Capital Today

Capital Today manages dedicated China country funds of USD2.5 billion. It is one of the first independent private equity firms in China. Founded by Kathy Xu in 2005, Capital Today is committed to provide growth capital to small and medium-sized Chinese companies and helps them build sustainable businesses and No.1 brands in China. Capital Today's investment theme is to capture opportunities with the booming Chinese middle class and their changing life styles. Capital Today has a focused and disciplined strategy and hands-on approach. It is dedicated to help the Chinese entrepreneurs build KPI, Culture and No.1 brands (Capital Today's "3 Weapons"). Capital Today is a strong believer of long term investment and tends to hold the investment for many years. Capital Today has been focused on Consumer. Retail & Internet Sector. Their Portfolios IncludeJD.com, Youku Tudou.com, Ganji.com, Dianping.com, Three Squirrels online snack food brand, Yifeng Pharmacy Chain, Cosrno Lady Underwear Chain, Nuts Snack Food Chain, BiFengTang Quick Service Restaurant, Tsui Wah Restaurant Chain, etc.

Xu Xin

President

Kathy Xu

Founder and Managing Partner

86 past transactions

Vita Dynamics

Seed Round in 2025
Vita Dynamics involves learning through real-world interactions by developing robots that can physically engage with their environment, they can adapt more naturally and efficiently.

Moonshot AI

Venture Round in 2023
Moonshot AI is a developer and provider of artificial intelligence models focused on advancing the field of artificial general intelligence (AGI). The company aims to transform energy into intelligence and facilitate the generation of intelligence through its innovative product offerings. The founding team has a strong background in research and development, having contributed to notable AI models such as Google Gemini and Google Bard. By concentrating on the creation of generative artificial intelligence models, Moonshot AI seeks to deliver significant value to the industry.

XYZ Robotics

Series B in 2022
XYZ Robotics Inc. specializes in automating picking, sorting, and packing operations through advanced 3D AI and robotic manipulation algorithms. Incorporated in 2018, the company is headquartered in Boston, Massachusetts, with an additional office in Shanghai, China. It develops innovative machine vision and robotic intelligence software to enhance productivity in logistics and manufacturing. The company's solutions include robotic depalletizing, mixed case palletizing, piece picking, bin picking, and vision-guided assembly. By leveraging AI technology and deep learning, XYZ Robotics aims to streamline supply chain management and improve the efficiency of order fulfillment across various industries, including automotive, pharmaceuticals, electronics, e-commerce, and retail.

HAI ROBOTICS

Series D in 2022
HAI ROBOTICS, founded in 2016 and based in Shenzhen, China, specializes in autonomous case-handling robotic systems for warehouse automation. The company offers a variety of intelligent solutions, including a goods-to-person system, smart in-plant logistics solutions for manufacturing, and multi-tier steel platforms for diverse applications. As a pioneer in the field, HAI ROBOTICS launched its first autonomous case-handling robot, HAIPICK, in 2015, and has since focused on research and development, securing numerous patents. The HAIPICK system significantly enhances warehouse efficiency, reportedly increasing operational productivity by three to four times and boosting storage density by 80% to 130%. HAI ROBOTICS caters to a broad range of clients, including major logistics and supply chain companies, and is committed to delivering flexible and customizable automation solutions to optimize warehouse operations.

Dr. Cheese

Series B in 2022
Dr. Cheese is a cheese product brand providing consumers with a high-calcium and high-protein food. The company is dedicated to building a brand platform for exclusive cheese retailing, specializing in exclusive cheese snacks, cheese foods, and cheese pastry gifts.

X-Times

Series A in 2022
X-Times is a technology company that creates high-end digital chip design solutions. The company is focusing on independent research and development of the digital implementation EDA platform in accordance with the 3S concept (Smart, Speedy, Simple), including a new generation of layout and wiring technology while providing high-end digital chip design solutions, which can greatly improve chip design efficiency and help realize one-time rapid mass production of chips. It accompanies the rapid development and industrial take-off of many partners in the field of integrated circuits, such as artificial intelligence, smart cars, 5G, and cloud computing.

Gaussian Robot

Series C in 2021
Gaussian Robot, founded in 2013 and headquartered in Shanghai, China, specializes in the development of commercial automatic sweeping robots. The company offers a range of products including automatic cleaning robots, unmanned sanitation vehicles, security robot solutions, and building distribution robots. Additionally, Gaussian Robot incorporates advanced autonomous positioning navigation modules into its offerings, aiming to enhance operational efficiency in various commercial settings.

HAI ROBOTICS

Series D in 2021
HAI ROBOTICS, founded in 2016 and based in Shenzhen, China, specializes in autonomous case-handling robotic systems for warehouse automation. The company offers a variety of intelligent solutions, including a goods-to-person system, smart in-plant logistics solutions for manufacturing, and multi-tier steel platforms for diverse applications. As a pioneer in the field, HAI ROBOTICS launched its first autonomous case-handling robot, HAIPICK, in 2015, and has since focused on research and development, securing numerous patents. The HAIPICK system significantly enhances warehouse efficiency, reportedly increasing operational productivity by three to four times and boosting storage density by 80% to 130%. HAI ROBOTICS caters to a broad range of clients, including major logistics and supply chain companies, and is committed to delivering flexible and customizable automation solutions to optimize warehouse operations.

Outer

Series B in 2021
Outer, Inc. is a direct-to-consumer company based in Santa Monica, California, specializing in outdoor furniture. Founded in 2017 and originally named Jia Outdoor, Inc., the company rebranded in 2018. Outer focuses on creating durable, eco-conscious outdoor furniture designed to enhance outdoor living spaces. The products are crafted from sustainable materials and are engineered to withstand harsh weather conditions, aligning with the brand's mission to encourage outdoor enjoyment. The design team is led by Terry Lin, a former head furniture designer at Pottery Barn, and the manufacturing is conducted at a family-owned factory. Since its inception, Outer has experienced significant growth, with an elevenfold revenue increase by 2020 and a substantial expansion of its workforce.

PatPat

Series C in 2021
PatPat is an online shopping platform tailored for mothers, providing significant discounts on a variety of products for babies, infants, toddlers, children, and maternity needs. The app features daily deals that can reach discounts of 50-90%, with some items available for free. By maintaining strong relationships with manufacturers, PatPat ensures competitive pricing and a diverse selection of products. The platform makes it easier for mothers to shop efficiently and economically, with new promotional events launching every day at 6am PST.

Momo Dim Sum Bureau

Series A in 2021
Momo Dim Sum Bureau is a food and beverage company. They provide every mouthful of great cuisine that is authentic, delicate, and handcrafted. They integrate into the life context and aesthetic taste of the younger generation and innovate boldly in terms of ingredients, craftsmanship, packaging, store image, and marketing interaction.

Doublefs

Series A in 2021
e-commerce fashion platform

Talent Today

Series B in 2021
Talent Today is a platform-based human resources technology company driven by big data, algorithms, and artificial intelligence. It offers equivalent integrated human resources solutions that focus on the "selection-nurturing-employment-retention-management" of talents.

Horizon Robotics

Series C in 2020
Horizon Robotics is a prominent provider of advanced driver assistance systems (ADAS) and autonomous driving solutions specifically designed for passenger vehicles. The company develops proprietary software and hardware that integrate advanced algorithms and specialized processing capabilities. These technologies form the foundation for enhanced driving automation, aiming to improve both safety and the overall experience for drivers and passengers. By focusing on innovative solutions, Horizon Robotics plays a key role in the evolution of assisted and autonomous driving.

Ubras

Series B in 2020
Ubras is a women's lingerie brand that specializes in the manufacturing of size-free, comfortable, and seamless underwear. The company emphasizes research and development to create innovative products that cater to various use cases, combining advanced fabrics and technologies to enhance the selection process for intimate apparel. Ubras aims to provide women with versatile and comfortable options in their lingerie choices.

Yipin Fresh

Series C in 2020
Yipin Fresh is the distributor of fresh and discounted food products.

Quansu Zaixian

Angel Round in 2020
Quansu Zaixian is a China-based fast fashion export e-commerce brand.

A1Food

Series B in 2020
A1Food is a food and snacks brand which mainly sells nuts and pastry. Its products offered includes nut set, nut seaweed, oxcake, and blasting liquid crisp. A1Food food sells its product online. The company was founded in 2018 and is headquartered in Xiamen, Fujian.

Fresh Super

Series B in 2019
Fresh Super is a fresh produce grocery in China.

A1Food

Series B in 2019
A1Food is a food and snacks brand which mainly sells nuts and pastry. Its products offered includes nut set, nut seaweed, oxcake, and blasting liquid crisp. A1Food food sells its product online. The company was founded in 2018 and is headquartered in Xiamen, Fujian.

Beidian

Series A in 2019
Beidian providing consumers with home, clothing, food, beauty, mother and baby, etc. good stuff. Different from the traditional platform, the store communicates through the social sharing of people, realizes the three-way connection between consumers, shopkeepers and supply chain, and delivers selected good goods to consumers. Badian adheres to the source supply chain model and has reached in-depth cooperation with tens of thousands of high-quality brands, source factories and agricultural products bases around the world to ensure that consumers can spend less money to buy better products.

Linji

Series B in 2019
Linji, which means “your next door neighbors” in Chinese, was established in June 2017. Headquartered in Hangzhou in the Zhejiang Province, the company is founded by an experienced team who ran well-known domestic convenience stores. Today, the senior team consists of 40+ professionals, each with nearly 20 years of experience in the convenience store industry. The company values entrepreneurial passion and an innovative spirit, and has a unique understanding of customers’ convenience needs, fresh food, and online operations. It has received investment and support from a number of institutions including Source Code Capital.

Yipin Fresh

Series B in 2019
Yipin Fresh is the distributor of fresh and discounted food products.

Familyone

Series A in 2019
Familyone is a community community platform, positioned as "good goods are not expensive", and separated from the low-cost strategy area. Select high-quality and good goods, continuously improve the efficiency of the supply chain, and achieve the ultimate cost performance.

Shanghai Lihuh Network Technology

Series B in 2018
Shanghai Lihuh Network Technology is a video platform operator.

Weiba

Series B in 2018
Weiba is a short voice and video community for chatting while watching.

Youhua Technology

Series B in 2018
Shanghai based Media & Entertainment company.

NOME

Series A in 2018
NOME is a value-driven company based on design. By working with Nordic independent designers, NOME creates design inspiration and practical functions, changes the daily life of the general public, and continuously optimizes the overall supply chain by finding the most suitable manufacturers globally. Investing in highly automated and large-scale production methods provides people with excellent products at competitive prices.

24Fresh

Seed Round in 2018
24 Fresh Convenience Store is an instant enhanced convenience food experience store, which is mainly for fresh, convenient and healthy 24-hour instant shop for office white-collar workers.

Xiaozhu.com

Series F in 2018
Xiaozhu.com (小猪短租网) is a Chinese booking website for daily rental and short-term rooms. It aims to provide a guaranteed platform for online communication and transactions for landlords and tenants. Also, a green platform ecosystem is established by mechanisms such as property and personal safety guarantee schemes as well as identification. This will effectively take full advantages and maximize the value of landlords' idle resources through sharing. Meanwhile, it enhances the social relationship and interaction between landlords and tenants and provides tenants with more humanized accommodation experience which is different from traditional hotels. Currently, the company has had branches in 13 cities all over the country and its house sources cover more than 130 domestic cities.

Furong Xingsheng

Series A in 2018
Furong Xingsheng, founded in 2009 and based in Changsha, China, operates a network of convenience stores that focus on community shopping. The company offers a variety of fresh products, including vegetables, fruits, meat, poultry, seafood, and general merchandise. It employs a novel retail model that combines online ordering with offline pick-up, catering to the daily needs of household consumers. In addition to its retail operations, Furong Xingsheng also specializes in B2B logistics and distribution services, enhancing its efficiency in serving the local market.

Yipin Fresh

Series A in 2018
Yipin Fresh is the distributor of fresh and discounted food products.

Zhihu

Series E in 2018
Zhihu is a Chinese question-and-answer platform that distinguishes itself from traditional forums by encouraging users to share personal opinions and insights in response to inquiries. As of January 2012, the platform has amassed over 300,000 registered users. Zhihu operates primarily as an online content community and generates revenue through various channels, including paid membership services, advertising, content-commerce solutions, and vocational training. All of its revenue streams are derived from within China, reflecting its focus on the domestic market and its aim to foster a rich, interactive knowledge-sharing environment.

Shanghai Lihuh Network Technology

Series A in 2018
Shanghai Lihuh Network Technology is a video platform operator.

Weiba

Series A in 2018
Weiba is a short voice and video community for chatting while watching.

Wozaijia.com

Series A in 2018
Wozaijia is a social e-commerce platform for home furniture. "I am at home" is a trustworthy home to share direct purchase platform. Here, people can discover, experience, buy, share their favorite home products, we change the home to share economic practice of buying methods. "I am at home" believes that the world will be better if we can always get a better life with less cost.

Onecup

Series A in 2018
Hangzhou Based Smart Hardware Start Up

Manner

Series A in 2018
Manner is a specialty coffee chain that believes that coffee should be a healthy drink affordable to all people. While insisting on bringing good coffee to every customer, MANNER also takes environmental protection as its own social responsibility. MANNER will reduce 5 yuan for every behavior of bringing non-disposable paper cups to the store to enjoy coffee. The company is headquartered in Shanghai, China.

Mafengwo

Series D in 2017
Mafengwo is a Chinese travel social networking site that allows users to share and explore travel experiences. It features over one million user-generated travel guides and more than five million ratings and reviews, covering a wide range of travel-related information such as hotels, flights, travel routes, visas, and insurance. Since its inception, Mafengwo has served more than 25 million users and emphasizes user experience by continually enhancing its platform for sharing travel insights. Its core product, the Travel Guide, includes information on over 95% of global travel destinations and has achieved over 100 million downloads. In 2012, the platform expanded its offerings by integrating booking services from various providers, thereby enhancing its utility for travelers. The company has also attracted significant investment, raising $15 million in Series B funding to support its growth and development.

DARE ONE

Series A in 2017
DARE ONE is a brand specializing in light luxury women's underwear and sleepwear, emphasizing high quality at accessible prices. The company utilizes premium materials, such as customized silk from Como, Italy, along with imported fabrics from France, Italy, and Spain, ensuring comfortable and exclusive products. DARE ONE's design philosophy is rooted in Italian aesthetics, characterized by an international appeal that highlights women's body curves and promotes a modern approach to lingerie as outerwear. The brand advocates for "everyday sexy" and "free and easy elegance," aiming to provide stylish homewear that doubles as fashionable outerwear.

Xiaozhu.com

Series E in 2017
Xiaozhu.com (小猪短租网) is a Chinese booking website for daily rental and short-term rooms. It aims to provide a guaranteed platform for online communication and transactions for landlords and tenants. Also, a green platform ecosystem is established by mechanisms such as property and personal safety guarantee schemes as well as identification. This will effectively take full advantages and maximize the value of landlords' idle resources through sharing. Meanwhile, it enhances the social relationship and interaction between landlords and tenants and provides tenants with more humanized accommodation experience which is different from traditional hotels. Currently, the company has had branches in 13 cities all over the country and its house sources cover more than 130 domestic cities.

Chehaoduo

Series B in 2017
Chehaoduo designs an online car trading platform that sells used cars. Its online car trading platform directly links individual car sellers and buyers, which help buyers remove the middlemen as well as purchase used cars easily. Haoyong Yang founded Chehaoduo in 2014, with its headquarters in Beijing in China, with branches in Chinese cities such as Hangzhou and Chongqing.

A1Food

Series A in 2017
A1Food is a food and snacks brand which mainly sells nuts and pastry. Its products offered includes nut set, nut seaweed, oxcake, and blasting liquid crisp. A1Food food sells its product online. The company was founded in 2018 and is headquartered in Xiamen, Fujian.

Wozaijia.com

Series A in 2017
Wozaijia is a social e-commerce platform for home furniture. "I am at home" is a trustworthy home to share direct purchase platform. Here, people can discover, experience, buy, share their favorite home products, we change the home to share economic practice of buying methods. "I am at home" believes that the world will be better if we can always get a better life with less cost.

Zhihu

Series D in 2017
Zhihu is a Chinese question-and-answer platform that distinguishes itself from traditional forums by encouraging users to share personal opinions and insights in response to inquiries. As of January 2012, the platform has amassed over 300,000 registered users. Zhihu operates primarily as an online content community and generates revenue through various channels, including paid membership services, advertising, content-commerce solutions, and vocational training. All of its revenue streams are derived from within China, reflecting its focus on the domestic market and its aim to foster a rich, interactive knowledge-sharing environment.

Xiaozhu.com

Series D in 2016
Xiaozhu.com (小猪短租网) is a Chinese booking website for daily rental and short-term rooms. It aims to provide a guaranteed platform for online communication and transactions for landlords and tenants. Also, a green platform ecosystem is established by mechanisms such as property and personal safety guarantee schemes as well as identification. This will effectively take full advantages and maximize the value of landlords' idle resources through sharing. Meanwhile, it enhances the social relationship and interaction between landlords and tenants and provides tenants with more humanized accommodation experience which is different from traditional hotels. Currently, the company has had branches in 13 cities all over the country and its house sources cover more than 130 domestic cities.

Zuiyou

Series B in 2016
Zuiyou is a social networking mobile application designed for users born in the 1990s, facilitating the sharing and discovery of content such as recommendations, topics, and videos. The platform emphasizes a unique approach to user engagement by decentralizing comments, presenting them in an order that does not prioritize popularity. This innovative method encourages a more diverse range of interactions and allows users to connect over shared interests in a way that differs from traditional social media structures.

BOSS Zhipin

Series C in 2016
BOSS Zhipin is an online recruitment platform in China in terms of average MAU. BOSS Zhipin are a pioneer in introducing a disruptive model which is transforming China’s online recruitment industry – the Direct Recruitment Model. Our mobile-native product promotes instant direct chats between Bosses and job seekers, delivers accurate recommendation results, and is powered by proprietary AI algorithms and big data insights.

HeyTea

Series A in 2016
HeyTea is a Chinese tea shop that specializes in cheese-topped tea and fruit tea. In 2012, HEYTEA originated from an alley in the riverside. Originally known as ROYALTEA , the royal tea was completely upgraded to the registered brand HEYTEA.

Daling

Series C in 2016
Daling owns and operates mobile shopping application. The company is based in Beijing, China.

BeiBei

Series D in 2016
BeiBei Group, founded in 2011 and based in Hangzhou, China, operates a comprehensive e-commerce platform that specializes in women and children's apparel, accessories, household goods, diapers, and toys. The company is dedicated to providing a wide variety of products at competitive prices, catering to the needs of families. With a focus on convenience, BeiBei offers free delivery services, allowing customers to receive their purchases at specified times and locations. The founding team comprises former members of Alibaba, and the company has attracted significant venture capital investment from various notable firms. BeiBei aims to establish itself as a leading technology retail platform in the global market.

AFIONA

Series A in 2016
AFIONA Yanli is not a follower in the vast beauty market, but rather, with a distinct vision, it carefully picks high-end skin care and beauty goods from around the world for everyone, and delivers tailored and individualized accurate skin care. Problem solving, solve practical difficulties successfully.

Meituan

Venture Round in 2016
Meituan develops and operates a platform providing retail and online group buying services. It retails and delivers Chinese food from local restaurants online. It operates a social commerce website that offers online group discounts for movie tickets, groceries, food, restaurants, entertainment, and health/fitness sectors. Wang Xing founded Meituan Group in 2010 that became Meituan-Dianping in December 2015, with its headquarters in Beijing in China. Meituan-Dianping officially changed its name to Meituan in September 2020.

BeiBei

Series C in 2015
BeiBei Group, founded in 2011 and based in Hangzhou, China, operates a comprehensive e-commerce platform that specializes in women and children's apparel, accessories, household goods, diapers, and toys. The company is dedicated to providing a wide variety of products at competitive prices, catering to the needs of families. With a focus on convenience, BeiBei offers free delivery services, allowing customers to receive their purchases at specified times and locations. The founding team comprises former members of Alibaba, and the company has attracted significant venture capital investment from various notable firms. BeiBei aims to establish itself as a leading technology retail platform in the global market.

Home-Cook

Series B in 2015
Home-Cook is a kitchen-sharing and food delivery platform that connects users with local cooking experts who offer home-cooked meals. By facilitating a home dining experience, Home-Cook allows users to discover skilled food preparers in their area who share their culinary expertise and provide meals for delivery. This service presents a safer and more convenient alternative to traditional dining options, catering to those seeking personalized and home-prepared food.

BIFENGTANG

Seed Round in 2014
BIFENGTANG is a restaurant chain based in China, specializing in providing a variety of dining options. The company focuses on delivering quality food and a comfortable dining experience across its locations, catering to diverse customer preferences. As a prominent player in the Chinese food industry, BIFENGTANG aims to establish itself as a go-to destination for consumers seeking a reliable and enjoyable restaurant experience.

Daling

Series B in 2014
Daling owns and operates mobile shopping application. The company is based in Beijing, China.

Gogobot

Private Equity Round in 2014
Gogobot, founded in 2010 by Travis Katz and Ori Zaltzman, was an online travel business based in Menlo Park, California. The company provided a platform for users to discover travel destinations, plan trips, and find hotel deals. By 2014, it had become the fifth most visited travel-planning site in the United States. In November 2016, Gogobot was rebranded as Trip.com and subsequently acquired by Ctrip.com International, Ltd. in 2017. As Trip.com, the company expanded its offerings to include a wide array of travel services such as hotel reservations, air ticketing, packaged tours, and corporate travel management, serving millions of travelers and facilitating informed booking through an advanced online platform.

thatgamecompany

Series B in 2014
thatgamecompany, LLC is a video game developer based in Los Angeles, California, founded in 2006. The company specializes in creating artistically crafted and broadly accessible video games that aim to enhance the interactive entertainment landscape. Its games are available on various platforms, including PlayStation, computers, and mobile devices, allowing players to engage with enriching experiences designed to inspire and positively impact their lives. Through a commitment to meaningful gameplay, thatgamecompany seeks to push the boundaries of traditional gaming while respecting and engaging its audience.

Three Squirrels

Series C in 2014
Three Squirrels Inc., founded in 2012 and headquartered in Wuhu, China, specializes in the production and distribution of casual snacks, including nuts, dried fruits, meat clams, and puffed products. The company operates through both online and offline channels, adopting a new food retail model that enhances direct interactions between businesses and consumers. It has achieved notable success in the Chinese snack market, topping nut sales on platforms like Taobao Tmall shortly after its inception, with sales reaching nearly 8 million units in its first year. Three Squirrels focuses on research and development, as well as private label snack food packaging and sales, positioning itself as a significant player in the forest food sector.

Three Squirrels

Series B in 2013
Anhui Three Squirrels E-commerce Co., Ltd., established in 2012, is an enterprise specializing in the research and development, distribution, and online B2C brand marketing of forest food such as nuts, dried fruit, tea, and more. Three Squirrels adopts the new food retail model, which shortens the distance between businesses and customers. It also initiated the sale of Chinese foodstuff through the internet. According to Taobao Tmall, Three Squirrel's sales in 2012 topped the nut industry in China, with the sales volume reaching nearly 8 million.

INOHERB

Angel Round in 2013
Xianyi Materia Medica offers Various methods of TCM cosmetology have been repeatedly used, screened, and perfected day by day, providing effective natural medicines and methods for modern TCM cosmetology and world cosmetology theories.

Vipshop

Venture Round in 2012
Vipshop Holdings Limited is a prominent online discount retailer in China, specializing in offering a wide range of branded products at significant discounts, typically between 10% and 90% off their original prices, through daily flash sales. The company manages various aspects of its operations in-house, including warehousing, retailing, product procurement, software development, and information technology support, while utilizing third-party logistics providers for distribution and shipping. Vipshop sources its branded products primarily through a consignment model, collaborating with over 29,000 global partners as of December 2023. The leadership team includes Eric Ya Shen, who serves as chairman and CEO, holding a substantial portion of voting rights and equity in the company.

Dazhong Dianping

Series D in 2012
Dazhong Dianping focuses on the "retail + technology" approach and collaborates with merchants and other partners to give consumers a better life while also promoting goods retailing and services. retail's digital transformation on both the demand and supply sides. Meituan will always prioritise customer satisfaction, boost investment in scientific and technical research and development, better fulfill social obligations, generate more social value, and work with partners to achieve win-win outcomes.

Tsui Wah Group

Private Equity Round in 2012
Tsui Wah Group is an investment holding company primarily focused on providing food catering services through its network of restaurants and bakeries. The company operates mainly in Hong Kong, with additional presence in the People's Republic of China and Macau. The majority of its revenue is generated from its operations in Hong Kong, where it has established a strong brand presence in the food service industry.

Mafengwo

Series A in 2011
Mafengwo is a Chinese travel social networking site that allows users to share and explore travel experiences. It features over one million user-generated travel guides and more than five million ratings and reviews, covering a wide range of travel-related information such as hotels, flights, travel routes, visas, and insurance. Since its inception, Mafengwo has served more than 25 million users and emphasizes user experience by continually enhancing its platform for sharing travel insights. Its core product, the Travel Guide, includes information on over 95% of global travel destinations and has achieved over 100 million downloads. In 2012, the platform expanded its offerings by integrating booking services from various providers, thereby enhancing its utility for travelers. The company has also attracted significant investment, raising $15 million in Series B funding to support its growth and development.

ihush.com

Series B in 2011
Ihush is an online sales platform offering special sale items (less than 50% discount) from international fashion brands. It has been authorized by the appropriate channels. In Europe, it is a popular sales model where an online on-sale website is managed by a professional shopping website supported by numerous big brands and their products. Consumers can break the limitations of space and location, receiving special offer information and buying favorite items through the network platform. From the end of 2008 to now, this model has been demonstrating substantial growth in China. So far, it has collaborated with over 500 international brands and it provides costumes, bags and suitcases, home appliance, products for infants and mothers, beauty products, tourism packages, and more. The product information is updated at noon every day and the sale for each brand lasts 3 to 7 days.

BESTORE

Series A in 2011
Bestore is an e-commerce platform and online food community that provides snack items. Bestore provides leisure food production, processing, and packaging, as well as retail services. They provide products for fruits, seafood, meat, and nut snacks, covering meat snacks, roasted nuts, confectionery, dried fruit and preserved fruits, and vegetarian cherries.

Cosmo Lady

Private Equity Round in 2010
Cosmo Lady (China) Holdings Company Limited is a leading enterprise in the intimate wear industry in China, recognized for its extensive design, research, development, and sales of apparel, including bras, underpants, sleepwear, loungewear, and thermal clothing. The company operates a diverse brand portfolio, featuring its core brand "Cosmo Lady" alongside sub-brands such as "Cosmo Elegance," "Cosmo Blossom," and "Cosmo Esquire." To broaden its market reach, Cosmo Lady has introduced additional brands like "Secret of City Beauty" and "Freeday," and has acquired prestigious high-end brands including Ordifen, Rubii, and Ilsée, enhancing its brand presence. The majority of sales come from franchisees operating outlet stores, while the company also engages in direct sales through its self-managed outlets and e-commerce channels. Women's apparel constitutes the vast majority of its sales, which are exclusively generated within China.

JD Logistics

Series B in 2009
JD Logistics, a subsidiary of JD.com, operates as a technology-driven supply chain solutions and logistics service provider in China. Established in 2007, JD Logistics focuses on creating efficient and sustainable logistics solutions, encompassing a wide range of services from warehousing to distribution. The company serves various industries, including fast-moving consumer goods, apparel, home appliances, consumer electronics, automotive, and fresh produce. JD Logistics is committed to formulating and executing tailored supply chain strategies to meet the diverse needs of its clients. Its mission is to become the world's most reliable supply chain infrastructure service provider, leveraging technology to enhance operational efficiency.

Zbird

Series B in 2008
Zbird (钻石小鸟) is a professional Chinese brand that operates in the online diamond sales sector. The company is engaged in the online sale of luxury goods and advocates the spread of the diamond culture in China. Zbird provides customers with the personal experience of buying diamonds along with the DIY process. Zbird was established in 2002.

Dongguan Your Moon Household Textile

Private Equity Round in 2008
Dongguan Your Moon Household Textile Co. Ltd. manufactures and distributes household textile products.

Shanghai Sinoway Herbage Cosmetics

Private Equity Round in 2008
Shanghai Sinoway Herbage Cosmetics Co is a herbal skincare brand in China.

WinInChina

Venture Round in 2007
WinInChina is a provider of Other consumer services.

JD Logistics

Series A in 2007
JD Logistics, a subsidiary of JD.com, operates as a technology-driven supply chain solutions and logistics service provider in China. Established in 2007, JD Logistics focuses on creating efficient and sustainable logistics solutions, encompassing a wide range of services from warehousing to distribution. The company serves various industries, including fast-moving consumer goods, apparel, home appliances, consumer electronics, automotive, and fresh produce. JD Logistics is committed to formulating and executing tailored supply chain strategies to meet the diverse needs of its clients. Its mission is to become the world's most reliable supply chain infrastructure service provider, leveraging technology to enhance operational efficiency.

Gtel Call Centre

Venture Round in 2007
Gtel Call Centre is a call center service provider for SMEs in China.

DQY Ecological

Series B in 2007
DeQingYuan Agricultural Technology is an egg producer in China, with a daily egg output of 300K. It is the first company to sell branded green-graded eggs in China.

Zbird

Series A in 2007
Zbird (钻石小鸟) is a professional Chinese brand that operates in the online diamond sales sector. The company is engaged in the online sale of luxury goods and advocates the spread of the diamond culture in China. Zbird provides customers with the personal experience of buying diamonds along with the DIY process. Zbird was established in 2002.

Tudou Holdings

Series B in 2007
Tudou is a Chinese video sharing website launched in 2005 by Wang Tei, designed to empower young users to express their creativity through video content. The platform allows users to watch, upload, rate, share, comment on, and recommend a variety of videos, including user-generated content, licensed material, and original programming. In 2012, Tudou merged with Youku, creating a dominant player in the online video market under the name Youku Tudou, Inc. This merger significantly enhanced the user base, with monthly unique visitors increasing from approximately 182 million in late 2010 to about 227 million by mid-2013, outpacing competitors like Sohu, PPTV, and iQiyi. Tudou's focus on engaging and interactive experiences has made it a key platform for independent video producers in China.

Zhongrun Resources Investment

Post in 2007
Zhongrun Resources Investment Corporation is involved in both mineral development and real estate investment. The company explores for and produces various minerals, including gold, silver, and other non-ferrous metals. In addition to its mining operations, Zhongrun also invests in real estate, focusing on properties that align with its overall business strategy. This dual approach allows the company to diversify its portfolio and capitalize on opportunities in both the mining and real estate sectors.

Yi De

Series A in 2006
Yi De is a provider of financial services such as project investment, financing, capital operation, management consulting, international business consulting, and more. Yi De is equipped with operational experience in financial services such as investment and financing planning, investment management, enterprise development consulting, and more. It is committed to the operation and management of financing and investment companies, which sets up long-term cooperation with many listed companies and international professional investment institutions. It is also the strategic partner of some overseas investment institutions in China.
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