About This Fund
HIKE Capital (山行资本, pronounced Shānxíng Zīběn) is an independent early-stage and growth-stage venture capital firm founded in December 2015 by Yang Haoyong and Xu Shi, two of China's most successful technology entrepreneurs. Yang Haoyong co-founded Ganji.com (赶集网), one of China's earliest classified advertisement platforms, and later founded CARS Group (车好多), which went public on the Nasdaq. Xu Shi founded the NetEase News App, China's leading personalized news aggregation product. HIKE Capital operates as a founders' fund in the truest sense — built by founders, for founders — and maintains headquarters in Beijing's Chaoyang District.
HIKE Capital employs a dual-currency investment strategy, deploying both USD and RMB vehicles to maximise access to the full spectrum of Chinese technology investing. The firm focuses on three primary sector pillars: transportation and new energy (a natural extension of the founders' deep expertise in automotive marketplaces and mobility), new consumer goods (consumer brands benefiting from China's growing middle-class spending power), and digital intelligence (companies at the intersection of AI, data, and enterprise software). HIKE Capital typically invests at the early stage with a demonstrated ability to support companies through growth to pre-IPO rounds, including IPOs on US and Hong Kong exchanges.
HIKE Capital's portfolio includes several highly visible outcomes that validate its founders' advantage in identifying category-defining companies. Li Auto (NASDAQ: LI, HK: 2015) — China's leading extended-range electric vehicle manufacturer — became one of the most valuable EV companies globally. RLX Technology (NYSE: RLX), China's dominant electronic cigarette brand, delivered a successful US IPO. Guazi Used Cars (车好多旗下瓜子二手车), a direct spinout of Yang Haoyong's CARS ecosystem, became China's largest used car platform. Fenbi (粉笔), China's leading vocational and civil-service examination prep platform, IPO'd in Hong Kong in 2022. These exits collectively demonstrate HIKE Capital's ability to back companies from early-stage conviction to public market liquidity.