FOUNDER
Bob Xiaoping Xu
Bob Xu pioneered angel investing in China with co-founder Victor Wang—backing a generation of entrepreneurs inspired by Bob and Victor’s own success building the country’s first national English tutoring school to list on the New York Stock exchange.
Bob grew up in Taixing, Jiangsu, with one dream: to be able to read Hemingway’s The Old Man and the Sea and listen to Beethoven’s Fifth Symphony whenever he wanted. To him, those were “soul-stirring moments, like shooting stars across the night sky.”
After studying at the Central Conservatory of Music, Bob became a teacher at Peking University, where organizing student performances connected him with Victor Wang and Minhong Yu—friendships that shaped his future and even inspired the film American Dreams in China.
Later, he and his family spent time in Canada before returning to China to start anew. Having struggled as an entrepreneur himself, Bob felt a deep resonance years later when New Oriental (where he and Victor had been co-founders) went public and former students came back asking him to back their ventures. He saw the same “shooting star” moment: a calling to devote the second half of his life to supporting talented founders at the very beginning of their journeys.
That idea became ZhenFund, which he co-founded with Victor Wang and Anna Fang in 2011. From day one, the mission was to be the most founder-friendly early-stage investor in China. More than a decade later, Bob is still doing what he loves most—spotting talent, nurturing ambition, and cheering on entrepreneurs chasing their own shooting stars.
CO-FOUNDER
Victor Qiang Wang
Victor Wang with co-founder Bob blazed a trail for a generation of entrepreneurs to follow with the New York-listing of their English tutoring school New Orient. Then they co-created China’s premier Angel investment fund ZhenFund, often backing former students from their school.
His own path to entrepreneurship began with words and logic. Studying English linguistics at Peking University opened his imagination, while research in computer science at SUNY honed his analytical side. Together, they shaped the way he thinks about business and investing. Along the way, Victor developed a passion for rare English books—each one, he says, is “a portal to a new world.”
He often likens ZhenFund to the night sky: “The bright stars are young entrepreneurs whose courage, passion, perseverance, insight, and hard work form a constellation of creative energy I admire so much.”
For him, investing is about helping founders shift from observing the world to actively shaping it. “If you want to change the world through your own venture,” he says, “ZhenFund is the partner who believes you should at least try.”
FOUNDING PARTNER
Anna Fang
Anna Fang co-founded ZhenFund in 2011 with Bob Xu and Victor Wang, after graduating from Columbia College and earning her MBA from Stanford GSB. Years later, she’s still driven by the excitement of meeting entrepreneurs who see the world differently and dare to reimagine technology and consumer experiences. She is known for combining analytical rigor with heartfelt commitment to the founders she supports.
She says her parents named her Ai, the Chinese word for love, “believing I had a lot of love to give to the world.” That’s been at the foundation of her approach to both her personal and professional life.
“There’s something profoundly meaningful about changing an entrepreneur’s life by writing that first check,” she said. “I love witnessing their success, but even more, I value standing by them through their hardest moments. The true measure of an investor lies in how you support founders when things get tough. I fell in love with angel investing when I realized I could truly change someone’s life.”
Among her most notable early investments are RED (Xiaohongshu) and Yatsen Group (Perfect Diary). In 2022, Anna ranked #12 on Forbes’ Global Midas List (and #1 among women), a recognition she sees not as a personal accolade but as a testament to ZhenFund’s founder-first philosophy.
MANAGING PARTNER
Yusen Dai
Yusen Dai is a seasoned investor with keen insight from his own experience of the ups and downs of building a New York-listed multibillion listed corporation.
At 22, Yusen dropped out of Stanford and returned to China with his partner to start a company. “Our business model was far from reliable,” he recalls. “We met many well-known venture capitalists and were rejected by all of them—except Bob Xu, who believed we were a passionate and determined team and gave us a $200,000 angel investment.”
Six months later, their first project failed. With only RMB 300,000 left, they launched Jumei, an e-commerce platform that grew to RMB 10 billion in annual revenue and went public on the NYSE in 2014 with a $4 billion market capitalization. After listing, however, its value dropped by 90%. “Through all the highs and lows, Bob Xu and ZhenFund were my mentors and family,” he says. “That’s why I joined ZhenFund in 2017—moving from entrepreneur to investor.”
Yusen still feels deeply connected to the founders he now supports. “We share the same spirit,” he says, “the courage to embrace technological innovation, the refusal to settle, and the determination to shape our own destiny.” He hopes his experience can help others avoid the same mistakes.
Today, Yusen focuses on breakthroughs in artificial intelligence, backing visionary founders such as Wang Huiwen and Yang Zhilin, and investing in companies including Moonshot AI, Genspark, ToSummer, AiEDU, Party Animals, Orienspace, YouWare, vLLM, and Huixi.
Outside work, his ideal life can be summed up simply, reading thousands of books, traveling thousands of miles, and meeting countless people.
PARTNER
Emma Yin
Emma Yin studied accounting, economics, and mathematics in Illinois before earning a master’s in East Asian Studies from Stanford. A long way from her hometown of Changsha, surrounded by the energy of Silicon Valley and its fearless builders, she caught the startup bug from late-night conversations about impossible ideas.
Emma first joined ZhenFund as an intern in 2014, returned full-time a year later, and over the next seven years became the youngest partner in the firm’s history. Her portfolio spans AI and robotics, with early investments in companies such as Hesai, HeyGen, Flexiv, Opus Clip, and AutoX.
“What drives me isn’t just analysis, but empathy,” she says. “Behind my rational judgments, I connect with entrepreneurs because I know how lonely the journey can be. I want to walk alongside them.”
That empathy often becomes her compass. “Founders face moments when data can’t give answers—when vision collides with uncertainty. My job is to be their thought partner, to help them see clearly through the fog. Investing, at its best, isn’t about predicting outcomes; it’s about building conviction together.”
For Emma, the real excitement lies in seeing technology cross from lab to life—when robotics makes manufacturing safer, or AI helps people work smarter. “Those moments remind me why I chose this path,” she says. “Each founder teaches me something new about courage and imagination. I just hope to return that trust with equal belief.”
PARTNER
Yuan Liu
Yuan Liu, who was born in Wuhan, studied accounting at Washington and Lee University in Virginia—“a subject that doesn’t sound particularly cool,” he jokes. His fascination with venture capital began in college, drawn first by the mystique of the name and later by the deeper purpose: discovering and backing those bold enough to change the world through technology and products.
Before joining ZhenFund, Yuan worked for over three years at Greenspring Associates, a Maryland-based venture capital fund, where he invested in both funds and companies.
The experience offered a panoramic view of the VC ecosystem, but he soon realized he wanted to be closer to the action so came back to China and joined ZhenFund in 2014. He wrote the first checks to companies including Manus, Typeless, Momenta, Castbox, ARX-X, Menusifu, and Macaron.
“The most captivating part of venture capital is its paradox,” Yuan says. “We seek patterns of success in a world where the greatest founders defy every pattern. Our job is to see what others miss and believe in extraordinary people before the world does.”
A self-described “artsy soul,” Yuan draws inspiration from literature, cinema, and auteur-driven games. “I see founders as creators,” he says. “The best companies are products, and the best products are works of art.”
MANAGING DIRECTOR
Fangzhou Yao
Fangzhou Yao once considered becoming a professional Texas Hold’em player. “I’m fascinated by human nature and game theory,” he says. That curiosity about how people make choices and what drives them led him to investing.
The Wenzhou native who now lives in Shanghai says investing appeals because it’s the opposite of poker—both sides win. “I’ve been a winner in a few zero-sum games, but investing allows me to win together with founders,” he says. “I hope that from day one, founders never feel we’re engaged in a game of asymmetric information, but rather that we can truly have each other’s backs.”
A graduate of Peking University, he focuses on frontier tech, backing teams at MetaX, Weview, Yahaha, AI Rudder, Upower, and more. His investment philosophy is rooted in character and conviction: “Character comes before capability. Angel investing at ZhenFund offers a rare, long-term stage on which an investor’s personality, taste, principles, and integrity can be fully revealed. Observing human nature in such a complex and dynamic environment is fascinating, even though the outcomes can be, at times, either beautiful or bittersweet.”
Fangzhou says he’s learned that choices matter more than effort. “My greatest challenge has been how to truly think differently and put that into practice in angel investing,” he says.
A sports fan and poker player, Fangzhou dreams of one day traveling the world and even building his own football club.
PRINCIPAL
Tianyi Qin
Tianyi Qin’s maverick outlook is shaped by his upbringing in the capital of Henan province, China’s “Aluminum Capital,” a world shaped by the planned economy. “I was born in the factory hospital, lived in the workers’ compound, and attended the children’s school. Every aspect of life was arranged,” he recalls. “If not for chance, I would have followed the same path as my parents.”
He was inspired to follow a new path by Win in China, a reality TV show about internet entrepreneurship featuring Alibaba founder Jack Ma as a judge. “I was instantly captivated,” he says. “I realized for the first time that life could hold so many possibilities—that through one’s work, a person could fully express themselves to the world.”
After graduating in 2016, Tianyi joined Tencent as a product manager then two years later joined ZhenFund, where he has since crisscrossed China nearly a hundred times a year to meet founders where they’re building. “I see myself as both a power user and a super salesperson for the products I back,” he says.
He invests in cutting-edge technology and globally minded companies like OPay, Habby, and Dreo. “Venture capital is the one job that makes me tap-dance to work every day,” he says. “Seven years in, that rhythm is just as joyful as day one. There’s nothing more fulfilling than helping create new possibilities for the future.”
Outside work, Tianyi channels the same drive into endurance cycling, trekking across Tibet and Nepal, and finding balance in rock music and meditation.
PRINCIPAL
Tianjie Zhong
Raised in Shanghai, Tianjie Zhong studied computer science and began his career as a product manager at RED, the Instagram-like app also known as Xiaohongshu, where he saw firsthand how a simple idea could grow into a thriving ecosystem. “I enjoy thinking about the fundamental principles behind things,” he says. “What changes? What stays the same ten years from now? What’s the essence of it?” At RED, he learned to identify shifting user needs through observation and pattern-building.
A teacher at New Oriental, the school started by ZhenFund’s co-founders, inspired him when he was a rebellious teenager. In 2018, Tianjie joined ZhenFund to help founders make the leap from possibility to reality. He focuses on early-stage breakthroughs in AI and enterprise services, backing companies such as TideSwing, Daxo Robotics, CoEvolution, Tidetron, Mango Power, companies that he thinks “can fundamentally change industries.”
Tianjie’s philosophy of investing is grounded in curiosity, modeling, and long-term commitment. “My way of learning is to build models of the world—to classify the essence of things and constantly update them as new information emerges,” he explains. He’s drawn to founders who share that mindset.
He approaches investing as a matter of loyalty and conviction. “Once I decide to back a company, I give it everything I have,” he says. “I believe in long-term relationships and in being all in for the one I choose.”
Outside of work, Tianjie says his three cats have taught him patience, love, and responsibility, values he carries over to his partnerships with founders.
PRINCIPAL
Tina Kuang
Originally from Chengdu, Tina Kuang studied at Georgetown, the University of Hong Kong, and the London School of Economics. She switched from seeking a role at a multilateral organization after a chance gig interpreting at an angel summit in Silicon Valley during college. “That experience opened my eyes to the world of angel investing,” she says.
Intrigued by the energy of founders and investors, Tina joined ZhenFund nine years ago, beginning her career as a complete novice. “I soon discovered that one of my superpowers is connecting people,” she says. That’s what has enabled me to build a lasting career in investment.” Since then, she has backed companies ranging from Jojo Learning in kids’ education to DeepVerse in AI materials and Duobaoyu Insurance.
Tina loves rolling up her sleeves with founders, helping them recruit, refine ideas, and navigate uncertainty. “Angel investing is a truly fulfilling pursuit,” she says. “You grow alongside founders from day one, witnessing each milestone as if you were part of the journey yourself.”
But her path hasn’t been without challenges. Watching a once-promising company collapse within months was, she recalls, “a moment of deep self-doubt—but also renewal.” The experience reinforced her belief that optimism and objectivity must coexist. “Maintaining both, even in uncertainty, is essential for every early-stage investor.”
A Beijing Olympic torchbearer, Tina enjoys yoga, swimming, and reading autobiographies—and meeting “ambitious, audacious founders with big missions.”
VICE PRESIDENT
Debbie Wang
Debbie Wang earned both her undergraduate and graduate degrees at Tsinghua University’s School of Economics and Management, joining ZhenFund as an intern, inspired by a college lecture to switch from her original pursuit of working for a multilateral organization. “I still remember listening to an investor’s talk back in school,” she says. “The clarity of logic and sharpness of judgment deeply inspired me.”
That early spark became a calling. Surrounded by colleagues she describes as “genuine, open-minded, and witty,” Debbie quickly found herself drawn to their intellectual rigor and generosity of spirit. “I hoped to grow into someone like that,” she recalls.
After becoming a full-time investor, Debbie’s perspective broadened. “I began to understand the depth of wisdom and decisiveness that great investors carry,” she says. “It set a higher bar for who I aspire to become.” She’s also seen the true meaning of partnership: investors standing by founders through both triumphs and trials. “A good relationship isn’t about agreeing to everything,” she reflects. “It’s about sincerity—working side by side to uncover the essence of things and striving together to make the right decisions.”
Debbie sees herself as a long-term partner to founders with strong technical foundations. She specializes in semiconductors, AI, renewables, and robotics, with a particular focus on deep-tech companies led by Tsinghua alumni.
“I want to keep growing, to truly support the companies I invest in, and to watch innovation transform society,” she says.”
INVESTMENT MANAGER
Zhiliang He
Ray grew up surrounded by the resilience and risk-taking of Wenzhou, an ancient city known as the cradle of China’s private economy. “I watched my parents’ generation build businesses from scratch,” he says. “Through them, I learned the perseverance and sacrifice it takes to be an entrepreneur.”
That upbringing shaped his mission. “I also realized early on that sheer grit alone isn’t enough. Wenzhou’s manufacturing model would eventually reach a bottleneck, just as China needs a new wave of innovation,” he says. “The sense of mission I once felt to ‘Make Wenzhou Great Again’ has since expanded into a larger vision—to empower the next generation of Chinese entrepreneurs to build world-changing companies.”
Ray studied civil engineering at Tongji University and earned his graduate degree from Tsinghua University’s School of Economics and Management. He first joined ZhenFund as an intern in 2022, then spent time at a deep-tech startup, helping take a lab prototype to market before returning in 2023 as an Investment Manager.
Today, he focuses on early-stage investments in AI hardware and software. “Angel investing lets me put my mission into practice,” he says. “It allows me to show up for founders when they need support the most—not just as a witness, but as a partner; not only to bring hope, but to provide grounding strength.”
Curious and hands-on by nature, Ray brings the same energy to the basketball court—he’s a diehard Lakers fan who never misses a LeBron game, admiring his discipline and sense of responsibility both on and off the court.
INVESTMENT ANALYST
Haonan Yu
Haonan Yu didn’t become an investor because of one defining moment, but through a series of small sparks that shaped his curiosity. “The first came from the idea of being a ‘question setter,’” he recalls. “When I was a kid, I loved watching car crash-test videos. I realized that those who set the questions determine the direction; those who only answer them eventually get eliminated.”
That mindset of curiosity, responsibility, and shaping the future, guides the Qingdao native’s approach to investing. Haonan is most excited about innovations that improve mobility and reimagine how robots can serve people. “I like working with founders who mix technical rationality with humanistic care,” he says. “That combination creates the best products and real value.”
A book, Pour Your Heart Into It, left a lasting impression on him. “The image of an investor running alongside a founder, sharing the same pace and purpose, stayed with me,” he says. “I want to be that kind of partner—the first person a founder calls in a moment of need.” He even keeps what he calls an “Emergency Override List,” a reminder of his aspiration to stand beside exceptional founders when it matters most.
The belief that presence and perseverance matter also deepened during ten days of COVID isolation. “When external noise is muted,” he says, “your focus expands infinitely. Quiet persistence can be the greatest strength of all.” Haonan earned both his bachelor’s and master’s degrees at Fudan University.
INVESTMENT OPERATION DIRECTOR
Jingyi Liu
I am Liu Jingyi. I grew up in Hunan and went to study in the UK for high school. I completed my undergraduate degree in Economics at the University of Cambridge, my first master's degree in Economics at University College London, and my second master's degree in Journalism at Columbia University. Economics taught me to analyze patterns of economic development through various tools and methods, while journalism inspired me to uncover the unique experiences of each individual. Now, working with my colleagues in the investment operations team, we leverage both quantitative and qualitative analysis methodologies, combined with AI technologies, to identify and understand the entrepreneurs who are shaping our era.
I am also the mother of a three-year-old child, and I often wonder how his future world will differ from mine, how technology will change his way of life and work, and what role my field will play in shaping that future.
For the world we believe in.
Visit my personal website at jingyilunaliu.xyz (created with Windsurf's help)
CHIEF FINANCE OFFICER
Xuecheng Cao
I am Cao Xuecheng. After graduating from the School of Finance at Renmin University of China, I worked at PwC and KPMG in China and overseas for a decade. I provided financial, tax, and business consulting services regarding investment financing, business operations, M&A restructuring, among other areas for enterprises across various industries. I obtained the qualifications of CICPA and CTA during this period. Then, in 2016, I was fortunate enough to join ZhenFund, entering an industry filled with passion and dreams, creativity, and striving.
'Gentlemen seek harmony but not conformity.' Whether it's the members of the ZhenFund team who have independent views and distinctive characteristics, or the companies invested by ZhenFund across various industries with different business operations and development directions, we all believe in their unique value. We are all growing together, exploring the possibilities of the future.
I am full of curiosity about life, and I enjoy trying out different hobbies in my spare time. I look forward to exploring the richness and diversity of this world with you all.
IR PRINCIPAL
Yishan Cheng
Hello, I'm Cheng Yishan from Fuzhou, Fujian. My education and work in Dublin, Ireland sparked a passion for my career. I had the privilege of inviting notable figures and industry leaders, including the Queen of Jordan and Elon Musk, to international events. This firsthand exposure to the collision of world-class ideas also introduced me to the venture capital industry.
A comment from Xu Xiaoping in 2014 led me to ZhenFund, where I've been absorbed in the venture capital fervor ever since.
I now oversee fund-raising and investor relations at ZhenFund, with a commitment to long-term and value investing. We're on a shared journey with our investor partners, always open to more companions on this path.
For fund-raising queries, please contact: ir@zhenfund.com
FINANCIAL CONTROLLER
Guantong Liu
Hi! I am Liu Guantong, and I joined ZhenFund in 2015. Prior to joining ZhenFund, I worked at PwC Financial Services team, and was also involved in auditing, M&A, and IPO work of companies in various industries including new energy, automotive manufacturing, pharmaceuticals, logistics, aviation, shipbuilding, and real estate.
Years of experience in the finance industry constructed me a comprehensive knowledge system for the industry and developed me a growth mindset. I am now someone who uses innovative thinking to tackle the roots of problems. I consider myself to be lucky to join the wonderful ZhenFund family, and I am dedicated to using my professional knowledge and experience to support portfolio companies. I also look forward to the journey of growing stronger and wiser together with portfolio companies.
I enjoy embracing differences in life, and I enjoy my time at ZhenFund. Most importantly, I hope to contribute to making a difference here at ZhenFund!
COO
Rui Gong
My name is Gong Rui. I joined Junhe after graduating from Peking University Law School in 2001. In 2010, I joined Sequoia Capital and entered the venture capital industry. Since then, I have been engaged in legal, compliance, and fund operation-related work at Sequoia Capital and ZhenFund.
People who have been engaged in legal work for a long time usually have a low risk appetite, but my experience in the venture capital industry has also made me realize that the combination of high odds and low winning rates can also generate good returns. I believe the future belongs to cautious optimists, and our job is to find that balance. In order to reduce the burden on entrepreneurs, our team has simplified many protective clauses required by traditional financial investors, and will also give feedback to entrepreneurs as soon as possible. You can always believe that ZhenFund is the most entrepreneur-friendly investor in the market.
DIRECTOR
De Li
Dr. Li De, with a PhD in Literature, currently serves as a Board at ZhenFund, responsible for post-investment management. He has been heavily involved in brand building and IPO issuance related work for invested companies such as Jumei Youpin and 17Zuoye.
Before joining ZhenFund, he was a long-term senior financial journalist and producer for China Central Television, responsible for business and economic news reporting for major programs such as 'Xinwen Lianbo' and financial channels. He has conducted long-term and in-depth observations and interviews on vital and pillar industries of the national economy such as energy, automotive, and communications, as well as strategic emerging industries such as the internet and high-tech. He has participated in a series of far-reaching major reports, including 'Direct Hit on Wall Street Storm'.
SENIOR COMPLIANCE MANAGER
Weiqi Wang
I am Wang Weiqi, born in Hebei. Graduated from Minzu University of China with a master's degree, majoring in constitutional law and administrative law, and worked in an intellectual property company after graduation.
I joined ZhenFund in 2014, accompanied ZhenFund from a dozen to dozens of people, and witnessed ZhenFund from Beijing to Shanghai and Shenzhen. I have always felt that working at ZhenFund is a very happy thing, with very nice bosses and colleagues. I am currently working as a senior compliance manager in the legal department. In the early days, I did a variety of work for the fund. I have handled hundreds of registered entities, and many of the names of these entities were named by me. The work I'm engaged in ranges from changes in industrial and commercial registration to registration and filing of associations and contract review.
Outside of work, I enjoy traveling, taking pictures and researching new things.
BOARD SECRETARY
Fang Dong
Fang Dong is the Board Secretary of ZhenFund, providing daily support to board directors and coordinating administrative activities. As one of the founding members of the firm, Fang has participated in and has witnessed the development and achievement of ZhenFund.
Fang graduated from Beijing Normal University in 2007.
CEO ASSISTANT & ADMIN DIRECTOR
Dan Zhu
Dan Zhu is the CEO Assistant and Admin Director of ZhenFund.
Prior to ZhenFund, Dan was the Senior Secretary of the Partner of Strategy& in Great China.
Dandan received her Bachelor’s degree from the University of International Business and Economics and obtained a Master’s degree from Middlesex University.
HR DIRECTOR
Miao Zhao
Hi, I'm Zhao Miao, and I'm in charge of talent management at ZhenFund. Before joining ZhenFund, I was in charge of talent management and post-investment empowerment at Hillhouse Capital and China Resources Group, and obtained a bachelor's degree in human resources from Renmin University of China and a master's degree in organizational psychology from Columbia University.
I am very grateful to have met all kinds of outstanding talents during my study and work experience, and the colleagues and entrepreneurs I met at ZhenFund are the most special group of people—smart and humble, enthusiastic and sincere. Everyone Dares to express their own ideas, but is willing to listen and cooperate.
Work WITH Zhen Fund, not simply FOR Zhen Fund. If you are tired of doing things to mend the world, and hope to move the earth according to your inner love, welcome to chat with me (mia.zhao@zhenfund.com). We have prepared a variety of work/cooperation opportunities and exchange activities, hoping to help you discover yourself and realize your dreams. I'd be very happy if I could help you :)
GENERAL COUNSEL
Xiaoyi Zhao
I am Zhao Xiaoyi. I obtained a bachelor's degree and a master's degree in law from China University of Political Science and Law and Peking University respectively. After working as a lawyer for four years, I embarked on the road of studying again and obtained a second master's degree in law at New York University.
Before joining ZhenFund, I worked at Jingtian & Gongcheng and Hogan Lovells, and joined ZhenFund at the end of 2016. I am very fortunate to have chosen a career that requires lifelong learning. As the market and policies change, no matter how much experience I have accumulated before, I will always encounter new problems and have new growth. I am grateful to the excellent colleagues and entrepreneurs around me. While providing professional support for everyone, I also have valuable gains.
I look forward to using my professional knowledge and experience to escort more entrepreneurial projects, grow together, and witness a better future together.
In my spare time, I like photography and travel, using lens to condense the beautiful moments in life.
SENIOR FINANCIAL MANAGER
Yiner Pan
I am Pan Yiner, born and raised by the beautiful West Lake. I studied at Zhejiang University for both undergraduate and master degrees. After graduation, I joined KPMG China, focusing on providing financial, taxation and business consulting services to domestic and foreign financial companies, and obtained the qualifications of Chinese Certified Public Accountants and Chinese Certified Tax Agents. I joined ZhenFund in early 2017. I have a strong interest in issues related to finance and taxation, and am willing to research and discuss.
Outside of work, I like to be close to nature and am also an amateur cyclist.
