Distributed database infrastructure company behind TiDB, one of the most widely adopted open-source HTAP databases globally. Serves over 3,000 enterprise customers across financial services, internet, and cloud platforms. Commercial moat built on open-source ecosystem reach combined with enterprise contract revenue.
Foundation model company developing large-scale multimodal AI across text, speech, and vision. Among the most capitalised independent AI labs in China, with traction in both consumer and API channels. Positioned to capture enterprise AI infrastructure demand as model adoption accelerates.
Enterprise AI voice automation platform operating across multilingual Southeast Asian markets. Addresses a structurally large contact center market with LLM-native voice agents replacing legacy IVR systems. Regional language depth and deployment track record create meaningful barriers to entry.
AI-driven credit risk platform serving banks and alternative lenders across Asia. Proprietary data assets and model depth create switching costs and stable long-term client relationships. A mature fintech infrastructure play with defensible positioning in financial risk decisioning.
Global market leader in commercial service robots deployed across restaurants, hotels, and retail. One of the few robotics companies to demonstrate sustained unit economics at scale outside controlled environments. Expanding international footprint positions it ahead of broader adoption.
Level 4 autonomous driving software provider with confirmed production partnerships with multiple automotive OEMs. OEM integration model ties revenue directly to vehicle deployment volumes. Strategic acquisition candidate as global automakers accelerate autonomous capability consolidation.
Purpose-built autonomous delivery vehicle company with active deployments across logistics and campus environments. One of the earliest commercial-scale applications of autonomous mobility, with proven repeat customer relationships. Asset-light fleet model creates recurring service revenue.
Humanoid robotics company combining large model capabilities with physical robotic systems. Operating at the most strategically relevant stage of embodied intelligence development. Frontier positioning offers asymmetric upside as the market for general-purpose robots matures.
Market-defining SaaS platform for home design and interior visualisation serving tens of thousands of commercial clients. Deep penetration into China's fragmented home furnishings industry gives it durable network effects. IPO progression underway — a mature industrial SaaS asset with demonstrated monetisation.
Industrial procurement and supply chain platform backed by JD.com's logistics infrastructure and enterprise relationships. Digitising a procurement market historically reliant on fragmented, relationship-driven purchasing. IPO process underway with strong institutional backing.
China's leading digital marketplace for steel trading, with large transaction volumes and a publicly listed profile. Brings price transparency and supply chain efficiency to one of China's largest commodity markets. Listed status provides liquidity certainty and validates the industrial e-commerce model at scale.
Full-stack e-commerce SaaS and data operations platform with over 6.5 million enterprise clients. AI product suite enables operational decisions across the supply chain.
Enterprise contact center platform with recurring revenue across financial services, retail, and logistics clients. Transitioning toward AI agent capabilities in a market reshaped by large language models.
Content delivery network provider operating across Southeast Asia's rapidly expanding internet infrastructure. Regional infrastructure plays benefit disproportionately from long-term data consumption growth.
Developer of general-purpose embodied AI models targeting the convergence of machine learning and robotic execution. Early-stage but technically differentiated, in a segment attracting significant strategic capital.
Specialist in force-feedback and robotic control technologies critical to advanced manipulation tasks. Building foundational capabilities broadly applicable across industrial and service robotics.
Wafer inspection equipment company with differentiated technology for defect detection. Operates in a high-barrier segment where accuracy commands significant pricing power.
Manufacturer of bonding equipment for advanced semiconductor packaging. Targets the high-end of the packaging value chain, where import dependency has historically been highest.
Silicon carbide wafer manufacturer supplying the new energy vehicle and power electronics supply chain. SiC capacity is structurally constrained globally, giving upstream manufacturers durable pricing leverage.
Semiconductor / Auto
Renxin Semiconductor
仁芯科技
Automotive-grade chip designer with products integrated into intelligent vehicle control systems. Qualification cycles in automotive create long-term revenue predictability once design wins are secured.
Optical computing chip company exploring post-silicon architectures for next-generation compute workloads. High-optionality position at the earliest stage of a potential paradigm shift in compute infrastructure.
Digital supply chain platform connecting textile manufacturers, fabric suppliers, and production orders. High switching costs as the platform embeds into production workflows.
Cross-border logistics operator with established global shipping capabilities and demonstrated profitability. Stable cash flow profile makes it a lower-volatility holding in the portfolio.
B2B / Packaging
Dongjing E-Net
东经易网
B2B packaging platform integrating cloud factory capabilities with large-scale digital transaction infrastructure. GMV scale demonstrates traction across a traditionally offline industry.
Integrated cross-border supply chain platform combining freight, trade facilitation, and financing solutions. Compound service offering creates multiple revenue touchpoints across a single customer relationship.
Electronics rental platform operating across hundreds of Chinese cities with a large active user base. Combines asset utilisation efficiency with embedded consumer finance.
Cross-border e-commerce platform with multi-country operations and offline distribution across Southeast Asia. Early-mover advantages in category depth and logistics relationships are difficult to replicate at comparable cost.
Global mobile application and content developer with a user base spanning hundreds of millions. Traffic-monetisation model generates advertising revenue at scale with relatively low incremental cost.
Consumer Brands
Weinian
微念
Consumer brand platform managing multiple recognised brands with strong IP and content-commerce integration. IP-driven brand value creates differentiation that pure product companies struggle to replicate.
Consumer / Live Commerce
Sodao
搜道
Beauty-focused live commerce and MCN platform with top-tier influencer relationships. Influencer asset depth and established distribution scale are the primary drivers of competitive durability.
Other Operating Assets5 companies
Deep Tech / EV
Guishan Technology
硅山技术
Developer of electronic control systems for heavy-duty electric trucks, with relationships at leading EV manufacturers. Long-term beneficiary of commercial vehicle electrification.
Manufacturing
Demark Precision
德玛克
High-precision manufacturing company supplying components to semiconductor equipment and clean energy sectors. Revenue tied to capex cycles in two industries on multi-year expansion trajectories.
IT services and outsourcing platform supporting enterprise cloud migration and digital infrastructure operations. Recurring service contracts underpin a stable, predictable revenue base.
Data Analytics
Zhongdiao Data
众调科技
Data analytics platform delivering industry intelligence across automotive and enterprise verticals. Proprietary datasets accumulated over time create a durable information advantage over potential competitors.
AI / Design
Xiaoxiang Smart Packaging
小象智合
Packaging design and production platform integrating AI-assisted design into the manufacturing workflow. Bridges creative services with industrial execution for consumer brands seeking faster packaging iteration.