K2VC Launches First Series B Fund 'Qiyun Fund', Focused on Internet and Healthcare Investments

According to information provided by Xianfeng Changqing, the fund has raised over RMB 1 billion and focuses on two key sectors: internet and healthcare.

Xianfeng Changqing (formerly Xianfeng Huaxing, K2VC), founded in 2010 by Chen Keyi and Bao Fan, is an early-stage angel investment firm focused on internet, mobile internet, and technology projects, with an emphasis on driving technological advancement, business model innovation, and changes in people’s lifestyles. The successful fundraising of Xianfeng Qiyun marks Xianfeng Changqing’s completion of its strategic layout spanning from early-stage to mid-stage investments.

After six years of accumulation, K2VC has developed a comprehensive methodology for startup services, with a distinctive emphasis on post-investment support. Building on this foundation, K2VC has expanded its internal post-investment service capabilities in recent years, starting with HR and extending to marketing, legal, and finance functions. Meanwhile, it has invested in a series of startup service companies covering areas such as co-working spaces, public relations and promotion, and technical support, thereby establishing a relatively complete and controllable service ecosystem.

Prioritizing entrepreneurs' needs, we pool our resources to "serve entrepreneurship." K2VC interprets this as "standing behind entrepreneurs without overshadowing their brilliance, while safeguarding their original drive, enabling them to scale greater heights and distances on the perilous peaks of entrepreneurship." The founder's initial aspiration constitutes the core driving force of their venture, and this is precisely the "original intention" underpinning K2VC's approach.

Xianfeng Changqing pioneered the “Six Dimensions” service theory for entrepreneurs. This theory emphasizes delivering practical services by aligning with the development stages of startups and integrating, accumulating, and passing on resources from an investor’s perspective.

The Core Is People-Centric. Peakview Capital believes that the success or failure of a business project or company depends first on the entrepreneurs. However, it is not just about the founders, but also about building the human resource structure. When addressing human resource issues, the Peakview HR team emphasizes delving into the core of the project to anticipate and analyze talent needs for rapid corporate growth.

External Forces as Catalysts. Much like a rocket launch, startups require external support at each stage of their development, rather than striving for comprehensive self-sufficiency. For instance, StarryPai can assist entrepreneurs in need by expanding market reach and managing public relations. Xianfeng Changqing participated in the investment of this project and integrated it into its post-investment service system.

Ecosystem as Internal Synergy: While ecosystems exist externally, they can also be cultivated internally. Over the past five-plus years, Peak Capital’s investments in more than 200 portfolio companies have already begun to demonstrate a trend of internal synergy. In fact, many enterprises draw on this model to support their long-term sustainable development, which is alsoKey Focus of Xianfeng Changqing’s Future Layout: Ensuring the Healthy and Sustainable Development of the Ecosystem.

Space as a Business Entity: K2 Spaces in Shenzhen, Shanghai, and Beijing have been opened by Xianfeng Changqing, inviting invested companies to move in for free. Besides saving office costs for entrepreneurs, more importantly, it provides the necessary communication and shared space for development.

Methodology as Continuous Accumulation: For every startup, everything is a new beginning that requires exploration. However, Peakview Capital aims to assist latecomers with operational details by leveraging the methodologies continuously accumulated within its service ecosystem, through various forms of organization and communication.

Orbit as a Projection of Greater Space. What larger orbit can entrepreneurs enter in the future? How can their intrinsic drive be maximized? How should one assess the prospects of a startup? As startups reach certain developmental stages, they inevitably face high-level strategic questions such as these, which require more capable reserves and higher-caliber resources for alignment. As an investor, Xianfeng Changqing not only facilitates access to various resources but also broadens entrepreneurs’ horizons and paves the way for their growth.

The portfolio of Xianfeng Changqing Capital includes Xiaofanzhuo, BreadTrip, Jumei Youpin, and Moji Weather. In the healthcare sector, it has invested in Tuoshi Medical, Datebao, Yaopin Zhongduan Wang, Meiyou, Tang Hushi, and Yijiayi.

Selected Investment Portfolio of Xianfeng Changqing

Currently, Xianfeng Changqing has a team of nearly 60 people, with the investment team and post-investment team staffed at an almost 1:1 ratio, and has invested in nearly 300 projects.

Chen Keyi, Founding Partner of Xianfeng Changqing

Chen Keyi, Founding Partner of Xianfeng Changqing, stated that in China’s venture capital sector, U.S. dollar-denominated funds have long held a relatively dominant position, while RMB-denominated funds are largely concentrated in the angel and pre-IPO stages.

As China’s capital market continues to mature, particularly with the A-share market’s growing preference for high-growth internet assets, an increasing number of high-quality internet companies are shifting their primary listing venues from the United States to mainland China. Consequently, many internet firms in their growth stages are increasingly seeking support from RMB-denominated funds. In light of this trend, Xianfeng Changqing’s Series II RMB Fund aims to participate in the wave of domestic listings. According to Chen Keyi, the fund’s individual investment amounts range from RMB 30 million to RMB 100 million. To date, Xianfeng Qiyun has completed investments in two projects.

Wang Shiyu, Managing Partner of Xianfeng Qiyun

Xianfeng Qiyun Fund Welcomes Two New Partners. Among them, Managing Partner Wang Shiyu previously held positions at Qiming Venture Partners and China Renaissance, with a focus on sectors including culture and entertainment, e-commerce, Internet Plus, and enterprise services. During his career, he led investments in several outstanding internet companies, such as Bilibili, Meitu, Tiejia.com, and Cloud Games Technology (0484.HK).

Cui Yuan, Partner at Xianfeng Qiyun

Partner Cui Yuan boasts extensive investment experience in the healthcare and medical industry. He previously held positions at Qiming Venture Partners, JD Capital, and China Renaissance Capital. His primary focus lies within the broader health sector, encompassing medical devices, pharmaceuticals, and healthcare services. Notable investment cases include Guangshengtang (300436), Hunan Er-Kang Pharmaceutical (300267), Berry Genomics, Nurotron, and Venus Medtech.