Key Takeaways
- • Muxi Co., Ltd., the computing-power company listed on the Sci-Tech Innovation Board last December with a latest market value above 180 billion yuan, is acting as a limited partner in Shanghai Fuxi Huiqi Venture Capital Fund Partnership, which was established on October 13 with capital contributions of about 200 million yuan.
- • The fund is linked to Muxi through its wholly-owned subsidiary Muxi Digital Intelligence and to Shanghai state-owned capital through Futeng Capital, whose controlling shareholder sits behind the general partner, per Tianyancha data cited by Decoding LP.
- • Futeng Capital, founded in January 2022 and initiated by Shanghai State-owned Assets Investment Co., reports assets under management above 44 billion yuan and more than 25 billion yuan in external investment.
- • This is the second collaboration between the two parties, following Muxi Digital Intelligence's 36 million yuan subscription to Huai'an Muteng Chenxi Venture Capital Fund Partnership earlier this year.
- • Several listed technology and industrial companies, including Zhipu AI, GigaDevice, CATL, Insta360 and Andon Health, are increasingly acting as LPs, a shift that reflects industrial capital filling a fundraising gap left by pressured US dollar and pure financial funds.
Summary
Muxi Co., Ltd. has become a limited partner in Shanghai Fuxi Huiqi Venture Capital Fund Partnership (Limited Partnership), according to a report from Decoding LP (PE Daily) carried by 36Kr. The fund was established on October 13 with a capital contribution of about 200 million yuan, and its business scope covers venture capital investment in unlisted enterprises. Per Tianyancha records cited in the report, the fund is jointly held by Shanghai Yulan Business Consulting, Muxi Digital Intelligence (Shanghai) Technology Co., Ltd., a wholly-owned subsidiary of Muxi, Shanghai Jiarong Investment Management, Shanghai Wan'ang Investment Management and other entities.
Equity penetration shows the general partner, Shanghai Fuxi Chenmu Consulting Management Co., Ltd., is controlled by Shanghai Futeng Private Equity Management Co., Ltd. (Futeng Capital). Futeng Capital was founded in January 2022, mainly initiated by Shanghai State-owned Assets Investment Co., Ltd., and established together with Lingang Group, SAIC Motor, CATL and Bilibili. The firm reports more than 44 billion yuan in assets under management and over 25 billion yuan in external investment, with holdings including Muxi, MiniMax, JCET, Enflame Technology and Swaying Semiconductor. Futeng Capital is also an early investor in Muxi.
The transaction is the second collaboration between the two sides. Earlier this year, Muxi Digital Intelligence subscribed 36 million yuan to Huai'an Muteng Chenxi Venture Capital Fund Partnership, which Futeng Capital also backs. Muxi Digital Intelligence, established in January 2026 with Chen Weiliang as legal representative and actual controller, has made more than ten external investments. It also set up Nanjing Hexi Venture Capital Partnership in September with Heli Venture Capital Management (Suzhou) under Heli Capital, and has made direct investments in projects including Daxiao Robotics, Muchuang Integrated Circuit, Qimen Power, Orient Computing and Zeno Robotics.
The report frames Muxi's activity as part of a broader trend in which technology companies that were earlier venture-backed are becoming LPs. Zhipu AI participated in a 1 billion yuan artificial intelligence fund, Zhejiang Zhipu Jiangmen Cognitive Intelligence Venture Capital Partnership, whose manager Innoangel Fund invested in Zhipu's 2021 Series A. GigaDevice contributed 100 million US dollars through a subsidiary to a US dollar fund under Yunfeng Fund in August, and Insta360 contributed 100 million yuan in June to Furuic Fund, which targets seed-stage AI and smart hardware projects. Other industrial LPs named in the report include CATL, Andon Health, Zhihu, CXMT, Septwolves and Perfect World.
The report argues that industrial investors, with cash flow and built-in demand, are becoming more important in GP fundraising as US dollar funds have contracted and pure financial funds have struggled to raise capital. Beyond capital, these LPs can offer product demand, test scenarios, supply chain access, orders and M&A exit channels for portfolio companies. The author, Zhou Jiali, characterizes this as a liquidity supplement and a sign of a maturing hard-technology venture ecosystem; this view is the author's own opinion.
Equity penetration shows the general partner, Shanghai Fuxi Chenmu Consulting Management Co., Ltd., is controlled by Shanghai Futeng Private Equity Management Co., Ltd. (Futeng Capital). Futeng Capital was founded in January 2022, mainly initiated by Shanghai State-owned Assets Investment Co., Ltd., and established together with Lingang Group, SAIC Motor, CATL and Bilibili. The firm reports more than 44 billion yuan in assets under management and over 25 billion yuan in external investment, with holdings including Muxi, MiniMax, JCET, Enflame Technology and Swaying Semiconductor. Futeng Capital is also an early investor in Muxi.
The transaction is the second collaboration between the two sides. Earlier this year, Muxi Digital Intelligence subscribed 36 million yuan to Huai'an Muteng Chenxi Venture Capital Fund Partnership, which Futeng Capital also backs. Muxi Digital Intelligence, established in January 2026 with Chen Weiliang as legal representative and actual controller, has made more than ten external investments. It also set up Nanjing Hexi Venture Capital Partnership in September with Heli Venture Capital Management (Suzhou) under Heli Capital, and has made direct investments in projects including Daxiao Robotics, Muchuang Integrated Circuit, Qimen Power, Orient Computing and Zeno Robotics.
The report frames Muxi's activity as part of a broader trend in which technology companies that were earlier venture-backed are becoming LPs. Zhipu AI participated in a 1 billion yuan artificial intelligence fund, Zhejiang Zhipu Jiangmen Cognitive Intelligence Venture Capital Partnership, whose manager Innoangel Fund invested in Zhipu's 2021 Series A. GigaDevice contributed 100 million US dollars through a subsidiary to a US dollar fund under Yunfeng Fund in August, and Insta360 contributed 100 million yuan in June to Furuic Fund, which targets seed-stage AI and smart hardware projects. Other industrial LPs named in the report include CATL, Andon Health, Zhihu, CXMT, Septwolves and Perfect World.
The report argues that industrial investors, with cash flow and built-in demand, are becoming more important in GP fundraising as US dollar funds have contracted and pure financial funds have struggled to raise capital. Beyond capital, these LPs can offer product demand, test scenarios, supply chain access, orders and M&A exit channels for portfolio companies. The author, Zhou Jiali, characterizes this as a liquidity supplement and a sign of a maturing hard-technology venture ecosystem; this view is the author's own opinion.
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