Source Code Capital Announces Yungang Huang Joining as Partner

Source Code Capital announced today that Yungang Huang has joined the firm as a partner. Huang is the second heavyweight addition to the partnership following Hongjiang Zhang, former CEO of Kingsoft, who joined as an investment partner.

Huang previously served as a managing director at Matrix Partners China, focusing on investments in mobile internet, marketplace platforms, enterprise services, and online education. He led or oversaw investments in standout projects including Kuaidi Dache, Liepin, Baoxianshi, oTMS, IN, Niangao Mama, and MoreTickets, and is a seasoned expert in corporate strategy, organizational structure, talent acquisition, market planning, and corporate financing. Huang graduated from Zhejiang University with one of the country's first master's degrees in entrepreneurship management, in addition to a bachelor's degree in management.

Yungang Huang, Partner at Source Code Capital

Yi Cao, founding partner of Source Code Capital, said: "We warmly welcome Yungang's addition — this is a significant step in the evolution of our organization. Yungang possesses deep and penetrating insight into numerous sub-sectors of the information industry, with substantial expertise across the full investment cycle: spotting opportunities, understanding them clearly, winning deals, and adding value. This is reflected in his outstanding track record. His ability to put in the hard work, his resilience, his drive for truth and long-term victory, his closeness to founders, and his commitment to deep research and reflection all align closely with what our team pursues. I believe Yungang's arrival will significantly strengthen our early-to-mid-stage investment and post-investment capabilities in the new economy, and will help our organization continue its rapid growth together. Over the past three years, the Source Code team has made solid and substantial progress both as individuals and as a collective — this will remain our enduring focus."

On joining Source Code Capital, Huang said: "I'm delighted to join Source Code Capital and grateful for Yi Cao's and the team's trust. Source Code is an investment firm with both combat effectiveness and organizational warmth. Through close contact with colleagues in recent weeks, I've deeply felt the culture of seeking truth and pragmatism — colleagues help each other and grow together daily in a learning-oriented environment. I also strongly identify with Source Code's investment philosophy: creating enduring real value. I look forward to working in lockstep with the team, maintaining deep industry research and the pursuit of thorough clarity, achieving genuine understanding of and assistance to founders, and accompanying more outstanding entrepreneurs through this magnificent era of transformation."

Founded in 2014, Source Code Capital focuses on information industry investments and currently manages $750 million USD and 3 billion RMB. Its limited partners include sovereign wealth funds, charitable foundations, pension funds, funds of funds, family offices, as well as national guidance funds and large state-owned enterprises.

More than 20 new-economy leaders among its LPs have formed an industrial capital investor alliance called "Ma Hui." Industrial capital will play an increasingly important role in the new economy ecosystem, and Source Code Capital is committed to the efficient integration of industrial and financial capital to jointly drive the growth of innovative enterprises.

Since its founding, Source Code Capital has focused on "Internet+," including fintech, industrial internet, and service internet; "Intelligence+"; and "Global+" innovation sectors. Representative portfolio companies include: Qudian (Qufenqi), Geshang Wealth, INK Group, Zhirong Group (Yongqianbao), Suishou, and Cijinrong in fintech; Yijiupi, Yimi Dida, Sales Crown Network Technology, Baibu, and Ruigu in industrial internet; Meituan, Lianjia, MOGU, and Comjia in service e-commerce; as well as ByteDance and CHJ Automotive in "Intelligence+," and Zenjoy and Mybo in "Global+."

Over the past three-plus years, Source Code Capital has received numerous industry accolades and major awards from prominent media outlets, including: 2017 "Top 10 AI Investment Firms in China" and "Top 10 New Finance Investment Firms in China"; ChinaVenture 2016 Top 10 Best Investment Firms in Tech Finance, Top 20 Best Foreign VC Firms, and Top 50 Best VC Firms; Beijing News "2016 Top 30 Emerging Investment Firms"; and Zero2IPO 2015 "Top 50 VC Firms in China." Source Code Capital also serves as a council member of the National Internet Finance Association of China — the only early-stage investment firm to hold this position.

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