The year draws to a close; a new chapter begins | Z News

真格基金·December 31, 2024

A warm winter for good things.

Z News is ZhenFund's news column.

As the new year approaches, good news keeps rolling in. We're bringing you this December monthly report, inviting you to witness the growth of our portfolio companies and what's new at ZhenFund. Double espresso strength — shared with you.

Portfolio News

Multiple ZhenFund Portfolio Companies Named to 36Kr WISE2024 Business King Annual Enterprise List

Recently, 36Kr released the "WISE2024 Business King Series Annual Enterprise Directory," which includes two categories — "WISE2024 Business King Annual Most Commercially Valuable Enterprise" and "WISE2024 Business King Annual Most Commercially Promising Enterprise" — across nine new economy sectors.

ZhenFund portfolio companies on the list include: Moonshot AI in AI's most commercially valuable enterprise; Xiaoshouyi in digital production's most commercially valuable enterprise; Orienspace and Helium Starlink in frontier technology's most commercially valuable enterprise; Horizon Robotics, Hesai Technology, and Momenta in smart mobility's most commercially valuable enterprise; EHang in low-altitude economy enterprise; and LinkZill, Colossal-AI, and Qbit in most commercially promising enterprise.

Multiple ZhenFund Portfolio Companies Named to "Investment Network · 2024 China Value Enterprise List"

Recently, Investment Network released the "Investment Network · 2024 China Value Enterprise List." ZhenFund portfolio companies AIGC Marketing, Orienspace, Helium Starlink, Vastai Tech, Moxi, Infinigence AI, and Moonshot AI were named to the 2024 Top 100 Most Investment-Worthy Enterprises.

ZhenFund Early-Stage Project "AccelTech" Announces Over 100 Million RMB Strategic Funding Round

Recently, Hangzhou AccelTech Co., Ltd. completed a strategic funding round of over 100 million RMB, with investors including Ceyuan Capital, Xihu Innovation Investment, and other institutions. This round demonstrates investors' recognition of AccelTech's technical capabilities, innovation strength, and future growth potential, injecting strong momentum for the company's further development and technological breakthroughs.

Zhejiang Provincial Party Committee Standing Committee Member and Organization Department Head Wang Cheng Visits ZhenFund Early-Stage Project "AccelTech"

Recently, Wang Cheng, Standing Committee Member of the Zhejiang Provincial Party Committee and Head of the Organization Department, led a delegation to Hangzhou AccelTech for research and inspection. Wang Cheng learned in detail about AccelTech's joint construction of an integrated circuit innovation center public service platform with Yuhang District, as well as its independent cultivation of integrated circuit industry talent. AccelTech Founder and Chairman Wu Gang warmly received the visiting delegation.

ZhenFund Angel Project "Qingteng Cloud Security" Qingteng Tianrui RASP Wins China Cybersecurity and Information Industry Golden Wisdom Award — 2024 Outstanding Security Product

Recently, the 2024 China Cybersecurity and Information Industry "Golden Wisdom Award" results were officially announced. The awards were organized by Information Security and Communications Privacy magazine, with support from the National Key Laboratory of Science and Technology on Communication Security, the National Defense Science and Technology Industry Cybersecurity Innovation Center, the Zhongguancun Hua'an Critical Information Infrastructure Security Protection Alliance, the Zhongguancun Trusted Computing Industry Alliance, and the Zhongguancun Cybersecurity and Informatization Industry Alliance. Qingteng Tianrui • RASP application security protection product was recognized as "2024 Outstanding Security Product" for its outstanding product advantages and business application value.

ZhenFund Angel Project "Adaps Photonics" Invited to 2024 Specialized and Innovative SMEs Development Conference

On December 1, the 2024 Specialized and Innovative SMEs Development Conference opened at Shanghai Zhangjiang Science Hall. The conference, themed "Specialized, Refined, Unique, and Innovative — Cultivating New Quality," focused on innovation-driven development and high-quality growth for SMEs. Shanghai Party Secretary Chen Jining, and Ministry of Industry and Information Technology Party Secretary and Minister Jin Zhuanglong attended the opening ceremony and delivered speeches. Shanghai Deputy Party Secretary and Mayor Gong Zheng presided over the opening ceremony. MIIT Vice Minister Shan Zhongde, Shanghai Vice Mayor Chen Jie, and other leaders attended and introduced cultivation and support policies for specialized and innovative SMEs. As a national-level specialized and innovative "Little Giant" enterprise, Adaps Photonics was invited to participate, honored to join the Shenzhen Little Giant enterprise delegation in multiple important activities.

ZhenFund Angel Project "Feiyu Technology" Named to 2024 China Emerging Tech Pioneer Enterprise List

On December 4, the China Tech Pioneer Annual Selection | 2024 China Emerging Tech Pioneer Enterprise List was officially released. As China's leading next-generation developer community, SegmentFault Siwei relied on data analysis from tens of millions of developer users and evaluated technology companies' behavior and influence indicators in China's technology domain to ultimately select 30 emerging tech pioneer enterprises. Shanghai Feiyu Information Technology Co., Ltd., as a cybersecurity enterprise leading next-generation intelligent application security solutions, was named to the top 30.

Multiple ZhenFund Portfolio Companies Named to TMTPost 2024 EDGE AWARDS Series Lists

Recently, TMTPost 2024 EDGE AWARDS announced the annual AI innovation lists for "Annual AIGC Technology Pioneer," "Annual AI Industry Scenario," and "Annual AI Application." ZhenFund portfolio companies Infinigence AI was named annual AIGC technology pioneer; SmartMore was named annual AI industry scenario; and DeepGlint was named annual AI application.

ZhenFund Angel Project "Salus Biomed" Innovation Results Recognized by People's Daily at "Central-Local SOE Shenzhen Tour"

On the afternoon of December 5, the "Central-Local SOE Shenzhen Tour" event came to Guangming. As one of seven parallel forums of the Guangming Science City Forum, the event comprehensively promoted Guangming District's development plans, resource endowments, key projects, and industrial advantages from all angles, attracting multiple central-local cooperation projects to settle in with total investment exceeding 7.4 billion RMB. People's Daily specially reported on the successful hosting of the Guangming Science City Forum, fully recognizing the innovation results of enterprises including Salus Biomed.

This event was hosted by the Shenzhen Municipal Organization Department, Municipal SASAC, and Shenzhen SOE Party Building Research Association, organized by the Guangming District Party Committee and District Government, with the theme "Central-Local Hand in Hand, Creating the Future Together." Over 60 central and local SOEs were invited to conduct field inspections of representative enterprise innovation results, future plans, business environment, and ecological advantages in Guangming District.

ZhenFund Angel Project "RuiXin Biotech" Announces Completion of Tens of Millions RMB C2 Strategic Funding Round

Suzhou RuiXin Biotech Co., Ltd. recently completed its C2 strategic funding round of tens of millions of RMB. This round was led by Ruijiang KangSheng. The raised funds will be used for domestic and international clinical registration of digital PCR products, European market expansion, and new product R&D, providing strong assurance for RuiXin Biotech to maintain its leading position in the digital PCR and mRNA LNP fields. Through this funding round, RuiXin Biotech will also form a strategic partnership with KangSheng Global Group, with future in-depth cooperation in joint product R&D, domestic clinical product hospital entry, and overseas product sales.

Multiple ZhenFund Portfolio Companies and Founders Named to QbitAI 2024 AI Annual Selection Series Lists

Recently, at the QbitAI MEET 2025 Intelligent Future Conference, the "2024 AI Annual Selection" series lists were officially announced. ZhenFund portfolio companies Colossal-AI, Horizon Robotics, Moonshot AI, and DeepGlint were named 2024 AI Annual Navigator Enterprises; Infinigence AI and SmartMore were named AI Annual Promising Startups; Enflame Technology CEO Zhao Lidong, Horizon Robotics Founder Kai Yu, Colossal-AI Founder and Chairman You Yang, Moonshot AI Founder Zhilin Yang, and Infinigence AI Co-founder and CEO Xia Lixue were named 2024 AI Annual Focus Figures; and Colossal-AI's Video Ocean was named 2024 AI Annual Outstanding Product.

Multiple ZhenFund Portfolio Companies Named to Jazzyear's 2024 Annual Gravity Summit Rankings

From December 10 to 11, the 2024 Jazzyear Annual Gravity Summit — themed "Infinite Flux, Unwavering Constancy" — was held at the Beijing Zhongguancun National Innovation Demonstration Zone Exhibition and Exchange Center, where three major rankings were announced: the Jazzyear 20, the Lightyear 20, and the Tech Industry Investment Rankings.

ZhenFund portfolio companies Colossal-AI, Moffett AI, and Infinigence AI were named to the Jazzyear 20 list of China's Most Commercially Promising AI Computing Companies; Mobvoi and Moonshot AI were named to both the Jazzyear 20 list of China's Most Commercially Promising Large Model Companies and the Lightyear 20 list of China's Most Innovative AI Products; Youibot was named to the Jazzyear 20 list of China's Most Commercially Promising Embodied Intelligence Companies; Mobvoi Founder and CEO Zhifei Li, Colossal-AI Founder and Chairman You Yang, and Infinigence AI Co-founder and CEO Xia Lixue were named to the Lightyear 20 list of China's Most Innovative Tech Industry Figures.

ZhenFund Angel Investment "Breathonix" Recognized as National High-Tech Enterprise with Provincial Distinguished Product

Recently, the National High-Tech Enterprise Recognition Management Leading Group Office officially published the list of proposed first-batch high-tech enterprise filings for 2024 from Guangdong Province's recognition agency. Breathonix (Guangzhou) Intelligent Technology Co., Ltd. was recognized as a national high-tech enterprise. At the same time, the company's self-developed medical device product for exhaled VOC (volatile organic compound) detection — the "micro gas chromatograph" — was also recognized as a Guangdong Province Distinguished High-Tech Product.

ZhenFund Early-Stage Investment "Starward Future" Establishes Postdoctoral Research Station

On December 12, the Beijing Municipal Human Resources and Social Security Bureau convened a conference on "Strengthening Postdoctoral Talent Development to Empower Chinese-Style Modernization," where 124 newly established postdoctoral units were formally accredited. Starward Future Technology (Beijing) Co., Ltd. was officially approved to establish a postdoctoral research station in recognition of its outstanding research capabilities and technological achievements — a significant affirmation of the company's long-term commitment to cutting-edge technological innovation and high-level talent cultivation.

ZhenFund Angel Investment "Cardinal Operations" Selected for 2024 Beijing Industrial Internet Platform List

Recently, the Beijing Municipal Bureau of Economy and Information Technology released the 2024 Beijing Industrial Internet Platform list, comprising 19 platforms in total. Cardinal Operations was selected for its "Industrial Intelligent Manufacturing Decision Optimization Platform." Leveraging leading technical advantages and deep industrial service experience, Cardinal Operations has built an innovative industrial internet model and achieved notable practical results, earning recognition as a specialized technical industrial internet platform enterprise.

Multiple ZhenFund Portfolio Companies Showcase at ICCAD 2024

On December 11–12, ICCAD 2024 — the annual gathering for China's integrated circuit design industry — was held at the Shanghai World Expo Exhibition and Convention Center. With the theme "Intelligent Shanghai, Chips Moving the World," the event brought together numerous industry elites to discuss the future of the integrated circuit industry. As leading enterprises in the semiconductor sector, ZhenFund portfolio companies X-EPIC, X-Times Design Automation, AccoTest, and Innosilicon showcased their latest products at the exhibition.

Shanghai Party Secretary Chen Jining Visits ZhenFund Angel Investment "Black Lake" for On-Site Coordination

On the morning of December 16, Party Secretary Chen Jining conducted research visits and on-site coordination at select innovative enterprises in Shanghai to hear their suggestions and facilitate service connections, as part of efforts to implement the spirit of the Central Economic Work Conference. Chen emphasized the need to thoroughly study and implement General Secretary Xi Jinping's important instructions from his inspection tour of Shanghai, follow the arrangements and requirements of the Central Economic Work Conference, continuously optimize the business environment, enhance policy effectiveness, deepen enterprise services, and better guide companies to build confidence, stabilize expectations, seize opportunities in digital, intelligent, and green transformation, focus on niche segments, strengthen core competencies, and contribute more to Shanghai's "Five Centers" construction and high-quality development.

At Shanghai Black Lake Network Technology Co., Ltd., Chen reviewed demonstrations of the "Black Lake Xiaogongdan," "Black Lake Zhizao," and "Black Lake Supply Chain" platform systems, learning about the company's innovation and entrepreneurship journey, as well as its explorations in helping SMEs with digital transformation and multi-factory data aggregation and production coordination.

ZhenFund Early-Stage Investment "XtalPi" Announces Strategic Partnership with Microsoft China to Drive Transformation in Life Sciences, New Materials, and Education Through AI and Robotics

Recently, XtalPi ("XtalPi Holdings Limited", stock short name: XtalPi Holdings-P, XTALPI-P, HK) and Microsoft China announced the signing of a strategic memorandum of cooperation, aimed at leveraging cutting-edge technologies including artificial intelligence (AI), large models, and robotics laboratories to explore innovative applications in biopharmaceuticals and materials science, opening a new chapter in research, education, and innovative applications.

Under this cooperation, XtalPi (HK) will combine its AI for Science R&D platform expertise and the extensive multimodal datasets accumulated through its robotics laboratories with Microsoft's large language model (LLM) capabilities, including Azure OpenAI and its high-performance cloud computing platform. The two parties will explore domain-specific large models for new drug or new material development, develop use cases in new materials design, and enable sustainable, environmentally friendly, and energy-efficient new materials R&D. Their shared goal is to demonstrate how next-generation computing and automation tools can accelerate innovation in chemistry and materials science — rapidly generating and validating AI-generated molecules that meet necessary property and functionality standards, and swiftly translating research breakthroughs into competitive products.

ZhenFund Early-Stage Investment "Infinigence AI" Open-Sources World's First On-Device Full-Modality Understanding Model

Today, Infinigence AI officially open-sourced Megrez-3B-Omni, a full-modality understanding small model for on-device solutions, along with its pure-language version Megrez-3B-Instruct. Across numerous evaluation benchmarks, Megrez-3B-Omni achieved state-of-the-art performance for its size across image, text, and audio modalities. As a 3B-parameter model, its overall performance even surpassed that of 34B models.

ZhenFund Angel Investment "Moonshot AI" Releases Visual Reasoning Model k1

Recently, Moonshot AI released its visual reasoning model k1. Built on reinforcement learning technology, the k1 model natively supports end-to-end image understanding and chain-of-thought reasoning, extending its capabilities beyond mathematics to more foundational science domains. In benchmark tests of basic science disciplines including mathematics, physics, and chemistry, the first-generation k1 model outperformed global benchmark models including OpenAI o1, GPT-4o, and Claude 3.5 Sonnet.

ZhenFund Early-Stage Investment "X-EPIC" Wins IC Industry Awards Annual IP Innovation Award

On December 14, the "2025 Semiconductor Investment Annual Conference and IC Industry Awards Ceremony," hosted by the Semiconductor Investment Alliance and organized by Jiwei, was successfully held at Shanghai Tower. X-EPIC, as the only EDA company, received the "Annual IP Innovation Award" alongside industry backbone representatives from different segments including SICC, CXMT, SJ Semiconductor, NAURA, Unisoc, Zhuhai OneMO, and Anyka Microelectronics — despite having been founded less than five years ago. This recognition reflects both the company's emphasis on intellectual property and the sustained innovative contributions of its R&D team. At the ceremony, Vice President of R&D Qi Zhenghua accepted the award on behalf of X-EPIC's entire R&D team.

Chaoyang District Science and Technology Association Delegation Visits ZhenFund Portfolio Company SuanShu Technology

Recently, Feng Shouhua, Secretary of the Party Leadership Group of the Beijing Chaoyang District Science and Technology Association, and Yu Hong, Deputy Director of the Party Leadership Group and Vice Chair, visited SuanShu Technology for research and exchange. SuanShu Technology co-founder Wang Xi and others accompanied the delegation. The research team held discussions around SuanShu Technology's development status, scientific and technological innovation achievements, and future market layout, listening to company reports and offering relevant planning suggestions.

ZhenFund Portfolio Company Hanwei Technology Chief Innovation Officer Professor Dan J.L. Brett Named to 2024 "Highly Cited Researchers" List

On November 19, 2024, Clarivate released its 2024 "Highly Cited Researchers" list, selecting top scientific talent from universities, research institutions, and commercial organizations worldwide whose research has had significant and broad impact in their fields. A total of 6,636 scientists from more than 1,200 institutions across 59 countries and regions were selected. Professor Dan J.L. Brett, Chief Innovation Officer of Zhejiang Hanwei Technology, was successfully named to the ESI (Essential Science Indicators) global highly cited scholars list based on his outstanding academic contributions, placing him in the top 1% of scientific researchers worldwide.

ZhenFund Portfolio Company Feiyu Technology Awarded "2024 Shanghai Specialized, Sophisticated, Distinctive, and Innovative SME" Designation

Recently, the Shanghai Municipal Commission of Economy and Informatization announced the "Shanghai Specialized, Sophisticated, Distinctive, and Innovative SMEs (Third Batch) List." Shanghai Feiyu Information Technology Co., Ltd. successfully obtained the Shanghai "Specialized, Sophisticated, Distinctive, and Innovative" SME certification.

Multiple ZhenFund Portfolio Companies Named to 2024 Venture 50 Future Unicorn List

Recently, Venture 50 announced its 2024 Venture 100 Future Unicorn list. ZhenFund portfolio companies Starlight Link (氦星光联), Moffett AI (墨芯人工智能), Saphlux (赛富乐斯), and Infinigence AI (无问芯穹) were honored with placement on the list.

ZhenFund Portfolio Company U Power Announces Completion of Hundreds of Millions of RMB Series B Funding

On December 19, 2024, U Power completed its Series B funding round, raising hundreds of millions of RMB in total. This round was led by Hefei Industry Investment, with follow-on investment from Xuzhou Industry Development Fund and Bosch Group's Boyuan Capital. The funds will be used to advance mass production of U Power's super VAN and expand production capacity, supporting U Power's rapid expansion in the electric commercial vehicle market and global application of its skateboard chassis technology.

ZhenFund Early-Stage Portfolio Company Yunzhou Intelligence Participates in Release of China's First Provincial-Level Unmanned Vessel Testing Management Standard

On December 18, China's first provincial-level local standard for unmanned vessel maritime testing — Unmanned Surface Vessel and Small Intelligent Ship Maritime Testing Management Specification (standard number DB44/T 2583—2024) — was officially released and will take effect on March 18, 2025.

The standard's research and formulation was led by the Guangdong Maritime Safety Administration, completed jointly with relevant industry organizations over three years. Implementation of this standard represents a significant milestone in the development of China's unmanned vessel and intelligent ship industries, providing solid technical support for promoting high-quality development of these sectors.

ZhenFund Portfolio Company Enflame Technology Jointly Selected for "Industry Cloud Platform Navigator Typical Case" with Tencent Cloud

On December 19, 2024, at the "Enlightenment · Integration · Win-Win" Industry Cloud Platform Annual Achievement Conference hosted by the China Academy of Information and Communications Technology (CAICT), Shanghai Enflame Technology Co., Ltd. (Enflame Technology) and Tencent Cloud Computing (Beijing) Co., Ltd. (Tencent Cloud) were jointly selected for the "Industry Cloud Platform Navigator Typical Cases" for their project "Qingyang 10,000-Card Heterogeneous Intelligent Computing Cluster Building Domestic Computing Power Resource Pool."

ZhenFund Portfolio Company DataGrand DataGrand Office Agent Wins First Prize at Yangtze River Delta Technology Innovation Competition

On December 18, the finals of the 9th "Zhangjiang Cup" Technology Innovation Competition and 2nd Yangtze River Delta Technology Innovation Competition were held at the Zhangjiang AI Island AI Experience Center. After two months of intense competition, 40 projects competed on the same stage. Among them, DataGrand's intelligent digital employee platform deeply integrating large language models and other AI technologies, and its enterprise-grade intelligent text review system deeply integrating large language models, stood out to win first and second prizes respectively. These two awards for DataGrand not only recognize the company's industry-leading capabilities in office AI agents and intelligent document processing, but also affirm DataGrand's important position in the Zhangjiang and broader Yangtze River Delta technology innovation ecosystem.

ZhenFund Portfolio Company SpacemiT Announces Completion of Hundreds of Millions of RMB Series A+ Funding

Recently, SpacemiT completed its Series A+ funding round of hundreds of millions of RMB. This round was led by Hong Kong-based Brizan III Fund, with proceeds primarily used for R&D and market expansion of high-performance RISC-V AI CPUs and server AI CPUs, accelerating RISC-V product iteration and ecosystem development. This funding round was driven by SpacemiT's demonstrated excellence in chip mass production capabilities and breakthrough R&D progress in server CPU chips.

ZhenFund Early-Stage Portfolio Company Xbiome Wins Two Awards at Greater Bay Area BioTech Innovation Top 50

On December 26, the 7th Greater Bay Area BioTech Innovation Top 50 Awards Ceremony was held in Guangzhou. The event was hosted by Zhongchuang Industry Research Institute and organized by Guangdong Medical Valley, bringing together top industry experts, investors, entrepreneurs, and media to witness the birth of this year's Top 50 companies.

Xbiome won two honors — "Leading Enterprise" and "2024 Most Influential Enterprise" — at the Greater Bay Area BioTech Innovation Top 50, based on its rapid drug clinical progress and commercialization achievements, and was invited to speak as a representative of leading enterprises.

Multiple ZhenFund Portfolio Companies Selected for 2024 Large Model Panoramic Insight Map

In 2024, to better grasp large model application development trends and promote industrial collaborative innovation, CAICT East China Branch, drawing on its deep industry research experience and extensive industrial resources, undertook the compilation of 2024 Large Model Value New Horizon: Scenario-Based Application Panoramic Insight Map. The map was officially released on December 25, 2024, at the 2025 CAICT In-Depth Observation Report Conference East China Sub-Forum — "Large Models Renewed: New Scenarios and New Ecosystems." ZhenFund portfolio companies DeepGlint (格灵深瞳), DataGrand (达观数据), CreditX (氪信科技), and Enflame Technology (燧原科技) were successfully selected.

ZhenFund News

ZhenFund Named to Blue Shark Consumer "2024 Consumer Industry Patient Capital TOP30"

On December 7, the 2024 Consumer Industry Unicorn Summit was successfully held in Beijing. Initiated by Blue Shark Consumer, the summit saw the release of the "2024 Consumer Industry Patient Capital TOP30." ZhenFund was named to Blue Shark Consumer's "2024 Consumer Industry Patient Capital TOP30."

ZhenFund Named to WAVE2024 Global Navigators "Investment Firm Dream Team" List

Recently, the second Global Navigators Conference, co-hosted by霞光社 (Xiaguang Society) and Xiaguang Think Tank, was successfully held in Shenzhen. During the event, the "Global Navigators 2024 Annual Rankings" were officially released. ZhenFund was named to the WAVE2024 Global Navigators "Investment Firm Dream Team" list.

ZhenFund Named to FOFWEEKLY's "2024 Best Early-Stage Fund TOP30," with Founding Partner and CEO Anna Fang Named to "2024 Best Early-Stage Fund Investor TOP20"

Recently, FOFWEEKLY officially released its 2024 annual rankings to recognize outstanding institutions and talent in the private equity fund-of-funds and fund industry, promoting the healthy development of the equity investment sector. ZhenFund was named to FOFWEEKLY's "2024 Best Early-Stage Fund TOP30," and Anna Fang, ZhenFund's founding partner and CEO, was named to the "2024 Best Early-Stage Fund Investor TOP20."

ZhenFund Named to Zero2IPO's "2024 China Early-Stage Investment Firm TOP30," with Founding Partner and CEO Anna Fang Named to "2024 China Early-Stage Investor TOP10"

Recently, Zero2IPO released its 2024 China Equity Investment Annual Rankings. ZhenFund was named to the "China Early-Stage Investment Firm TOP30," and Anna Fang, ZhenFund's founding partner and CEO, was named to the 2024 China Early-Stage Investor TOP10.

ZhenFund Named to Beijing Private Equity Association 2023-2024 Annual Rankings, with Managing Partner Yusen Dai Named "Outstanding Young Investor in China's Equity Investment Industry"

Recently, the results of the "Starry Night" 2023-2024 China PE/VC Industry Awards, organized by the Global PE Forum Committee, were officially announced. ZhenFund was named to the 2023-2024 "China Top Ten Early-Stage Investment Firms" and received the 2023-2024 "China Best Exit Early-Stage Investment Firm" award. Yusen Dai, managing partner at ZhenFund, was named to the 2023-2024 "Outstanding Young Investor in China's Equity Investment Industry."

ZhenFund Named to Jiemian's "2024 China's Top Venture Capital Firms" List

On December 26, 2024, Jiemian released its "China's Top Venture Capital Firms" rankings for the eighth time, with ZhenFund earning a spot on the list.

By Stone

Edited by Wendi

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