X Capital

What X Capital does

X Capital (希扬资本) is a Shanghai-headquartered venture capital firm founded in October 2015 that specializes in Series A lead investments across three hard-technology verticals: optical/optoelectronics, artificial intelligence, and commercial aerospace. The firm invests in early-stage Chinese technology startups, emphasizing forward-looking, systematic industrial chain layout to build a portfolio with cross-sector synergies — for example, linking satellite manufacturers (Minospace) with optical component suppliers (Zongrun Optics, Dai Si Optoelectronics, Mavigo Photonics) and AI hardware companies (Joyme Technology, Sino-Punctual Chip).

The firm operates a traditional Chinese GP/LP fund management model. Capital is raised from institutional limited partners that include state-affiliated investors (CICC Qiyuan, Xiangjiang National Investment, Jiaxing Xiuzhou Financial Holdings), corporate strategics (Luzhou Laojiao Group, Changgao High-Tech Group), wealth platforms (Gopher Assets under Noah Holdings), and three listed companies (Inhand Networks / 688080, Zongrun Optics / 688307, Wansheng Intelligence / 300882) — the latter providing both capital and industrial resource channels for portfolio companies. Revenue is generated through conventional fund management fees and carried interest on exits.

X Capital is led by founder Yang Xi alongside partners including CFO Wu Hongrong and partner Liang Peihang, supported by a team of approximately ten members including directors, vice presidents, and investment managers. The firm maintains three offices — Shanghai (headquarters), Dongguan (South China coverage), and Changzhou (Jiangsu Province coverage) — and is recognized by China Venture Capital Research Institute (CVCRI) as a Top 30 growth-stage VC institution for 2022 and 2023. The portfolio includes three realized STAR Market / ChiNext IPOs (Inhand Networks, Hengshi Technology, Zongrun Optics) alongside active holdings across AI, robotics, and commercial aerospace.

Name

X Capital

Legal name

希扬资本

Website

http://xcap.com.cn/

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

X Capital (希扬资本) is a Shanghai-based venture capital firm founded in 2015 that provides Series A lead investments to Chinese high-tech startups in optical/optoelectronics, AI, and commercial aerospace, backed by a diversified LP base of state, corporate, and listed-company investors.

Ownership category

akta.pro rank

Product category

Venture Capital / Private Equity

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industries

Late-Stage Venture Capital (Series C+) (FSANAAAC), Technology & Software Growth Equity (FSANACAA)

Keywords

• Venture capital funds
• High-tech equity investment
• Series A lead investment
• Optical electronics investing
• Commercial aerospace investment

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management and Performance Fees: X Capital generates revenue through managing venture capital funds, typically earning management fees and carried interest (performance fees) from fund returns. The firm manages funds with institutional LPs including sovereign wealth funds, listed companies, and corporate groups.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

X Capital (希扬资本) is a venture capital firm that manages funds and provides Series A lead equity investments to early-stage high-technology startups in China. Its core investment sectors are optical/optoelectronics, artificial intelligence, and commercial aerospace. The firm raises capital from institutional LPs (sovereign funds, listed companies, corporate groups, family offices) and deploys it into portfolio companies, supplementing capital with industrial resources, mentorship, and strategic support.

Product overview

X Capital (希扬资本) is a venture capital firm established in October 2015, specializing in high-technology investments. The firm focuses on three core investment sectors: optical/optoelectronics, artificial intelligence, and commercial aerospace. As a VC firm, X Capital provides investment management services to limited partners (institutional investors,上市公司, and family offices) and supports portfolio companies through value-add services. The firm operates multiple funds with A-round lead investment as its primary strategy, targeting early-stage high-tech startups in China.

Differentiator

Problem solved

Functional benefit

Products and services

• Venture Capital Fund Management (Series A Lead Investment) Core fund management service providing Series A lead equity investments to early-stage Chinese high-tech startups in optical electronics, AI, and commercial aerospace sectors. Investors (LPs) commit capital; X Capital deploys capital into portfolio companies and provides value-added support including industrial resources, mentorship, and strategic guidance. Revenue is generated through management fees and carried interest from fund returns.
• Portfolio Company Industrial Synergy Services Value-added services supplementing capital deployment, providing portfolio companies access to industrial resources, customer networks, and operational synergies via X Capital's listed-company LP base (Inhand Networks 688080, Zongrun Optics 688307, Wansheng Intelligence 300882) and core team's industry expertise.

Quantifiable outcome

• Successfully invested in multiple STAR Market IPOs including Yingondun (688080), Zhongrun Optics (688307), and Hengshi Technology (300513)
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• IDG Capital: One of the largest and most established China-focused tech VCs with broad coverage across stages and sectors; broader portfolio and larger fund sizes than X Capital but overlapping investment domains and exit venues.
• Fortune Capital (达晨财智): Large Chinese VC with deep-tech and smart-manufacturing orientation; broader fund and sector footprint but overlapping investment themes in optical electronics, AI, and industrial automation.
• Shenzhen Capital Group (深创投): State-backed Chinese VC with broad sector coverage including technology and advanced manufacturing; larger AUM and more diversified sector exposure than X Capital but overlapping portfolio themes and exit venues.

Direct peers

• Qiming Venture Partners (启明创投): Leading Chinese VC specializing in early-stage healthcare, TMT, and clean-tech investments; comparable in vertical specialization, A-round lead strategy, and STAR Market / ChiNext exit orientation.
• Cowin Capital (同创伟业): Shenzhen-based Chinese VC with deep tech and strategic emerging-industry focus; comparable Series A lead-investment approach, ChiNext/STAR Market exit pipeline, and similar AUM scale at the smaller end of established Chinese VCs.
• Legend Capital (君联资本): Beijing-based early-to-growth stage Chinese VC with technology and TMT focus; founder Yang Xi previously worked at Legend Capital as Director General, providing direct background overlap and a comparable Series A lead-investment model across Chinese hard-tech and digital economy.
• Matrixpartners China (经纬创投): China-focused early-stage VC investing across technology, consumer, and healthcare; similar Series A orientation, China-only geographic focus, and comparable portfolio size and stage.
• Northern Light Venture Capital (北极光创投): Early-stage Chinese VC with hard-tech and TMT focus; comparable in sector specialization, A-round leadership approach, and emphasis on industrial-chain mapping in optical/semiconductor and AI sectors.

Emerging players

• Platinum Capital (普华资本): Hangzhou-based Chinese VC focusing on hard-tech, AI, and advanced manufacturing at Series A/B; comparable firm size, fund vintage, and sector specialization to X Capital in the mid-tier Chinese VC landscape.

Regional players

• Oriza Holdings (元禾控股): Suzhou-based Chinese VC with deep Yangtze River Delta presence and strong hard-tech / advanced manufacturing focus; comparable regional roots and similar stage focus, though larger and more diversified across funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments23 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about X Capital