Beyond the Set Trajectory | Z News

Z News is ZhenFund's news column.

As September draws to a close, we're looking back at the month's highlights and inviting you to witness the growth of our portfolio companies and what's new at ZhenFund. Double espresso — here's what's worth sharing.

ZhenFund portfolio companies Moonshot AI, Infinigence AI, and Lightelligence named to MIT Technology Review's 50 Smartest Companies

On September 12, MIT Technology Review unveiled its latest "50 Smartest Companies" list. ZhenFund portfolio companies Moonshot AI, Infinigence AI, and Lightelligence all made the cut.

MIT Technology Review noted that Moonshot AI's Kimi K2 model demonstrates efficient computation and agentic capabilities at trillion-parameter scale, offering the world a high-performance open-source solution from China's AI sector. Infinigence AI leverages heterogeneous computing and software-hardware co-design to enable efficient collaborative deployment and execution of multiple large-model algorithms across diverse chips. Lightelligence is building a new paradigm of optoelectronic hybrid computing through optical interconnects and optical computing, addressing the compute gap created by the rise of trillion-parameter models.

ZhenFund angel project Synyi Intelligent shortlisted for 2024 Healthcare Informatization Innovation Case Award

Synyi Intelligent's self-developed medical record generative language model has been shortlisted for the "2024 Healthcare Informatization Innovation Case Award" organized by China Digital Medicine magazine. The award recognizes innovative practices that demonstrate exemplary leadership in advancing high-quality development at public hospitals.

Since its launch in 2023, Synyi Intelligent's medical record generative language model has been selected for the China Academy of Information and Communications Technology's 2024 Large Model Typical Demonstration Application Cases collection, and has won industry awards including the "Hospital Efficiency Progress Award" and "Best Application Award" — testament to the model's excellence and industry-leading value in healthcare. Read more

Shandong Party Secretary Lin Wu visits ZhenFund angel project Orienspace's rocket manufacturing base

On September 9, during an inspection tour of coordinated development in the Jinan metropolitan area, Shandong Party Secretary Lin Wu visited Orienspace's launch vehicle manufacturing base in Tai'an's Wenhe New District. At the site, Lin heard a detailed briefing from Orienspace Chief Scientist Peng Kunya on the company's operations and industrial park construction, followed by in-depth discussions.

Orienspace is investing in a liquid launch vehicle manufacturing base in Tai'an. Upon completion, it will produce 20 "Gravity-2" medium-to-large liquid rockets annually, with capabilities for pulse final assembly, remote distributed integrated testing, intelligent structural section manufacturing, and virtual-integrated simulation testing. Read more

ZhenFund angel project HiStarlink partners with China Unicom to launch portable wireless laser communication terminal

On August 29, 2025, at the 7th China-Arab States Expo in Yinchuan, Ningxia, HiStarlink Technology joined forces with China Unicom to hold a product launch under the theme "Integrating Space Laser Communication with 4G/5G: Opening a New Era of Integrated Space-Air-Ground Communication." The companies officially unveiled their latest portable wireless laser communication terminal.

This strategic partnership marks a substantive step toward merging space laser communication with terrestrial mobile networks. Both parties will jointly advance the deployment of integrated space-air-ground communication technology along Belt and Road countries, providing more complete communication infrastructure solutions for China and Arab states. Read more

Changan Qiyuan A06, all-new Q05, and Deepal L06 debut globally with ZhenFund early project Hesai Technology lidar

The 5th Changan Automobile Tech Ecosystem Conference and 2025 World Intelligence Expo recently opened in Chongqing. During the event, Changan's Deepal L06, Changan Qiyuan A06, and Changan Qiyuan all-new Q05 made their global debuts equipped with Hesai lidar, with the Deepal L06 featuring Hesai lidar as standard across all trims.

Built on Changan's "New Changan, New Safety" vision, the company has developed the leading intelligent brand "Tianshu Intelligence," committed to delivering ultimate safety in smart mobility solutions through a core technology platform of "sharp eyes, nimble brain, fast legs." The "sharp eyes" system relies on lidar for precise recognition, millimeter-wave radar for penetrating rain and fog, and multi-channel cameras, all integrated with a self-developed vision-language-action (VLA) model to eliminate blind spots and achieve true 360-degree awareness. With safety value being limitless, lidar has become the core safety component for advanced driver assistance. Read more

ZhenFund angel project Spectral Vision selected as national-level specialized and innovative "Little Giant" enterprise

The Ministry of Industry and Information Technology recently released its authoritative list of national-level specialized and innovative key "Little Giant" enterprises, with Spectral Vision (Beijing) Technology Co., Ltd. successfully making the cut.

As a global pioneer in intelligent spectral information, Spectral Vision Technology builds on its founder's quantum dot spectral sensing research published in the top international journal Nature, applying Nobel Prize-winning quantum dot materials to spectral information perception for the first time — creating an integrated, independently controllable solution with international leading capabilities in digital intelligent sensing. Read more

ZhenFund angel projects HPC-AI Tech and Immupeak named to Forbes Asia 100 To Watch 2025

Forbes recently released its "Forbes Asia 100 To Watch 2025" list. ZhenFund angel projects HPC-AI Tech and Immupeak both made the ranking.

HPC-AI Tech focuses on AI infrastructure, model training, and inference deployment. The company earned its place through leading achievements in large-model training acceleration, AI compute optimization, and open-source ecosystem development, alongside rapid global market growth.

Immupeak Biotech specializes in solid tumor cell immunotherapy. It is one of just nine mainland Chinese companies on the list, and one of only two mainland Chinese innovators in the biotech and healthcare category.

ZhenFund angel project CreditX named to 2025 IDC China FinTech 50

Since 2020, IDC China's FinTech series rankings have been published annually, focusing on emerging enterprises driven by technological innovation, in growth stages, with significant business deployment and customer value in financial scenarios.

CreditX's core product, the Navigator Identification Instrument series, leverages cutting-edge AI technology and a unique inter-account transaction perspective to provide banks with pre-event warning and mid-event interception capabilities. Through deep modeling of multi-dimensional signals including transaction behavior, account relationship networks, and abnormal capital flow characteristics, it enables real-time identification and blocking of suspected fraudulent fund flows. Read more

ZhenFund angel project Enflame Technology invited to Tencent Global Digital Ecosystem Summit

On September 16, the 2025 Tencent Global Digital Ecosystem Summit was held. Enflame Technology was invited for the second consecutive year, showcasing its latest achievements in computing infrastructure construction, AI commercialization, and computing application ecosystems.

On September 17, Enflame Technology founder and COO Zhang Yalin delivered a keynote speech titled "Building Domestic Heterogeneous Large-Scale Intelligent Computing Cloud Platforms to Power a New Stage of Local AI Development" at the "Agent + Infra" session. He noted that digital intelligence cannot advance without computing infrastructure support, and that as large models rapidly deploy in production, new demands and challenges are emerging for compute: B-end application scenarios require public-cloud-level SLA capabilities with high service requirements, while AI training plus inference involves fast algorithm and application iteration, demanding high development and deployment efficiency. Read more

ZhenFund early project TUSKROBOTS partners with SoftBank Robotics at Logis-Tech Tokyo 2025

Guangdong TUSKROBOTS Co., Ltd. partnered with SoftBank Robotics Japan to exhibit at Logis-Tech Tokyo 2025 from September 10-12. The company's two core products — the FL10 stacker and E-series pallet robots — became the center of attention at the show, drawing widespread interest for their strong adaptability and collaborative capabilities.

TUSKROBOTS is a global leading high-tech enterprise in material handling robots, developing and applying specialized robots for pallet transportation. It is the only Chinese company in the pallet intelligent handling robot space to have obtained EU CE certification. Read more

ZhenFund early project U Power named to KPMG China Leading Auto Tech Enterprises 50

On September 17, the KPMG China Auto Industry Summit and 8th "Auto Tech 50" list release ceremony concluded successfully. U Power was selected for the list based on its sustained innovation and outstanding performance in automotive technology.

This year's summit, themed "Discussing the Future Auto Ecosystem," brought together industry leaders and professionals from automakers, tech companies, and investment institutions for in-depth sharing and forward-looking discussions on connected vehicles, new energy vehicles, autonomous driving, and other frontier topics. Read more

ZhenFund named to FOFWEEKLY's "Top 20 AI Investment Institutions 2025" and "Top 30 Early-Stage Funds by Returns 2025"

On September 1, FOFWEEKLY released its 2025 annual thematic rankings. ZhenFund was named to both the "Top 20 AI Investment Institutions 2025" and "Top 30 Early-Stage Funds by Returns 2025" lists.

In 2025, the equity investment industry has seen numerous policy tailwinds. Against this backdrop, FOFWEEKLY compiled these annual thematic rankings based on existing data and research analysis, aiming to recognize outstanding institutions and talent in the private equity fund-of-funds and fund industries, and to promote healthy development of the equity investment sector.

ZhenFund Managing Partner Yusen Dai named to FOFWEEKLY's "Top 15 AI Investors 2025"

On September 1, FOFWEEKLY released its 2025 annual thematic rankings. ZhenFund Managing Partner Yusen Dai was named to the "Top 15 AI Investors 2025" list.

ZhenFund Partner Yuan Liu named to ChinaVenture's "40 Under 40 Outstanding Young Investors Mid-2025"

On September 4, ChinaVenture released its mid-2025 U40 Outstanding Young Investors and Financial Advisors rankings. ZhenFund Partner Yuan Liu was named to the "40 Under 40 Outstanding Young Investors Mid-2025" list.

ZhenFund named to 36Kr's "China AI Industry Investment Institutions" list

On September 11, 36Kr released its 2025 "Top 10 Future Industries" and "Most Influential" Industry Investment Institutions series rankings. ZhenFund was named to the "China AI Industry Investment Institutions" list. ZhenFund Founding Partner and CEO Anna Fang was named to "China New Consumer Industry Investors," while Managing Partner Yusen Dai and Partner Yuan Liu were both named to "China AI Industry Investors."

ZhenFund named to Shanghai Science and Technology Innovation Finance Research Institute's Tech T50 list

On September 13, the "Tech T50 — China's Pioneer Tech Investment Institutions Top 50" list was officially released at the 2025 (25th) China Venture Capital Forum. The list was jointly published by the Shanghai Science and Technology Innovation Finance Research Institute, Shanghai Angel Club, and Pujiang Technology Review, with data support from Most Innovation Community and Ruishou Analysis. From all entrants, 50 institutions were ultimately selected. ZhenFund is honored to be recognized as one of the "pioneer forces" with outstanding comprehensive performance in Chinese tech investment.

ZhenFund named to Venture50's Most Admired Early-Stage Investment Institutions 2025

On September 25, Venture50 released its 2025 Most Admired Venture Capital Institutions rankings. For this list, judgment was placed in the hands of 180 GP partners and frontline sector investors, providing professional endorsement from peer perspectives. The process ultimately yielded 18,816 valid votes. ZhenFund was named to the Top 50 Most Admired Early-Stage Investment Institutions 2025, ranking 6th.

ZhenFund named to China Venture Capital Research Institute's Top 25 China Best AI & Big Data Investment Institutions 2025

On September 29, the China Venture Capital Research Institute unveiled the "2025 China Venture Capital Industry Annual Rankings · Golden Investment Awards · Mid-Year List." This year's rankings featured two major categories — comprehensive and industry-specific — across 13 sub-lists, assessing investment institutions' performance in fundraising, investment, management, exits, and overall influence. ZhenFund was named to the Top 25 China Best AI & Big Data Investment Institutions 2025.

Text by Neya

Edited by Cindy