Ma Hui Ecosystem in August: Funding, Upgrades, and Honors | Ma Hui Chronicle

To Our Readers

Three years since Source Code Capital's founding, many of our portfolio companies have grown into a thriving forest, and Ma Hui has become a platform for our entrepreneurs, LPs, and partners to connect. Today, we're launching a new column: Ma Hui Journal, where we'll record our members' progress, share in their growth, and look toward an even brighter future.

August Ma Hui Journal Briefing

"Funding"

ErGeng closes RMB 100 million Series B+ round with Source Code Capital following on

Juli Xinfang and Baibu receive additional backing from Source Code Capital in August

"Milestones"

CHJ Automotive's SEV smart light electric vehicle completes trial production

Hui Fenqi launches "Huizhaofang" platform

"Quotes"

Yiming Zhang: "What I'm doing most of the time now..."

Zijing Zhou: "There's one thing more important than valuation"

"Honors"

Source Code Capital portfolio companies Qudian, Zhirong Group (Yongqianbao), and Suishou Technology (Suishou) all make China's FinTech TOP 50 list

Yijiupi selected for China Startup Brand Ranking TOP 50

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Milestone

ErGeng Closes RMB 100 Million Series B+ Round, Source Code Capital Follows On

On August 14, domestic short video platform ErGeng announced the completion of its Series B+ round, led by Yunfeng Capital with Source Code Capital following on. In less than 18 months, ErGeng has completed three funding rounds totaling over RMB 300 million, gaining broad recognition from capital markets.

Since launch, ErGeng has produced over 2,800 videos with cumulative views approaching 20 billion, daily views exceeding 50 million, and nearly 50 million followers across all platforms.

Yi Cao, founding partner of Source Code Capital, believes that short video, as a fundamental form of content consumption, is increasingly becoming key to capturing user traffic and time. ErGeng's team brings extensive media experience and has built a complete, healthy short video production ecosystem. By professionalizing and institutionalizing short video production operations, ErGeng can consistently deliver high-quality content. Driven by consumption upgrading, the growth potential for premium short video is opening up with enormous room for imagination.

Short video development aligns with the trends of right timing, favorable conditions, and harmonious people: right timing being consumers' growing demand for quality content; favorable conditions being the continuous upgrading of information technology, hardware, and bandwidth; and harmonious people being the steady emergence of premium creative teams. Going forward, resources and traffic will increasingly concentrate toward top content producers like ErGeng.

Juli Xinfang Secures Series B Round, Data-Driven Online New Home Market

On August 17, Juli Xinfang founder and CEO Wang Peng announced that Juli Xinfang became the first new home e-commerce platform to complete a Series B round. Existing shareholder Source Code Capital followed on in this round, which totaled tens of millions of USD.

Xingshi Wang, vice president of Source Code Capital's investment team, noted that Juli Xinfang acquires customers in bulk online, matches different clients with different properties, and provides services through a high-quality offline consultant team — a model that greatly satisfies current home buyers' needs and experience. From a product model perspective, Juli Xinfang offers more precise supply-demand matching, higher per-person efficiency, and continuous data-driven product iteration, pointing to enormous growth potential ahead.

Baibu Secures RMB 165 Million Series B+ Round, Leading B2B for Textiles and Apparel

Recently, Baibu raised RMB 165 million in Series B+ funding led by Yunqi Capital, with Source Code Capital continuing to follow on. Baibu stated that this round will primarily fund continued business expansion and supply chain system improvements to better serve apparel enterprises.

Baibu is a transaction-based mobile e-commerce platform for textiles, operating two apps — Baibu Yimai for buyers and Baibu Yimai for suppliers.

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What's New

CHJ Automotive SEV Smart Light Electric Completes Trial Production, Second Base Breaks Ground

On August 21, CHJ Automotive's SEV smart light electric vehicle completed trial production at its first smart vehicle base. That same day, the company held a groundbreaking ceremony in Changzhou for its second smart vehicle base, built for CHJ Automotive's smart SUV product line. Xiang Li, founder and CEO of CHJ Automotive, stated: "We're using leading passenger car manufacturing processes to produce the SEV smart light electric vehicle — this is absolutely unprecedented anywhere in the world."

Hui Fenqi Launches "Huizhaofang" Platform, Building the "Taobao for Rentals"

On August 23, "Hui Fenqi" launched its new rental housing information platform "Huizhaofang," focusing on branded apartments and providing tenants with firsthand, authentic rental information. This new platform will make the rental market more transparent, streamline processes, and better protect the rights of both landlords and tenants.

To date, "Huizhaofang" has listed several hundred thousand properties across over 30 cities, with more than 500,000 users. Hui Fenqi founder Lei Li noted that the rental market remains in its early stages with numerous pain points urgently needing standardization. Phase one addressed tenant payment pressure through financial innovation, using installment plans to lower the barrier to renting. Phase two tackles information asymmetry and fake listings through the "Huizhaofang" platform, further improving the tenant experience.

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Quote

Yiming Zhang (Founder and CEO of ByteDance):

"What I'm doing most of the time now is looking at the company from an external perspective. When we look at other companies, we often see many problems, but when we're inside, we frequently can't see our own company fully — so we need to 'step outside and look at ourselves.' As for specific product details, I think as CEO you need to understand one thing: you can't outperform others by only investing a little effort."

Zijing Zhou (Founder and CEO of Ether Capital):

"There's one thing more important than valuation — closing risk. Because if you can't close, you have nothing. How to mitigate closing risk? 1. Fund reputation: what partners who've worked with it say about its credibility. 2. Understand the fund's decision-making process. 3. Get clear investment intent and move fast, before things change. 4. Always have a backup plan."

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Honor & Awards

China FinTech Startup TOP 50: Qudian, Yongqianbao, and Suishou Make the List

Xtecher and Zhenglue Consulting jointly released the "China FinTech Startup TOP 50" list, covering fintech startups driving financial service transformation through technological innovation — using big data, blockchain, machine learning, cloud computing, and other advanced technologies across areas including big data and credit, online lending, payment services, comprehensive financial services, robo-advisory, and internet insurance. The list evaluated 153 applicant companies across seven dimensions including overall strength and technical barriers, market entry point and innovation level. Source Code Capital portfolio companies Qudian, Zhirong Group (Yongqianbao), and Suishou Technology (Suishou) all made the list.

China Startup Brand Ranking TOP 50 Released, Yijiupi Ranks 16th

On July 27, brand consultancy "Sichuangke" released the "New Business · New Brand: Most Valuable China Startup Brand TOP 50" at Peking University. This list applied higher-than-international standards, using 15 dimensions across three areas — brand valuation, industry brand index (BCCI), and brand strength and risk coefficient (BSRI) — for more systematic evaluation, emphasizing both "persistence" and "innovation." Source Code Capital portfolio company Yijiupi ranked 16th overall, placing third in the e-commerce category.