Gaorong Ventures co-led the $15M+ Series A round in Waffo, a global payment and monetization platform, alongside Illuminate Financial. Gaorong had previously led Waffo's angel round in 2023.
Mingming Henmang, China's largest snack and beverage retail chain, listed on HKEX (01768.HK). Gaorong co-led its first institutional round in 2021 and continued follow-on investing. IPO raised HK$3.67B, market cap exceeded HK$92B on debut.
Biren Technology (BirenTech) listed on HKEX (06082.HK) as the "first GPU stock" in Hong Kong. Gaorong participated in its Pre-B round in 2020. IPO raised HK$5.58B, market cap exceeded HK$100B on debut. This was Gaorong's 9th HKEX-listed portfolio company in 12 months.
Moonshot AI (Kimi) raised $500M Series C led by IDG with Alibaba, Tencent and existing investors including Gaorong Ventures oversubscribing. Gaorong participated as an existing investor. Funds to accelerate K3 model training.
Seyond (Innovusion/图达通), a global lidar solutions provider, listed on HKEX via De-SPAC (02665.HK). Gaorong led its angel round in 2016 and participated in Series A. It was Gaorong's 7th HKEX-listed portfolio company in 2025.
Lianghuapai (QuantGroup/量化派), a Chinese online marketplace operator, listed on HKEX (02685.HK). Gaorong co-led its Series A in 2014 and participated in follow-on rounds. It was Gaorong's 6th HKEX IPO in 2025.
Butong Group (BeBeBus parent), a premium maternal and baby brand, listed on HKEX (06090.HK) as the "first maternal and child consumption tech stock." Gaorong co-led its Series A+ in 2020 and was the largest institutional investor pre-IPO.