# VC firms based in China (2026 list)

> 1,473 VC firms based in China, 5% active in the last 12 months. Led by Tengxun Touzi, ZhenFund, Legend Capital. Ranked by what they funded.

Source: https://millionrounds.com/lists/vc-firms-based-in-china (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# VC firms based in China

Updated 7 November 2026

VC firms headquartered in China.

[See all 1,473 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-china)The top 25

**1,473** investors on the list No change this week

**546** cheques in 12 months *-12%* against the market

**$15M** median round they joined *+88%* against the market median

**5%** wrote a cheque in 12 months

**3%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) *Deploying now* VC firm · China **553** **$50M** median round **Nov 2026** last seen
- 2 [ZhenFund](https://millionrounds.com/fund/zhenfund) *Deploying now* VC firm · China **390** **$9.1M** median round **Oct 2026** last seen
- 3 [Legend Capital](https://millionrounds.com/fund/legend-capital) *Deploying now* VC firm · China **288** **$26M** median round **Oct 2026** last seen
- 4 [Shunwei Capital](https://millionrounds.com/fund/shunwei-capital) *Deploying now* VC firm · China **288** **$15M** median round **Oct 2026** last seen
- 5 [LD Capital](https://millionrounds.com/fund/xie) *Deploying now* VC firm · China **271** **$4.7M** median round **Aug 2026** last seen
- 6 [Vertex Ventures China](https://millionrounds.com/fund/vertex-ventures-china) *Deploying now* VC firm · China **188** **$18M** median round **Oct 2026** last seen
- 7 [Gaorong Capital](https://millionrounds.com/fund/gaorong-capital) *Deploying now* VC firm · China **184** **$30M** median round **Nov 2026** last seen
- 8 [K2VC](https://millionrounds.com/fund/k2vc) *Deploying now* VC firm · China **175** **$7M** median round **Apr 2026** last seen
- 9 [Plum Ventures](https://millionrounds.com/fund/plum-ventures) *Deploying now* VC firm · China **163** **$4.6M** median round **Mar 2026** last seen
- 10 [Sinovation Ventures](https://millionrounds.com/fund/sinovation-ventures) *Deploying now* VC firm · China **160** **$14M** median round **May 2026** last seen
- 11 [Cowin Capital](https://millionrounds.com/fund/cowin-venture-capital) *Deploying now* VC firm · China **151** **$14M** median round **Mar 2026** last seen
- 12 [Oriental Fortune Capital](https://millionrounds.com/fund/oriental-fortune-capital) *Deploying now* VC firm · China **147** **$14M** median round **Jul 2026** last seen
- 13 [Source Code Capital](https://millionrounds.com/fund/source-code-capital) *Deploying now* VC firm · China **144** **$30M** median round **Jul 2026** last seen
- 14 [Innoangel Fund](https://millionrounds.com/fund/innoangel-fund) *Deploying now* VC firm · China **139** **$3M** median round **Aug 2026** last seen
- 15 [Puhua Capital](https://millionrounds.com/fund/puhua-capital) *Deploying now* VC firm · China **136** **$15M** median round **Jun 2026** last seen
- 16 [Legend Star](https://millionrounds.com/fund/legend-star) *Deploying now* VC firm · China **133** **$10M** median round **Aug 2026** last seen
- 17 [Green Pine Capital](https://millionrounds.com/fund/green-pine-capital-partners) *Deploying now* VC firm · China **131** **$14M** median round **Mar 2026** last seen
- 18 [5Y Capital](https://millionrounds.com/fund/5y-capital) *Deploying now* VC firm · China **126** **$28M** median round **Oct 2026** last seen
- 19 [China Growth Capital](https://millionrounds.com/fund/china-growth-capital) *Deploying now* VC firm · China **120** **$14M** median round **Feb 2026** last seen
- 20 [CAS Star](https://millionrounds.com/fund/cas-star) *Deploying now* VC firm · China **116** **$14M** median round **Nov 2026** last seen
- 21 [Addor Capital](https://millionrounds.com/fund/addor-capital) *Deploying now* VC firm · China **113** **$14M** median round **Mar 2026** last seen
- 22 [Baidu Ventures](https://millionrounds.com/fund/baidu-ventures) *Deploying now* VC firm · China **107** **$12M** median round **Jul 2026** last seen
- 23 [Oriza Holdings](https://millionrounds.com/fund/oriza-holdings) *Deploying now* VC firm · China **101** **$14M** median round **Oct 2026** last seen
- 24 [Yunqi Partners](https://millionrounds.com/fund/yunqi-partners) *Deploying now* VC firm · China **101** **$15M** median round **Jun 2026** last seen
- 25 [PreAngel](https://millionrounds.com/fund/preangel) *Deploying now* VC firm · China **96** **$2.9M** median round **Mar 2026** last seen

**1,448 more on this list**

All 1,473 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-china)

## The Newest Cheques

Rounds this list's investors joined most recently

- **6** Nov **[aSand.ai](https://millionrounds.com/company/asand-ai)** Series A · $200M *Led by* [Wangsu Science & Technology](https://millionrounds.com/fund/wangsu-science-and-technology)
- **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *With* [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi)
- **5** Nov **[Sand.ai](https://millionrounds.com/company/sand-ai)** Series A · $200M *Led by* [Wangsu Science & Technology](https://millionrounds.com/fund/wangsu-science-and-technology)
- **3** Nov **[Nanochap](https://millionrounds.com/company/nanochap)** Series C · $75M *Led by* [Gaorong Capital](https://millionrounds.com/fund/gaorong-capital)
- **30** Oct **[Archon Robotics](https://millionrounds.com/company/archon-robotics)** Seed *With* [Gaorong Capital](https://millionrounds.com/fund/gaorong-capital)
- **29** Oct **[Bites](https://millionrounds.com/company/bites)** Series A · $40M *With* [Vertex Ventures China](https://millionrounds.com/fund/vertex-ventures-china)

## Stages This Year

410 rounds

- Venture **33%**
- Series A **16%**
- Seed **13%**
- Series B **12%**
- Series C **6%**
- Other **18%**

## What They Backed

Sectors, last 12 months

- AI **141**
- Biotech **44**
- Healthcare **32**
- Hardware & Electronics **29**
- Manufacturing **23**
- Robotics **22**

## Cheques by Quarter

Led Joined

145 Q1 25

148 Q2 25

206 Q3 25

230 Q4 25

254 Q1 26

69 Q2 26

62 Q3 26

40 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states)
- [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states)
- [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom)
- [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india)
- [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada)
- [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany)
- [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom)
- [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states)
- [VC firms based in Australia 784](https://millionrounds.com/lists/vc-firms-based-in-australia)

[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about VC firms based in China

### Who are the most active VC firms based in China?

By cheques observed, the most active are Tengxun Touzi, ZhenFund, Legend Capital, Shunwei Capital and LD Capital.

### How many VC firms based in China are there?

1,473 are on record. 5% made an investment in the last 12 months and 3% have led a round.

### Which stages do VC firms based in China back?

Of the rounds with a named stage in the last 12 months, mostly Series A (28%) and Seed (23%).

### How big are the rounds VC firms based in China join?

The typical (median) round among the leading investors here is $14M.

### Which sectors do VC firms based in China back most?

In the last 12 months, mostly AI, Biotech and Healthcare.

### Which VC firms based in China lead the most rounds?

Tengxun Touzi (20 led), Vertex Ventures China (4 led) and Shunwei Capital (3 led).

### What have VC firms based in China invested in recently?

Recent rounds include aSand.ai (Series A, Nov 2026, with Wangsu Science & Technology), T-Therapeutics (Series B, Nov 2026, with Tengxun Touzi) and Sand.ai (Series A, Nov 2026, with Wangsu Science & Technology).

### How is this list of VC firms based in China ranked?

By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night.

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)