15 investors back Beijing Series A rounds in 2026. AI and hard tech take most of the money. State and RMB funds now lead, as US dollars pull back.
Beijing has deep growth-stage capital. AI rounds soak up most of it.
US dollar funds have pulled back hard. RMB and state money lead now.
A few AI firms raise billions. Other sectors face a funding gap.
Cheques run US$10M to US$150M. AI mega-rounds run far larger.
Hong Kong is now the main exit. That shapes how funds plan rounds.
Diligence here is slow and thorough. Funds want clean data before they commit.
Series A runs on real metrics and proof. Ellty keeps your files in one tracked room.
| Type | Check size | Sector focus | Website | |
|---|---|---|---|---|
| HongShan | Multi-stage VC | US$20M-$150M+ | AI, robotics, semis, consumer | hongshan.com |
| IDG Capital | Multi-stage / growth VC | US$20M-$100M | AI, deep tech, robotics, semis | idgcapital.com |
| Legend Capital | Multi-stage VC / PE | US$10M-$80M | Semis, hard tech, healthcare, AI | legendcapital.com.cn |
| Hillhouse Investment | Growth-PE | US$50M-$300M+ | AI, robotics, semis, consumer | hillhouseinvestment.com |
| Matrix Partners China | Multi-stage VC | US$10M-$60M | AI, robotics, enterprise, consumer | matrixpartners.com.cn |
| China Renaissance | Growth VC / PE | US$20M-$100M | TMT, internet, AI, healthcare | chinarenaissance.com |
| CICC Capital | State-linked growth fund | US$30M-$150M+ | AI, semis, aerospace, quantum | cicc.com |
| CPE Yuanfeng | Growth-PE | US$50M-$200M | AI, advanced mfg, consumer | cpe-fund.com |
| Genesis Capital | Growth-stage VC | US$20M-$80M | Internet, consumer, enterprise AI | gcfunds.com |
| Boyu Capital | Growth-PE | US$50M-$250M | Tech, consumer, healthcare, AI | boyucapital.com |
| CDH Investments | Growth-PE | US$30M-$200M | Consumer, healthcare, mfg, tech | cdhfund.com |
| China Internet Investment Fund | State growth fund | Strategic stakes | AI, large models, semis | State-directed fund |
| Beijing AI Industry Fund | State growth fund | RMB strategic | AI, large models, robotics, chips | Beijing municipal fund |
| Long-Z (Meituan) | Corporate strategic growth | US$50M-$300M+ | AI, consumer tech, platforms | meituan.com |
| Tencent Investment | Corporate strategic growth | US$50M-$300M+ | AI, gaming, robotics, enterprise | tencent.com |
Keep your growth data room ready for every fund
Series A funds run deep diligence on metrics and cohorts. Ellty logs every view so you know who is serious before the call.
Start free 14-day trialWhat a Series A investor backs
A Series A investor backs proven traction. They want real growth, not just promise.
They study your metrics and unit economics. Most run a deep venture capital check.
AI firms draw the most growth money. They want a clear market lead.
They look for a model that scales. One lucky deal rarely wins a round.
They check how you spend each dollar. A clean burn rate builds their trust.
They back teams that ship on plan. A missed milestone slows the round.
Ellty gives each fund one tracked link to your data. You see who studied your numbers first.
Through April 2026, about 85 percent of Chinese AI-related IPOs listed in Hong Kong rather than the United States.
15 Beijing Series A investors
1. HongShan
HongShan is China's largest private venture firm.
Recent Activity: Closed a ~US$2.5B RMB fund in 2024
LinkedIn: HongShan LinkedIn
Sector Focus: AI, robotics, semis, consumer
Stage Focus: Series A to growth
Check Size: US$20M-$150M+
Location: Beijing / Hong Kong
Website: hongshan.com
2. IDG Capital
IDG Capital is raising a big new growth fund.
Recent Activity: Raising a ~US$2B growth fund in 2026
LinkedIn: IDG Capital LinkedIn
Sector Focus: AI, deep tech, robotics, semis
Stage Focus: Growth
Check Size: US$20M-$100M
Location: Beijing
Website: idgcapital.com
3. Legend Capital
Legend Capital backs chip and AI scale-ups.
Recent Activity: Backs chip firm ESWIN and AI's Zhipu
LinkedIn: Legend Capital LinkedIn
Sector Focus: Semis, hard tech, healthcare, AI
Stage Focus: Series A to growth
Check Size: US$10M-$80M
Location: Beijing
Website: legendcapital.com.cn
4. Hillhouse Investment
Hillhouse is a major China growth-PE firm.
Recent Activity: Backs MiniMax and robot maker Agibot
Sector Focus: AI, robotics, semis, consumer
Stage Focus: Growth
Check Size: US$50M-$300M+
Location: Beijing / Singapore
Website: hillhouseinvestment.com
5. Matrix Partners China
Matrix backs AI and robotics from Series A.
Recent Activity: Raised stake in robot firm Galbot
Sector Focus: AI, robotics, enterprise, consumer
Stage Focus: Series A to growth
Check Size: US$10M-$60M
Location: Beijing
Website: matrixpartners.com.cn
6. China Renaissance
China Renaissance runs Huaxing growth funds.
Recent Activity: Runs Huaxing's new-economy growth funds
LinkedIn: China Renaissance LinkedIn
Sector Focus: TMT, internet, AI, healthcare
Stage Focus: Growth
Check Size: US$20M-$100M
Location: Beijing
Website: chinarenaissance.com
Share one link with every Series A fund
Ellty shows when HongShan or IDG opens your deck. Follow up with each fund at the right time.
Start free 14-day trial7. CICC Capital
CICC Capital is a state-linked growth investor.
Recent Activity: Puts 70% of deals into AI and hard tech
Sector Focus: AI, semis, aerospace, quantum
Stage Focus: Growth
Check Size: US$30M-$150M+
Location: Beijing
Website: cicc.com
8. CPE Yuanfeng
CPE Yuanfeng is a large China growth-PE firm.
Recent Activity: Joined Moonshot AI's US$2B 2026 round
Sector Focus: AI, advanced mfg, consumer
Stage Focus: Growth
Check Size: US$50M-$200M
Location: Beijing
Website: cpe-fund.com
9. Genesis Capital
Genesis backs growth-stage internet and AI firms.
Recent Activity: Backs Xiaohongshu and AI firm 4Paradigm
Sector Focus: Internet, consumer, enterprise AI
Stage Focus: Growth
Check Size: US$20M-$80M
Location: Beijing
Website: gcfunds.com
10. Boyu Capital
Boyu is a large China growth-PE firm in tech.
Recent Activity: A large China growth-PE firm in tech
Sector Focus: Tech, consumer, healthcare, AI
Stage Focus: Growth
Check Size: US$50M-$250M
Location: Beijing / Hong Kong
Website: boyucapital.com
11. CDH Investments
CDH is a veteran China growth-PE house.
Recent Activity: A veteran China growth-PE in tech and health
Sector Focus: Consumer, healthcare, mfg, tech
Stage Focus: Growth
Check Size: US$30M-$200M
Location: Beijing
Website: cdhfund.com
12. China Internet Investment Fund
CIIF is a state fund active in big AI rounds.
Recent Activity: A state fund circling big AI model rounds
Sector Focus: AI, large models, semis
Stage Focus: Strategic, growth
Check Size: Strategic stakes
Location: Beijing
Website: State-directed fund
13. Beijing AI Industry Fund
This state fund backs Beijing AI and robot firms.
Recent Activity: Raised its stake in robot firm Galbot
Sector Focus: AI, large models, robotics, chips
Stage Focus: Growth, strategic
Check Size: RMB strategic
Location: Beijing
Website: Beijing municipal fund
14. Long-Z (Meituan)
Long-Z is Meituan's strategic growth investor.
Recent Activity: Led Moonshot AI's US$2B 2026 round
Sector Focus: AI, consumer tech, platforms
Stage Focus: Strategic, growth
Check Size: US$50M-$300M+
Location: Beijing
Website: meituan.com
15. Tencent Investment
Tencent is a top strategic backer of Chinese AI.
Recent Activity: Backs Agibot, Zhipu, and other AI firms
LinkedIn: Tencent LinkedIn
Sector Focus: AI, gaming, robotics, enterprise
Stage Focus: Strategic, growth
Check Size: US$50M-$300M+
Location: Shenzhen
Website: tencent.com
AI mega-rounds dominate
A few AI firms raise huge rounds now. Moonshot reached US$20B fast.
State and big tech join those deals. The biggest cheques cluster there.
A clear model lead is what wins them. Show why rivals cannot catch up.
Compute access can sway a round too. A cloud partner often joins in.
Talent depth matters as much as scale. Funds bet on the team behind the model.
Non-AI firms face a funding gap. Strong investor relations help them.
Ellty keeps your growth data in order. See our Beijing seed investors guide too.
Hong Kong is the new exit
US listings are mostly closed for China. Hong Kong is the new exit route.
Most Chinese AI firms now list there. The STAR Market is the backup.
An early exit plan shapes your raise. Pick investors who know the route.
A clear path to listing draws funds. They want a visible way out.
A Hong Kong listing sets the timeline. Funds map their hold period to it.
An IPO needs careful, deep prep. Use granular permissions on each file.
Ellty controls who opens each file. You see exactly who studied your numbers.
From Series A to growth
A Series A funds your next big push. Growth rounds want proven scale.
Investors check retention, margins, and cash. A big top line is not enough.
A clean metrics file keeps the deal moving. Have it ready before the term sheet.
Strong net retention de-risks the round. Funds pay up for sticky revenue.
A clear use of funds builds trust. Show how each dollar drives growth.
Read our due diligence for investors guide. Know what each fund will ask.
Learn how to prepare for due diligence early. Ellty logs who opened each file and when.
How to pitch a Beijing Series A investor
Lead with proven, growing traction.
- 1.Lead with proven, growing traction.Series A funds want real growth, so open with your revenue and growth rate.
- 2.Show metrics and clean unit economics.A big top line is not enough, so prove retention and a sane burn rate.
- 3.Show a clear market lead.Funds want a real moat, so prove why rivals can't catch up to your team.
- 4.Share one Ellty link to your whole data room.Skip scattered email attachments and track who opens which files in real time.
- 5.Follow up the same day a fund digs in.Ellty flags the moment they open your numbers, so you reach out while interest is high.
How Ellty helps you land a Series A investor in Beijing
You've shortlisted your Beijing Series A investors already. Set up a data room before the first call.
- 1.Upload your metrics, cohorts, and deck.Set access per fund or per partner.
- 2.Share one trackable link with each fund.Each fund gets its own tracked link.
- 3.Watch opens and follow up at the right time.Use Ellty analytics to time each nudge.
Beijing Series A investor questions
- HongShan, IDG, and Legend lead many. State funds back growth too.
- Most run US$10M to US$150M in 2026. AI mega-rounds run far larger.
- Yes, outside AI it is tight. US dollar funds pulled back.
- Mostly in Hong Kong these days. US listings are largely closed.
- Proven traction and clean metrics. A clear path to real growth.
- Before your very first investor call. Track who opens your numbers.
