Hongtai Fund (Aplus Capital) Research
Investment Thesis
Hongtai Fund (洪泰基金, operating internationally as Aplus Capital) was co-founded in November 2014 by Yu Minhong, the founder and chairman of New Oriental Education & Technology Group, and Sheng Xitai, the first chairman of Huatai United Securities. The founding pairing is unusual and deliberate: one founder brings two decades of experience building and scaling a public education company from the ground up, the other brings a two-decade investment-banking career with more than one hundred IPOs and an M&A practice behind him. The fund's stated mission is to "serve industry, contribute to society, and repay the nation through professional capability" (服务产业，奉献社会，专业报国), and its values are framed as "uphold integrity, pursue innovation; help others, fulfill oneself" (守正·出新 成人·达己). In practice this translates into a platform that positions itself as an "industry integrator and innovation driver" rather than a pure financial investor, emphasizing operational and industrial-resource support (government relations, supply-chain introductions, IPO-readiness coaching) alongside capital.
Sector Focus
The firm's five official focus areas are advanced manufacturing, information technology, new materials and new energy, life sciences/healthcare, and technology-driven consumption. Within those buckets, the current portfolio shows particular density in: commercial aerospace and satellite internet; semiconductors and AI/vision chips (GPUs, automotive-grade MCUs, 3D sensing); embodied intelligence and robotics; autonomous driving; solar/HJT cell manufacturing and battery materials; biotech and specialty pharma (oncology, metabolic and autoimmune disease); and industrial internet/Industry 4.0 software. A newer, clearly active thread as of 2025-2026 is embodied AI and "physical AI" data infrastructure — the fund has made three publicized bets in this space within the last 18 months.
Stage Focus
Hongtai operates as a multi-strategy platform with more than a dozen funds under management across three tracks: Angel/VC, PE, and fund-of-funds. The Angel/VC arm targets early and growth-stage companies with high potential, offering a heavier post-investment enablement layer. The PE arm targets mature, high-growth companies nearing IPO readiness, explicitly combining "investment banking + investing" expertise to identify near-term IPO candidates. The fund-of-funds arm invests in high-performing sub-funds plus direct co-investments aligned to strategic emerging industries. This means Hongtai can credibly participate anywhere from an angel round through pre-IPO growth equity, and its recent activity confirms both ends: angel/seed checks into newly formed startups (e.g., a 2025-founded 3D-reconstruction company) alongside large late-stage follow-ons (a $455M Pre-A round in an embodied-intelligence unicorn).
Check Size
No official check-size range is published. Observed data points: an angel round in Zhuma Innovation described as "tens of millions of RMB" (数千万元), two EV-chip investments each described as "over several hundred million RMB" (超数亿元), and participation (not disclosed amount) in a $455M Pre-A embodied-intelligence round. This suggests a working range from roughly $1M at the angel end to $30M+ at growth stage, though confidence on the upper bound is low given round sizes are shared but Hongtai's specific allocation within syndicated rounds is not.
Lead Tendency
Mixed. Hongtai is described as "leading" (领投) recent rounds such as Wuwen Zhike's Series A, and as a long-standing existing shareholder making follow-on/strategic participation (跟投) in later rounds such as TARS Robotics' Pre-A. It both originates and follows, consistent with a multi-stage platform that has been in some portfolio relationships (e.g., TARS Robotics, since its 2025 angel round) for multiple rounds.
Recent Activity
Fund activity is ongoing and clearly active as of Q3 2026. Confirmed recent moves: an August 2026 investment-intent signing with Wuwen Zhike (无问智科), a physical-AI data-infrastructure company, at CCTV's nationally broadcast "Win in AI+" 2026 entrepreneurship summit, with Founding Partner/Chairman Sheng Xitai signing personally; a September 2026 lead investment in Wuwen Zhike's Series A (several hundred million RMB); an April 2026 follow-on as an existing shareholder in TARS Robotics' (它石智航) $455M Pre-A round — China's largest single embodied-intelligence financing round to date, co-led by Hillhouse and Sequoia China; and a March 2026 angel-round co-investment (with Fenrui Capital) in Zhuma Innovation (竹马创新), a consumer-grade 3D-reconstruction/space-camera startup founded in late 2025. Earlier in 2025 Hongtai was also an angel-round investor in TARS Robotics.
Portfolio Highlights
Notable names include Guoxing Aerospace/ADA Space (satellite internet, 9 AI satellites launched), Moore Threads (domestic full-stack GPU design), Orbbec (688322.SH, global top-3 in 3D-vision-sensing patents), Hozon Auto/Neta (EV manufacturer), UISEE (autonomous driving), Hinova Pharma (688302.SH, oncology), Qyuns Biopharmaceuticals (2509.HK, immunology), Linuo Special Glass (301188.SZ) and Hanyi Fonts (301270.SZ). Eleven Hongtai portfolio companies (including T3 Chuxing, Lantu Auto, KK Group, Kaos/COSMOPlat, NewLink, Moore Threads, State Power Investment Hydrogen, Huasun, Neta Auto, XREAL and UISEE) were named to the 2024 GEI China Unicorn Enterprises list.
Team
- Yu Minhong (俞敏洪) — Founding Partner; founder and chairman of New Oriental Education & Technology Group; longtime advocate for rural education access in China.
- Sheng Xitai (盛希泰) — Founding Partner and Chairman; first chairman of Huatai United Securities; ~20-year investment-banking career with 100+ IPOs before moving into direct investing; named to multiple "Best Investor" industry rankings (2023-2024).
- Yang Qing (杨勍) — Managing Director; quoted as lead investor voice on the fund's new-energy-vehicle supply chain deals (automotive-grade chips, sensors).
Decision Process
Structured as a multi-partner investment platform (partnership-style decision process) rather than a solo-GP shop, consistent with its scale (10+ funds under management) and the visible division of labor between founding partners (relationship/strategic sign-off, as seen with Sheng Xitai personally signing the Wuwen Zhike term sheet) and deal-team Managing Directors who lead sourcing and diligence within named verticals (e.g., Yang Qing on NEV supply chain).
Founder Preferences
Public commentary from portfolio founders repeatedly cites Hongtai's "deep industry research," willingness to back founders who show long-term technical conviction through slow, capital-intensive R&D cycles (explicitly praised by both the Xihua Technology and Yuanxiang Technology CEOs), and value-add beyond capital in the form of industrial-ecosystem and government-resource support.
Geographic Focus
Headquartered in Beijing (Runshi Center). Heavy domestic China focus, with an active regional-partnership strategy — Hongtai has run dedicated "Family" roadshow/deal-sourcing events in Shandong, Chongqing, Hubei, Anhui, Jiangyin, Yantai, Xinjiang and other provinces, and has stood up regional co-investment funds with local governments (Qingdao, Zibo, Ma'anshan, Wuhu, Ningbo, Hubei).