The Stars Are Still Young | Z News

As we welcome the new year, we wanted to look back on some pivotal moments from the past.

Rewind to 2016. People were still rewatching American Dreams in China, watching three young dreamers try to change the world.

Back then, ZhenFund was a young team, not even five years old. Bob Xu used to say, "ZhenFund never chases quantity. Success isn't in the past — it's in the next team, the next founder." Every morning, people couldn't wait to get to the office, fueled by anticipation and a touch of madness.

Wang Qiang often said that what truly moves you, what makes your heart race, is the founder.

In 2016, Xiaohongshu's Miran Mao was still being asked, "When are you going public?" But at a ZhenFund sharing session, he said: "I just want to find something important enough that I'd do it even if it didn't make money — something I'd give my all to."

That same year, ZhenFund invested in projects like Perfect Diary, Waterdrop, Niu Technologies, Yimutian, Momenta, Black Lake Technologies, Intellifusion, and Laiye. Over the following decade, these teams were tested, transformed multiple times, and crossed cycles.

Looking back ten years from now, "everything we're saying may be wrong." But we'll keep waiting, as always, for the next founder to walk through our doors and build the next future.

Below are December highlights from ZhenFund portfolio companies and news from ZhenFund itself. Happy New Year!

ZhenFund angel project StarHei (氦星光联) shines at China Aerospace Information and Satellite Internet Innovation Alliance 2025 Innovation Development Conference

Recently, the China Aerospace Information and Satellite Internet Innovation Alliance 2025 Innovation Development Conference was successfully held in Xiong'an. With the theme "Converging Aerospace Intelligence, New-Quality Future," the conference gathered top industry forces. As a leading domestic enterprise in space laser communications, StarHei was invited to this industry event, showcasing multiple self-developed laser communication terminal products. Among the ten typical application scenarios and major landing projects released at the conference, several of StarHei's technical achievements were included as demonstration cases. The coverage by CCTV's Xinwen Lianbo marked national-level recognition of the company's technical strength and innovative achievements in the aerospace information field. Read more

ZhenFund angel project Cardinal Operations (杉数科技) appears at 2025 China Intelligent Transportation Conference, AI decision-making technology empowers new chapter in smart transportation

Recently, the 2025 20th China Intelligent Transportation Conference, themed "Artificial Intelligence — New Momentum for High-Quality Development of Intelligent Transportation," concluded successfully in Haikou. As a leading enterprise in AI intelligent decision-making, Cardinal Operations was invited to participate in the conference's "Transportation Large Model Innovation Development Forum," sharing its technical achievements and practical experience in smart transportation. Chen Yaoyu, Cardinal Operations' transportation industry director, delivered a keynote speech titled "AI Decision-Making Technology Empowering Intelligent Transportation Operations," highlighting the company's AI intelligent decision-making solutions for the transportation industry built around its self-developed solver COPT. Through core capabilities in optimized scheduling, resource allocation, and route planning, the solution effectively helps improve transportation system operational efficiency, service quality, and sustainability, providing solid technical support for the industry's intelligent transformation. Read more

Cardinal Operations invited to 2025 China Intelligent Transportation Conference

ZhenFund angel project Hynertech (海德氢能) attends Shanghai International Hydrogen Energy Industry Summit

On December 5, the 2025 International Hydrogen Energy Industry Development Forum was grandly held in Shanghai, with "Green Shipping, Green Power, Green Innovation" as its core themes. Jointly guided by authoritative institutions including UNIDO, Shanghai Municipal Commission of Economy and Informatization, and Shanghai Changning District People's Government, the forum gathered core forces from the global green energy sector. As a representative of China's hydrogen energy technology innovation enterprises, Hynertech deeply participated in this event, from the main forum's peak dialogue to closed-door seminars on technical frontiers, comprehensively demonstrating its innovative strength and leadership in promoting green energy industry chain construction and industrial decarbonization solutions. Read more

ZhenFund early project Youibot (优艾智合) wins "Decade of Glory · Best Delivery Quality Award"

On February 3, at the 2025 (8th) Mobile Robot Industry Development Annual Conference, the Decade of Glory list was officially announced. With its deep accumulation in industrial embodied intelligence and proven large-scale deployment capabilities, Youibot was awarded the "Decade of Glory · Best Delivery Quality Award." This honor not only represents high recognition of Youibot's market competitiveness and innovative achievements, but also validates the large-scale deployment of its "one brain, multiple forms" industrial embodied intelligence solution. Youibot continues to drive global industrial intelligent upgrading through replicable robot productivity. Read more

ZhenFund angel project Moresec (默安科技) named "Zhejiang Tech New Dragon," earning provincial-level authoritative recognition for innovation

Recently, the Zhejiang High-Tech Enterprise Association announced the "Zhejiang Tech New Dragon" enterprise list. With sustained R&D innovation and significant market influence in cybersecurity, Moresec was successfully selected as one of the representative enterprises in the new-generation information technology field. This honor marks provincial-level high recognition of the company's innovation vitality and development potential. Read more

ZhenFund early project Synyi (森亿智能) founder Shaodian Zhang named to Hurun China Under40s 2025

Recently, Hurun Research Institute, the world's largest compiler of startup rankings, released Hurun China Under40s 2025, aimed at identifying entrepreneurial pioneers aged 40 and under in China. Shaodian Zhang, founder and chairman of Synyi, was successfully listed for his outstanding innovation capabilities and far-reaching industry influence. Going forward, Synyi will continue to fulfill its mission of "optimizing every medical decision," deepening the integration of AI, large models, and healthcare, and actively promoting digital transformation in medicine. Read more

ZhenFund early project XtalPi formally included in HKEX Tech 100 Index

Recently, Hong Kong Stock Exchange officially launched its first Hong Kong tech stock index — the HKEX Tech 100. XtalPi (2228.HK), as a benchmark enterprise in AI drug discovery, was selected alongside tech giants including Tencent, Alibaba, and CATL, placing it in the first tier of Hong Kong's tech sector. This follows its inclusion in the MSCI China Index in November, marking another authoritative recognition from international capital markets and further consolidating its leading position as a scarce asset in the AI + robotics and AI for Science tracks. Read more

ZhenFund angel project Momenta reaches strategic partnership with Grab to advance future mobility in Southeast Asia

Recently, Momenta reached a strategic partnership with Grab, Southeast Asia's leading mobility and everyday services platform, and received a strategic investment from Grab. The two parties will jointly promote the application of autonomous driving technology in Southeast Asian markets, committed to accelerating the provision of safe, reliable autonomous driving services in densely populated, complex urban environments, and advancing the transformation of future mobility in Southeast Asia. The Momenta-Grab partnership will explore introducing autonomous driving technology to Southeast Asian markets, with safety placed at the core of the collaboration. This partnership creates conditions for both parties to explore autonomous driving promotion paths in Southeast Asian markets. Read more

Multiple ZhenFund portfolio companies named to QbitAI's 2025 AI Annual Rankings

On December 10, QbitAI released its 2025 AI Annual Rankings. Moonshot AI, Momenta, Mobvoi, and other ZhenFund portfolio companies were selected as "2025 AI Annual Navigator Enterprises." Professor You Yang, founder and chairman of Colossal-AI, was named to "2025 AI Annual Focus Figures"; Colossal-AI was selected as a "2025 AI Annual Navigator Enterprise"; DeepGlint was selected as a "2025 AI Annual Navigator Enterprise"; OKKI AiReach was named "2025 Annual AI Outstanding Product." Read more

Multiple ZhenFund portfolio companies named to Zero2IPO's 2025 VENTURE50

On December 4, the "2025 VENTURE50" list, initiated by Zero2IPO Group and its platform Pedaily.cn, was officially announced, with multiple ZhenFund portfolio companies selected. Lightelligence was named to both the "Top 50" and "Hard Tech 50" lists; Manus, Moonshot AI, and SmartMore were selected for the "Artificial Intelligence" list; Vastai Technologies was named to the "Hard Tech 50" list; Colossal-AI was selected for "2025 CHINA AI 100" and shortlisted for "Top 200"; Illumination Optics was named to the "Hard Tech" list.

Multiple ZhenFund portfolio company founders named to Forbes China 30 Under 30

On December 25, Forbes China released its 30 Under 30 list. With its consistently forward-looking perspective, Forbes China identifies outstanding young people under 30 who have already made their mark in their industries and are expected to become the new generation driving transformation in the business world. Founders from multiple ZhenFund portfolio companies were named, including Renjie Guo of LeXiang Technology, Yang Tian of Yinpu Computing, Yunzhe Pan of Wuji Technology, Pincun Liu (CEO and CTO) of Silverbird Games Technology, Chaoping Ming of YouWare, Jian Liang of RightBrain AI, Linhao Xie of Tongdian Games, Youming Qin (founder and CEO) and Wei Xu (founder and CTO) of Liuxing Technology. Read more

ZhenFund named to Zero2IPO Research Center's 2025 China Equity Investment Annual Rankings

On December 29, Zero2IPO Research Center released its "2025 China Equity Investment Annual Rankings." Using professional, scientific, and quantifiable methods to analyze and screen from multiple angles, the rankings comprehensively and accurately reflect market development status and competitive landscape. ZhenFund was named to the "2025 China Top 30 Early-Stage Investment Institutions" list and the "2025 China Top 20 AI Sector Investment Institutions" list. Anna Fang, founding partner and CEO of ZhenFund, was named to the "2025 China Top 10 Early-Stage Investors" list.

ZhenFund founding partner and CEO Anna Fang named to ChinaVenture's 2025 Best Early-Stage Investors List

ChinaVenture, as an independent third-party institution, has published the ChinaVenture series of rankings for Chinese venture capital and private equity investment for 19 consecutive years. Relying on ChinaVenture's CVSource data platform, combined with research on over 1,000 active investment institutions in the private equity field, ChinaVenture Research Institute reviewed data and selected outstanding institutions according to evaluation criteria. Anna Fang, founding partner and CEO of ZhenFund, was selected for the "ChinaVenture 2025 Best Early-Stage Investors" list, ranking eighth.

ZhenFund named to FOFWEEKLY's 2025 Best Early-Stage Funds TOP30

On December 29, FOFWEEKLY officially released its 2025 annual rankings. ZhenFund was named to "2025 Best Early-Stage Funds TOP30," ranking fourth. Anna Fang, founding partner and CEO of ZhenFund, was named to "2025 Best Early-Stage Fund Investors TOP20."

ZhenFund selected for Jiemian News' 2025 China Top Venture Capital Firms list

On December 23, Jiemian News released its "China Top Venture Capital Firms" list for the ninth time. The list aims to present the true landscape of China's venture capital ecosystem for entrepreneurs, fund-of-funds (FOF), and limited partners (LP). To capture the latest dynamics, the list particularly focuses on institutions' performance over the past three years, including participation and contribution in new investments (35%), participation and contribution in exits (35%), and AUM and industry position (30%), to identify the most dynamic and growth-oriented emerging forces in the industry. ZhenFund was named to "2025 China Top Venture Capital Firms," ranking eighth.

Anna Fang, founding partner and CEO of ZhenFund, was named to "2025 China Top Venture Capital Investors."

ZhenFund selected for Beijing Private Equity Association's 2024-2025 China Top 10 Early-Stage Investment Institutions

The Beijing Private Equity Association released its "2024-2025 China PE/VC Industry Selection Results." ZhenFund was selected for "2024-2025 China Top 10 Early-Stage Investment Institutions" and "2024-2025 China Top 20 Most Active AI Sector Investment Institutions." Yuan Liu, partner at ZhenFund, was named to the "2024-2025 China Equity Investment Industry Outstanding Young Investors" list.

ZhenFund named to Jazzyear's China Tech Industry Investment Rankings

On December 3, Jazzyear released its "2025 China Tech Industry Investment Rankings" at the 2025 Jazzyear Gravity Year-End Ceremony, comprehensively presenting investment institutions' outstanding performance and profound influence amid trends of hard tech dominance and ecosystem-based layout. ZhenFund was named to "2025 China Best Early-Stage Tech Investment Institutions TOP30," ranking fourth. Anna Fang, founding partner and CEO of ZhenFund, was named to "2025 Best Early-Stage Tech Hunters TOP30."

ZhenFund named to TMTPost's 2025 Pioneer Rankings

On December 31, TMTPost Venture Capital released its 2025 Pioneer Rankings. Since the rankings began collecting data, 165 investment institutions' fundraising, investment, management, and exit data have been gathered. ZhenFund was named to multiple lists: "Investment Pioneer · Early-Stage Investment Institutions TOP20," "Exit Pioneer · Early-Stage Investment Institutions TOP15," "Post-Investment Management Pioneer TOP20," "AI Agent Sector TOP20," and "Consumer Sector TOP10."

Text | Menmen Editor | Cindy