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Leidi Network, Lotte, April 15
Guanghe Venture Capital announced today the completion of fundraising for a new dual-currency fund, with the sixth phase early dollar fund raising a total of USD 460 million; the third phase RMB fund has a fundraising scale of RMB 2 billion, with the first closing completed at RMB 1 billion, bringing the total scale of the two new funds to over RMB 5 billion.
Prior to this, Guanghe Venture Capital completed fundraising for the fifth phase early dollar fund of USD 460 million and the second phase growth dollar fund of USD 460 million in 2022.
Currently, the second phase growth dollar fund still has over USD 200 million available for investment. After the completion of this new dual-currency fund fundraising, Guanghe Venture Capital will have over RMB 7 billion available for investment.
The LP composition of this dollar fund is diversified, including national sovereign funds, university endowment funds, charitable funds, global pension funds, global mother funds, top family offices, and leading global technology companies, covering regions such as the United States, Europe, Asia, and the Middle East. This dollar fund has added 5 national sovereign funds, fully demonstrating the attractiveness of the Chinese capital market to global capital.
At the same time, the new phase RMB fund raised from the start to the first closing in just six months, with LPs covering science and technology innovation guiding funds, industrial investment institutions, market-oriented mother funds, university foundations, quality family offices, and founders and entrepreneurs from the Guanghe ecosystem.
Mi Qun, founding partner of Guanghe Venture Capital, stated, &#34;We thank our new and old LPs for their continued recognition of our early investment capabilities. From raising our first fund 15 years ago to now, our deep understanding of the industry and forward-looking layout are the cornerstones of our continued trust from LPs.&#34;
Mi Qun said that with the current rise in innovation capabilities of leading technology companies in China, China has become the focus of global capital. The dual-currency structure can provide invested companies with more flexible and richer resource support and cross-market collaboration, helping them grow into globally leading technology companies.
Although both the dollar fund and the RMB fund have far exceeded the previously set fundraising targets, Guanghe Venture Capital still chose to maintain restraint in scale.
Mi Qun pointed out, &#34;We actively controlled the final scale to ensure the operational efficiency of the fund, hoping to achieve better performance to reward LPs.&#34;
Continuous Harvest of KNOWLEDGE ATLAS and MetaX IPOs
With the completion of the new fund's fundraising, Guanghe Venture Capital has also entered a harvest period, continuously reaping multiple IPOs, including the RMB 400 billion KNOWLEDGE ATLAS, RMB 240 billion MetaX, and the ongoing listing process of Yushu Technology.
In the past year, Guanghe Venture Capital completed 6 IPO projects, including the first stock of overall digital solutions for store digitization in the A-share market, Hanshuo Technology (301275.SZ), and the leading GPU chip company MetaX (688802.SH)
At the beginning of 2026, the first stock of AI large models, KNOWLEDGE ATLAS (02513.HK), was listed, with a current market value exceeding HKD 400 billion.
Mi Qun revealed that nearly 10 projects are expected to be listed in 2026, including the accepted YuShu Technology and the upcoming AI pharmaceutical delivery company JiTai Technology, along with a batch of companies currently in the reporting and preparation stages.
Early Layout in Nuclear Fusion with Continuous Investments in Nova Fusion and Dongsheng Fusion
In a global landscape full of uncertainties, what truly settles down are often those institutions that can traverse cycles and continuously make forward-looking judgments.
From investing in Pinduoduo (NASDAQ:PDD) and Meituan (03690.HK), which are billion-dollar star cases from the internet era, to early layout in hard technology with Zhongji Xuchuang (300308.SZ), which now has a market value exceeding RMB 800 billion, and now in the largest AI track, investing in MetaX, KNOWLEDGE ATLAS, and YuShu Technology, which have grown into world-leading Chinese technology companies, Guanghe Venture Capital (formerly known as LightSpeed Guanghe) has consistently maintained a high hit rate.
Mi Qun is often asked why Guanghe Venture Capital can continuously invest in the best companies in the technology investment track. His answer is that they see earlier and deeper, thus understanding better.
&#34;Past industry experience helps us see more new fields that have not been recognized by others earlier, establishing sufficient cognitive advantages, allowing us to make non-consensus judgments better in the early stages.&#34;
Mi Qun cited the example of nuclear fusion becoming a hot topic this year, but as early as two years ago, the team was already deeply researching different technological routes of nuclear fusion and engaging in in-depth communication with several companies in the industry, making early bets before the market formed an investment consensus, investing in companies like Nova Fusion and Dongsheng Fusion.
Similarly, the deep-sea economy was included in the government work report last year and incorporated into the &#34;14th Five-Year Plan&#34; this year, with the industry entering a fast track of development. The Guanghe team has been exploring investment opportunities in the deep-sea track for a year and has made consecutive investments in Deep Sea Intelligent Equipment, a leading company in China's high-end marine intelligent equipment.
Mi Qun said, &#34;Investment is the realization of cognition. Judging future development at the current point in time is difficult, but the core lies in deep thinking about the industry and continuous learning and iteration.&#34;
He cited that AI investment is a long-term track for the next 5-10 years. Guanghe Venture Capital has systematically laid out from underlying computing power to models and then to the next generation of terminal forms in the AI field from an early stage. They focus on opportunities in large models, applications, and the software layer, as well as the commercial value of AI infrastructure and hard technology integration.
Currently, Guanghe Venture Capital has invested in leading companies in the field of AI and hard technology, including Zhongji Xuchuang, MetaX, YuShu Technology, Hesai Technology, JBD Display, and Saily Technology.
On the other hand, they have also made significant investment layouts in the fields of AI large models and AI applications, including KNOWLEDGE ATLAS, AI-driven biotechnology company HuaShen ZhiYao, general world model AI company ShengShu Technology, professional animation creation Agent OiiOii, and video content AI generation tool OpusClip
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Guanghe Venture Capital announced the completion of a new round of dual-currency fund raising, with a total amount exceeding 5 billion yuan, including 460 million US dollars for the dollar fund and 2 billion yuan for the yuan fund. This fundraising attracted a diverse range of LPs, including national sovereign funds and global technology companies, demonstrating the attractiveness of China's capital market. Founding partner Mi Qun stated that the dual-currency structure will provide flexible resource support for the invested companies, aiding their growth. Guanghe Venture Capital has also continuously achieved IPOs for KNOWLEDGE ATLAS and MetaX

Guanghe Venture Capital completes dual-currency fundraising exceeding 5 billion, continuously gaining IPOs from KNOWLEDGE ATLAS and MetaX