Feng Dagang of 36Kr: Striving to Grow Together with a Generation of AGI | WAVES New Wave 2025

This is a new era for China's venture capital and investment. Currently, the Chinese venture capital market is not only at the turning point of the cycle bottoming out but also in the deepening period of structural transformation. In the new ecosystem dominated by policies and with high concentration of state - owned assets and capital, only by conforming to the trend and making flexible adjustments can we seize certain opportunities in the face of uncertainties.

From June 11th to 12th, at the Liangzhu Culture and Art Center in Hangzhou, the 36Kr WAVES New Wave 2025 Conference, themed "New Era", gathered top investors in the venture capital field, founders of emerging enterprises, as well as scientists, creators, and scholars deeply involved in technology, innovation, and business. They jointly discussed cutting - edge issues such as AI technological innovation, the wave of globalization, and value re - evaluation, dissected their views on business ideals and the future world, and explored, searched for, and headed towards the "New Era" of China's venture capital together.

Feng Dagang, CEO of 36Kr

The following is the transcript of Mr. Feng Dagang's speech, edited by 36Kr:

Dear investors, entrepreneurs, and young friends present here:

Hello, everyone. Welcome to WAVES 2025. I'm Feng Dagang from 36Kr.

You all look so young sitting here today! Standing here, I can feel a strong sense of energy. The original intention of organizing WAVES is to gather the energy of the future and see what kind of sparks can be created.

2025 is a special year. Its specialness lies in the fact that a new cycle and a new generation are approaching.

In the past thirty years, China's business and technology have developed alongside the Internet. The era that gave birth to the greatest companies was the mobile Internet era. 36Kr also grew up with the mobile era.

But today, what we are accessing is no longer just information, but a brand - new paradigm of productivity. Many people use a term to describe it: AGI.

Although no one can determine exactly when AGI will fully arrive. There is no doubt that we are accelerating on the path approaching it. The breakthrough of Deepseek and the popularity of Manus this year are all signals. I think if you had doubts about this last year, you probably won't have them today.

The venture capital industry is very active this year: there are almost weekly financing news and product releases, and technology news has also become much more lively. I believe everyone here can feel this atmosphere.

This is the third year of the Waves Conference. In the previous two years, we held it in Beijing, but this year we chose Liangzhu in Yuhang District, Hangzhou, because many people told us that there is a group of brave and thoughtful young people here who are eager to become entrepreneurs in the AI era.

Two years ago, when we came to Hangzhou, we first reported on Liang Wenfeng and his large - model plan. In the two years of the booming development of AI, the "Six Little Dragons of Hangzhou" have emerged, and younger geeks have gathered in the "Silicon Valley of the East".

It's really time to bring the WAVES Conference to Hangzhou.

In addition to the investor session, there is also a parallel entrepreneur session at this year's WAVES. We have almost gathered a group of investors and entrepreneurs with the most influence in the domestic AI field. We believe that the new generation of entrepreneurs have completely different styles and thinking. So, mainly in the form of independent speeches, we let these new - generation founders take the stage themselves to share their understanding of products, technology, and the world.

As a traditional feature of WAVES every year, tonight, we have also prepared a special session - "Let's WAVES". We've made great efforts to find nearly 10 rising post - 2000s to share "a future they firmly believe in but you may not believe yet". Each of these post - 2000s has their own unique story.

This year marks the 15th anniversary of 36Kr's establishment. I hope we can work harder to grow with the generation in the AGI era.

The new cycle has begun. Welcome to WAVES 2025. Let's find the answers together.

Thank you all.