Jiaqi Zhang

At Source Code Capital, we devote ourselves to becoming the partner of choice for world-class entrepreneurs leading today’s business transformations and technological developments. Founded in 2014, Source Code Capital currently manages around RMB 35 billion across both RMB and USD. We insist on bottoms-up fundamental thinking and in-depth research to drive our investments. Since inception, Source Code Capital is dedicated to investments advancing technological innovation and development, supporting small and mid-sized enterprises, enriching and improving people’s livelihoods, and promoting green development, among other areas. We have partnered with over 300 companies across multiple sectors, spanning Industrial Digitization, Artificial Intelligence, Robotics, Advanced Manufacturing, Green Development, Enterprise Software, Healthcare and Biotech, New Consumption and New Brands, and Global+. Today, our family of portfolio companies include: Bytedance, Meituan (3690.HK), KE Holdings Inc. (NYSE: BEKE), Li Auto (NASDAQ: LI, 2015.HK), RELX Technology (NYSE: RLX); Baibu, XiaoYaoYao, Casstime, Ruigushop, YQNLink, Yijiupi, Edianyun, Zhongneng United; Narwal (Yunjing Intelligence Technology), Hai Robotics, Chuxin, Mech-Mind Robotics, Keenon, XYZ Robotics, Niu Technologies (NASDAQ: NIU); Biren Technology, Silicon Integrated, GalaxySpace, Space Transportation; Unisun Energy, PowerOak, Cloudgoing Technology; ONES, Cyclone Robotics, Gaoding, Peraglobal, D5, Taichi Graphics; Qudian Inc. (NYSE: QD), Asset360, Insnail Hospital, ABC Technology, YuanBao Insurance; Weimai, Bota Bio, SiBionics, Jianhai Technology, Metis Pharmaceuticals, Galixir, Nutshell Biotech; Ziroom, Pagoda, Linji Convenience Store, Bloks Group, PMPM, moody, usmile, WonderLab, Modern China Tea Shop; OPay, Stori, LingXing, etc. We are delighted creators of “Code Class,” our proprietary industry “super hub.” Composed of over 300 entrepreneurs and our broader partnerships, Code Class aims to provide value-addin

ZhenFund is an early-stage venture capital firm backing bold founders with disruptive visions for the future. We specialize in writing the first check to Chinese entrepreneurs and supporting them from the very beginning of their journey. Over the past decade, weve partnered with startups that have redefined industries, including REDNote, Moonshot AI, Manus, Genspark, Horizon Robotics, HeyGen, Apollo.io, Nuro, Momenta, Flexiv, Yatsen Group (Perfect Diary), Jumei, Huobi, Meicai, VIPKid, OpusClip, Typeless, DeepGlint, and ARX—many of which have grown into unicorns and global leaders. At ZhenFund, we believe in innovation, risk-taking, and the transformative power of extraordinary founders. Our mission is simple: to stand with entrepreneurs as they build world-changing, tech-driven companies. Headquartered in Beijing, with offices in Shanghai and Shenzhen, we are proud to be one of Chinas most active and founder-focused early-stage investors.

At Source Code Capital, we devote ourselves to becoming the partner of choice for world-class entrepreneurs leading today’s business transformations and technological developments. Founded in 2014, Source Code Capital currently manages around RMB 35 billion across both RMB and USD. We insist on bottoms-up fundamental thinking and in-depth research to drive our investments. Since inception, Source Code Capital is dedicated to investments advancing technological innovation and development, supporting small and mid-sized enterprises, enriching and improving people’s livelihoods, and promoting green development, among other areas. We have partnered with over 300 companies across multiple sectors, spanning Industrial Digitization, Artificial Intelligence, Robotics, Advanced Manufacturing, Green Development, Enterprise Software, Healthcare and Biotech, New Consumption and New Brands, and Global+. Today, our family of portfolio companies include: Bytedance, Meituan (3690.HK), KE Holdings Inc. (NYSE: BEKE), Li Auto (NASDAQ: LI, 2015.HK), RELX Technology (NYSE: RLX); Baibu, XiaoYaoYao, Casstime, Ruigushop, YQNLink, Yijiupi, Edianyun, Zhongneng United; Narwal (Yunjing Intelligence Technology), Hai Robotics, Chuxin, Mech-Mind Robotics, Keenon, XYZ Robotics, Niu Technologies (NASDAQ: NIU); Biren Technology, Silicon Integrated, GalaxySpace, Space Transportation; Unisun Energy, PowerOak, Cloudgoing Technology; ONES, Cyclone Robotics, Gaoding, Peraglobal, D5, Taichi Graphics; Qudian Inc. (NYSE: QD), Asset360, Insnail Hospital, ABC Technology, YuanBao Insurance; Weimai, Bota Bio, SiBionics, Jianhai Technology, Metis Pharmaceuticals, Galixir, Nutshell Biotech; Ziroom, Pagoda, Linji Convenience Store, Bloks Group, PMPM, moody, usmile, WonderLab, Modern China Tea Shop; OPay, Stori, LingXing, etc. We are delighted creators of “Code Class,” our proprietary industry “super hub.” Composed of over 300 entrepreneurs and our broader partnerships, Code Class aims to provide value-addin