Fortune Venture Capital (Dachen) Research
Investment Thesis
Fortune Venture Capital, known in Chinese as Dachen Caizhi (达晨财智), was founded on April 19, 2000 in Shenzhen and is one of the first market-oriented, homegrown venture capital institutions in China. The firm operates a dual-engine model it calls "industry plus region": deep sector research drives investment decisions, while a nationwide branch network (23 economic-center cities including Shenzhen, Beijing, Shanghai, Changsha, Guangzhou, Wuhan, Chengdu, Hangzhou, Suzhou, Nanjing and more) sources deal flow. The firm describes its style as long-horizon, professional, value investing that seeks to "earn the money of a company's growth," explicitly rejecting a pure IPO-count or fund-size maximization strategy in favor of building marquee funds through marquee investments.
Sector Focus
Fortune VC organizes around six strategic directions: information technology and software, advanced manufacturing and energy conservation/environmental protection, healthcare, large consumer and enterprise services, culture and media, and defense/military-civil fusion technology. In recent years the firm has sharpened its focus on AI, semiconductors and integrated circuits, robotics, commercial aerospace and the low-altitude economy, and new materials, winning multiple "best investor" awards across these verticals in 2025-2026 from outlets including Jiazi Guangnian, Securities Times, Zero2IPO (Qingke) and China Fund News.
Stage Focus
The firm invests across the full lifecycle: seed, early stage, growth stage and mature stage (pre-IPO/PE), reflecting its combined VC+PE mandate. It has raised 23 RMB-denominated fund vintages and 1 USD fund over its history, with roughly RMB 80 billion (~US$11B) in assets under management as of 2026 (external estimates from 2023 place AUM closer to US$7B, reflecting continued fundraising since).
Lead Tendency
Fortune VC frequently leads or co-leads rounds for companies it originates through its research-driven sourcing, but as a large-scale, multi-fund platform it also participates alongside other institutional investors (e.g., co-leading Hege Technology's Series C with Legend Capital in 2026, and joining Yueran Innovation's A+ round alongside TCL-backed Topband and other funds in February 2026).
Recent Activity
Fortune VC remains highly active. In 2026 alone, portfolio companies Zhipu AI (the first large-model company to IPO, January 2026, HKEX: 02513), Fourier Semiconductor (HKEX: 03625, March 2026), Sanrui Intelligent (ChiNext, April 2026), and Baimaike, a domestic surgical suture leader (Beijing Stock Exchange, September 2026) all completed IPOs. The firm also announced a strategic partnership with China Merchants Bank (August 2026) and continued winning sector-leadership awards for AI, commercial aerospace, advanced manufacturing, semiconductors and healthcare investing.
Portfolio Highlights
Fortune VC has invested in over 800 companies with 353 exits and 147+ IPOs to date — among the highest IPO counts of any China-based VC/PE firm. Landmark portfolio companies include Aier Eye Hospital, EVE Energy, Huayou Cobalt, Zhipu AI, iSoftStone, Biwin Storage, Rockchip, NCE Power, Autel, ZWSOFT, WoAn Robotics, Gbits (Giant Network), BlueFocus, Luster Vision, CanSino Biologics, Shangpin Homestyle, Focus Media, China Micro Semiconductor, Qihoo 360, and Transcenta. 255 portfolio companies have been designated national-level "little giant" (specialized-and-sophisticated) enterprises.
Team
- Liu Zhou — Founding Partner and Chairman; nearly 30 years in investing, multiple lifetime-achievement honors from Zero2IPO and the China Venture Capital Association.
- Xiao Bing — Partner and Co-Chief Investment Officer; sets VC+PE investment strategy; repeat Forbes "Best China VC Investor."
- Wu Xi — Partner, Executive President and Chief Investment Officer; PhD in Economics from Peking University; led investments in Luster Vision, Zhipu AI, Isaac AI (Aishi Technology) and Infinigence AI (Wuwen Xinqiong).
- Qi Shen — Partner, Executive President and General Manager of the Beijing headquarters; oversees company-wide operations and strategic execution.
- 13 additional partners cover sector and regional coverage across advanced manufacturing, semiconductors, healthcare, information technology and consumer/enterprise services.
Decision Process
Partnership-based decision-making across a multi-partner investment committee structure, with the firm explicitly citing continuous refinement of its decision mechanism as a stated investment principle ("investment decision mistakes are the biggest mistakes").
Founder Preferences
The firm favors technical and industry-expert founders in hard-tech and deep-tech categories (semiconductors, AI infrastructure, robotics, aerospace, advanced manufacturing) as well as proven operators in healthcare and consumer/enterprise services, consistent with its stated preference for building "industry expert" investment teams with strong sector conviction over generalist coverage.
Geographic Focus
Mainland China nationwide, anchored by three co-equal headquarters in Shenzhen, Beijing and Shanghai ("East China HQ"), plus a dedicated Hunan (Changsha) headquarters and branch offices in Guangzhou, Wuhan, Chengdu, Hangzhou, Suzhou, Qingdao, Xi'an, Zhengzhou, Xiamen, Hefei, Dongguan, Foshan and other regional centers.