ZGC Group

ZGC Group was established in 2010. With a consistent mission of serving innovation-driven development, it has been committed to building an open and shared ecosystem pooling innovation factors. To promote the transformation and industrialization of sci-tech achievements, it deploys innovative resources across the world by means of building high-tech parks, making investments, providing funding and professional services and etc. It now has become an integral part of Zhongguancun innovation and entrepreneurship ecosystem.

Ma Jianping

Managing Partner

67 past transactions

Xingyu Aerospace

Angel Round in 2025
Xingyu Aerospace is a company which focuses on the overall design and development of the third-generation aerospace power system.

Youjie Future Technology

Series A in 2025
Youjie Future Technology is a high-tech company that independently develops a new generation of cloud-based SaaS platforms for intelligent design topology optimization.

Xunlin Technology

Seed Round in 2025
Xunlin Technology is a metallizing technology company that specializes in surface metallization of ceramic and glass electronic substrates.

Luology

Series A in 2025
Luology is an innovative company specializing in the research and development of semiconductor transient heat testing equipment. It designs and manufactures devices that facilitate transient heat testing, which is essential for evaluating the thermal performance of semiconductors. The company focuses on advancing electronic cooling technologies and digital twin technologies, enhancing thermal analysis capabilities for its clients. Through its expertise, Luology aims to provide effective solutions that enable better thermal management in semiconductor applications.

Baiyi Wuyou

Seed Round in 2025
Baiyi Wuyou is a biopharmaceutical company that specializes in the research and development of vaccines and innovative drugs. The company is dedicated to studying viral protein structural biology and antibody epitopes, with a focus on understanding the mechanisms of infectious disease infection and immune responses.

Shangning Technology Intelligence

Series A in 2024
Shangning Technology Intelligence is a medical device company that specializes in the development and production of orthopedic and luminal implant medical device products.

Yuequan Bionics

Seed Round in 2024
Yuequan Bionics specializing in bionic sports intelligence, bionic health systems and equipment, and humanoid robots.

AncSonic

Series C in 2024
AncSonic specializes in the manufacture and development of active noise cancellation components and products. The company focuses on creating solutions that analyze and reduce noise complexity, thereby improving users' quality of life by effectively mitigating noise from household appliances. AncSonic's product offerings include noise reduction components and car noise reduction accessories, with a commitment to expanding noise reduction capabilities up to 2100Hz. Based in Beijing, the company markets its innovative noise reduction solutions throughout China, catering to a growing demand for enhanced auditory environments.

Mobvoi

Venture Round in 2024
Mobvoi, also known as Chumenwenwen, is an artificial intelligence company headquartered in Beijing, China, founded in 2012. The company specializes in technologies related to Chinese language speech recognition, natural language processing, and vertical mobile search. Mobvoi develops a Chinese Smart Watch Operating System that integrates mobile intelligence voice search across platforms such as iOS, Android, Android Wear, Google Glass, and WeChat. The company's business is organized into two main segments: AI Software Solutions, which includes generative AI and enterprise solutions, and Smart Devices and Accessories. Mobvoi also has a strategic partnership with The Volkswagen Group, enhancing its presence in the automotive sector. The majority of Mobvoi's revenue is derived from its AI Software Solutions, positioning the company as a key player in the growing AI market.

Kiwimoore

Seed Round in 2023
Kiwimoore is a provider of advanced packaging chiplet technology for its customers. The company's intelligent integrated silicon substrate can connect homogeneous or heterogeneous chiplets with more flexibility, higher performance, and smaller size, and integrate to form a new system-on-chip, bringing new value to customers such as OEMs and fabless.

Megason Biotech

Angel Round in 2023
Megason Biotech is an innovative pharmaceutical supplier.

Migrasome Therapeutics

Angel Round in 2023
Migrasome Therapeutics is an innovative drug research and development company based on new biological discoveries.

Yuantong Technology

Seed Round in 2023
Yuantong Technology is a company that specializes in superior photoelectric sensors and intelligent optical perception systems. It provides superior optical perception solutions for businesses such as smartphones, medical devices, machine vision, and self-driving cars.

Xincheng Semiconductor

Series A in 2023
Xincheng Semiconductor manufactures integrated circuit packaging substrates. Semiconductor is a provider of integrated circuit packaging substrate solutions. It focuses on the research and development and mass manufacture of high-density flip-chip packaging substrates, filling a gap in domestic high-end substrates and assisting the domestic semiconductor industry chain in becoming autonomous and controllable.

Forward Pharma

Series B in 2023
Forward Pharma specializes in the research and development of next-generation small-molecule pharmaceuticals and antibody-targeted drugs. It focuses on the discovery and development of ground-breaking new medications in oncology and autoimmunity.

Yuequan Bionics

Angel Round in 2023
Yuequan Bionics specializing in bionic sports intelligence, bionic health systems and equipment, and humanoid robots.

Micro-Nano Power

Seed Round in 2023
Micro-Nano Power is a firm that integrates research and development, manufacturing, and operation of high-tech life science research equipment and medical device goods, with an emphasis on increasing the use of micro-nano robots and physical field control technologies in the biomedical field. A number of products have been created by the company based on basic light field and electromagnetic field control technologies.

Yuanli Semiconductor

Seed Round in 2023
Yuanli Semiconductor develops and supplies an innovative AI computing power infrastructure.

Jingqing Digital

Angel Round in 2023
Jingqing Digital is an energy company that creates solutions for digital power conversion and high-voltage energy storage technology. The company specializes in utilizing green digital power to achieve carbon neutrality. Its main products are new energy storage converters, DC hydrogen power supplies, hydrogen storage, and other high-tech digital power conversion products.

Leke VR

Series B in 2023
Beijing Leke VR Technology Co., Ltd. is a private company based in China that specializes in the development of virtual reality content and technology. The company focuses on various aspects of virtual reality, including theme entertainment, interactive games, film production, and travel development. Additionally, Leke VR offers integration solutions for the application and advancement of virtual reality technology. The firm has developed a virtual reality entertainment cloud service platform known as VRLe, which encompasses nearly 1,000 locations across cities and towns, with plans for expansion into international markets. Leke VR aims to provide immersive entertainment experiences and innovative VR products, positioning itself as a leader in the virtual reality theme park sector and assisting clients in creating engaging VR experience shops and attractions.

AIForceTech

Series A in 2022
AIForceTech is a company focused on agricultural robotics and smart machinery, based in Beijing's Haidian District since its founding in 2019. The company develops and manufactures a range of electric-powered agricultural products, including unmanned electric tractors and various robotic solutions. Leveraging artificial intelligence and autonomous driving technology, AIForceTech's equipment is designed to operate unmanned around the clock, significantly enhancing agricultural efficiency. The practical application of its products in real-world scenarios has provided the company with valuable operational insights, driving innovation in the agricultural sector.

Liu Ma Rui Chi

Series A in 2022
Autonomous parking and ADAS for passenger and commercial vehicles.

Inchtek

Venture Round in 2022
Inchtek is a smart car information security company. They provide information security solutions for upcoming smart automobiles. They offer information security goods, services, and comprehensive technical solutions that integrate hardware and software, as well as car and cloud integration, that should be made available to makers of autonomous driving and intelligently networked vehicles.

DataCanvas

Series C in 2022
DataCanvas is a data analysis service platform based in China.

HiStarlink

Seed Round in 2022
HiStarlink is a commercial company that specializes in the development and manufacturing of advanced communication technology, particularly satellite laser communication systems. The company offers a range of products, including aerospace-grade optoelectronic devices, ultra-high-speed communication boards, laser communication terminals, and ground signal transceiver systems. HiStarlink's innovative solutions are designed to meet the demands of various sectors, including aerospace and national defense, by enhancing communication speed and reducing equipment costs. Through its cutting-edge technology, HiStarlink aims to improve the efficiency and effectiveness of communication systems in the aerospace industry.

ORCA-TECH

Series A in 2022
ORCA-TECH is a company based in Xi'an, China, established in 2017, that specializes in developing aquatic self-driving technology. The company offers innovative products such as the ORCA SMURF, a robot designed for cleaning water bodies by removing floating debris. ORCA-TECH also provides a range of services focused on environmental sustainability, including lake management, river conservation, and reservoir monitoring. Their autonomous technology aims to enhance water conservation efforts and improve the health of aquatic ecosystems.

Deep Vision

Series A in 2022
Deep Vision is a supplier of high-precision intelligent visual inspection solutions in the industrial field. Deep Vision has independent research and development capabilities of intelligent AI cameras & 3D cameras, optical design capabilities, research and development capabilities of multiple algorithm libraries, research and development capabilities of FPGA platform image acquisition and processing systems, and design and manufacturing capabilities of automation equipment.

Toll PATEO

Series A in 2022
Toll PATEO is a natural science, medical research and experimental development service provider.

Precogify

Series A in 2022
Precogify is a health service platform focused on improving care for cancer patients. The company utilizes B-GPS technology to predict disease-causing genes, enabling systematic screening of tissue-specific genes associated with various cancers. By collaborating with data from the early stages of research, Precogify directly verifies and retests these genes to enhance accuracy. Additionally, the platform offers telemedicine services, private doctor consultations, and risk assessment for colon cancer, alongside precautionary and online medical health services tailored for patients. This approach aims to provide comprehensive support and improve outcomes for those affected by cancer.

Jiuzhou Yunjian

Venture Round in 2022
Jiuzhou Yunjian is a aerospace technology company.

JiuZhou Yunjian

Private Equity Round in 2022
JiuZhou Yunjian is a tech enterprise integrating the design and development of liquid power systems, assembly and testing, and the whole process of supporting flight. They provide customers with liquid rocket engine products.

TOPI Imaging Technology

Series B in 2021
TOPI Imaging Technology is a medical device firm providing OCT retinal diagnostic system and sweep optical biometer.

Skysys

Series A in 2021
Skysys is a company specializing in data acquisition and analysis services for drones, particularly focusing on unmanned aerial vehicles (UAVs). It offers comprehensive solutions that include automatic scheduling, data acquisition, and analysis, which help users enhance location accuracy and improve data reliability. The company aims to become a leader in the collection and analysis of data related to civil rotary aircraft in China. In addition to its core services, Skysys is developing advanced artificial intelligence for the automatic operation of rotorcraft drones, with applications extending to various industries, including gold mining.

Changmugu Medical

Series B in 2021
Beijing Changmugu Medical Technology Co., Ltd. is a healthcare startup specializing in artificial intelligence-powered solutions for orthopedic surgery. The company focuses on enhancing the accuracy and safety of surgical procedures through advanced technologies, including AI-assisted diagnosis and individualized operation plans. Additionally, it offers 3D printing patient-specific instrumentation (PSI) for surgical navigation and post-operative intelligent evaluation services. By leveraging AI deep learning, Changmugu Medical aims to provide innovative tools that improve patient outcomes and streamline surgical processes, ultimately contributing to safer and more stable operations in the field of orthopedics.

Houmo.AI

Seed Round in 2021
Houmo.AI is a semiconductor company founded in 2020 by Dr. Wu Qiang, specializing in integrated circuit storage technology tailored for artificial intelligence and high-power computing applications. The company focuses on developing intelligent computing chips that cater to the growing demand for computing power in the AI sector. By leveraging innovative technologies, Houmo.AI aims to deliver chips that offer significant performance improvements while maintaining low power consumption and affordability. This approach enables enterprises to manufacture advanced intelligent robotics and other AI-integrated electronics, ultimately striving to meet the challenges of true artificial intelligence.

AIForceTech

Series A in 2021
AIForceTech is a company focused on agricultural robotics and smart machinery, based in Beijing's Haidian District since its founding in 2019. The company develops and manufactures a range of electric-powered agricultural products, including unmanned electric tractors and various robotic solutions. Leveraging artificial intelligence and autonomous driving technology, AIForceTech's equipment is designed to operate unmanned around the clock, significantly enhancing agricultural efficiency. The practical application of its products in real-world scenarios has provided the company with valuable operational insights, driving innovation in the agricultural sector.

Deep Vision

Seed Round in 2021
Deep Vision is a supplier of high-precision intelligent visual inspection solutions in the industrial field. Deep Vision has independent research and development capabilities of intelligent AI cameras & 3D cameras, optical design capabilities, research and development capabilities of multiple algorithm libraries, research and development capabilities of FPGA platform image acquisition and processing systems, and design and manufacturing capabilities of automation equipment.

ForwardX

Series B in 2021
ForwardX Robotics, Inc. is a technology developer specializing in artificial intelligence and mobile robotics, founded in 2016 and headquartered in Beijing, China, with additional offices in San Diego and Phoenix. The company has a robust team of over 250 employees, including 120 engineers, and holds more than 200 pending patents. ForwardX is known for its innovative products, such as a side-follow suitcase equipped with GPS and 3G technology, allowing users to track their belongings via a dedicated application named Ovis. The suitcase features a removable battery and human-centric design. In addition to consumer products, ForwardX develops Autonomous Mobile Robots and Fleet Management solutions aimed at addressing significant challenges in logistics and manufacturing, such as rising labor costs, inefficient processes, and safety concerns. The company's robotics systems are designed to perceive their environment and adapt to dynamic circumstances, providing users with enhanced autonomy, flexibility, and productivity.

Bluepha

Series A in 2020
Bluepha specializes in synthetic biotechnology, aiming to innovate microbial manufacturing and material development. The company integrates bioengineering and data science to create bio-based products that cater to various industries, including consumer goods, healthcare, specialty chemicals, agriculture, and electronics. By focusing on research and development, Bluepha applies synthetic biology to optimize cellular processes and develop new bio-manufacturing products, allowing clients to assemble and enhance products through engineered biological materials. This approach enables significant advancements in product innovation and efficiency across multiple sectors.

StarSee

Seed Round in 2019
StarSee is a technology company that specializes in developing artificial intelligence solutions for military and defense applications. Founded in 2018 and based in Nanjing, China, the company provides advanced big data information collection and analysis technologies tailored for military and police use. StarSee's products are designed to extract information from complex and unstructured data, thereby enhancing military intelligence and facilitating informed decision-making. With a focus on empowering military operations through innovative technology, StarSee aims to build comprehensive intelligence application systems that support various military functions.

Bluepha

Series A in 2019
Bluepha specializes in synthetic biotechnology, aiming to innovate microbial manufacturing and material development. The company integrates bioengineering and data science to create bio-based products that cater to various industries, including consumer goods, healthcare, specialty chemicals, agriculture, and electronics. By focusing on research and development, Bluepha applies synthetic biology to optimize cellular processes and develop new bio-manufacturing products, allowing clients to assemble and enhance products through engineered biological materials. This approach enables significant advancements in product innovation and efficiency across multiple sectors.

Neuracle

Series A in 2019
Neuracle is a prominent enterprise in China's neuroscience sector, specializing in neural monitoring and diagnostic technology. Leveraging advanced brain-machine interface technology developed in collaboration with Tsinghua University, Neuracle focuses on innovative research across neuroscience, psychology, and neuroengineering. The company provides comprehensive solutions for the diagnosis, treatment, and rehabilitation of clinical neurological diseases. Its product offerings include digital electroencephalographs that allow healthcare institutions to monitor patients' brain bioelectricity levels and facilitate accurate diagnoses of neural conditions. Neuracle's contributions span various fields, including clinical medicine and management marketing, and the company's research and development efforts have garnered recognition from experts in neuroscience and clinical medicine both domestically and internationally.

Lingxi AR

Series A in 2019
Lingxi AR specializes in augmented reality (AR) optical display technology, focusing on the development of lightweight AR glasses with an expansive field of view. The company utilizes advanced optical modules that incorporate nano-scale coupling gratings and optical waveguide technology to facilitate high-quality AR 3D imaging, achieving a viewing angle of up to 36 degrees. By leveraging its strong optics technology and processing capabilities, Lingxi AR aims to deliver cost-effective, mass-produced transparent AR lenses that provide full-color imagery. The company's solutions cater to a diverse range of industries, including education, healthcare, security, industrial maintenance, and fire protection, offering essential display technology for various AR applications.

Yundao Zhizao

Series A in 2019
Yundao Zhizao develops the general multi-physics simulation PaaS platform and creates a controllable general simulation engine. They provide simdroids and engineering module development. They serve the petroleum and petrochemical industries, aerospace, automobiles, shipbuilding, weapons, nuclear energy, rail transit, and other key industries.

Yi+

Series B in 2018
Yi+ (Beijing Mo Shanghua Technology Co., Ltd.) is a prominent provider of computer vision engine services, focusing on delivering intelligent visual content and commercial solutions to enterprises. The company leverages advanced technologies in object and facial recognition to enhance artificial intelligence applications, enabling improved search results and product categorization. Yi+ collaborates with numerous leading institutions to deliver innovative marketing solutions and intelligent analysis through its video content analysis engine and face recognition engine. The company aims to help clients maximize value from image and video data, facilitating scene marketing and content interaction for a broad user base.

Starblaze

Series B in 2018
Starblaze is a manufacturer of consumer and enterprise solid-state drive (SSD) master chips, specializing in high-performance and low-power NVMe solutions. The company has developed an advanced NVMe SSD master controller and firmware, which are now mass-produced and utilized by several well-known brands in their high-performance SSD offerings. Starblaze offers a range of solutions, including the STAR1200C for high-performance, low-power consumption; OC SSD for data centers utilizing a customized Open-Channel interface; STAR1200E for low-power, high-performance enterprise applications; and DeepSSD products that leverage AI storage control for key-value storage needs in monitoring applications. Their technology supports data-intensive programs, enhancing the capability of computer systems for users.

Globaleur

Convertible Note in 2018
Globaleur specializes in providing AI-driven digital infrastructure tailored for the Travel & Hospitality and Mobility sectors. The company offers a comprehensive travel productivity application that streamlines travel services, allowing users to access destination content, book accommodations, flights, tours, activities, tickets, and car rentals. By leveraging APIs, White Label solutions, and Enterprise offerings, Globaleur aims to enhance customer-facing solutions for large travel and mobility companies, ultimately improving the overall travel experience through effective planning and personalization.

AutoBrain

Angel Round in 2018
AutoBrain develops solutions using safe system architecture and autonomous driving technologies to build a smart transportation network for travel and transit. They utilize the OEM mass production and trunk logistics operations of automakers to build up deep L4 and L5 level memory as they fit the needs of scene parties and vehicle businesses with motorway autopilot products. The network development plan is connected to autonomous driving technology, and together with partners, they will test the commercialization strategy for upcoming intelligent transportation.

Globaleur

Convertible Note in 2018
Globaleur specializes in providing AI-driven digital infrastructure tailored for the Travel & Hospitality and Mobility sectors. The company offers a comprehensive travel productivity application that streamlines travel services, allowing users to access destination content, book accommodations, flights, tours, activities, tickets, and car rentals. By leveraging APIs, White Label solutions, and Enterprise offerings, Globaleur aims to enhance customer-facing solutions for large travel and mobility companies, ultimately improving the overall travel experience through effective planning and personalization.

7Invensun Technology

Series C in 2018
7Invensun Technology, established in 2009 and based in Beijing, specializes in eye-tracking and machine vision technologies. The company focuses on the research and development of various technologies, including eye-motion control, head-tracking, gaze point tracking, and facial identification. With a dedicated R&D team and independent intellectual property, 7Invensun aims to lead the eye-tracking technology sector in China. Their product lineup includes devices such as sSee (an eye-tracking device), aGlass (wearable glasses), and aMouse (a head-tracking mouse), alongside tailored technology solutions for PCs, tablets, smartphones, and smart glasses. The company has also established itself as a significant partner of Qualcomm, enhancing its presence in the technology landscape.

Asieris Pharmaceuticals

Series B in 2017
Asieris Pharmaceuticals Co. Ltd. is a Chinese biotechnology company established in 2010, headquartered in Taizhou, China. The company specializes in the research and development of pharmaceutical products aimed at treating tumors and addressing multidrug-resistant infections. Asieris is committed to advancing therapeutic solutions that integrate both diagnosis and treatment, catering to the needs of patients in China and globally. Through its innovative approach, the company seeks to contribute significantly to the fields of oncology and infectious disease management.

Cygnus Bio

Series B in 2017
Cygnus Biosciences (Beijing) Co., Ltd. is a biotechnology firm focused on the research and development of gene sequencing platforms. The company aims to advance clinical medicine through improved screening and diagnostic capabilities. By leveraging innovative gene sequencing technology, Cygnus provides accurate and efficient solutions for genetic engineers and gene therapy specialists, enabling them to obtain reliable data for their research. This commitment to industrialization and application of gene sequencing facilitates effective and error-free experimentation, ultimately enhancing the overall quality of biotech research and medical diagnostics.

DataCanvas

Series A in 2017
DataCanvas is a data analysis service platform based in China.

Starblaze

Series A in 2017
Starblaze is a manufacturer of consumer and enterprise solid-state drive (SSD) master chips, specializing in high-performance and low-power NVMe solutions. The company has developed an advanced NVMe SSD master controller and firmware, which are now mass-produced and utilized by several well-known brands in their high-performance SSD offerings. Starblaze offers a range of solutions, including the STAR1200C for high-performance, low-power consumption; OC SSD for data centers utilizing a customized Open-Channel interface; STAR1200E for low-power, high-performance enterprise applications; and DeepSSD products that leverage AI storage control for key-value storage needs in monitoring applications. Their technology supports data-intensive programs, enhancing the capability of computer systems for users.
China Satellite Navigation and Communications Co., Ltd. specializes in satellite navigation and positioning services, offering a comprehensive range of solutions for various industries. Founded in 2004 and based in Beijing, the company develops information system platforms and monitoring services tailored for traffic management, public security, and regulatory authorities. Its services extend to sectors such as passenger and cargo transport, hazardous materials transport, banking, logistics, and personnel management. Additionally, the company provides smart logistics solutions, fleet management, and government-enterprise information services, focusing on enhancing the efficiency and safety of commercial vehicle operations.

all-pay.cn

Series B in 2015
All-pay.cn provides user positioning, map navigation, member identification, multi-channel payment, and multi-channel marketing services. They also provide marketing channels and offline coupon verification services.

IrisKing

Series C in 2014
IrisKing specializes in developing iris recognition technology solutions, focusing on research, product development, and innovation in artificial intelligence, particularly in machine vision and biometric identification. The company offers a range of products, including mobile terminal solutions, financial solutions, and access control systems, primarily aimed at enhancing personal identity management. By leveraging its advanced technology, IrisKing enables clients to efficiently manage personal identification and verification processes, contributing to improved security and usability in various applications across China.

CH-Auto Technology

Angel Round in 2014
CH-Auto Technology is an automotive design and vehicle development firm that provides comprehensive solutions to original equipment manufacturers (OEMs). The company specializes in the design, development, manufacturing, and sale of fully electric vehicles and related components. Its product lineup includes the K50, a high-performance two-seater all-electric super sports car, the K20, a compact two-seater hatchback aimed at urban middle-class consumers, and the upcoming K25, a four-seater hatchback designed with strong mechanical performance to also appeal to urban buyers. Through its engineering and design services, CH-Auto Technology collaborates with major automotive brands to innovate in the electric vehicle sector.

YOYOSYS

Series B in 2013
YOYOSYS specializes in the development and commercialization of cloud computing software and big data technologies in China. The company offers comprehensive solutions encompassing data storage, computing, and analysis, catering to a diverse clientele that includes government entities, public security, transportation, the military, telecommunications, finance, power and energy, and retail manufacturing. Additionally, YOYOSYS focuses on integrating advanced Internet technologies into critical information infrastructure, emphasizing applications vital to national security and economic stability.

ANOSI

Series B in 2013
ANOSI is a communication equipment service company that provides equipment maintenance and asset management services.

GUOZHIHENG GROUP

Series B in 2012
GUOZHIHENG GROUP offers navigation and communication technology services.

Gomg Technology

Angel Round in 2012
Gomg Technology designs and manufactures magnesium alloy rolled sheet, magnesium alloy semi-continuous cast billets, magnesium alloy laptop cases, magnesium alloy sacrificial anodes, magnesium alloy auto parts, magnesium alloy extrusion profiles, and more. The company's contact modes are phone and physical address.

NSTC

Post in 2011
NSTC provides enterprise fund management software products and enterprise financial information value-added services. They are helping enterprises improve cash flow through the application of information technology, building a bridge between financial institutions and enterprises so that the enterprise's capital flow is smoother.

GOLDEN

Seed Round in 2010
GOLDEN develop innovative products series, forming a value-added industrial chain. The Company provides network intelligent solutions development, information security protection solutions development, and other services.They applied to industries or fields such as smart grid, production management, energy conservation and environmental protection, advanced control, and modern logistics.

bFuture

Series A in 2010
bFuture Inc. is a company based in Beijing, China, that offers software as a service and operates a business-to-business supply chain management platform connecting suppliers and retailers. Established in 2000, bFuture also runs a business-to-consumer web-based store aimed at retailers. The company specializes in distribution, logistics, and retail solutions, facilitating efficient operations within the supply chain. Previously, it functioned as a subsidiary of eFuture Holding Inc.
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