On April 1st, the stock price of KNOWLEDGE ATLAS soared to a new high, with a market capitalization exceeding HKD 400 billion, which is seven times the market value on the day of its IPO. This means that as an investor behind KNOWLEDGE ATLAS, Lenovo Capital will receive a substantial return.
This scene vividly reflects the past year for Lenovo Capital—record-high investment returns for the fiscal year 2025/26, along with a record number of IPOs, culminating in 5 IPOs throughout the year, bringing the total number of IPOs to 25.
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&#34;In the last fiscal year, Lenovo Capital achieved record highs in annual investment returns, the number of IPOs, and the collaborative amount of invested enterprises, delivering a report card that balances investment results with industrial value,&#34; summarized Wang Guangxi, Vice President of Lenovo Group and Managing Partner of Lenovo Capital.
This year also marks the 10th anniversary of Lenovo Capital: over 300 invested enterprises, 8 listed companies with a market value of over 200 billion (4 of which exceed 500 billion), and the AI computing giants &#34;dominating four.&#34; Such a solid report card outlines the investment logic that transcends cycles, creating a CVC model worth studying.
From Cambrian to KNOWLEDGE ATLAS
Invested in 8 companies valued at over 200 billion (4 at 500 billion)
What kind of report card can a CVC institution present in ten years? Lenovo Capital's answer is—over 300 technology companies cumulatively invested, with 25 successfully listed; contributing an average annual return of over RMB 1 billion to Lenovo Group.
The value creation behind this goes far beyond. It is well known that investing in high market value companies is considered an important standard for measuring the &#34;hunting&#34; ability of investment institutions. Lenovo Capital is particularly typical in this regard, having successfully invested in 8 listed companies with a market value exceeding RMB 200 billion, of which 4 have reached the 500 billion level.
Especially in the hot AI computing track, behind the four &#34;new computing giants&#34; Cambrian, Haiguang Information, Moore Threads, and Muxi, the presence of Lenovo Capital is evident. In the venture capital circle, achieving &#34;dominating four&#34; is indeed a rare scene.
Thus, Lenovo Capital has built a computing ecosystem, forming a matrix of technological complementarity, completing a key positioning before the explosion of large models—Cambrian focuses on AI-specific chips, targeting algorithm efficiency; Haiguang follows the x86 compatibility route, emphasizing a smooth ecological transition; Moore Threads develops full-function GPUs, covering graphics and computation; Muxi focuses on data center GPUs, tackling high-performance training.
In terms of nurturing innovative forces, Lenovo Capital has incubated over 50 unicorn enterprises, with more than 60 in its investment portfolio recognized as national-level specialized and innovative &#34;little giants,&#34; achieving a recognition rate of over 50% for &#34;specialized and innovative&#34; small and medium-sized enterprises
He Zhiqiang, President and Founding Partner of Lenovo Ventures, previously stated to the investment community that as a CVC institution, it is more important to remember its positioning. Just as Lenovo Ventures positions itself as the technology watchtower of Lenovo Group, it must always focus on investing in early-stage technology and hard technology. &#34;As long as we concentrate our capabilities on this, whether the invested companies become specialized and innovative or new productive forces is merely the inevitable result of our insistence on 'investing early, investing small, and investing in hard technology.'&#34;
What is rarely known outside is that Lenovo Ventures insists on in-depth research every year, during which no projects are invested in, and everyone is focused on studying the industry. This has long been an internal &#34;iron rule&#34;: investors need to always keep one eye on original innovation projects to discover the next big trend.
Undoubtedly, in the technology investment industry, &#34;first-mover advantage&#34; often determines everything. Especially in recent years, the maturity cycle of emerging industries has significantly shortened, further testing an investment institution's judgment on the industrialization process of technology.
For the past decade, Lenovo Ventures has adhered to research-driven investment, with a clear and traceable rhythm, always able to timely capture the industrial direction of first-tier industries in China: in 2016, it anchored the industrial internet direction of &#34;IoT + edge computing + cloud + big data + artificial intelligence&#34;; in 2017-2018, it anticipated the opportunities for domestic semiconductor production and subsequently laid out the infrastructure for computing power; in recent years, it has focused on AI 2.0 and embodied intelligence. To some extent, this is almost a brief history of China's technological development over the past decade.
In other words, every layout by Lenovo Ventures is based on deep thinking about the path of technology industrialization and commercial landing. This is precisely the core of a CVC institution.
A CVC Research Sample
Extending from Financial Investment to Industrial Synergy
Over the years, Lenovo Ventures has carved out a unique path in the CVC landscape.
Unlike traditional financial VCs, Lenovo Ventures, as the technology watchtower of Lenovo Group, emphasizes the linkage with the parent company's industrial resources.
Further, within Lenovo Group's three-tier R&amp;D system of &#34;business unit - research institute - venture capital,&#34; Lenovo Ventures occupies a key link. Thus, over the past decade, Lenovo Ventures has also refined a &#34;CVC 2.0&#34; practice model, endowing CVC with more innovative connotations, with the core path being to promote the synergy between investment and business landing. In recent years, the annual ecological synergy amount of invested companies by Lenovo Ventures has been continuously rising.
Specifically, Lenovo Ventures brings not only funds to the invested companies but also fully leverages Lenovo's global brand, channels, supply chain, and other industrial resource advantages to build a bridge for business cooperation between member companies and Lenovo Group, jointly constructing a networked competitive advantage.
A truly innovative ecosystem cannot be separated from mutual empowerment. To this end, Lenovo Ventures has launched three major ecological plans:
The &#34;Innovation Accelerator&#34; serves as an ecological innovation acceleration platform that empowers startups across the entire value chain, fully assisting small and medium-sized enterprises in technology landing and market expansion;
The &#34;Bright Plan&#34; relies on Lenovo Group's global supply chain and self-owned factories to output Lenovo's smart manufacturing experience, providing manufacturing empowerment services from the trial production stage to the mass production stage;
The &#34;Spark Program&#34; focuses on the early concept validation and achievement transformation challenges of research and innovation teams, providing engineering concept validation and small-scale testing support to accelerate product achievement transformation.
A series of collaborative supports are also implemented in real scenarios. In October 2025, Lenovo Ventures collaborated with Lenovo's Southern Intelligent Manufacturing Base, and the first batch of humanoid robots from the invested companies &#34;Cross Dimension Intelligence&#34; and &#34;Daimeng Robotics&#34; officially entered mass production and delivery, achieving two weeks of trial production and three months of mass production, with production efficiency increased by 20% and costs reduced by 10%. This demonstrates how Lenovo, as a leading enterprise, can streamline the mass production chain and accelerate the transition of embodied intelligence technology from the laboratory to the production line.
Wang Guangxi has also deeply felt this over the past few years. In previous discussions with the investment community, he mentioned that the collaboration between Lenovo Ventures and the group has become increasingly close. Various business departments within Lenovo have begun to actively reach out to Lenovo Ventures, with more voices saying, &#34;This matter can be done together with venture capital.&#34; In his view, this change reflects a true deep coupling between the various departments of the group, achieving a two-way commitment.
Currently, Lenovo Ventures has promoted over 70 invested companies and established deep business collaboration with Lenovo Group. This model is building a symbiotic &#34;technology rainforest,&#34; allowing external innovative technologies to create a chemical reaction with Lenovo's industrial resources.
In Wang Guangxi's view, &#34;promoting ecological cooperation between invested companies and Lenovo's business, and even pushing invested companies to become the most important components of Lenovo's core business or core technology in the future, is the embodiment of the CVC value we have always pursued.&#34;
Crossing Cycles, Opening a New Decade
Standing at the starting point of the silicon-based intelligence explosion, how will Lenovo Ventures open the next decade?
He Zhiqiang often emphasizes in internal meetings: &#34;In the turbulent cycles of technological waves, as investors, we must always eliminate distractions and return to the most fundamental starting point of investment—upholding fiduciary responsibility.&#34;
This means that the Lenovo Ventures team must always adhere to independent thinking, using facts, data, and logic as the basis for decision-making, rather than being swayed by emotions, trends, or short-term narratives. At the institutional cultural level, it is also essential to emphasize &#34;integrity and honesty, humble learning, pragmatic exploration, and passionate win-win.&#34;
These are all higher standards of self-requirement: to uphold common sense while firmly believing in technology; to rationally judge cyclical fluctuations while continuously maintaining a love and patience for entrepreneurship.
Ultimately, the so-called coping strategy is a simple yet profound principle: returning to essence and self-competition, consistently adhering to the venture capital investment principles that have been validated by time.
Having long been active on the front lines of China's technology, Lenovo Ventures has witnessed the changing scenes of the industry. For a CVC institution, the greatest crisis stems from grasping the track and trends. &#34;CVC must ensure financial returns while not missing out on industry waves; this is a challenging choice.&#34;
Especially in recent years, the maturity cycle of emerging industries has significantly shortened, with the speed at which a new industry rises from technology to commercial maturity and then to overcapacity greatly increasing. This is true for industries such as smartphones, new energy vehicles, and batteries, and in this context, it particularly tests investors' judgment on the industrialization process of technology
In the face of these real challenges, Lenovo Ventures has positioned &#34;research-driven&#34; as its core capability. Through annual in-depth industry research, extensive industry interviews, and independent analysis, it distills judgments on future trends, often referred to internally as the &#34;thought lighthouse,&#34; completing judgments and layouts before a consensus forms in the wave.
From the early industrial internet and semiconductors to today's AI 2.0, robotics 2.0, and super technology projects, every major layout by Lenovo Ventures is built on a solid foundation of industry research. The key to this mechanism is not just &#34;seeing early,&#34; but also seeing deeply, systematically, and in a way that is actionable. By leveraging Lenovo's advantages in industrialization capabilities, it transforms cognition into real industrial driving forces.
They are acutely aware that every step forward must shed reliance on past successful paths and possess a strong desire to explore the next epoch-making technology.
This is also why Lenovo Ventures adheres to the &#34;80/20&#34; investment principle, focusing 80% on core technology, steadfastly maintaining the original intention of &#34;investing early, investing small, investing in technology,&#34; and leveraging the unique advantage of CVC, which &#34;understands technology and even more understands the industrialization of technology,&#34; to deeply empower invested enterprises in dimensions such as branding, channels, supply chains, team building, and internationalization; while 20% is invested in the most imaginative future fields, capturing potential opportunities in emerging areas and maintaining sensitivity to disruptive innovation.
Looking ahead, silicon-based intelligence is not only a grand industrial revolution but also a far-reaching social transformation.
Lenovo Ventures has also keenly captured some new changes, including the coexistence of multiple foundational models in the future, collaboratively building Agentic capabilities, and continuously exploring a new IT infrastructure composed of large language models and world models; computing power will become an inclusive intelligent service; more forms of intelligent terminals will become key entry points, with various IoT and embodied intelligence coexisting widely; AI will profoundly transform thousands of industries, with major sectors such as transportation and healthcare continuously innovating and reshaping under the impetus of AI.
Thus, the roadmap for Lenovo Ventures in the next decade is also clearly emerging: to continue deepening its layout in the core layers of silicon-based intelligence—from underlying computing power and artificial intelligence to embodied intelligence, new energy, and life sciences. At the same time, it will further amplify the ecological empowerment effect of its CVC 2.0. In Lenovo Ventures' view, the next great technology company will sprout in the soil of super technology projects and grow in the wave of silicon-based intelligence.
We will all witness this grand scene

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Lenovo Capital and Incubator has achieved record highs in investment returns and IPO numbers on its 10th anniversary, with 5 IPOs throughout the year, bringing the total to 25. Knowledge Atlas's stock price soared to HKD 400 billion, and Lenovo Capital and Incubator is set to reap substantial rewards. Over the past decade, Lenovo Capital and Incubator has invested in more than 300 technology companies, successfully backing 8 publicly listed companies with a market value exceeding RMB 200 billion, particularly excelling in the AI computing power sector and building a robust computing power ecosystem

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Lenovo Venture Capital has invested in eight companies over ten years, totaling 200 billion