Midas List 2025: Asia’s Top Venture Capitalists Ride AI Wave as China Reclaims Tech Spotlight
Despite a slowdown in Asia’s venture capital deals, particularly due to China’s economic issues, the spotlight is shifting back to tech, especially in AI. The 2025 Midas List features 15 Asian investors, nearly all from China, including top investors like Neil Shen of HongShan Capital and Richard Liu of 5Y Capital. Newcomers Xi Cao and Meng Lian also mark significant entry points for fresh investment dynamics in the tech sector.
The Asian venture capital scene hasn’t quite been at its energetic best lately, what with dealmaking taking a serious hit over the past year. A lot of this can be attributed to the ongoing economic decoupling between China and the U.S., coupled with a sluggish domestic market. However, there’s a silver lining: The surprising success of the AI startup DeepSeek is reigniting enthusiasm and shining a beacon on the tech landscape in China, reminding folks that there’s still some action left in the arena.
Forbes’ 24th annual Midas List highlights the revival with 15 Asian investors making the cut, despite prior downturns that weighed heavily on sentiment. Hold onto your hats because, interestingly, all but one of these investing bigwigs hail from China. The lone standout is Jenny Lee from Singapore’s Granite Asia. It appears that this year’s list is really reflecting China’s comeback vibe in tech.
Topping the Asian ranks this time around is Neil Shen, the billionaire behind HongShan Capital Group (HSG), former Chinese arm for Sequoia Capital. He’s back at it again this year, riding high on his lucrative stakes in ByteDance, the parent company of the ever-popular TikTok. Shen claims the No. 4 spot – no small feat given he’s had his hands in several funding rounds since 2014 when ByteDance was valued at a mere $465 million. Fast forward, the company’s estimated worth now exceeds $300 billion, soaring with the viral success of TikTok and its latest strides into AI.
HSG doesn’t just stop there. Several of its portfolio companies have taken strides onto public trading this past year. Autonomous-driving chip company Horizon Robotics saw its stock price leap up by over 80% since launching on the Hong Kong exchange last October. Then there’s Pony AI, the robotaxi operator which recently made its Nasdaq debut, and AI drug discovery firm Xtalpi, which began trading last June in Hong Kong.
Right behind Shen’s impressive accolades is Richard Liu, sitting at No. 12. Liu is among the founding partners of 5Y Capital, with fellow partner Fisher Zhang coming in at No. 47. This firm, spun off from Ronnie Chan’s Morningside Group, has made waves for funding big names like Didi, Kuaishou, Xiaomi, and even Xpeng. They’ve also placed hefty investments into Horizon Robotics, Pony AI, and Xtalpi. It seems that they’re firmly in the game.
Another noteworthy mention is Granite Asia, with its two managing partners making a solid impact on this year’s list. Jixun Foo and Jenny Lee hold spots at No. 65 and No. 75, respectively. Formed after GGV Capital’s 2024 split, Granite Asia has a reputation for its savvy investments in the likes of Grab and Xiaomi, bridging Southeast Asia and China.
This year saw some fresh faces as well! Xi Cao, a previous partner at Sequoia China and now cofounder of Monolith, debuts at No. 39. Back in 2019, he placed an early bet on Unitree, a maker of humanoid robots that has skyrocketed in value, catching the eye of President Xi Jinping during a rare tech summit. Monolith’s interests also extend to Moonshot AI, eyeing the promising growth of AI startups like DeepSeek.
And let’s not overlook Meng Lian from IDG Capital, part of the newcomer crew at No. 52. Lian made his entry thanks to an early investment in fast-fashion giant Shein, which has been making waves with its dirt-cheap but trendy clothing. Shein was valued at a whopping $66 billion in 2023 and is gearing up for a Hong Kong IPO after a snag in London’s approval process from Chinese authorities.
In conclusion, Asia’s venture capital landscape is showing signs of resilience amid economic challenges. The influence of AI continues to drive interest, particularly in China, as highlighted by the Midas List’s selection of top investors. Notable impacts from Alex Shen at HSG and Richard Liu of 5Y Capital emphasize that despite the recent downturns, there’s still robust potential in the region’s tech sector. The new entrants, Xi Cao and Meng Lian, hint at a promising future for venture capital investments in the high-tech and AI fields, marking a potential shift back into prosperity for the entire region.
Original Source: www.forbes.com