The 20th China Investment Annual Conference concluded successfully! Amid the "K-shaped curve," seek certainty to navigate through the divergence.
From April 22nd to 24th, 2026, the 20th China Investment Annual Conference · Annual Summit was grandly held in Haidian, Beijing. The theme of this year's conference is "K-shaped Curve". Guided by the People's Government of Haidian District, Beijing, and hosted by China Venture Capital & Private Equity Information Co., Ltd. and ChinaVenture.com, the event was co-organized by Beijing Zhongguancun Science City Innovation and Development Co., Ltd. This is the second consecutive year that the annual conference has been held in Haidian, Beijing, and the cooperation between the two parties is moving from an initial partnership to in-depth integration. More than a thousand industry leaders, investors, and entrepreneurs gathered in Haidian to jointly analyze the structural changes in China's private equity market.
Elite Gathering, Star-Studded Guest Lineup
The guest lineup of the conference is extremely impressive. Leading figures from policy, academia, investment, and industry gathered across sectors, pooling their strength for this industry event marking the 20 - year milestone.
At the beginning of the conference, Yang Xiaolei, the CEO of China Venture Capital & Private Equity Information Co., Ltd., centered on the theme of "K-shaped Curve" and depicted the current polarized landscape of China's venture capital market - a coexistence of consensus and divergence, opportunities and dilemmas, with the upward and downward curves evolving simultaneously. He said that the current venture capital market is not short of money but has entered an era of highly differentiated opportunities. The returns of top - tier projects are significant, and as long as one can participate, it often contributes to the fund's earnings. However, about 70% of the existing projects have not been exited, and the power - law effect is very obvious.
Yang Xiaolei pointed out that the primary market is now presenting two parallel worlds: on one hand, sectors such as AI, chips, and biotechnology are experiencing hot financing and rising valuations; on the other hand, a large number of existing enterprises have long faced financing difficulties. The theme of this year's conference precisely summarizes this coexistence of upward and downward trends. He believes that this situation is driven by the combined forces of policy, technology, and capital. The state supports hard technology and new - quality productivity, the secondary market gives a higher premium to technology, and funds are flowing back to the primary market. Wealth and opportunities are concentrating on sectors with the ability for industrial upgrading.
Regarding market bubbles, he said that there are bubbles, but a market without bubbles often lacks vitality. In the era of K - shaped differentiation, the key is to see the reality clearly and decide whether to get on the upward curve based on one's own judgment.
Kuang Ziping, the founding managing partner of Qiming Venture Partners, said in his keynote speech titled "Embracing and Crossing Cycles" that the cycles faced by the current venture capital industry are not just the ups and downs of the capital market but the interweaving and resonance of multiple cycles such as technological development, macro - economy, policy environment, and talent flow. In his view, when the capital market is in a slump, it may also be in an upward stage of technological innovation and talent accumulation. Therefore, investment institutions need to identify the truly important cycles and make long - term layouts. Qiming Venture Partners has been investing along the main line of technological development in the past 20 years. In the field of artificial intelligence, it has continuously laid out along the path of technological evolution, from large models, multi - modality to embodied intelligence, maintaining a stable investment rhythm.
When talking about the investment enthusiasm in artificial intelligence, Kuang Ziping said that artificial intelligence is not a short - term trend but a profound technological revolution that will last for 30 to 50 years. In the future, there will be more and more opportunities. The industry has passed the verification stage of "whether it has commercial value" and entered a positive cycle of continuous investment and continuous output. He said that for investment institutions, cycles are not scary and are difficult to control. The key is to adhere to independent judgment and focus on doing their own things to truly cross the cycles.
In addition, at the macro and policy levels, Mahathir Mohamad, a famous Singaporean diplomat and the founding dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore delivered a remote video speech, injecting a far - reaching perspective on global geopolitics and international governance into the conference; Chen Wenhui, the former vice - chairman of the China Banking and Insurance Regulatory Commission, and Liu Jipeng, a professor and doctoral supervisor at China University of Political Science and Law provided authoritative judgments on the current market environment from the perspectives of regulatory practice and the secondary market respectively.
Chen Wenhui, the former vice - chairman of the China Banking and Insurance Regulatory Commission, said that the confidence in the current venture capital market is recovering, and the overall situation is warming up. On the fundraising side, RMB funds are playing a more dominant role, and state - owned LPs have become the core source. On the investment side, the focus is on the hard - technology field, with a significant increase in the number and amount of investment cases. On the exit side, the number of IPOs and mergers and acquisitions has increased, but the pressure of existing projects waiting to be exited still exists.
At the same time, he pointed out that there are problems in the market, such as the insufficient function of patient capital, the lack of understanding of hard technology, and the imperfect exit mechanism. He emphasized the need to achieve an organic combination of an effective market and an active government. Regarding the high - quality development of the venture capital market, he put forward five points of thinking, including improving the institutional mechanism of state - owned capital LPs/GPs, expanding and optimizing the structure of patient capital, enhancing the ability of venture capital institutions to empower enterprises, optimizing the exit mechanism (with a focus on cultivating mergers and acquisitions for exit), giving play to the unique role of CVCs, and improving the financial service system to help the industry seize the opportunities of the era of scientific and technological innovation and achieve healthy development.
In the investment circle, Deng Feng, the founding managing partner of Northern Light Venture Capital; Mi Lei, the founding partner of Zhongke Chuangxing; Chang Junsheng, the director and general manager of CITIC Jingshi; Chen Weiguang, the managing partner of BlueRun Ventures; Niu Kuiguang, the partner of IDG Capital; Shi Anping, the chief partner and chairman of Guozhong Capital; Wang Guangxi, the managing partner of Lenovo Capital and Incubator Group; Wang Lin, the founding partner of CDH Investments and the managing partner of CDH VGC; Yan Li, the founding partner and CEO of Zhongding Capital; Ying Wenlu, the chairman of Yida Capital; Cao Xi, the founding partner of Monolith Capital, and other leaders of first - tier institutions all attended the conference. Their perspectives cover early - stage venture capital, growth - stage funds, and industrial capital, bringing the most real judgments and practical experience of the current market.
In the forefront of the industry, Chen Xiaobo, the founder of Shihang Intelligence; Deng Yafeng, the CEO of EverMind and the vice - president of Shanda Group; Lin Qing, the co - founder and CTO of StarSi Semiconductor, and other cutting - edge hard - technology entrepreneurs joined the conference, bringing fresh voices from the front line of the industry and building a direct communication bridge between capital and industry.
Multi - dimensional Agenda, Seeking Answers in Collision
As an annual industry event, this three - day conference centered on the core themes of "Trend China, Investment China, Industry China, and Technological Future". It set up nearly 40 keynote speeches and peak dialogues. The core agenda covered important sections such as "Ten - day Talks" and "Peak Dialogues", as well as industry special sessions on mergers and acquisitions, early - stage investment, and overseas investment, and the "NOVA FORUM" for young investors, covering the entire chain of private equity investment.
In the dialogue session of "Ten - day Talks: The 60s, 70s, and 80s Generation", Yang Xiaolei, the CEO of China Venture Capital & Private Equity Information Co., Ltd., Deng Feng, the founding managing partner of Northern Light Venture Capital; Mi Lei, the founding partner of Zhongke Chuangxing; and Cao Xi, the founding partner of Monolith Capital, had an in - depth exchange on the opportunities, industry understanding, and venture capital spirit of three generations of investors. The guests unanimously believed that venture capital is not a traditional financial industry, nor a "capitalist business" that simply relies on capital operation to make profits. Its essence is to promote industrial progress by making cognitive judgments, supporting innovation, and working with entrepreneurs.
The guests said that the development of China's venture capital industry is essentially a process of the joint growth of generations of investors and entrepreneurs. The 60s generation completed the enlightenment and foundation - laying of the industry from scratch. The 70s generation promoted the professional and segmented development of the industry. The 80s generation and younger generations have shown more distinct independent judgment and global vision in the wave of new technologies. Facing a new round of technological changes such as AI, the age boundary is being broken. Continuous learning, maintaining curiosity, and understanding future trends have become the core capabilities of all investors. As said on - site, no matter which era one is in, being able to walk with the best entrepreneurs and participate in defining the future has always been the most attractive value of the venture capital industry.
In the keynote speeches and peak dialogue sessions, the guests conducted in - depth discussions on the industry's differentiated pattern under the K - shaped curve in different sections: The "Trend China" section focused on the macro - level, analyzing the underlying logic of geopolitical games, cycle responses, and K - shaped differentiation, and exploring the path of investment breakthrough; The "Investment China" section was based on the primary market, sharing the high - quality development of venture capital, investment strategies in frontier fields, and the logic of investment opportunity redistribution; The "Industry China and Technology China" section focused on the integration of industry, investment, and finance, concentrating on frontier sectors, and discussing early - stage investment pricing and the transformation of global investment. Each session dissected the core pain points of fundraising, investment, management, and exit, sharing practical insights and providing direction for industry participants to help them find their positions in the wave of differentiation.
Innovative Presentation, Revitalizing the Event
In addition to the innovative breakthroughs in the agenda design, the conference also specially invited Qiu Zhongwei, the chairman of PAG China; Song Xiangqian, the founding partner and chairman of Jiahua Capital; Chen Liguang, the CEO and managing partner of Haisong Capital; Wei Zhe, the chairman and founding partner of Jiayu Capital; and Ye Guantai, the partner of Qiming Venture Partners to record the in - depth dialogue video interview program "Super Investors" before the conference. The guests shared their practical experience and insights in the industry based on their own work experiences, benefiting more industry practitioners.
Meanwhile, the conference innovatively set up an art exhibition titled "My History of Chinese Venture Capital". In a unique form of physical object collection, it invited investment institutions in the industry to collect old and commemorative items from institutions and individuals, using tangible carriers to carry the industry's memory and tell the stories of venture capital.
This art exhibition originated from the publication of the book "History of Chinese Venture Capital" by the editorial team of ChinaVenture. It innovatively made up for the limitations of written records in the book, transforming the abstract industry achievements and glorious moments into tangible physical memories. It not only paid tribute to the 30 - year development history of Chinese venture capital but also inherited the venture capital spirit in an innovative form, enriching the industry connotation and humanistic value of the event.
Special Sessions, Precise Focus on Industry and New Forces
This conference set up multiple special sub - venues to precisely meet the needs of different fields.
The "2026 Overseas Investment Tech Show" special event, as an important part of the 20th China Investment Annual Conference · Annual Summit, was guided by the Zhongguancun Science City Management Committee, hosted by Zhongguancun Science City Company, and organized by China Venture Capital & Private Equity Information Co., Ltd. Focusing on the two core directions of AI and hard technology, it abandoned the traditional roadshow model and created an efficient docking platform.
The 14 enterprises on display at this event were all cultivated through the "Five - Party and Six - Force" technology transfer mechanism in Haidian District. They are high - quality science and technology innovation projects with core technological barriers and high growth potential, covering frontier fields such as edge - side intelligence, commercial satellite computing power, and optoelectronic integrated chips. They attracted in - depth docking with many top - tier venture capital institutions, building a solid bridge for the two - way connection between hard - technology projects and capital.
Another special sub - venue, the "Nova Forum" for young investors, focused on the new generation of young investors. We believe that the greatest charm of venture capital lies in its dynamic nature and its confrontation with the unknown. It is never content with the limitations of cycles, environments, and methodologies, and always insists on seeking new answers in the uncharted territory - this is what youth can achieve.
The Nova Forum provides a platform for young investors to communicate, learn, and showcase their talents. It brings together the new forces in the industry, discusses innovative investment concepts, and helps cultivate a new generation of venture capital talents with both vision and ability, injecting lasting vitality into the industry's development and demonstrating the inter - generational inheritance and innovative spirit of China's venture capital industry.
List Release, Demonstrating Industry's Authoritative Benchmark
The conference grandly released the ChinaVenture 2025 Annual List on - site, covering the "Top 100 Best Venture Capital Institutions in China in 2025" and the "Top 100 Best Private Equity Investment Institutions in China in 2025", and also released the "ChinaVenture List · NOVA Young Investor List".
As a wind vane in the domestic equity investment industry, the ChinaVenture List is supported by the data of ChinaVenture's CVSource. Through a rigorous process of research, verification, and selection, it comprehensively measures the real situation and competitive landscape of the market development, objectively summarizes the annual industry achievements, and commends