"Do you know the fund run by the wife of Zhongji Innolight's boss? Looking for an introduction."
Recently, while networking with investors, one name has been mentioned frequently—Xinhe Capital, backed by a female investor: Yang Jingting.
The outside world might not be familiar with this name, but mention her husband—Liu Sheng, Chairman of Zhongji Innolight—and everyone recognizes him. This past April, the couple made a public appearance together at a donation ceremony at Tsinghua University, marking the first time Yang Jingting stepped into the public eye.
But in fact, over the years, she has been quietly leading Xinhe Capital and has already built a hidden investment portfolio.
The Wife of Zhongji Innolight's Boss, Runs a VC Firm
Unraveling the story starts with a donation.
In April this year, Tsinghua University's Schwarzman College announced a donation—Liu Sheng, a 1989 alumnus and Chairman of Zhongji Innolight, and his wife Yang Jingting donated to Tsinghua University to support the construction and development of Schwarzman College. A group photo from the ceremony included key figures such as Liu Sheng and Yang Jingting, and Stephen Schwarzman, head of Blackstone.
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Liu Sheng is no stranger to the public. According to Zhongji Innolight's previous H-share listing prospectus, Liu Sheng graduated with a bachelor's degree in Mechanical Engineering from Tsinghua University in 1994, then pursued a master's degree in Industrial Automation at the Chinese Academy of Sciences' Institute of Automation. The company he leads, Zhongji Innolight, broke the trillion-yuan market capitalization mark this year.
His spouse—Yang Jingting—is extremely low-profile, with almost no past information about her available online. This donation to Tsinghua University is likely the first time the public has seen her openly.
Tianyancha (a Chinese corporate data platform) shows that Yang Jingting is associated with nearly 20 companies. These include direct investments in single projects, LP investments in venture capital funds, and a fund she personally operates—Xinhe Capital.
The private fund manager for Xinhe Capital is Hainan Xinhe Private Fund Management Partnership (Limited Partnership) (abbreviation: Hainan Xinhe). According to information disclosed by the Asset Management Association of China, the executive partner of Hainan Xinhe is Zhu Rui, holding 10% of the shares, while Yang Jingting holds 90%. Zhu Rui previously served as Investment Director in the Investment Department of Zhongji Innolight.
Yang Jingting's resume also emerges. According to AMAC information, from July 2009 to June 2013, she served as Assistant to the Chairman in the President's Office of Shanghai Xintaiyang Real Estate Co., Ltd.
Starting in February 2014, she officially began her professional investment career, working successively at Suzhou Garden Construction Industry Equity Co., Ltd., Changzhou Qizhi Investment Management Co., Ltd., Suzhou Industrial Park Jimu Growth Investment Management Partnership (Limited Partnership), and Changzhou Naxin Venture Capital Partnership (Limited Partnership). She held positions such as Deputy General Manager of Marketing, Risk Control Director, Senior Advisor and Member of the Investment Decision Committee.
In March 2021, Hainan Xinhe was registered and established, with the institution type being Private Equity and Venture Investment Fund Manager, managing assets of 1-2 billion RMB. In August of the same year, Yang Jingting joined, serving as Partner, Information Filing Responsible Person, and Deputy General Manager in the General Office of Hainan Xinhe.
Overall, Yang Jingting does not have many direct business connections with her husband Liu Sheng; they jointly hold shares in only two companies: Hainan Province Xinyuan Enterprise Management Partnership (Limited Partnership) and Shanghai Changge Enterprise Management Co., Ltd., both with Yang Jingting holding 51% and Liu Sheng holding 49%. The former has invested in a sub-fund under Wofu Capital.
Unveiling the Investment Portfolio
Peeling back the layers reveals a hidden investment map.
First, direct investments. Yang Jingting directly invested in Suzhou Suna Optoelectronic Co., Ltd.. Founded in 2014 by technology professionals from Tsinghua University and the Chinese Academy of Sciences, the company focuses deeply on the fields of optical communication and optical sensing chips. Backers include SDIC Capital, Forise Fund, Yongxin Ark, Wofu Capital, among others. Suna Optoelectronic has now initiated its IPO process.
As an LP, Yang Jingting has invested in Yongxin Ark's sub-fund "Suzhou Yongxin Ronghui Venture Capital Partnership (Limited Partnership)", as well as two sub-funds under Qianrong Holdings.
Recall in April this year, Wei Yong, Managing Partner of Yongxin Ark, mentioned to us the origin of their connection with Zhongji Innolight—as early as 2016, Yongxin Ark invested in Zhongji Innolight, which was Wei Yong's first deal after founding the fund, a single investment exceeding 180 million RMB.
Yang Jingting's core investment platform, however, is still Xinhe Capital.
This institution focuses on upstream core segments such as optoelectronic semiconductor materials, chips, components, and equipment parts, primarily investing in cutting-edge fields like data centers, smart terminals, and smart vehicles. Since its establishment in 2021, Xinhe Capital hasn't made many investments, but this year has been particularly active, investing in about 13 projects since the beginning of the year, double that of last year.
In July 2026, fourth-generation semiconductor company Mingjia Semiconductor completed a Pre-B round of financing exceeding 150 million RMB, with Xinhe Capital participating. In the same month, Hefei Jiusi Electronics completed its A+ round of financing, led by Xinhe Capital. Earlier, Xinhe Capital also invested in semiconductor companies like Vertilite.
In the field of optical interconnection and photonics, Xinhe Capital participated in the nearly 500 million RMB Series A financing of Guanglian Xinke in June this year. In the power semiconductor field, it just invested in Xizhi Technology, which specializes in automotive-grade power and power supply modules. Additionally, Xinhe Capital has invested in tech companies like Qinghe Jingyuan and JBD (Jade Bird Display) and, last year, signed an agreement with Huaian to establish the Xinhe Ningrui Fund to promote regional industrial upgrading and advanced manufacturing project landing.
From semiconductor materials to optical interconnection, from power devices to equipment components, Xinhe Capital's path is distinct—making systematic strategic investments around key nodes of the optoelectronic semiconductor industry chain.
Betting on the Next Future
Looking from this perspective, a trend is becoming increasingly clear: Chinese tycoons who built their fortunes in industry are collectively turning their attention to the technology sector. They are no longer content with just being LPs but are getting directly involved, using family offices or their own capital to bet on the next generation of technology.
A look at this year's batch of star AI companies reveals the dense presence of Lens Technology behind them. Behind this is a female leader, Zhou Qunfei, who wrote a legendary entrepreneurial story with a piece of glass, becoming the "Glass Queen" presiding over a hundred-billion-yuan market cap. In recent years, she and Lens Technology have begun appearing in the VC circle, investing in a batch of star companies like BrainCo, Star Atlas, Qingtian Zu, Kuawei Intelligence, Zuji Dynamics, and Gestalt Technology.
Zhu Xingming, Chairman of Inovance Technology, which commands a market cap of hundreds of billions, has been deploying in frontier technology through the family office "Minghui Investment", mainly investing in areas like brain-computer interfaces and AI computing. Earlier this year, it invested in the hundred-billion embodied intelligence unicorn Qianxun Intelligence. Luxshare Precision, with a market cap close to 500 billion, also established a family office—Liling Fund, investing in tech companies like Winanor Chip, SMIC Integration, and Xinlian Power.
Not long ago, in the first round of financing for DeepSeek, the unexpected appearance of Andon Health was noted. At its helm is Liu Yi, who built Andon Health, a 30-billion-yuan market cap company, from scratch. After achieving financial freedom, he extended his reach into the venture capital circle: acting as an LP investing in funds like MiraclePlus and 9F Capital, and also directly investing in star projects like Moonshot AI (Kimi), Stepfun, Zhiyuan Robot, and Independent Variable Robot.
Summarizing, these entrepreneurs share common traits: they have accumulated deep industrial knowledge and massive wealth in the industrial sector, and are now using that knowledge and wealth to define the next generation of technology. Compared to financial investment, they offer not just money, but also orders, application scenarios, and industrial chain synergy.
The flow of money is always profoundly influential.
For a long time in the past, the money of China's wealthy often flowed into real estate and traditional manufacturing. Now the tide is turning, with large amounts of capital collectively rushing into frontier hard-tech fields like AI, semiconductors, embodied intelligence, brain-computer interfaces, and controlled nuclear fusion. After all, this is the direction of the future; falling behind means being out of the game.
This article is from the WeChat public account "PEdaily" (ID: pedaily2012), author: Zhou Jiali.
