Source Code Capital announced that Xingshi Wang has been appointed as partner.

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Source Code Capital recently announced the promotion of Xingshi Wang to partner. **Wang holds a master's degree from Tsinghua University. He joined Source Code Capital in 2014 and focuses on long-term growth investments in industrial internet, automotive and mobility, and other B2B sectors. He is one of the firm's growth-stage investors.**

Source Code Capital recently announced the promotion of Xingshi Wang to Partner. Wang holds a master's degree from Tsinghua University and joined Source Code Capital in 2014, focusing on growth-stage investments in industrial internet, automotive mobility, and other B2B sectors. He is one of the firm's growth-stage investors.

After more than seven years of deep involvement in investment work at Source Code Capital, Wang led investments in outstanding companies including Julive, Kaisi, Li Auto (NASDAQ: LI), Yimi Dida, ePropulsion, YQN Logistics, ZNeng United, and Che300; and participated in investments in Meituan (3690.HK), Qudian (NYSE: QD), Ruigu, and Xiaoyaoyao. He was named "Most Insightful Investor in China's Automotive Mobility Sector" by 36Kr in 2018 and "Top 10 Investor in China's Automotive Transportation Sector" in 2020.

Wang is a seasoned expert in industrial internet investment and has published analytical research including Three Realms of Industrial Internet Entrepreneurship. He believes that while different industries evolve at different stages and have varying commercial ecosystems, the direction of evolution is remarkably consistent: creating lasting, real value; continuously improving one's own efficiency; improving transaction efficiency; and improving the efficiency of the entire industry.

Wang said: "We believe industrial internet will give rise to a group of great companies. Looking back at the three previous industrial revolutions and the massive transformation of industries, China's profound industrial foundation means this wave of great enterprises will certainly emerge here."

Growth-Stage Investing for "Qualitative Transformation"

In growth-stage investing, Wang distills the investment logic into two words: "qualitative transformation." It's not merely incremental optimization within a stagnant market, but rather business models that achieve fundamental qualitative change. Determining whether a company can achieve such transformation rather than just temporary change — and acting before the inflection point arrives — genuinely requires deep industry research and courage.

Regarding growth-stage investing, Wang noted that while external attention to Source Code's growth-stage practice is high, the firm actually established a relatively independent growth-stage investment team two years ago, with continuously upgrading capabilities. The core investment logic and philosophy can be summarized as "qualitative transformation."

Compared with traditional "quantitative change," "qualitative transformation" means these companies must not only secure top positions in their industries but also develop second growth curves. For example, when Source Code invested in Lianjia, it was still just Lianjia; later it became KE Holdings. The judgment to invest from zero to one required profound understanding of the business model and willingness to support entrepreneurs in reshaping industry structure. Among many outstanding growth-stage companies, these transformations have already occurred or are underway.

Another example is ZNeng United, which recently announced its Series C funding. As a representative of intelligent transformation in the construction machinery industry, the company successfully transitioned from self-operated business to a platform model during its growth stage, covering more machinery categories, both dry and wet rental services, and clients of all sizes. Dubbed the "ZNeng model" by the industry, it has reconstructed a new ecosystem for the equipment rental sector — a typical growth-stage project.

In the automotive aftermarket, Kaisi uses AI + Data in a "Google + Meituan" model to build a one-stop industrial internet platform and industry solutions, solving parts transaction efficiency problems while establishing standards and credit systems for auto parts trading. Ruigu, an e-commerce platform for hardware and industrial tools, achieved supply chain restructuring, deep coverage of sub-terminal customers, and batch replication across national industrial zones during its growth stage, significantly improving gross margins. These changes collectively illustrate the "qualitative transformation" investment philosophy.

In the growth-stage domain, Wang's representative projects include Biren Technology, Julive, Kaisi, Li Auto (NASDAQ: LI), ePropulsion, and ZNeng United, with continued additional investments in Ruigu, Xiaoyaoyao, Yimi Dida, and YQN Logistics.

Cognitive Improvement as the Primary Driver of Growth

From entering Source Code as a newcomer to investment, to becoming a seasoned investor in industrial internet, to becoming a Partner at Source Code, Wang reflected on his own development: "The elevation of personal cognition is the foremost element of growth."

"When I joined Source Code, I didn't know much about market-driven investing or commercial technology innovation. I remember once when Yi Cao asked me to research a project — he probably already had an answer in mind, but still wanted me to find it myself. This process made me deeply understand that cognitive improvement is paramount. Only when cognition is elevated can one truly achieve the unity of knowledge and action."

A Source Code colleague offered another example: if you have a question for Wang, he's always eager to help, but he won't directly tell you the answer. Instead, he'll ask you a series of questions and discuss them together, after which the answer emerges naturally.

Beyond personal growth and improvement, Wang believes the growth environment provided by the organization is equally important. "Source Code Capital is a high-speed, network-structured learning organization. Every investment meeting is an accelerated, fast-forward learning session. This intense chemical reaction, like a fermentation tank, enables us to achieve rapid fission growth in limited time. If a person's growth is like spring planting and autumn harvest in one season, in a learning organization you might achieve multiple seasonal rotations in one season, yielding greater harvests."

Organizational Space and Growth Drive

Addressing the proposition of individual development and organizational evolution, Yi Cao, Founding Partner of Source Code Capital, stated: "We have powerful internal drive, not merely driven by external competition, but by intrinsic growth and vitality. We can both soar to the highest heavens and hold the deepest ground, growing into towering trees."

In recent years, Source Code Capital has adhered to an "institutionalization" approach, ensuring team members have soil and space for "entrepreneurial growth" within the firm, thereby generating continuous vitality, innovation, and competitiveness for the organization. Source Code Capital has now formed a professional team of over 80 people covering different specialties. Its investment team functions as "special forces units," achieving efficient collaboration with the platform and post-investment "arsenal."

For every individual in the team, Yi Cao firmly believes "this deep trust is rare and precious, a profound connection." Yi Cao once described Wang as an "old ox" — a diligent, steadfast worker. He said: "As an investor, Wang has not only outstanding investment performance but has also made many outstanding contributions to the evolution of Source Code's entire organization. In recent years, whenever the organization needed him, Wang has devoted himself fully to new roles and positions, helping push the investment team's algorithm iteration and management practices to new levels. His own boundless, rapid growth also drives the continuous evolution of the entire Source Code organization."

Yungang Huang, Partner at Source Code Capital, said: "Xingshi Wang is a Partner cultivated from within Source Code Capital's investment team. He has exceptionally strong research and empirical capabilities in his professional domain, has been diligent and self-disciplined for many years, and his investment track record is outstanding. Individual growth is the internal driver that pushes organizational evolution forward. We look forward to more fresh talent joining Source Code and cultivating more excellent Partners."

Standing with Entrepreneurs of Great Vision

Beyond deep cultivation in investment expertise, staying close to entrepreneurs and learning from the best founders is also the soil and motivation for continuous growth among Source Code colleagues. In this regard, colleagues jokingly assess Wang as having "only entrepreneurs in his heart." Regarding entrepreneurs' development stages, company growth, and entrepreneurial state, Wang thinks ahead on their behalf.

Wang Peng, Founder and CEO of Julive, said: "I met Wang in my first year of entrepreneurship. Over seven years, I share all my ideas directly with him. The feeling of communicating with him is one of mutual candor without pressure. He gives people a particularly grounded and trustworthy feeling, worrying about the business from the company's perspective."

"The biggest feeling after seven years is that Wang's learning and growth speed is extremely fast. I can feel my own growth and changes every year, and Wang has continuously provided valuable input throughout this process. He is particularly willing to research, continuously helping companies through the evolution of his own cognition. By helping portfolio companies, we all grow together."

Yang Tianli, Co-founder and CEO of ZNeng United, said: "I find Wang to be sincere and grounded in his conduct, pursuing the essence of things with rapidly iterating cognition."

"We met through a project in 2019. At that time we met every month, and each time I saw him he had new cognition about the industry and the company. I could feel his extremely high level of commitment and effort on the project, which solidified our team's determination to deeply collaborate. Over these years, the partnership has felt very comfortable — genuinely helpful, especially during our strategic upgrade in 2020, where he provided tremendous support on model design and talent acquisition. I sincerely congratulate Wang on his promotion to Partner at Source Code Capital. We will go all out to build the company well and repay this trust and support."

Over its more than seven years of existence, Source Code Capital has gradually deployed investments in nearly 200 companies driven by three major force lines: "Internet+," "Intelligence+," and "Global+." Going forward, it will continue to search for outstanding entrepreneurs along its "Three Horizontals, Nine Verticals" investment map, creating lasting real value together with them. In this process, the firm looks forward to more talent joining Source Code Capital, doing challenging work together with Source Code people and entrepreneurs.

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