Entrepreneurs from prestigious universities contributed 145 IPOs in one year.
In the era of science and innovation investment, who are the biggest contributors? Universities are definitely an unavoidable entity.
They are not only the cradle of technological innovation but also the source of entrepreneurs. The so - called "investing in early - stage, small - scale, and hard - tech startups" essentially means investing in the people and technologies in the intermediate stage from the laboratory to the application scenario.
This conclusion is more evident in our recent statistics. According to the statistics of Touzhong Jiachuan CVSource, among the 294 newly listed enterprises in 2025, 216 enterprises disclosed the educational backgrounds of their founders. Among them, as many as 145 enterprises had founders or actual controllers with prestigious university backgrounds, accounting for nearly half of the total IPOs in that year (that is, graduated from domestic 985, 211, or "Double First - Class" universities, or overseas institutions ranked among the top 100 in the QS World University Rankings).
Among numerous prestigious universities, entrepreneurs from Tsinghua University took the lead, with 16 listed companies covering multiple cutting - edge technology fields such as semiconductors, robotics, and new materials, serving as the mainstay of China's strategic emerging industries. Entrepreneurs from Peking University ranked second, with 8 IPOs.
Of course, the most eye - catching ones are Central South University in Hunan and South China University of Technology in Guangdong. These two universities emerged as the dark horses last year. Entrepreneurs from Central South University tied with those from Peking University, with 8 IPOs; alumni from South China University of Technology added 6 newly listed companies. Compared with other traditional top - tier universities, these two universities carry more distinct regional characteristics and imprints of characteristic industries, and have competitive advantages in specific fields.
In addition, alumni from top - tier universities such as Nanjing University, Shanghai Jiao Tong University, Wuhan University, and Zhejiang University also ranked high, contributing a considerable number of IPOs.
01. Tsinghua - affiliated First, Peking - affiliated Second
China's top two universities not only lead in academics but also hold a unique position in the venture capital circle and the business community. This is clearly reflected in the IPO data of 2025.
Among the 294 newly listed enterprises in 2025, entrepreneurs from Tsinghua University accounted for 16.
In October last year, we sorted out the 10 IPOs of Tsinghua alumni at that time (see "Tsinghua - affiliated Has Harvested 10 IPOs, with a Total Market Value Exceeding 200 Billion Yuan"). In the fourth quarter, six more Tsinghua - affiliated enterprises, including Fibocom Wireless, Pony.ai, Zhongwei New Materials, Muxi Semiconductor, Shuangxin Environmental Protection, and Xunce, were added (see the table below).
In terms of industry distribution, these 16 enterprises are highly concentrated in the hard - tech field:
Among them, the semiconductor track has the most, with 4 enterprises; new materials and new energy have 4; robotics and autonomous driving have 2. In addition, there are also layouts in fields such as consumption, finance, and enterprise services.
Among them, the most remarkable one is undoubtedly Muxi Semiconductor, a domestic GPU company. It was founded in September 2020. Its founder, Chen Weiliang, graduated from the Institute of Microelectronics of Tsinghua University with a master's degree and was once the global GPU SoC design director at AMD. Although it was the latest entrant among the "Four Little Dragons of GPU", its complete core team from AMD, with solid technology and a pragmatic style, quickly won the recognition of capital.
At the end of 2024, Muxi Semiconductor completed a huge pre - IPO financing at a valuation of about 21 billion yuan. Dozens of leading institutions such as Sequoia Capital, SMIC Juyuan, and Tongchuang Weiye collectively entered the market. In 2025, Muxi Semiconductor quickly listed on the A - share market in just half a year, and its opening market value once exceeded 350 billion yuan, bringing substantial returns to more than a hundred shareholders, including early - stage investors, state - owned investment funds, and late - stage participating institutions.
In addition, enterprises such as Hesai Technology, Pony.ai, Geek+ Robotics, and Hibo Power were all significant IPOs last year. They not only represent the industrial frontiers in their respective fields but also brought considerable book returns to the investors behind them.
Moreover, Tsinghua - affiliated alumni may continue to top the IPO list this year.
Not long ago, Zhipu AI, affiliated with Tsinghua University, went public and became the world's first large - model stock, with a current market value exceeding HK$100 billion. At the same time, top unicorns such as Changxin Technology led by Tsinghua alumnus Zhu Yiming, Suyuan Technology co - founded by Zhao Lidong, and LandSpace Technology founded by Zhang Changwu have entered the critical stage of listing. They may contribute several IPOs worth hundreds of billions to the market in 2026.
Peking University, ranking second, harvested 8 IPOs in 2025.
Specifically, the 8 Peking - affiliated alumni enterprises are mainly distributed in three major directions: in the electronic information fields such as semiconductors and artificial intelligence, there are 4 enterprises, including Sunking Nano, Minglue Technology, QuantGroup, and Nachi Microelectronics; in the new energy and high - end manufacturing fields, there are 2 enterprises, Zhengli New Energy and Dapeng Industry; in addition, there are also layouts in the fields of biomedicine and automotive transportation, namely Jingfang Medicine and Yuanguang Technology.
Among them, the one with the largest market value is Minglue Technology, known as the "world's first Agentic AI stock". The company was founded by Wu Minghui, an alumnus of the School of Mathematical Sciences of Peking University in the class of 2000. Its development began with the Miaozhen System in 2006. By providing Internet advertising monitoring and data analysis services, it accurately seized the early opportunities in digital marketing. In 2014, the company expanded and established Minglue Data (later upgraded to Minglue Technology), successfully extending its business from online marketing to the digital transformation of industries such as security, finance, and industry.
In the process, top - tier capitals such as Tencent (which has long been the largest external shareholder), Sequoia Capital China, and Temasek continuously invested in multiple rounds, all the way to the F3 round, providing crucial support for the company's technology R & D and market expansion. In November 2025, Minglue Technology officially listed on the Hong Kong Stock Exchange and became the "world's first Agentic AI stock". On the first day of listing, its closing price increased by 106.10% compared with the issue price of HK$141, and the total market value climbed to HK$41.956 billion.
Similar to Tsinghua - affiliated enterprises, Peking - affiliated listed enterprises are also closely centered around the national strategic layout and are highly concentrated in hard - tech and cutting - edge industries.
Currently, there are still many enterprises queuing up for IPO, such as Lakala, a payment giant founded by Sun Taoran, and DeepBlue AI Technology, a decision - making AI technology company founded by Huang Xiaonan and Xie Peng. In the future, more innovative stories from Peking University are worth looking forward to.
02. The Strongest Dark Horses: The Rise of Central South - affiliated and South China University of Technology - affiliated
Central South University in Hunan and South China University of Technology in Guangdong are undoubtedly the two dark horses in the university IPOs this year.
Central South University harvested 8 IPOs, the same number as Peking University. South China University of Technology harvested 6, tying for fourth place with Nanjing University, Shanghai Jiao Tong University, and Wuhan University.
Let's start with Central South University. It is one of the youngest 985 universities in China, established in 2000 through the merger of Hunan Medical University, Changsha Railway University, and Central South University of Technology. The most advantageous major of this university is undoubtedly the Department of Chemistry, which has trained more than half of the talents in China's lithium - battery industry. It is also the only university in China that has produced two Chinese richest people - Wang Chuanfu, the founder of BYD, and Liang Wengen, the former chairman of Sany Group. Among this year's 8 IPOs, there is Sany Heavy Industry, which listed on the Hong Kong Stock Exchange.
In addition to Sany Heavy Industry, Central South - affiliated IPOs also include Honggong Technology, Pige Biopharmaceutical, Nengzhiguang, Bibetter, BGRIMM Testing, Innovation Industry, and Xidi Intelligent Driving, known as the "first stock in the autonomous mining truck field".
The success of the above - mentioned companies is rooted in the three traditional advantageous discipline groups of Central South University: first, the world's most complete non - ferrous metal discipline chain; second, the rail transit discipline group that supports China's high - speed railways to lead the world; third, the time - honored Xiangya medical system.
Take Xidi Intelligent Driving as an example. This autonomous driving company serving the mining scenario is a model of the combination of Central South University's advantageous disciplines and the innovation incubation model.
Its leader is Li Zexiang, an alumnus of Central South University, known as the "Godfather of DJI". In 2016, Li Zexiang was invited back to Changsha to establish the School of Robotics at Central South University. Through the angel investment model of "mentor + student", he systematically cultivated the hard - tech entrepreneurial force and has spawned more than a hundred companies. Xidi Intelligent Driving is one of the representative achievements.
Driven by Li Zexiang and others, Central South University has now opened up a complete innovation value chain from laboratory breakthroughs to alumni - industry collaboration.
In addition to the listed enterprises, there are also many Central South - affiliated companies such as Deshi Biotech, a medical imaging large - model company founded by Song Ning, and Wuchuang Recycling, a company focusing on the recycling of retired lithium - ion batteries founded by Li Qingfeng, queuing up for listing, showing the continuous and active output potential of this system.
Let's look at another dark horse last year in the south. South China University of Technology ranked fourth with 6 alumni - founded enterprises successfully listed. Its entrepreneurial landscape is closely centered around the real - economy fields such as manufacturing, energy, and consumption.
Among them, the most remarkable one is CATL, a global power - battery giant. It was founded in 2011 by Zeng Yuqun, an alumnus who graduated with a master's degree from the Department of Electronic and Information Engineering. After listing on the Growth Enterprise Market of the A - share market in 2018, CATL quickly emerged as the "King of Batteries" with a market value of one trillion yuan. In May 2025, CATL listed in Hong Kong and raised about HK$41 billion, becoming the world's largest IPO.
This listing not only supplemented its key capital for investment in new technologies and production capacity but also significantly increased the participation of international capital and brand influence by introducing global cornerstone investors such as the Kuwait Investment Authority and Hillhouse Capital. It was a crucial step in its deepening of the globalization strategy and consolidation of its leading position in the industry.
In addition to CATL, a global leader founded by Zeng Yuqun, other enterprises founded by alumni of South China University of Technology that successfully listed in 2025 include Borayton, an electric construction machinery company founded by Chen Fangming; Marco Polo, a leading brand in the ceramic tile industry helmed by Huang Jianping; Meet Fresh Noodles, a new - style chain catering brand founded by Song Qi, Su Xuxiang, and Luo Yanling; Zhihui Mining, a company focusing on mining services founded by Fan Xiulian; and Meilian Co., Ltd., a company deeply involved in the construction field founded by Chen Boyan. These companies jointly demonstrate the distinct style of South China University of Technology's entrepreneurs, who are based on industries and deeply involved in practical work.
The rise of South China University of Technology did not happen overnight. This university has long enjoyed the dual reputations of being the "Cradle of Engineers" and the "Cradle of Entrepreneurs". Graduates from the Class of 1978 in Radio Engineering gave rise to Li Dongsheng and Huang Hongsheng, who created the "Three Giants of Color TVs" in China.
Now, its influence is particularly prominent in the new - energy vehicle field and is known as the "Whampoa Military Academy of the New - Energy Vehicle Industry". Zeng Qinghong, the chairman of GAC Group, He Xiaopeng, the founder of XPeng Motors, and Liang Feng, the founder of Putailai, a leading lithium - battery material company, are all alumni of this university.
This industrial network woven by a powerful alumni ecosystem is not limited to talent delivery but also extends to in - depth industry - finance integration. For example, XPeng Motors and South China University of Technology jointly initiated the new - energy vehicle sub - alliance under the "Industrial Leading Innovation Investment Alliance". The co - builders of this alliance also include 8 industrial and capital institutions such as Yueke Financial Group, GAC Group, and Guangzhou Industrial Control, aiming to build an industrial ecosystem through school - enterprise collaboration.
In addition, Xinghang Capital, a CVC institution under XPeng Motors, has also invested in Borayton, an electric construction machinery company founded by an alumnus of South China University of Technology, reflecting the close interaction and support between the alumni circle in terms of capital and industry.
03. Traditional Prestigious Universities Perform Well: A Quarter with Overseas Backgrounds
In the IPO landscape of domestic universities last year, Shanghai Jiao Tong University, Nanjing University, and Wuhan University also performed quite well. Each of them had 6 enterprises successfully listed, showing strong entrepreneurial ability of alumni and high efficiency in the transformation of scientific research achievements.
Shanghai Jiao Tong University is known for its top - tier engineering background and strong industrial integration ability. Last year, its listed enterprises spanned multiple fields such as finance, new energy, and culture and entertainment. In addition to CATL mentioned above, it also includes Brukatoys, a toy IP manufacturer.
Zhu Weisong,