Standing at the fork in the road of a century of changes, the delicacy, sensitivity and tenacity of female investors are making them stand out and become the best.
Amid the severe international political environment, the recurrence of the global epidemic, and the slowdown in China's economic growth, we have once again launched "Forbes China Female Venture Capitalist 20". The study continues to follow the principles of previous investigations, focusing on project exits and developments over the past 5 years. The past year has been the most extraordinary year in China's venture capital industry, and it has also been a year of deep confusion for investors. Chinese stock prices have experienced a roller coaster, and the survival of the US dollar fund has become slightly delicate. What is more noteworthy is that the main channel of the global technology industry is showing a clear divergence. All of this tests investors' coping ability and investment acumen.
The 20 female venture capitalists who received a lot of attention this year invested in areas such as big consumption, healthcare, enterprise services (SaaS), hard technology, and energy and environmental protection. Among them, Liang Zhenyu of Qiming Venture Capital ranked first in the list for the first time. Over the past few years, Qiming Ventures is one of the most active venture capital fund companies in China, having invested in more than 430 innovative enterprises. Liang led the investment in Gan&Lee Pharmaceutical, a domestic leader in three generations of insulin. The return on investment in the project sets a new record for investment in the global pharmaceutical sector. At the same time, CanSino Biologics and Qianmai Medical, which are led by it, have contributed positive forces to China's new crown epidemic prevention and control through research and development and production of new crown vaccines and support for massive nucleic acid testing.
The female investor who rose the fastest this year was Zou Jiajia from Sequoia China. SHEIN, a cross-border e-commerce company she has co-invested in, is one of the most talked-about Chinese unicorns in the world over the past few years. With its keen consumer insights and solid and efficient supply chain, SHEIN has achieved remarkable success in various markets around the world, and has become the world's largest fashion e-commerce group. This represents the beginning of a new wave of Chinese companies going to sea since ByteDance's overseas popularity. China is moving towards a new internationalization.
In the venture capital industry that advocates high risk and high return, female investors are still an absolute minority, and give the outside world a more stable and conservative stereotype. Today, standing at the fork in the road of a century of changes, the delicacy, sensitivity and tenacity of female investors are making them stand out and become the best.
Here are the 20 female venture capitalists selected:
Represents a project
Gan&Lee Pharmaceutical, Zaiding Pharmaceutical, Kangxino Biological, Qiming Medical, Nuohui Health, etc
Liang led Qiming Ventures' investment in the healthcare industry. Qiming Ventures is one of the most active venture capital fund companies in China, having invested in more than 430 innovative enterprises. Liang has served as a director of Zaiding Pharmaceutical, Qiming Medical, Kangsino Biopharma, Diaomai Biomedicine, Qianmai Medical, Herui Gene, Xinxin Pharmaceutical and Dejin Medical. Her investment projects include Gan & Lee Pharmaceutical, Nuohui Health, Beijing Yian Medical, Berry Gene, Kunbo Medical, etc. He holds an MBA from Stanford Graduate School of Business and a B.A. in Management from Cornell University. Prior to joining Qiming Ventures, Leung was a serial entrepreneur and investor. She is currently a Guest Lecturer at Harvard Law School, a member of the Advisory Board of stanford Graduate School of Business, an Independent Non-Executive Director of HKEX and a member of the Board of Directors of the Hong Kong Palace Museum.
JD.com, Meituan, Three Squirrels, NetEase, Boss Direct, Yifeng Pharmacy, Ubras, Manner Coffee, etc
Xin Xu has over 20 years of experience in venture capital in China. Founded Today Capital in 2005, she focuses on supporting the growth and expansion of Chinese enterprises, helping entrepreneurs realize their dreams and build the industry's first brand. Xu Xin pays attention to the subversive power of new things such as algorithms to the industry, and firmly believes in the power of brands and long-term compound interest growth.
SHEIN, Babycare, Martian Integration, Ubras, Vitality 28
Zou Jiajia joined Sequoia China in 2009 and is currently responsible for investing in the consumer services sector. Prior to joining Sequoia, Zou worked for JPMorgan Chase & Co. Asia's Direct Investment Division, United Credit (China) Co., Ltd. and Deloitte Touche Tohmatsu, where she holds a master's degree from the University of Erlangen-Nuremberg in Germany and a bachelor's degree from Tsinghua University.
Happy Gathering Times, Maverick Electric, EHang Intelligence, Tongdun Technology
In 2005, Li Hongwei opened GGV China office and reopened GGV Singapore office in 2019, being the leader of GGV's US dollar fundraising. During her time at GGV, she led investments and helped successfully go public with more than a dozen companies, including: SoundNet (NASDAQ: API), Maverick Technology, and Kingsoft Office (Shanghai Stock Exchange: 688111). Hongwei Li graduated from Cornell University with a Bachelor of Science and a Master of Science degree in Electrical Engineering, and a Master of Business Administration degree from Northwestern University's Kellogg School of Business.
Meituan Dianping, NIO, BGI, Yidu Technology, Boss Direct, Asia Innovation Group, Cider
Zeng Yu leads all of the company's investment business in China, with a capital under management of RMB 11 billion. She is a serial entrepreneur in the field of private equity funds in China and has nearly 20 years of experience in the VC/PE industry. Prior to founding MSA Capital, Zeng served as the first executive director of the China Private Equity Association (CVCA) in 2002 and founded Maple Valley Investments, China's leading new investment bank, in 2004, raising hundreds of millions of dollars for dozens of fast-growing industry leaders. Zeng Yu is an investor in many leading enterprises in the industry, including Meituan Dianping, Nio Automobile, BGI Gene, Yidu Technology, BOSS Direct Hire, Yanming Bio, etc.
LianyiRong, NetEase Cloud Music, SF Tongcheng, PingCAP, Lezhan, Innovusion, etc
Since 2008, Long Yu has led the team to more than 17 IPOs and 40 unicorns. Long Yu is an independent director of NIO Automobile and a member of the board of directors of Coach's parent company. Long Yu holds a Master of Business Administration (MBA) degree from stanford graduate school of business and is the first Chinese member of the stanford graduate school of business advisory board. She studied at the University of Electronic Science and Technology of China with a bachelor's degree in electrical engineering.
Daan Gene, Beida Pharmaceutical, Kangchen Pharmaceutical, Innovent Biologics, Qiming Medical, Pumen Technology, Microchip Biologics, etc
Huang Li is one of the earliest investment bankers in China, with more than 10 years of professional experience in securities, has a deep understanding of the investment and investment industry, and provides financial, restructuring and listing and financing services for a large number of enterprises. At the same time, he has more than 10 years of private equity investment and investment management experience, and has successfully invested in more than 50 listed companies. Huang Li received a bachelor's degree in insurance, a master's degree in money and banking, and a doctorate degree in finance from Nankai University. Huang Li is also the founding partner of the Nanhai Growth Series Fund and the promoter director of the Tianjin Private Equity Association, and the current joint management of funds has reached 30 billion yuan.
CATL, Yihuatong, Bertry, Hangen Technology, Galaxy Securities, Changting Technology
Liao Zijun, a master of economics from Wuhan University, has been engaged in investment for nearly 30 years, has a deep understanding and rich experience in capital markets and private equity business, and has a keen and profound market judgment and insight. She led Junsheng Investment to successfully introduce and apply international mature venture capital concepts and systems, making Junsheng a professional institution with standardized operation and stable investment. In terms of investment style, the company has gradually moved forward from the PE stage in the early days of its establishment to the current VC stage. Since 2016, Junsheng Investment has gradually formed an investment style and investment capabilities characterized by the early and middle stages, and has invested nearly 30 listed companies around the two main lines of science and technology and new energy, of which 6 well-known listed companies have been invested in the new energy field, including NINGDE Times, Yihuatong, and Beiterui.
Little Red Book, Perfect Diary, YITU Technology, Horizon, Honey Bud
Fang aizhi holds a bachelor's degree from Columbia University and a master's degree in business administration from Stanford University. She is the founding partner and CEO of Zhen Fund, and has invested in many star projects such as Little Red Book, Perfect Diary, YITU Technology, Horizon and so on. At present, the management scale of Zhen Fund has reached 9 billion yuan.
Little Red Book, Feihe Dairy, Quick Look Comics, Tongdun Technology
Zou Yunli holds a master's degree in accounting from the University of Chinese, Hong Kong, is a certified public accountant and certified tax agent, joined Tiantu in 2009, before joining Tiantu, she was the financial director of Zhongke Zhi Guarantee Group, the chief accountant of Shenzhen Jinjia Color Printing Group Co., Ltd., and the senior manager of Shenzhen Tianjian Xinde Certified Public Accountants Firm (now merged with Deloitte). She has rich investment experience in the consumer field and TMT field, and has led the investment of Many Projects such as China Feihe, Xiaohongshu, Quick Look Comics, Tongdun Technology, VSPN and so on. The total investment amount to date has exceeded 3 billion.
Jianfan Biology, Shanghai Yirui, New Industry Biology, Prudential Medical, Jingtai Technology, Kefu Medical
Lu Qinchao graduated from Tongji Medical College of Huazhong University of Science and Technology with a major in clinical medicine, and received an MBA from the University of Chinese of Hong Kong in 2004 and an EMBA in health from Cheung Kong Graduate School of Business in 2004 and 2017. She joined Sequoia Capital China Fund in 2005 and was promoted to Partner in 2015. After nearly 13 years of working in Sequoia, Lu Qinchao is directly responsible for investing in Jianfan Bio (300529), New Industry Bio (300832), ARMO (ARMO), Prudential Medical (300888), Shanghai Yirui (688301), Shenzhen Jintai and many other leading enterprises in the medical segment. At the beginning of 2018, Lu Qinchao founded Danlu Capital and served as the managing partner, focusing on early investment in the medical industry. Since its inception, Danlu Capital has invested in dozens of medical companies. Among them, some companies have grown into industry leaders, such as 688793. SH), Kefu Medical (301087. SZ), Good Doctor Hui, etc.
Lu Qinchao is currently studying at Shenzhen International Philanthropy College, leading Danlu Capital to practice ESG investment, serving as a tutor for many business schools, and participating in the launch of ecological platforms such as the Qingsong Association, the China Healthy Lifestyle Medical Conference, and the Guangzhou Great Health and Life Sciences Industry and Finance Alliance.
Weilai Automobile, AVIC Lithium Battery, Xiaoma Zhixing, Zhongman Petroleum, etc
Fuxin joined Sequoia China in 2010 and is responsible for investments in the industrial technology sector. Prior to joining Sequoia China, she worked in manufacturing and energy for more than a decade. Ms. Fuxin holds a Bachelor of Engineering from HIT, a Master of Engineering degree from France, an EMBA from INSEAD and Tsinghua University.
Bubble Mart, Tianyi Best, Capital Online, Da dong Catering, Butterfly Interactive and other hundred enterprises
In her early years, Zhou Lixia worked in the foreign-related branch of the Beijing Municipal Taxation Bureau, and then went to the sea to do business, and successively founded trading, mining and consulting companies. In 2010, Zhou Lixia established Beijing Jinhuifeng Investment Management Co., Ltd., and has set up more than 10 private equity investment funds so far.
As one of the earliest investors in China to focus on the New Third Board, Zhou Lixia's investment style is "stable, accurate and fierce", and has created a number of successful exit cases with rich returns, including Capital Online, Lianfeixiang, Xingnuo Technology, Dingneng Open Source, Yinggu Shares, Xinrui Yingcheng, Zhongxun Sifang, etc. The companies invested by it, such as Tianyi Best, Capital Online, and Bubble Mart, have all made great profits for Jin Huifeng through listing.
As the chairman of Angel United, Zhou Lixia serves as an LP of many angel funds, and has served as a guest in many TV programs, actively attending industry conferences and promoting the development of the venture capital industry.
Boss Direct Hire, Weimob, Nishikiwa Commercial, Interface Finance Associated Press, and Hefu Fish noodles
Ji Wei holds an MBA degree from Imperial College London and has more than ten years of investment experience in the field of mobile Internet and digital economy. Ji Wei led Huaying to look at the integration of culture + consumption, technology + industry and other integrated business models earlier, forming key investment areas such as digital entertainment, consumption upgrading, enterprise services and technology. Huaying Capital currently has a total management scale of more than RMB8.5 billion and has invested in more than 200 enterprises. The investment stage is mainly based on the A round, extended up and down, and the holding and integration mergers and acquisitions in key areas are carried out.
Stone Burning Medicine, Grail, St. Regis Biologics, Hong Kong Asia Medical, etc
Yang Yunxia joined Sequoia China in 2015 and is currently focusing on investments in the healthcare sector. Prior to joining Sequoia, she worked for large multinational companies such as Johnson & Johnson and GE in the United States, and later joined the healthcare investment team of Legend Capital. Yunxia Yang holds an MBA from Duke University and a Master of Clinical Medicine degree from Tongji Medical College of Huazhong University of Science and Technology.
Lalala, Monster Charging, Blued, Digital Beauty Technology, Deep Potential Technology
Wang Mengqiu founded Qingliu Capital at the end of 2013, before that, she served as the vice president of Baidu Technology, fully responsible for Baidu's core user-side business line and basic technology department, personally participated in the research and development and operation of a number of successful products with a daily PV of more than 100 million or even 1 billion, including Baidu web search, Baidu news, music, know, encyclopedia, map, Tieba and so on. Lead the team to experience the whole process of growth of multiple star products from 0 to 1, from 1 to 10, and have very rich business practice experience. Wang Mengqiu founded Clearstream Capital to explore and help outstanding entrepreneurs grow into successful CEOs, and currently clearstream Capital mainly invests in early-stage entrepreneurial projects in the fields of new consumption and new technologies.
NEIWAI inside and outside, small pets, easy to buy crafts, Sumida River, Sil Education, etc
Xin Wang holds a Master of Business Administration degree from China Europe Institute of Business Administration and a Bachelor of Radio and Television Journalism from Fudan University. Prior to starting her investment career, Xin Wang worked at Egon Zehnder International Human Resources Consulting Co., Ltd., recruiting executives for financial institutions in China. Prior to that, Wang Xin was a journalist at AFP's Shanghai bureau. In 2012, Wang Xin joined Qiming Ventures, focusing on investment in the Internet and consumer goods sectors.
Musical.ly, Circle Center Technology, Dingdong Buy Vegetables, Luo Tianyi, Tuhu Car
Lingfei Zhou holds a bachelor's degree in economic sociology from Shanghai University of Finance and Economics and an MBA from the University of Chicago Booth School of Business, and has more than 15 years of industry experience in the field of investment and finance. Before co-founding Company Capital, she was the youngest partner of Qiming Venture Capital, and her well-known investment cases include Musical.ly, Yuanxin Technology, Dingdong Grocery Shopping, Luo Tianyi, Tuhu Car, etc.
APUS, far right, rent a car, catch up with the network, etc
Jing Wu holds an MBA from Harvard Business School, a Master of Computer Science degree from the University of Maryland, and a Bachelor of Computer Science from Peking University. Prior to working in the fund management industry, she was a senior software engineer who worked at Oracle in research and development. Companies led by Wu Jing include APUS (Internet Going global), Far Right (mobile entertainment interactive platform), rent a car (online travel), Castbox (mobile audio content platform), Plum (fashion second-hand e-commerce platform), Daily Fresh (online fresh retail platform), Yuanbao Technology (Insurance Technology), Chaji.com (classified information platform), AsiaInfo Lianchuang (telecommunications software and services), etc. Earlier in her career, Jing wu worked for Bessemer Venture Partners, Shanda Investments and CITIC Industrial Fund.
Lalala, Manbang, Shence Data, Guanyuan Data, MOKA, etc
Yang Liu is a co-founding partner of Xianghe Capital, a venture capital fund focusing on early and long-term opportunities such as the Internet, corporate services, and cutting-edge technology, and has invested in a number of outstanding projects including Lalala, Manbang (NASDAQ: YMM), ByteDance, iQiyi (NASDAQ:IQ), Shence Data, Guanyuan Data, MOKA, Imagine Medical, Digital Beauty Technology, Aqiu Technology and so on.
Yang Liu was the executive director of Baidu and has independently led the completion of more than 500 million US dollars in investment and mergers and acquisitions, including investment in Kuaishou, Link and other projects. Previously, she worked at EY, where she worked for top private equity funds and multinational corporations such as Goldman Sachs and Carlyle. Yang Liu was admitted to Tsinghua University as a bachelor's degree, and later exchanged to the University of Hong Kong and obtained a bachelor's degree in business administration.