, One May Die Content in the Evening — Integrating Knowledge with Action

Mengwan Ye: From Caring About Phenomena to Caring About Essence

"Joining Source Code changed me enormously, in many ways. At the deepest level, it changed how I look at problems — I'm less concerned with surface phenomena and more in the habit of asking why something happens."

"For example, I used to just execute tasks. Now when I receive a project, I instinctively think carefully: why does this project exist? What is it actually trying to achieve? What value can it bring to others?"

"My first year at the Ma Hui annual meeting, I just executed whatever assignments I received — I'd give myself maybe 60 points at most. By the second and third years, I was able to step back from execution and think about the different needs of guests with different roles. For instance, the Ma Hui annual meeting could help member companies better showcase themselves and create more collaboration opportunities within Ma Hui, so last year I designed the 'Ma Hui Market' segment."

"Source Code's underlying values are very aligned now, but outwardly we're extremely diverse — everyone is multi-talented yet understated. I hope future colleagues can be even more diverse while sharing the same foundation."

Qingran Zhong: Finding Certainty in the Unknown

"When Source Code found me, I had just returned to China six months earlier. Like Source Code at that time, I was facing a lot of unknowns and needed to keep feeling my way forward."

"My biggest gain was finally finding an industry and position worth committing to for the long haul. From accompanying Cao Yi on overseas roadshows at the very beginning to now, with mature systems and well-developed functions — it feels like something magical."

"I spent 10 years in the United States before returning. From applied math graduate to quantitative analyst, to tech journalist, to startup — every transition was a deliberate effort, and the adjustment process involved a lot of self-doubt. Source Code's ample room for trial and error and my colleagues' focused, dedicated attitude slowly helped me find my professional home base. The sense of achievement from work and the positive cycle of external recognition suddenly helped me 'discover' myself. I think of what Steve Jobs said: 'You can't connect the dots looking forward.' All those past experiences turned out to be meaningful."

"Now Source Code is increasingly international, and my own adaptability has improved too — I'm more grounded as well."

Xingchen Zhang: Putting Down Roots at Thirty

"I was Source Code's third employee, but the first to join the investment team."

"2014 was when the VC world was at its hottest. I met many investors then and thought this profession was fascinating."

"When I first joined Source Code, influenced by the overall environment, I didn't really understand investing — especially my place in society or the boundaries of my future, whether in career or family. I was essentially fearless out of ignorance."

"In the years since, being an investor and witnessing so many people and events, ups and downs, while my close relationships gradually changed me, I slowly came to understand traditional wisdom like 'standing firm at thirty, free from confusion at forty.' Now I know to choose the long-term right path, even if it doesn't look successful to others. Patience and persistence lead to good outcomes."

"I look forward to more diverse people joining us, injecting more youthful energy."

Accepting Oneself and Others, Learning Without End

Kaisi Chang: More Enjoyment of Intrinsic Drive

"Before Source Code, I also worked in late-stage primary market investing. I joined Source Code mainly hoping for more localized investment decisions, closer to technology, and since most people here are engineering types, it suited me well."

"I also had my second child — I'm very grateful to many colleagues who covered for me during that time so we could get through it together."

"Most importantly, my mindset and way of looking at problems changed. Before, I was mainly extrinsically motivated, needing short-term feedback — praise from others, valuation changes — needing external stimulation. Now I'm gradually turning inward. My drive is more intrinsic. I can isolate myself from some external influences, focusing more on the process rather than excessively caring about results."

"Setting aside the commonalities of investment firms, at Source Code today everyone seeks truth and long-term value. My personal life might be a bit boring — I now count soccer games by the year. I hope classmates with more colorful, free-spirited lives can join us."

Hongdi Gu: Still That Same Young Person

"I joined Source Code right after undergrad, a complete novice who knew nothing. It was like just touching the ground and having to learn to run on my own. When I started working, I made many mistakes, but Source Code gave me enough容错空间. At first, I had to handle social security,公积金 contributions, account openings — things I hadn't learned, so I called to ask one by one, sometimes making a dozen trips to get things done."

"Now I'm much more composed, both in work ability and in getting along with the team. But Source Code still protects us, shielding us from some of society's harshness, so we've retained a lot of our youthful spirit. Sometimes it still feels like we're just classmates in the same class."

Yuanyuan Li: At Source Code, Keep It Real!

"I used to work in auditing. I joined Source Code in 2015 — it's been nearly five years. Professionally, I was familiar with券商投行 but was a complete novice in private equity. Now I've made great progress in expertise and experience. At my previous firm, work was heavily modularized without much big-picture thinking. Now I can master end-to-end methodology, taking an idea from conception and planning through process management to a good result."

"Since I'd only worked at one company with one team after graduation, I was a bit nervous about fitting into a new group. But as I took on more work, I felt the spaciousness and freedom inside Source Code — like the Monday interest-sharing sessions, daily cross-departmental collaborative learning. It feels like being on a big ship with a captain, first mate, sailors, and so on, letting each of us gradually find our value and place."

"I hope more people who know how to express themselves and have passion will join us."

Grow Into Your Own Shape

Stay hungry, stay foolish! Never settle!

Youth shouldn't merely be a measure of age — it should be understood as a state of mind.

Daring to acknowledge your own limitations, striving to expand the boundaries of your cognition, and exploring methods to elevate it — this may be the secret to staying forever young and continuously renewing yourself.

As for what we should ultimately become?

Listen to your heart, stay true to yourself, and grow into your own shape.

Happy Youth Day!

Engage With Us

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