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Venture Capital · Profile from Venture Capital Research Companion

ZhenFund

China's best-known angel and seed firm, founded in 2011 by New Oriental co-founders Bob Xu (Xu Xiaoping) and Victor Wang (Wang Qiang) in partnership with Sequoia Capital China. It turned Xu's personal angel investing (Jumei) into an institutional seed franchise with 750+ portfolio companies (Xiaohongshu, Perfect Diary, Mobvoi, VIPKid, ofo) and, in the AI era, early cheques into Moonshot AI and Manus.

At a glance

Founded
2011, Beijing (Xu Xiaoping and Wang Qiang had invested personally as angels from ~2006–07)
Founders
Xu Xiaoping (Bob Xu) and Wang Qiang (Victor Wang), co-founders of New Oriental Education; launched in collaboration with Sequoia Capital China
Headquarters
Beijing, with offices in Shanghai and Shenzhen
Ownership / structure
Independent partnership managing USD and RMB funds; Sequoia Capital China (now HongShan) was a founding partner and LP in early funds (reported; current relationship verify)
Leadership (2026)
Founders Xu Xiaoping and Wang Qiang; Anna Fang (Fang Aiyi), CEO and founding partner; Dai Yusen, managing partner (Jumei co-founder)
AUM / capital raised
Reported at ~$1bn+ across funds (third-party estimates vary widely). Fund VII ~$400m (USD); Fund VIII capped at ~$300m (closing 2026, reported). RMB funds in parallel (sizes not disclosed)
Stage focus
Angel and seed (first cheques typically ~$0.3–2m), with follow-ons into Series A–B; consumer internet, education, enterprise, robotics, and (since 2023) AI
Signature investments
Jumei (NYSE 2014), Xiaohongshu (RED), Yatsen (Perfect Diary, NYSE 2020), Mobvoi (HKEX 2024), VIPKid, Niu Technologies, EHang, Momenta, Moonshot AI, Manus (Meta acquisition 2025, ordered unwound by China in April 2026, verify). Failures / instructive cases: ofo (collapsed 2018), VIPKid (2021 education crackdown), Yatsen (post-IPO collapse)

8 deals and moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 2010

    Jumei

    Angel

  2. 2012

    Mobvoi

    Angel

  3. 2013

    Xiaohongshu

    Angel

  4. 2014

    VIPKid

    Early Venture

  5. 2016

    Ofo

    Series A+

  6. 2016

    Yatsen

    Angel

  7. 2023

    Manus

    Seed

  8. 2023

    Moonshot AI

    Angel