IDG Capital is a global investment firm that backs technology-focused companies across stages, from early to growth. With a blend of international reach and local market insight, the firm mobilizes resources to help portfolio companies scale in China, Asia, and beyond. It partners with private equity and venture capital fund managers and other investment entities, drawing on a broad base of limited partners including sovereign wealth funds, pension funds, institutions, and family offices. The team combines deep local knowledge with global perspectives to identify opportunities and provide strategic support, governance, and access to networks that accelerate growth. IDG Capital targets software, information technology, consumer and healthcare sectors, among others, and pursues a long-term value strategy through active collaboration with management teams and ecosystem players rather than short-term financing alone.

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 is a Boston-based investment firm founded in 1986 as a family office for the Chan family. It makes venture capital investments in companies with novel science and technology, with deep expertise in life sciences, digital health, artificial intelligence, materials, and technology. The firm takes a long-term approach to building companies and emphasizes ethical conduct. In addition to its investment activities, Morningside supports charitable initiatives in education, research and healthcare, including collaborations with Harvard T.H. Chan School of Public Health, UMass Chan Medical School, and the MIT Morningside Academy for Design.

WI Harper Group is a San Francisco-based venture capital firm with a China-focused footprint, including offices in Beijing and Taipei. Founded in 1993, it invests in startup companies across the United States, Greater China, and the Asia Pacific in sectors such as healthcare, biotechnology, artificial intelligence, robotics, fintech, sustainability, and new media. The firm targets early and expansion-stage opportunities, supporting companies from seed to later rounds and helping bridge U.S. and Greater China markets through cross-border expertise.

Legend Capital is a Beijing-based venture capital firm and the investment arm of Legend Holdings, established in 2001 to become a leading venture capital manager in China. It manages up to about US$700 million across four funds and focuses on high-growth ventures with operations in China or markets related to China, particularly in early-stage information technology including network applications and services, outsourcing and professional services, and infrastructure components such as IC design, as well as mid-market growth in consumer goods, clean technology, healthcare, equipment manufacturing, and modern services. As an active investor, Legend Capital provides portfolio companies with strategic resources, business development support, and market guidance to help them scale in the Chinese market. Notable investments include Joyo.com, SinoCom, Solarfun Power, Spreadtrum Communications, China Sunshine Paper, and VanceInfo, among others.

ZhenFund is a venture capital firm founded in 2011 by Bob Xu and Victor Wang in collaboration with Sequoia Capital China. Headquartered in Beijing, it focuses on seed and early-stage investments, supporting entrepreneurs with mentorship, resources, and a large network. The firm has a portfolio of more than 800 companies, including numerous unicorns in China, and offers services such as biannual demo days, ZhenHR, marketing and PR consulting, and fundraising assistance. Its extensive CEO network enhances collaboration among entrepreneurs, notably through its WeChat platform. ZhenFund has earned recognition as a leading early-stage investor for multiple years, and its founders and partners have frequently appeared on prestigious lists such as the Midas List, reflecting its prominence in China’s startup ecosystem.

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.

Shunwei Capital is a Beijing-based venture capital firm founded in 2011 that focuses on early to growth-stage investments in China's internet and information technology sectors. It seeks opportunities in technology, media, telecommunications, high technology, new media, games, internet services, and rural internet, with an emphasis on internet-enabled businesses and related IT applications. The firm concentrates on Chinese startups while pursuing selective cross-border opportunities in East Asia, and it supports incubation and scaling through multiple funds. Its investors include sovereign wealth funds, fund of funds, university endowments, and family offices, reflecting a diversified capital base to back ambitious entrepreneurs in the digital economy.

Qiming Venture Partners is a China-based venture capital firm founded in 2006, with offices in Shanghai, Beijing, Suzhou, Hong Kong, and Singapore. It manages USD and RMB funds totaling about 9.5 billion in capital and backs early- and growth-stage technology, consumer, and healthcare companies. The firm has backed more than 530 portfolio companies, with over 200 exits via IPOs or M&A, and more than 70 unicorn or super unicorn companies.

GGV Capital is a global venture capital firm that, as of March 2024, operates as two separate brands: Granite Asia, based in Singapore, which invests across the Asia-Pacific region including Southeast Asia, Japan, China, India, and Australia; and Notable Capital, based in Silicon Valley with offices in San Francisco and New York, which invests in the United States, Israel, Europe, and Latin America. Founded in 2000, the firm has a long track record of providing expansion and early-stage capital to technology companies in the United States and China, and it supports portfolio companies across software, IT, cloud, and related technology sectors.

Matrix Partners is a San Francisco-based venture capital firm founded in 1977 that backs technology companies from idea through Series A and beyond. The firm focuses on software, AI, B2B, consumer, fintech, health tech, infrastructure, and related sectors, with a global footprint in the United States, India, and China. Its team comprises former founders and operators who work closely with portfolio companies and often join boards to support growth. Matrix Partners has backed a broad slate of successful companies in its decades-long history, including Apple, FedEx, Oculus, Zendesk, HubSpot, Canva, and Postmates, illustrating a pattern of helping developers and builders scale toward IPO or strategic exits. The firm's China arm extends its early-stage and growth investments in the Chinese market, reinforcing its international reach.

Panda Capital is a Chinese venture capital firm founded in 2015 that specializes in early-stage technology investments, from angel to Series B rounds. Based in Shanghai, the firm backs fast-growing startups in data-driven AI applications, enterprise services, fintech, logistics, mobility and transportation, and new generation consumer trends, aiming to be among the first institutional investors to support them.

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

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.

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.

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.

Source Code Capital is a Beijing-based venture capital firm founded in 2014 that invests in Chinese technology companies across both early and growth stages. The firm centers its thesis on three drivers—Internet+, AI+, and Global+—and targets sectors including media and entertainment, consumer services, enterprise technology, finance, retail, transportation, housing, education, and healthcare. It has backed leading Chinese technology founders, including Bytedance, Meituan, and Homelink, and operates a post-investment platform that offers mentorship, resources, and global perspectives to help portfolio companies scale. Source Code Capital focuses on the TMT space in China and seeks to support innovative startups with long-term growth potential.

GSR Ventures is a venture capital firm based in Menlo Park, California, with an active presence in China through Beijing offices and RMB funds. The firm focuses on early-stage technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare technology. It backs entrepreneurs pursuing disruptive businesses with the potential to dominate large markets and supports portfolio companies through its globally oriented funds. GSR Ventures manages multiple funds totaling several billions of dollars and seeks opportunities in the United States and China across software, AI, and TMT sectors.

K2VC is a Beijing-based venture capital firm focused on angel and early-stage investments in technology-driven startups in China. Founded in 2010, it backs ventures in internet, e-commerce, mobile internet, fintech, and other technology sectors, emphasizing technology upgrades, innovative business models, and changes in consumer lifestyles. The firm supports early-stage companies across areas such as advanced manufacturing, new energy, industrial digitalization, healthcare, and consumer technology to accelerate growth and innovation in the Chinese market.

Shenzhen Capital Group is a government-backed venture capital firm established by the Shenzhen Government in 1999. It focuses on cultivating national industries and brands, promoting economic transformation, and developing emerging sectors. The firm invests primarily in small to medium-sized enterprises and innovative high-tech companies across start-up, growth, and transformation stages, targeting industries aligned with national policies such as information technology, internet and new media, biopharma, new energy, environmental protection, chemical engineering, new materials, high-end equipment manufacturing, consumer goods, and modern services. Through its portfolio, it aims to build national champions and support industrial upgrading in China, leveraging its capital base to support long-term value creation.

5Y Capital is a private equity and venture capital firm based in Shanghai, with additional offices in Beijing and Hong Kong. Founded in 2008 by Ken Shi and Richard Liu, the firm specializes in seed, start-up, early venture, and growth capital across sectors such as technology, healthcare, fintech, internet services, and digital health, with a focus on China and broader Asia-Pacific markets. It is the successor of Morningside Venture Capital and manages more than five billion US dollars in dual-currency capital sourced from sovereign wealth funds, endowments, foundations, family offices, pensions, and funds of funds. The firm supports entrepreneurs in building scalable companies by providing capital and strategic guidance to navigate rapid growth.

Gaorong Capital is a Beijing-headquartered venture capital firm that targets early-stage technology investments in the Asia-Pacific region, with interests spanning telecommunications, media, life sciences, cosmetics, and other technology sectors.

Northern Light Venture Capital is a China-focused venture capital firm founded in 2005 that concentrates on early and growth-stage technology opportunities. It targets information technology, TMT, clean technologies, healthcare, consumer services, and related sectors, aiming to back enterprises that leverage China's industrial and human resources strengths. The firm has raised multiple funds, including RMB and US dollar vehicles, and has invested in more than 180 portfolio companies. Notable early investments include Meituan.com, Kaixin001.com, Gogo.com, redbaby.com, MasaMaso.com, and Velo City, reflecting a focus on technology-enabled businesses across China with global potential. The management team combines local industry executives and returnee professionals with broad investing and entrepreneurial experience, supporting portfolio companies through scale and internationalization.

China Growth Capital is a Beijing-based venture capital firm founded in 2006 that supports seed to Series B rounds, focusing on early-stage and growth investments. It operates primarily in China with extended links to Silicon Valley and manages RMB and USD funds. Typical investments range from 1 to 5 million per company, with a hard cap of 15 million per deal, and the firm backs companies across fintech, enterprise software and services, SaaS, online education, consumer internet, frontier technology, life sciences, and marketplace platforms, aiming to back scalable businesses with global growth potential.

CDH Investments is an international alternative asset manager based in Beijing with offices in Hong Kong. Established in 2002, it runs a diversified platform across private equity, venture capital, growth, real assets, mezzanine, public equities, and wealth management, focusing on Greater China. The firm invests across stages from early to middle-market buyouts, targeting consumer, hard technology, new energy, and healthcare sectors, as well as related areas such as information technology, media, finance, and manufacturing. With experienced investment teams that have collaborated for years, CDH seeks to generate value through its China-focused approach, managing over $27 billion in assets.

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.

Lightspeed Venture Partners is a global venture capital firm based in Menlo Park, California, with additional offices in Beijing, Shanghai, New Delhi, and Israel. The firm backs early and growth stage start-ups across sectors such as enterprise software, consumer technology, fintech, healthtech, cleantech, and information technology, and pursues opportunities in the United States, Asia, and Israel. It funds a broad range of rounds, including seed, early, later, and expansion, and also provides debt financing for start-ups and growth companies. Lightspeed focuses on helping entrepreneurs scale through capital, strategic guidance, and operational support, and maintains a diversified portfolio across enterprise, consumer, big data, mobile, and internet-enabled sectors.

Sinovation Ventures is a Beijing-based venture capital and private equity firm founded in 2009 that concentrates on seed to Series B investments in consumer-facing technology companies in China and the United States. Its portfolio covers artificial intelligence, big data, software, internet services, education technology, robotics, and Internet of Things, with activity across enterprise software, platforms, and consumer tech in both markets.

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.

Vertex Ventures is a global network of operator-investors and venture capital firms that supports technology and healthcare startups across the United States, China, Israel, India and Southeast Asia. It partners with entrepreneurs by offering hands-on operating experience and broad access to capital, talent, partners and customers to help build global businesses. The firm focuses on early to growth-stage investments in software infrastructure, developer tools, data, security, vertical SaaS, enterprise software and healthcare technologies, drawing on a wide international footprint that includes the US, Israel, Singapore and China. Vertex Ventures emphasizes active portfolio involvement and leverages the broader Vertex network to create value for portfolio companies through strategic guidance and partnerships.

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.

Joy Capital is a China-based venture capital firm founded in 2011 and headquartered in Beijing. It invests in startups at early and growth stages, focusing on technology and innovative consumption sectors, including TMT, e-commerce, innovative consumer, and internet-enabled traditional industries, with activities in automotive and entertainment. The firm partners with entrepreneurs to help them make right decisions at key development moments and shares in the challenges and joys of building a business. It has backed more than 80 startups and participated in unicorn portfolios, reflecting experience across Europe, North America, and Asia, particularly in mobile and communications sectors.

Hongtai Capital Holdings is a private equity and venture capital firm based in Beijing, China, founded in 2014. It engages in direct investments and fund-of-funds strategies, targeting opportunities across technology intelligence, big data, artificial intelligence, financial technology, consumer education, healthcare, culture and entertainment, mobile internet, and advanced manufacturing. The firm invests in both non-listed companies and in firms listed on emerging boards, supports a broad range of stages from incubation and seed to expansion, and seeks to create value through industry consolidation, joint acquisitions, and exits via sales or listings. Typical investments are sized to support portfolio companies at early to late stages, with a preference for opportunities that may achieve IPO potential. Hongtai Capital maintains an international outlook, pursuing opportunities in Silicon Valley and Boston while headquartered in Beijing.

Zero2IPO Group is a Beijing-based integrated service provider in China's venture capital and private equity ecosystem. It acts as an active investor through three investment subsidiaries—Zero2IPO Ventures, Zero2IPO Capital, and Zero2IPO Investment—each investing and managing funds independently. The group provides market research, surveys, investment forums, training programs, and investment advisory services to connect entrepreneurs with investors and to support portfolio companies, leveraging a broad China network to facilitate opportunities and value creation.

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.

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.

Meridian Capital is a venture capital firm with Asia-focused operations, including Meridian Capital Asia in Singapore and Meridian Capital China in Shanghai. Founded in 2008, the firm has raised more than 1.5 billion across nine funds and backs a broad portfolio of technology- and consumer-oriented startups. Its investment focus spans deep tech, artificial intelligence, robotics, cloud and SaaS, enterprise software, advanced manufacturing, renewable energy, semiconductors, fintech, entertainment, and media, with activity across Southeast Asia, China, the United States, Japan, Europe, and the Middle East. The firm maintains offices in Singapore, Silicon Valley, Shanghai, and Beijing, and draws on partners from Singapore, Australia, the US, and the UK to support growth and exits.

BAI Capital is a Beijing-based venture capital firm and the investment arm of Bertelsmann Asia Investments. Founded in 2008, it has backed more than 200 portfolios, including notable unicorns and IPOs, and focuses on Chinese and cross-border opportunities across consumer retail and services, fintech, media and content, Web3 and the metaverse, frontier and infrastructure technologies, electric vehicles and autonomous driving, and industrial software. The firm seeks to partner with outstanding Chinese companies to scale globally by leveraging China's technology, talent, and supply chain advantages, while also pursuing cross-cycle disruption opportunities in areas such as infrastructure, autonomous mobility, and enterprise software. Its investments include Nio, Bigo, and Mobike, reflecting a history of backing technology-enabled consumer and mobility platforms. The firm positions itself to support China-based global companies and to capitalize on structural transformations in the Chinese economy.

Legend Star is the venture capital arm of Legend Holdings, based in Beijing, China. Founded in 2008, it focuses on early-stage investments in technology and medical health sectors and supports entrepreneurs through investments, training sessions, and an entrepreneurs alliance. It has incubated and invested in nearly 600 companies and is closely integrated with the Chinese entrepreneurial ecosystem.

Redpoint Ventures is an independent venture capital firm founded in 1999 and based in California, with offices in Woodside, San Francisco, and Beijing and Shanghai. It backs startups across seed, early, and growth stages in technology, media, consumer internet, and enterprise software, including energy-related technology. The firm supports founders to create new markets and redefine existing ones and manages $4 billion across multiple funds.

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.

BRV Partners is a venture capital firm founded in 1998, headquartered in Menlo Park, California, with offices in the United States, Europe, and Asia. The firm focuses on seed, early‑stage, Series A, and growth investments in mobile and technology companies, including mobile software and services, big data, IT, communications, internet, fintech, digital media, software, consumer electronics, health care, semiconductor equipment, e‑commerce, social commerce, wireless applications, navigation aids, batteries, and related sectors. It targets key global markets, especially Asia—China, Korea, and India—while also investing in Canada, Europe, Japan, Silicon Valley, and the United States. Initial investments range from $0.1 million to $50 million, with additional capital reserved for follow‑on rounds. The firm was formerly known as Nokia Venture Partners.

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.

DCM Ventures is a venture capital firm founded in 1996 and headquartered in Menlo Park, California. It invests across software, consumer and digital media, mobile, fintech, health tech, enterprise technology, and related sectors, with a geographic focus on the United States, China, and Japan. The firm has raised multiple funds totaling about $4.0 billion and has backed more than 400 technology companies in the United States and Asia. It provides hands-on operational guidance and leverages a broad global network of business and financial resources to support portfolio companies. DCM maintains offices in Silicon Valley, Beijing, and Tokyo to support its portfolio across North America and Asia.

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.

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.

Green Pine Capital Partners is a Shenzhen-based private equity and venture capital firm founded in 2007. It pursues early- to growth-stage investments across sectors including biotechnology, artificial intelligence, new materials, clean technology, smart hardware, e-commerce, life sciences and healthcare, energy efficiency and manufacturing. The firm maintains offices in Beijing, Shanghai and Guangzhou and operates two GPI incubators as well as an incubator for overseas Chinese scientists starting businesses in China.

Chuxin Capital is a Beijing-based venture capital firm that invests in angel, seed and early-stage companies. It targets technology-enabled sectors, including mobile internet, O2O, e-commerce, consumer upgrades, enterprise services such as robotics process automation, data platforms, and artificial intelligence and SaaS, as well as entertainment, internet finance, mobile health, cloud computing and big data, and educational training. Founded in 2015, the firm focuses on technology and consumption-oriented opportunities and operates from Beijing, China.