Wanwu Capital Looks Ahead, Keeps Moving | Z News

Z News is ZhenFund's news column.

With grass growing and warblers singing, spring is in full bloom — every day in March brims with the energy of growth. In this season of renewal, we bring you our March newsletter, inviting you to witness the progress of our portfolio companies and the latest happenings at ZhenFund. Double espresso strength — here to share with you.

Portfolio News

ZhenFund Angel Project "PurewayBio" Debuts at Paris Fashion Week Fall/Winter 2025

Recently, PurewayBio® unveiled its new mycelium-based material product Gano™ at the GANNI Fall/Winter 2025 runway show during Paris Fashion Week. This season's GANNI collection drew inspiration from the warmth and emotional power of "home." GANNI boldly explored diverse elements — from tapestry-inspired jacquards and handcrafted knits to innovative bio-based fabrics — artfully blending "softness" with "strength," "classic" with "innovation," to build a confident, elegant wardrobe for the modern woman.

Continuing its commitment to sustainable fashion, the showcase highlighted the elegant application of "Fabrics of the Future" across multiple pieces, demonstrating how technological innovation empowers creative design. PurewayBio® will continue exploring Gano™'s potential, looking forward to opening new possibilities for sustainable design and application.

ZhenFund Angel Project "Easy Transfer International" Ranks on Singapore's Top 100 Fastest-Growing Companies

Recently, The Straits Times and German global data research firm Statista jointly released the "Singapore Top 100 Fastest-Growing Companies" list, covering enterprises across industries including food & beverage services, accounting, and fintech.

Easy Transfer International successfully made the list at #25 overall, and ranked #6 in the fintech sector. As a technology company in financial services, Easy Transfer International has achieved steady revenue growth in just three years through its innovative cross-border financial solutions and efficient service model.

ZhenFund Angel Project "Lightelligence" Founding Team Publishes in Nature Sub-Journal

On February 14, Nature Reviews Electrical Engineering, a review journal under the Nature umbrella, published an invited Lab-to-Fab review article by Cui Kaiyu from Tsinghua University Professor Huang Yidong's team, titled "On-chip spectral imaging and sensing transition towards marketable technologies."

Cui Kaiyu's spectral imaging chip team developed the world's first hyperspectral imaging chip and globally pioneered the industrial development of spectral imaging technology and applications, successfully bridging the gap from laboratory achievements to commercial products. The technology has now been deployed in mobile phones, machine vision, healthcare, and other key sectors.

After producing the first laboratory prototype in 2018, Cui Kaiyu's team has filed over 100 invention patents worldwide. The article outlines future directions for spectral imaging chips — the technology continues to evolve rapidly, with significant room for growth in spectral encoding methods, multidimensional light-field computation, AI-powered reconstruction algorithms, band expansion, and cross-domain applications.

Hangzhou Qiantang District Mayor Shen Yanjun Visits ZhenFund Early Project "Xinkong Intelligence" for Research and Guidance

On February 25, Qiantang District Mayor Shen Yanjun, along with Standing Committee member Zhou Miaorong and Deputy District Mayor Ma Yuhui, visited Xinkong Intelligence for research and guidance. Dr. Chen Peng, CTO of Hangzhou Xinkong Intelligence Technology Co., Ltd., accompanied the visit. During this visit, district leaders gained firsthand understanding of Xinkong Intelligence's technology and market prospects, and through a symposium format, addressed the company's needs directly on-site, providing a "shot in the arm" for its innovation and upgrade.

Shanghai Municipal Party Committee Standing Committee Member and Pudong New Area Party Secretary Li Zheng Visits ZhenFund Angel Project "Enflame Technology"

On February 25, Li Zheng, Shanghai Municipal Party Committee Standing Committee Member and Pudong New Area Party Secretary, visited Shanghai Enflame Technology Co., Ltd. to facilitate efficient enterprise service coordination and effective policy delivery, better serving national strategic needs.

The delegation toured Enflame Technology's exhibition hall, learning about its product ecosystem development, core technology breakthroughs, and application scenario deployment, and engaged in in-depth exchanges with company leadership on future development plans.

Secretary Li noted that Pudong New Area is the bearer of major national strategies and the core zone of Shanghai's international science and technology innovation center, currently accelerating the deployment of new quality productive forces. Enflame Technology will help build an industrial ecosystem more conducive to collaborative innovation across the integrated circuit and AI industry chains, a science and innovation environment that supports talent entrepreneurship and innovation, and a more comfortable and convenient living environment — further encouraging innovation, strengthening coordination, leading development, and enhancing the capacity to absorb technological innovation. He expressed hope that Enflame Technology would seize industrial transformation opportunities, optimize its R&D and production layout in Pudong, accelerate product iteration, and build a solid, practical, and inclusive infrastructure foundation to empower faster and better development across all industries.

ZhenFund Early Project "Youibot" Establishes Japan Subsidiary

On February 27, industrial mobile robot solutions provider Youibot announced the establishment of its Japan subsidiary, Youibot Robotics Japan Co., Ltd., with an opening ceremony held in Tokyo. This marks a further deepening of Youibot's local service capabilities in the Japanese market and represents a significant milestone in the company's global strategic layout.

Amid the global wave of industrial intelligent upgrading, Youibot has deeply cultivated industrial scenarios, thoroughly developing full-stack robotic technology with industrial-grade reliability and generalization capabilities, maintaining market leadership in mobile manipulation robots. Based on deep scenario accumulation across semiconductors, new energy, and broader industrial sectors, Youibot is rapidly advancing its global market presence through a "be integrated" strategy.

"Youibot will further strengthen support for local customers and use Japan as a base to further expand into global markets, helping drive worldwide industrial intelligent upgrading through innovative technology," said Zhang Zhaohui, Chairman of Youibot.

ZhenFund Early Project "Flexiv" Named Shanghai Innovative Enterprise Headquarters

On February 27, the second batch of Shanghai Innovative Enterprise Headquarters award ceremony was officially held. Flexiv was successfully selected, becoming the only awarded enterprise in Minhang District's AI sector this round. Deputy Party Secretary and Mayor Gong Zheng presented awards to the innovative enterprise headquarters, while Standing Committee Member and Executive Vice Mayor Wu Wei announced the list of recognized enterprises.

Innovative enterprises are an important component of Shanghai's modern industrial system and the vitality of its high-quality development. The municipal Party committee and government attach great importance to innovative economic development, striving to create a favorable environment for innovative enterprises to grow and thrive in Shanghai, hence the establishment of the Shanghai Innovative Enterprise Headquarters designation and continued efforts to cultivate innovative enterprises.

Since its founding, Flexiv has remained committed to its original mission, dedicated to continuous exploration and breakthroughs in robotics and artificial intelligence. Going forward, it will persist in deepening its efforts, through relentless innovation and research, to mine technological depth and expand application breadth, creating greater value for society.

Shanghai Municipal Government Deputy Secretary-General, Pudong New Area Deputy Party Secretary and District Mayor Wu Jincheng Visits ZhenFund Angel Project "Synyi AI"

On March 6, Wu Jincheng, Shanghai Municipal Government Deputy Secretary-General, Pudong New Area Deputy Party Secretary and District Mayor, led a delegation to visit Synyi AI, a representative enterprise in medical vertical large models, and presented a "service package" to Zhang Shaodian, Synyi AI's Founder and Chairman.

During the enterprise symposium, Zhang Shaodian detailed the company's technological advantages, application scenarios, and development plans, with particular in-depth communication with attending leaders regarding Synyi AI's strategic layout in medical vertical large models.

Going forward, Synyi AI will continue to fulfill its mission of optimizing every medical decision, deeply cultivating the healthcare industry, and making positive contributions to social and economic development.

Multiple ZhenFund Portfolio Companies Named to ChinaVenture "2024 Sharp 100 Companies" List

On March 14, ChinaVenture released its fifth annual "ChinaVenture Sharp 100 Companies" list, covering technology innovation tracks including artificial intelligence, robotics, low-altitude economy, commercial aerospace, and healthcare. Multiple ZhenFund portfolio companies including Moxi, WeView Energy Storage, Infinigence AI, Innosilicon, and Moonshot AI were named to the "2024 Sharp 100 Companies" list.

DHL Global Forwarding Global CEO Visits ZhenFund Angel Project "EHang"

Recently, the Guangzhou Municipal Science and Technology Bureau publicly announced the results and certificates of the 13th China Innovation and Entrepreneurship Competition (Guangdong · Guangzhou Division) and 2024 Guangzhou Science and Technology Innovation and Entrepreneurship Competition Finals.

This competition, hosted by the Guangzhou Municipal Science and Technology Bureau and guided by the Guangdong Provincial Department of Science and Technology, attracted over 280,000 enterprises and teams. Breathonix won second prize in the Medical Devices Growth Group with its entry "MEMS Micro Gas Chromatograph and Intelligent Exhaled Breath Diagnostic Platform," ranking 3rd overall in the medical devices track — the only award-winning enterprise in the exhaled breath detection industry.

ZhenFund Angel Project "Horizon Robotics" Advanced Driving System HSD Wins iF Design Award

Horizon Robotics' advanced driving system HSD has won the iF Product User Experience Award, recognized for its minimalist aesthetic design, digital mirror world, and hardware-software collaborative engineering capabilities. This represents the highest recognition from the world's top design community for Horizon Robotics' "human-centered" driving product philosophy, and a major milestone in China's driving experience entering a new era.

Horizon Robotics believes the value of HMI extends beyond digitally recreating the beauty of the real world — it is a bridge for building trust between users and machines. HSD's HMI takes "digital mirror world" as its core concept, benchmarking against AAA game titles to transform physical environments into clean, elegant 3D dynamic imagery in real time. This contains numerous thoughtful details and reflections on the essence of intelligent driving. Powered by China's first VLA driving large model, HSD can even perform semantic understanding and real-time decision-making on scenarios such as traffic light countdowns, text road signs (e.g., straight-ahead waiting areas), traffic police gestures, and bus stopping intentions — letting every frame convey the system's "humanized deep thinking."

ZhenFund Angel Project "EHang" EH216-S Completes First Flight in Mexico

Global leading urban air mobility (UAM) technology company EHang (Nasdaq: EH) announced that its EH216-S autonomous electric vertical take-off and landing (eVTOL) aircraft has completed its first flight in Mexico — also the first flight of this type of aircraft in the country.

EHang's EH216-S global flight map has now expanded to 19 countries. This breakthrough not only cements Mexico's important position in the global urban air mobility market but also advances the global UAM industry's development. With its dense urban population, thriving tourism industry, and mature manufacturing sector, Mexico provides an ideal environment for advanced air mobility (AAM) development.

This first flight was successfully completed after the Mexican Federal Civil Aviation Agency (AFAC) granted the EH216-S unmanned aircraft system (UAS) a special airworthiness certificate. As EHang's local partner for the EH216-S unmanned aircraft in Mexico, Air Mobility will continue working with EHang to jointly advance Mexico's advanced air mobility industry development, laying a solid foundation for future eVTOL commercial operations.

EH216-S first flight in Mexico

ZhenFund Early Project "Tusk" Debuts at U.S. ProMat Logistics Show with APR Pallet Robot and Frontier Technologies

On March 17, ProMat, the world's premier logistics event, grandly opened in the U.S. Guangdong Tusk Robotics made its appearance as a pioneer in intelligent logistics, bringing its latest APR pallet robot and a series of frontier technologies to showcase the outstanding strength and innovative vitality of Chinese intelligent manufacturing. On the first day, the Tusk booth drew countless eyes.

Guangdong Tusk Robotics will continue deeply cultivating the intelligent logistics sector, constantly innovating and perfecting its product line to provide global customers with more efficient and safer logistics solutions.

ZhenFund Early Project "Cardinal Operations" COPT Becomes NVIDIA cuOpt Open Source Ecosystem's Only Chinese Partner

On March 19, NVIDIA Founder, President and CEO Jensen Huang delivered his highly anticipated keynote speech at GTC 2025, detailing the latest advances in AI and GPU-accelerated computing.

In this speech, Huang announced that cuOpt, NVIDIA's AI-powered decision optimization engine and a core component of its parallel computing platform CUDA-X, would officially become open source, and laid out the cuOpt ecosystem blueprint. Among this, Cardinal Operations' self-developed intelligent computing solver COPT, as an optimization ecosystem leader, became its only Chinese partner.

cuOpt is an AI-driven decision optimization engine widely applied in supply chain management, flight scheduling, resource allocation, and other fields — capable of reducing optimization computations from hours to seconds, achieving unprecedented breakthroughs in real-time optimization. Developers can use this powerful tool for free, greatly accelerating industry development.

Currently, Cardinal Operations' COPT solver already ranks among the international leaders in performance. Its synergy with NVIDIA GPUs will redefine the boundaries of real-time decision-making. We look forward to this integration providing global enterprises with intelligent optimization infrastructure from cloud to edge.

Since its release, Cardinal Operations' COPT solver has repeatedly gained international recognition for its outstanding performance, with users covering over 70 countries worldwide. The COPT 7.1 version released in February 2024 was the world's first CPU-GPU hybrid compatible solver. Subsequently, COPT 7.2 ranked first in eleven benchmark categories in the latest tests on the authoritative Mittelmann evaluation list. This strategic cooperation with NVIDIA not only validates the hard power of China's intelligent decision-making technology but also opens a new path for domestic foundational software to enter global markets.

ZhenFund Early Project "Syrius Robotics" Appears at Chicago PROMAT 2025

On March 17, PROMAT 2025 opened at McCormick Place in Chicago. Held biennially with over 50 years of history, PROMAT is North America's largest international logistics and supply chain exhibition, attracting 50,000 professional buyers from global manufacturing and supply chain sectors.

As a global leading AI platform company, Syrius Robotics made its U.S. market debut with multiple AMRs (autonomous mobile robots) and "order-to-person" flexible picking solutions. Leveraging successful experience in China, Japan, Singapore and other markets, Syrius designed customized solutions for the North American market, comprehensively showcasing its frontier technology, advantaged products, and pioneering solutions at PROMAT 2025 — committed to enhancing warehouse logistics automation experience and delivering cost reduction and efficiency gains for customers.

ZhenFund Early Project "LinkZill" Paper Published in Nature, TFT Helps Perovskite LED Reach Summit

Recently, a paper titled "Downscaling micro- and nano-perovskite LEDs" by Zhejiang University Professor David Di and Professor Baodan Zhao's team was published in the top international academic journal Nature, introducing extremely small LEDs manufactured based on novel perovskite semiconductors.

Based on LinkZill's TFT display chips and array driving system, this LED pixel array demonstrated excellent luminous performance. This also marks LinkZill's first appearance in Nature proper, working hand-in-hand with our partners to open new possibilities for the industrialization of next-generation display technology.

LinkZill's TFT array display chips support multiple display materials including perovskite LEDs, QLEDs, and OLEDs. When paired with the back-end array driving system, they can illuminate images and videos. The company also provides chip and system customization services, adjusting chip pixel size, resolution, system refresh rate, and other specifications according to customer needs to further enhance validation results.

This collaboration between LinkZill and the Zhejiang University team, with results published in Nature, once again confirms that TFT as an ideal technical support platform for light-emitting devices will bring revolutionary breakthroughs to next-generation display technology.

ZhenFund Angel Project "ADVANCE.AI" Appears at 2025 Huawei Cloud Chinese Enterprise Global Summit

As a global leading digital identity verification and compliance risk management service provider, and an important strategic partner of Huawei Cloud, ADVANCE.AI was invited to participate in the "2025 Huawei Cloud · Chinese Enterprise Global Summit" held in Chongqing from March 24 to 25. With "accessing global expansion information, listening to pioneering practices, and linking resources and business opportunities" as its core value, the summit gathered over 500 global business leaders and industry pioneers to jointly explore strategic opportunities for globalization.

ADVANCE.AI Co-founder and Chairman Shou Dong attended and delivered a keynote speech, sharing practical experience of early success in Southeast Asian markets, as well as globalization strategic layout and thinking, and releasing ADVANCE.AI's first "2024 Identity Fraud Report."

Meanwhile, ADVANCE.AI showcased its latest deepfake anti-fraud technology products at its on-site booth, providing safe and compliant practical references for enterprises going global, and conveying its globalization experience driven by the dual engines of "technology + localization."

ZhenFund Early Project "XtalPi" Reaches High-Value Cooperation with UAE Royal Family, Breakthrough in Robot Automated Laboratory Going Overseas

XtalPi (stock code: 2228.HK), a global leader in digital and robot-automated R&D platforms, has formally signed a commercial cooperation agreement with the office of Sheikh Hamad Rakadh Salem Rakadh of the UAE royal family in Abu Dhabi. The two parties will jointly build the Middle East's first automated traditional medicine modernization R&D laboratory in the UAE, with an initial investment of $30 million USD (paid according to construction progress), creating a new paradigm for traditional medicine R&D in the Middle East.

This cooperation marks XtalPi's first large-scale export of its automated laboratory to the Arab world, aligning with the UAE's National Investment Strategy 2031 core objective of promoting technology and emerging industries, and setting a new benchmark for China-Middle East technology cooperation.

XtalPi has seized overseas commercial opportunities early, building platforms for segmented R&D scenarios. Going forward, it will jointly deepen cultivation with strategic partners, providing a "China solution" for the deep integration of traditional heritage with modern technology, and specialized domain knowledge with general technology platforms.

Bureir Alameri, representative of Sheikh Hamad's office, and Wang Ruyu, representative of XtalPi, formally sign the cooperation agreement witnessed by multiple Sheikhs

ZhenFund Fresh News

ZhenFund Founding Partner and CEO Anna Fang Named to FOFWEEKLY "2024 Best Female Investor of the Year"; ZhenFund Director of Investor Relations Cheng Yishan Named to "2025 Best Female IR TOP30"

On March 7, FOFWEEKLY released its 2025 Outstanding Female Investors list, encouraging outstanding female investors in the private equity fund of funds and fund industries, and promoting the healthy development of the equity investment industry. ZhenFund Founding Partner and CEO Anna Fang was named to the "2025 Best Female Direct Investment Fund Investor TOP50." ZhenFund Director of Investor Relations Cheng Yishan was named to the "2025 Best Female IR TOP30."

ZhenFund Founding Partner and CEO Anna Fang Named to Qimingpian "2025 China's Best Female Investor"

On March 7, Qimingpian released its "China's Best Female Investors & Financial Advisors" list, to encourage all diligent female practitioners with keen vision and strong professional capabilities. ZhenFund Founding Partner and CEO Anna Fang was named "2025 China's Best Female Investor."

ZhenFund Founding Partner and CEO Anna Fang Named to Rongzhong "2024 Best Female Investor of the Year"

On March 8, to promote healthy development of the equity investment industry and recognize the contributions and achievements of female investors, Rongzhong Research selected the "2024 China's Best Female Investors" based on database and questionnaire research, combined with indicators including education background, professional experience, and past performance. ZhenFund Founding Partner and CEO Anna Fang was named "Rongzhong 2024 China's Best Female Investor."

By Cindy & Jiamin

Edited by Wendi

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