Those Who Made It Out Alive

I

Late 2022. That winter was especially cold — the market was cold, consumer spending was cold, even the weather was cold.

We had just recovered from COVID; some colleagues were still sick. One night, David and I talked about AI until very late. If our boss had had any business to attend to, he definitely wouldn't have let these two restless guys stick around. When we got to AGI, David said: "There's someone you absolutely need to meet. Two years ago he was talking about AGI and large models. I didn't understand him at the time, then my partner listened and didn't understand either. But he really believed in it."

ChatGPT had just burst onto the scene, while TikTok was under investigation. I worried whether Chinese large models could ever go global — maybe I should just wait for applications instead.

"It's hard, but our generation should at least try."

"Haha, sure, let's try."

II

We were working on investments in several AI companies at the time. After doing some quick due diligence, I arranged to meet Junjie.

At 8 p.m. in the teahouse below his office: "If you believe so strongly in AGI, why build applications?" I asked directly. "Because technology is a luxury good," he said after a moment. "SenseTime once monopolized facial recognition on Android phones, with over a billion daily API calls, but the revenue was shockingly low. Because facial recognition is technology, not product — users don't perceive it. Real technology is User In the Loop. It's technology that users can feel."

He then shared his observations and reflections from his time at SenseTime — how they spent three years using large models to make their facial recognition the best in the world, the challenges they faced, and how they later explored commercialization. "AGI isn't a single point. It's a systems engineering problem involving technology, product, business, and the company as a whole."

Later we talked about why he started a company. He said AGI would definitely be achieved, and he hoped to help make it happen. But technology alone has no value — it only matters when it serves everyone. That's "Intelligence with Everyone." When we got to his departure from SenseTime, it hadn't been smooth sailing. It wasn't just about giving things up — there was real risk involved. I asked how he made the decision. He said he thought for three days and asked himself only one question: "Is this something I absolutely must do in my life?"

If it is, then do it. Haha, worst case you get crushed, but at least you went for it.

In early-stage investing, Oasis Capital cares more about a founder's starting point and focus than about business models or short-term performance.

The starting point is why they want to do this. It's like a seed. Large model companies all look the same on the surface, but different starting points make them grow into completely different things. Some founders simply want a better life, more money, or greater social influence — nothing wrong with that. But a rare few, at some moment, resonate with a group of people and transcend personal needs to serve more people. That's the compassion behind "Intelligence with Everyone."

With a good starting point, the seed begins to take root and sprout, accompanied by all kinds of noise. Some of it is criticism and challenge, but more often it disguises itself as opportunity and diversification. Whether a founder can stay focused on their starting point becomes crucial.

We rarely see founders get defeated. More often, after some early success, they shift their focus from company-building to other things — personal life, authority, external reputation. It's these things that stop seeds from becoming towering trees, leaving them to wither.

We believe exceptional founders are those who can stay focused on the right things over the long term. That ability is wisdom.

It was the beginning of the large model wars, but in our conversation, Junjie never mentioned competition, never mentioned criticism. What he focused on was always the road to AGI.

Past midnight, the teahouse said they were closing. I knew this was the person we were looking for. Exceptional founders are scarce — sometimes you don't meet one in a whole year. When we do, all we need to do is kneel and applaud.

"We can't invest more than 15% of the fund in any single project. Anything beyond that, we'd need to discuss with our LPs. The money's here today. Take whatever amount you want. You decide."

"Great conversation. Thanks for the belief."

"Where are you headed now?"

"Back to the office."

This became our pattern for every meeting. Evening meetups, a few hours later, he'd go back to the office, I'd go home. Once I got completely wasted; he still went back to the office. Henan guys really do pre-train their alcohol tolerance.

Once I mentioned another company: "Their marketing has been pretty good lately, fundraising's going smoothly. What do you think?" Junjie kept eating without looking up. "I don't look."

Ha. That's the focused guy.

"Is there anyone more focused than you?"

"Yes. Our first meeting was over dinner. I arrived early and saw this guy in a T-shirt who looked like someone's assistant. He started asking me all these technical questions. I thought, this assistant really knows his stuff. Half an hour later I asked him, when is Mr. Liang arriving? He said: I am Wenfeng Liang."

Ha. That's the focused guy.

III

Last night I asked David if he was going to Hong Kong. He said no, so we grabbed dinner by the roadside.

He said Junjie had encountered many difficulties along the way, that it hadn't been easy, but he was absolutely certain, gradually realizing the vision he had sketched out back then.

"Is vision just illusion? What's the difference between vision and illusion?"

"It depends whether you believe it, whether you live it out. If you believe it and live it, it's vision. If it stays in concept, it's illusion."

We believe that what's truly precious has never been resources, reputation, or wealth. It's the starting point and the focus. It's the ever-evolving, tenacious vitality of life. It's the vibrant state of being alive.

It's these things that let us turn illusion into vision, that let oasis grow from desert.

A structural transformation is underway among China's new generation of founders. The essence of this change is a shift in starting points and focus. These young entrepreneurs grew up during China's high-growth era. That growth brought a foundational sense of abundance, and some among them have begun to transcend personal needs, define new directions, build new paradigms, lead global innovation, and dare to be first in the world.

They say "life can be designed." They say "embodied intelligence leads to AGI." They say "exoskeletons should look like this." They spend extravagantly on frontier innovation while using a 99-yuan IKEA desk in their bedroom. They talk endlessly about product and technology while wearing clothes with holes in them, awkward and at a loss with strangers.

They're not exercising restraint. They're just long-term focused on what genuinely interests them. They're believers. They're focused. They're pure.

And they're also adorable.

They may not be people the world recognizes, but because they believe, they're people who live out their vitality.

To these people, my respect. To these people, my blessings.

I'm honored to know these people.

In Praise of Vitality.

Jinjian Zhang

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