Liuning He 何柳凝

An angel fund invest in early stage start-ups innovating A.I. technologies in Edtech, eCommerce/Fintech and Healthcare. KungHo Fund is the investment arm of Zino Ventures for the U.S. market.

An angel fund invest in early stage start-ups innovating A.I. technologies in Edtech, eCommerce/Fintech and Healthcare. KungHo Fund is the investment arm of Zino Ventures for the U.S. market.

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.

Our mission is to invest in outstanding startups and to help them grow into great enterprises that will be valuable to our society. We believe in long-term value, other than short-term profit. We mainly invest in early-stage and early growth-stage startups since 2015, the year we funded with dedication and passion. We focus on 2 fields - Retail and Deep Tech, and several industries such as Education, Fintech, A.I., Biotech and Pharmaceuticals, New Energy, Industry 4.0 and more. For the past 4 years, we have received recognitions from authorized institutions and media such as China Venture, Zero2IPO Group, 36Kr, and etc. Most of them award our professionalism in early-stage investment and portfolio management. Just as starting a new company from scratch, we at FREES also have a long journey ahead. We are fearless to choose the hard way and do the right thing.