Primary market investment
We pursue investment opportunities created by
technology-driven innovators, enablers, and beneficiaries
Primary market investment
• Core activities: venture capital, industrial investment, and private equity investment. Focus areas: technology-driven enterprises, with key sectors including new energy, semiconductors, information technology, AI, advanced manufacturing, life sciences, etc.
• Through sector-focused deep research, combined with the team’s extensive industrial resources and global capital market experience, we invest in and incubate entrepreneurs with the potential to become industry leaders, and help them grow into globally competitive companies.
• Founding partner team averages over 20 years of experience. The team is lean yet passionate, with cross-disciplinary backgrounds in venture capital, investment banking, entrepreneurship, and corporate management. We are skilled at capturing macro trends in politics, economy, and technology both domestically and internationally. In a complex global environment, we provide solid and reliable investment and value-added services to investors and entrepreneurs. Core businesses include RMB equity investment, USD equity investment, controlling investment, and strategic advisory.
Investment Team
Richard T
Founding Partner
- Investment expert with over 20 years of VC/PE experience.
- Led investments in unicorn tech companies including NIO (NIO), WeRide (WRD), CurrenC (CURR), Joy Spreader (CHR), and Saide Semiconductor, among others.
- Specially appointed mentor at the Expert Service Center of the Ministry of Human Resources and Social Security.
- Ranked among TOPS100 China's Top 10 Rising Investors in 2016.
- Holds a Bachelor of Clinical Pharmacy from Wuhan University School of Medicine and an MBA.
He Yizhou
Founding Partner
- Over 10 years of equity investment experience in China and overseas, having managed over RMB 8 billion in assets.
- Previously worked at Lightspeed Venture Partners, Capmark Financial (under KKR/Goldman Sachs), the Tech Investment Banking Division of Credit Suisse, and KPMG International Corporate Department, among others.
- Holds an MBA from the Wharton School of the University of Pennsylvania and is a CFA charterholder.
Lu Peng
Partner
- 25 years of R&D and management experience in global high-tech enterprises; previously held positions at internationally renowned companies including Oracle, IBM, and Alibaba.
- Formerly served as Engineering VP at Alibaba Group, Chairman of the Board of Hitao (a joint venture between Taobao and Hunan TV), and President of Acorn International (ATV).
- Named one of China’s Top 5 CTOs by IDC China / CIO Magazine.
- Holds a Ph.D. from McMaster University, Canada.
Sam C
Partner
- Senior executive with deep experience in fintech and private equity.
- Over 20 years of cross-functional management experience spanning securities information services, financial data technology, internet platform entrepreneurship, and private equity investment.
- Previously served as Head of Marketing at a state-controlled securities information institution, core executive at a Nasdaq-listed financial group, founder and CEO of a tech company, and partner at a private equity fund.
Investment style
Sniper
- With limited capital, we stay highly focused, investing significant effort to select only 1–2 prime targets within our chosen investment tracks.
- Our hunting grounds are chosen for both "breadth and depth" – broad enough to capture opportunity, deep enough to build real advantage.
Chief of Staff
- We lead early- to mid-stage rounds, positioning ourselves close to the company's operations.
- We provide deep post-investment management, serving as a strategic chief of staff to our portfolio companies.
- Areas covered: strategic planning, growth roadmap, and capital markets – backed by valuable, research-driven insights.
Support Troop
- We fully connect resources to shore up any weak links in a company's growth.
- We help companies strengthen fundamentals including compliance, HR, and government support programs.
Selection logic
Sufficient industry accumulation
- Knowledge accumulation and cognition
- Industry resources
- Industry insights
Broad yet deep, narrow yet focused
- Sufficiently high market ceiling with large enough total addressable market
- Sufficiently niche and vertically focused
- Clear internal logic driving growth potential
Technological barriers & high competitive moat
- Width and depth of the moat
- Leading window of opportunity
- Drivers of sustained growth
Leading enterprises in niche sectors
- Market position
- Resource moat
Portfolio companies
