IDG Capital is an international investment firm that funds technology companies at early to growth stages. It collaborates with private equity and venture capital fund managers, investment advisors, and business entities worldwide. The firm combines a global perspective with local expertise to mobilize resources and address inbound and outbound opportunities in China and across Asia. Its team has deep knowledge of the Chinese market and maintains close relationships with leading business leaders.

Kinzon (Shenzhen) Investment Management is a venture capital firm founded in 2016 that focuses on early‑stage and growth investments in leading‑edge technology, innovative consumption, and education sectors. The firm operates secondary funds and maintains offices in Beijing, Shanghai, and Shenzhen.

Y&R Capital is a Beijing-based venture capital firm and high-tech incubator established in 2015 that concentrates on medical health, artificial intelligence and robotics, and intelligent manufacturing; it funds precision medicine initiatives and related technologies and also offers incubation and service management to portfolio companies.

Morningside Group is a venture capital firm founded in 1986, originally established as a family office for the Chan family, and is based in the greater Boston area. The firm makes venture investments in companies with novel science and technology, pursuing a long-term, patient approach to company-building and emphasizing ethical practices. Its investment focus spans life sciences, digital health, artificial intelligence, materials science, and information technology. In addition to its investment activities, Morningside supports charitable initiatives in education, research, and healthcare, with partnerships including the Harvard T.H. Chan School of Public Health, UMass Chan Medical School, and the MIT Morningside Academy for Design.

ZhenFund is a Beijing-based venture capital firm founded in 2011 by Bob Xu and Victor Wang in collaboration with Sequoia Capital China. It focuses on seed and early-stage technology startups, investing across artificial intelligence, life sciences, autonomous driving, fintech, e-commerce, and consumer technology. The firm emphasizes strong founding teams, provides mentorship, resources, and access to a broad founder network, and runs programs such as demo days, ZhenCampus pre-accelerators, and the ZhenSummer Grant to help entrepreneurs raise capital and scale. Through active engagement with portfolio companies and industry partners, ZhenFund supports founders with guidance, partnerships, and opportunities to accelerate product development and market impact in China.

WI Harper Group is a venture capital firm founded in 1993 and headquartered in San Francisco with a cross-border focus spanning the United States, Greater China and Silicon Valley. It concentrates on early and early-expansion investments in technology, healthcare and clean technology, backing startups with financing, operational guidance and strategic partnerships to support growth and successful IPOs or M&A. The firm emphasizes a global-local approach, leveraging cross-border expertise to help portfolio companies scale across regions in sectors such as software, artificial intelligence, biotech, robotics, fintech, sustainability and IoT. With over 30 years of experience and substantial committed capital, WI Harper develops diversified portfolios by partnering with ambitious founders.

Sequoia Capital China is a venture capital firm founded in September 2005, headquartered in Beijing, with additional offices in Hong Kong and Shanghai. The firm specializes in a wide range of investments across various stages, including seed, start-up, early, mid, late, and growth stages. Its investment focus spans multiple sectors, including consumer services, technology, healthcare, financial services, and energy. Key areas of investment include agriculture, education, industrial technology, clean technology, blockchain, and advanced manufacturing. Sequoia Capital China aims to support innovations in medical health, consumer goods, logistics, and artificial intelligence, among others. The firm typically invests between $100,000 and $1 million in seed companies, $1 million to $10 million in early-stage ventures, and $10 million to $50 million in growth investments. As a subsidiary of Sequoia Capital, it leverages a broad network and expertise to foster the development of promising businesses primarily within China.

Qiming Venture Partners is a China-based venture capital firm founded in 2006, with offices in Shanghai, Beijing, Suzhou, Hong Kong, and Singapore. It invests in technology, consumer, and healthcare companies at early and growth stages, providing hands-on support and strategic resources in addition to capital. The firm has backed hundreds of portfolio companies and has a record of exits through IPOs and M&A, including unicorn and super unicorn companies. It maintains an international presence through a U.S. team established in 2017, with offices in Cambridge, Seattle, and San Francisco to support healthcare and life sciences entrepreneurs and help portfolio companies scale globally. Qiming emphasizes sector knowledge, founder collaboration, and a long-term partnership approach to drive milestone achievements and create lasting value.

Legend Capital is a Beijing-based venture capital firm and subsidiary of Legend Holdings, focused on backing high-growth Chinese technology and related companies. Since its inception in 2001, it has managed multiple funds totaling up to approximately US$700 million, investing primarily in early-stage IT ventures with operations centered in China or markets related to China. The firm targets sectors including network applications and services, outsourcing and professional services, and infrastructure such as IC design and key components, as well as mid-market growth companies in consumer goods, clean technology, healthcare, equipment manufacturing, and modern services. Legend Capital actively supports portfolio companies with resources for business development and market execution in China to create value and maximize returns. Notable portfolio companies have included Joyo.com, SinoCom, Solarfun Power, Spreadtrum Communications, China Sunshine Paper, VanceInfo, and Eyang. Legend Capital operates as a Beijing-based venture capital investor with a broad focus on technology-enabled sectors and China-linked opportunities.

Shunwei Capital is a Beijing-based venture capital firm founded in 2011 that focuses on early- to mid-stage investments in China’s internet and technology sectors. It targets opportunities across technology, media, telecommunications, high technology, new media, games, internet finance, and rural internet, with a focus on internet-enabled platforms and hardware such as IoT and mobile internet. The firm supports incubation and growth-stage rounds and has managed multiple funds targeting China and East Asia, including RMB and global vehicles. Its portfolio includes Xiaomi, Huami, iQiyi, and Viomi Technology, illustrating its track record of backing high-growth internet and hardware companies.

SDIC Innovation Investment Management is the private equity and venture capital arm of State Development & Investment Corp. It makes investments across technology and manufacturing sectors, including mobile internet, internet of things, cloud computing, big data, information technology services, industrial robotics, and intelligent manufacturing. The firm also targets high-end medical equipment, diagnostics, high-value consumables, modern agricultural equipment, ships and marine engineering, new materials, clean energy, energy conservation, and healthcare; for new energy vehicles it focuses on intelligent upstream and downstream supply chains, power batteries and systems, and related technologies. Founded in 2009, the company is based in Beijing with an additional office in Asia. The firm aims to support development and deployment of innovative technologies through private equity and venture capital investments.

Panda Capital is a Shanghai-based venture capital firm founded in 2015 that concentrates on early-stage technology investments, from angel rounds to Series B, with the aim of being the first or second institutional investor for ambitious startups. The firm focuses on fast-growing tech sectors including data-driven AI applications, enterprise services, fintech, logistics, mobility and transportation, and new generation consumer trends. It manages RMB and USD funds and emphasizes value discovery through independent research and close collaboration with entrepreneurs to help scale capabilities and markets.

Xianghe Capital is a venture capital firm focusing on early and growth-stage investments in China’s TMT sector. Founded by Hesong Tang and Maggie Yang, former Baidu corporate development executives, the firm leverages strategic analysis and deep industry connections to identify and support transformative opportunities. The founders’ backgrounds include leadership in landmark deals in China’s internet landscape, such as iQiyi, Qunar, PPS and 91 Wireless, and experience across Baidu, other leading internet companies and VC funds.

5Y Capital is a China-based private equity and venture capital firm specializing in seed, start-up, early venture, and growth capital investments. It backs entrepreneurs across healthcare, life sciences, technology, fintech, internet, information services, consumer and business services, media, education, digital health, and medical devices, with a focus on China and Asia-Pacific markets. Founded in 2008 in Shanghai by Ken Shi and Richard Liu, the firm operates as part of the Morningside Group and maintains offices in Shanghai, Beijing and Hong Kong. Its investor base includes sovereign wealth funds, endowments, foundations, family offices and funds of funds. By supporting portfolio companies with capital and strategic guidance, it helps them scale and expand domestically and regionally.

GGV Capital is a global venture capital firm that restructured in 2024 into two brands: Granite Asia and Notable Capital. Granite Asia, headquartered in Singapore, concentrates on investments across the Asia-Pacific region, including Southeast Asia, Japan, China, India, and Australia. Notable Capital, based in Silicon Valley with offices in San Francisco and New York, concentrates on investments in the United States, Israel, Europe, and Latin America. The organization backs technology companies across early to growth stages and maintains an active portfolio strategy across regions. Notable investments include Streamlit, HashiCorp, Grab, Affirm, Poshmark, Wish, and Airbnb. The firm provides resources for founders through its platform and founder portal.

Matrix Partners is a venture capital firm founded in 1977 that backs early‑stage to growth technology companies. Based in San Francisco with a global footprint, the firm invests across sectors such as software, B2B, AI, fintech, consumer, healthtech, infrastructure, and hardware, supporting companies from idea through Series A and beyond. Its approach combines hands‑on guidance from a team of former founders and operators who help with product strategy, go‑to‑market, and talent recruitment. Matrix maintains regional arms, including Matrix Partners China and Matrix Partners India, to partner with local entrepreneurs while pursuing cross‑border opportunities. The firm has a long track record of notable portfolio companies and exits, reflecting a focus on building enduring, scalable businesses through active collaboration with founders.

Source Code Capital is a Beijing-based venture capital firm founded in 2014 that invests across seed, early, and growth stages in China’s technology sectors, with a focus on Internet+, AI+, and Global+ opportunities. The firm backs a wide range of sectors including media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare, and has backed notable Chinese tech companies such as ByteDance, Meituan, Beike, and Li Auto. It operates a portfolio-wide platform named Code Hub to facilitate collaboration, mentorship, and resource sharing among founders and portfolio companies, leveraging its research-driven approach to support companies through growth and international expansion. The firm emphasizes macro, meso, and micro perspectives, data and technology-driven value creation, and practical support to founders.

Light Silver Capital is a China-based venture capital firm.

Zoy Capital is a venture capital firm founded in 2013 and based in Beijing, China, with offices in Shanghai, Shenzhen, and Suzhou, focusing on equity investments in artificial intelligence, service robots, and modern media.

China Growth Capital is a Beijing-based venture capital firm founded in 2006 that invests in early to growth-stage companies. The firm focuses on sectors including SaaS, fintech, enterprise software and services, frontier technologies, life sciences, online education, consumer internet, and marketplaces, with a geographic emphasis on China and Silicon Valley. It typically supports seed to Series B rounds, with investment sizes commonly in the low to mid millions of dollars per company and a hard cap around fifteen million per company. The firm has built a multi-fund platform and manages assets across RMB and USD vehicles. China Growth Capital aims to back startups with scalable business models and global potential.

GSR Ventures is a global venture capital firm founded in 2004 and headquartered in Menlo Park, California, with offices in Beijing, Hong Kong, and Singapore. It focuses on early-stage technology companies, notably in AI-enabled enterprise software, consumer platforms, and healthcare technology, backing founders building disruptive businesses with potential to reach multi-billion-dollar markets. The firm has managed several billion dollars across multiple USD and RMB funds and has backed notable companies such as Didi Chuxing, Ele.me, Qunar, and Xiaohongshu. GSR Ventures combines founders, enterprise executives, physicians, and engineers to support portfolio companies through strategy to scale.

DCM Ventures is a venture capital firm founded in 1996 and based in Menlo Park, California, with offices in Silicon Valley, Beijing and Tokyo. It invests in software, consumer, enterprise, health tech, fintech and deep tech companies across the United States and Asia, and provides hands-on operational guidance and a global network to portfolio firms. The firm manages multiple funds totaling about four billion dollars and has backed more than 400 technology companies, focusing on helping portfolio companies scale and reach hyper-growth.

K2VC is a Beijing-based early-stage venture capital firm founded in 2010 that invests in technology-driven startups in China. It operates two investment platforms: Xianfeng Evergreen, established in 2010, which targets industrial technology, advanced manufacturing, new energy, industrial digitalization and the new economy; and Xianfeng Qi Yun, launched in 2016, focused on early-stage life sciences and healthcare with strong founder engagement to turn ideas into scalable ventures. The firm manages funds in RMB and USD totaling nearly 10 billion and has backed more than 700 startups, with post-investment services that assist in recruiting key talent. Headquartered in the Chaoyang district of Beijing, K2VC has earned recognition for leadership in early-stage and cross-border investments.

CDH Investments is a China-focused alternative asset manager established in 2002 by the former private equity group of China International Capital Corporation. Based in Beijing with an office in Hong Kong, it operates a diversified platform spanning private equity, venture, growth capital, real assets, mezzanine, public equities, and wealth management, and manages over $27 billion in assets under management. The firm concentrates on Greater China and primarily invests in consumer, technology, new energy, and healthcare sectors, while also pursuing opportunities in information technology, media, modern services, and industrial innovation. With an experienced team of senior private equity professionals who have worked together for years, CDH Investments aims to deliver long-term value by supporting growth and buyouts across its target industries.

Baidu Ventures is the corporate venture capital arm of Baidu that backs technology startups primarily in artificial intelligence and related fields. It pursues opportunities in AI, autonomous driving, robotics, big data, life sciences, and other technology sectors, supporting entrepreneurs from its offices in Beijing and San Francisco. The firm aims to help portfolio companies accelerate development and scale by leveraging Baidu's technical expertise and industry resources, reflecting Baidu's interest in advancing the next generation of AI-enabled products and services.

Green Pine Capital Partners is a Shenzhen-based venture capital and private equity firm founded in 2007. It manages assets exceeding 15 billion RMB through 21 funds and has invested in hundreds of enterprises across biotechnology, artificial intelligence, new materials, clean tech, smart hardware, digital media and related sectors. The firm supports growth from early stages to late stages and has backed companies that later became publicly listed or were acquired by listed groups. Its regional footprint includes offices in Beijing, Shanghai and Guangzhou. Green Pine also runs two GPI incubators and an incubator for overseas Chinese scientists starting businesses in China to foster entrepreneurship and technology commercialization. The investment activity is characterized by a focus on technology-enabled industries and industry-level opportunities, aiming to build a diversified portfolio across China’s innovation landscape.

Northern Light Venture Capital is a venture capital firm founded in 2005 that backs early- and growth-stage technology-driven companies. It targets opportunities in information technology, healthcare, consumer sectors, and related industries, with a China-focused approach that aims to leverage China’s industrial, economic, and human resources to build enduring global enterprises. The firm manages multiple funds to support its portfolio, including RMB funds and US-dollar vehicles.

Founded in 2013, Gaorong Capital is a Beijing-based venture capital firm that targets early-stage technology investments in the Asia-Pacific region. The firm backs companies across telecommunications, media, life sciences, cosmetics, and technology, helping them scale through strategic resources and guidance. Its investor base includes sovereign wealth funds, university endowments, pension funds, foundations, and funds of funds, as well as entrepreneurs from leading technology groups who contribute industry experience and global perspectives.

Shenzhen Capital Group is a government-backed venture capital and private equity firm based in Shenzhen, established in 1999. It concentrates on early-stage and growth investments in information technology, internet, new media, biopharma, new energy, environmental protection, advanced materials, high-end equipment manufacturing, and consumer sectors, with a focus on SMEs and enterprises in emerging industries. The firm seeks long-term value creation through active portfolio development, including post-investment services that support growth and commercialization. Beyond direct investments, it manages broader capitalization activities such as mutual funds, real estate funds, and asset securitization. Shenzhen Capital Group has built a large, diversified portfolio and has supported numerous companies through to initial public offerings in domestic and international markets.

Oriental Fortune Capital is a Shenzhen-based venture capital firm that invests in seed to Pre-IPO opportunities across China. The firm backs early to growth-stage companies in information technology, semiconductors, big data, telecom, media and entertainment, biomedicine and healthcare, energy and environmental technology, new materials, advanced manufacturing, consumer goods, and related services. It concentrates on investments in key Chinese markets, with operations in Shenzhen and offices in Shanghai, Beijing and Wuhu, and focuses on the Pearl River Delta, Yangtze River Delta, and Circum-Bohai-Sea regions including major cities such as Shenzhen, Guangzhou, Shanghai, Nanjing, Tianjin and Beijing. Portfolio strategy emphasizes allocations of roughly 20% to early stage, 40% to expansion, and 40% to Pre-IPO opportunities. The firm seeks to identify innovative, growth-oriented technology and modern service companies that can scale domestically and regionally within China.

Lenovo Capital and Incubator Group is Lenovo’s accelerator and venture capital unit that backs core technology and internet-related ventures worldwide. It focuses on areas such as cloud computing, big data, artificial intelligence, and robotics, aligning investments with Lenovo’s business research and development and strategic initiatives. By integrating Lenovo’s global resources and expertise, LCIG incubates startup ideas, funds early-stage innovations, and pursues new business directions to promote Lenovo’s future innovation and development.

State Development & Investment Corporation is a state-owned investment holding company based in Beijing, China, with a diversified portfolio spanning infrastructure investments, financial services, and international business; it engages in electric power, coal development, ports and shipping, urban environmental protection, biomass energy, health, and related sectors, and provides financial services, asset management, consulting, engineering design, property management, and project services, while pursuing direct investments and international trade and cooperation; the company aligns its development activities with national strategies, integrating industrial investment with financial services and global operations to support economic growth and optimize its asset mix through strategic planning and government-market collaboration.

Sinovation Ventures is a Beijing-based venture capital firm founded in 2009 by Dr. Kai-Fu Lee. It focuses on seed to Series B investments in consumer-facing technology and a broad range of tech sectors, including artificial intelligence, robotics, healthcare, semiconductors, energy, and digital lifestyle, with a geographic scope spanning China, the United States, and Europe. The firm actively backs companies across technology and innovation, leveraging a global portfolio of more than 500 companies. It manages multiple USD- and RMB-denominated funds and has built assets under management exceeding three billion dollars.

NIO Capital is a Shanghai-based investment firm established in 2016 that targets early- and growth-stage opportunities in automotive, new energy and deep technology. Backed by NIO, it aims to back innovative teams shaping electromobility, autonomous driving, shared mobility, energy networks and advanced materials, providing strategic support and partnerships throughout the venture lifecycle to accelerate digital transformation and decarbonization.

GSR United Capital is a Beijing-based private equity and venture capital firm with offices in Hangzhou and Shenzhen. It allocates equity capital to high-tech companies across sectors such as artificial intelligence, robotics, advanced manufacturing, industrial internet and digital services, aiming to back early and growth-stage opportunities and support portfolio companies through commercialization and scale. The firm has drawn support from government-backed funds and other state-capital investors and has built a portfolio of more than 100 high-tech startups, generating notable exits and returns.

Cyber Creation Ventures is a global venture capital firm with Silicon Valley roots, focused on early-stage technology investments. Founded by Wei Zhou, a former KPCB China managing partner, CCV combines Silicon Valley investment philosophy with a global footprint, operating from Singapore, Silicon Valley, and Beijing. The firm manages nearly $2 billion in assets and has a history of backing startups that reach unicorn status and lead Series A rounds. Its portfolio spans technology-enabled sectors and global innovations.

Bright Venture Capital is a venture capital firm headquartered in Shenzhen, China. It focuses on early- and middle-stage investments across technology-related sectors, including information technology, internet, cloud computing and advanced manufacturing, and seeks opportunities in adjacent areas such as media, telecommunications, culture and media, healthcare education, entertainment consumer, and new retail. The firm pursues investments in both private equity in the primary market and secondary stock opportunities.

Joy Capital is a Beijing-based venture capital firm that invests in startups at early and growth stages, with a focus on technology, innovative consumption, TMT, e-commerce and internet-enabled traditional industries. It partners with entrepreneurs to help them make critical decisions at key moments and to share the challenges and progress of building a business. The firm maintains a diversified portfolio with activity across Europe, North America and Asia and has experience in mobile and communications sectors.

Zero2IPO Group is a prominent integrated service provider in China's venture capital and private equity industry. It offers research, consulting, media, online learning, innovation support, international investment and capital management services, and operates data platforms such as PEDATA and PEdaily.cn. Through its subsidiaries Zero2IPO Ventures, Zero2IPO Capital and Zero2IPO Investment, the group invests in and manages funds independently, supporting hundreds of enterprises. Headquartered in Beijing with offices in Shanghai, Shenzhen, Hong Kong and Silicon Valley, Zero2IPO Group has invested in over 300 enterprises and manages more than 40 billion yuan in assets, leveraging its market research and advisory capabilities to connect entrepreneurs with investors.

Plum Ventures is a venture capital firm based in China that concentrates on seed and early-stage investments. It backs technology, new media, telecommunications, consumer-focused businesses, and related sectors such as hardware, the new economy, and internet finance. The firm typically invests in rounds ranging from RMB 2 million to RMB 30 million. Founded in 2014, Plum Ventures supports early-stage companies across China, helping them scale and innovate in fast-changing markets.

Legend Star is a Beijing-based venture investment and entrepreneurship development platform that operates as the independent early-stage investment arm of Legend Holdings. It supports high-potential founders through an experienced investment team and hands-on programs such as the Entrepreneur CEO Training Camp and the Entrepreneurship Alliance, and it leverages Lenovo’s ecosystem to connect with partners, customers, and capital. Founded in 2008, Legend Star has incubated and invested in nearly 600 companies across early-stage technology ventures, with activity in cutting-edge technology and medical health. As part of Legend Holdings, the firm benefits from the broader corporate network while maintaining a focus on helping entrepreneurs grow and scale through investment and guidance.

Eastern Bell Venture Capital is a Shanghai-based private equity and venture capital firm founded in 2010, with offices in Beijing. It pursues growth capital investments across sectors including industry internet, consumer upgrade, logistics and supply chain, energy efficiency, technology, data technology, e-commerce, environment protection, retailing and brands, B2B services, advanced manufacturing, and content. The firm looks to invest in RMB-denominated equity and has a track record of backing companies that improve efficiency and enable new channels and branding in China's economy. Its approach emphasizes industry logistics, retail and data-enabled businesses, while supporting multinational and import-oriented players in the advanced manufacturing space. Eastern Bell positions itself as an ecosystem-based investor, leveraging knowledge of circulation efficiency to build an integrated network of resources that enhances portfolio performance.

Ceyuan Ventures is a Beijing-based early-stage venture capital firm that concentrates on information technology and related sectors in China, including software, media and telecommunications, and on emerging growth companies. It backs technology-driven teams and business innovations, with the aim of helping entrepreneurs create and build world-class businesses.

SAIF Partners is a Hong Kong-based private equity firm that provides growth capital to companies across Asia. Founded in 2001, the firm targets sectors such as information technology, internet, mobile, consumer products and services, healthcare, cleantech, education, modern agriculture, financial services, and manufacturing. It maintains local teams in Hong Kong, mainland China, and India and manages billions of dollars across multiple funds, pursuing growth-stage and early-stage investments primarily in China and India.

Vertex Ventures is a global network of operator-investors and venture capital firm that backs early-stage to growth technology companies across the United States, China, Israel, India and Southeast Asia. The firm provides hands-on operating experience and broad access to capital, talent, partners and customers to help portfolio companies scale into global businesses. It invests across software infrastructure, developer tools, data security and vertical software as a service, with capabilities in healthcare technology, and takes an active role in portfolio companies to create value through strategic guidance, recruiting support and partnerships.

Lighthouse Capital Management is a venture capital firm based in Shanghai, founded in 2011. It specializes in early-stage investments in hardware equipment, the internet, and enterprise data services, with activity in both China and the United States. It has invested in more than 40 companies domestically and overseas.

Med-Fine Capital is a venture capital firm founded in 2014 and headquartered in Shanghai, China, with additional offices in Beijing and Shenzhen. The firm specializes in early-stage and fast-growth investments within the healthcare and life sciences sectors, particularly focusing on the burgeoning healthcare industry in China. Through its strategic investments, Med-Fine Capital aims to support innovative companies that are poised for rapid development and contribute to advancements in healthcare solutions.

Everest Venture Capital Investment Co., Ltd, founded by Mr. Xiao Jiancong in 2007, focuses on high-tech venture capital investments. Recognized as one of the top private equity investment institutions in China, they prioritize social value and long-term growth over short-term profits. With 140 experienced employees and offices in Beijing and Shenzhen, Everest Venture Capital supports enterprises that positively impact society. They not only provide funding but also instill a culture of excellence in the companies they invest in. Their management philosophy, centered on customer satisfaction, shareholder return, employee income, and cost-efficiency, aims to drive the success of their portfolio companies.

Tsinghua Innovation Ventures is a Beijing-based investment management firm founded in 2012 that concentrates on venture capital investments in healthcare, artificial intelligence, new energy, environmental protection, and high-end manufacturing, with activities focused in China.

China V Fund is a Beijing-based private equity and growth-stage venture capital firm that invests in companies driving industrial upgrades and hard technology, with a focus on smart manufacturing, semiconductors, 5G, industrial internet, artificial intelligence and new automotive technology.