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China Merchants Group

Venture Capital · Founded 2015 · Central and Western District, Hong Kong

#1,302 Investor rankamong investors on Dealroom
41 Portfolio companies+193% in 5 years
11 Unicorns
4 Decacorns
42 Investments
Jul 2026 Last investment
01 · Fund commitments

The funds China Merchants Group backs.

China Merchants Group is a limited partner in 35 funds. 5 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

IDG Capital
China
#27 Power Law
Matrix Partners China
China
#163 Power Law
5Y Capital
China
#170 Power Law
Luminous Ventures
China
#371 Power Law
Source Code Capital
China
#403 Power Law
BA Capital
China
Buhuo Ventures
China
CD Capital
China
Ceyuan Ventures
China
China Merchants Capital
China
Decheng Capital
China
Eastern Bell Capital
China
03 · Biggest holdings

China Merchants Group’s biggest current holdings.

The most valuable companies China Merchants Group still holds, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Dealroom has no parsed shareholder register for China Merchants Group, so the size of each stake isn’t shown.

#CompanyValuation
  1. 1 Moonshot AI | KimiDecacorn · Enterprise Software · China $35.0B
  2. 2 LimX DynamicsUnicorn · Robotics · China $2.2B
  3. 3 OuyeelUnicorn · Engineering and Manufacturing Equipment · China $1.4B
  4. 4 Zhongneng UnitedUnicorn · Engineering and Manufacturing Equipment · China $1.1B
  5. 5 XTransferUnicorn · Fintech · China $1.0B

Unicorns and thoroughbreds China Merchants Group has backed and still holds, at Dealroom’s latest valuation. See the underlying shareholder registers on Dealroom →

04 · Exits

China Merchants Group’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from China Merchants Group’s transaction record.

$6.6B IPO · 2026
Entered Series B+Now $70BEnterprise Software
MetaX
$48B IPO · 2025
Entered Series ANow $39BSemiconductors
$6.0B IPO · 2025
Entered Series B+Now $12BSemiconductors
$8.9B IPO · 2026
Entered Series B+Now $6.3BTransportation
$2.0B IPO · 2024
Entered Series B+Now $2.0BTransportation
05 · Portfolio analysis

Where China Merchants Group’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 41 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount
  1. China39
  2. USA2
  3. Germany1
By sectorCount
  1. Health8
  2. Robotics8
  3. Transportation7
  4. Enterprise Software4
  5. Engineering and Manufacturing Equipment3
  6. Semiconductors3
  7. Energy2
  8. Fintech1
  9. Media1
  10. Real Estate1
  11. Travel1
  12. Wellness Beauty1
By stage enteredCount
  1. Series B+22
  2. Series A11
  3. Seed8
By growth stageCount
  1. Breakout Stage16
  2. Late Growth16
  3. Early Growth10
06 · Portfolio market map

Inside China Merchants Group’s portfolio.

The 35 highest-funded portfolio companies, of 41 tracked.

Moonshot AI | Kimi
Enterprise Software · Decacorn
$35B
AVATR
Transportation · Unicorn
$6.9B
Momenta.ai
Transportation · Unicorn
$6.3B
Z.ai | Zhipu AI
Enterprise Software · Decacorn
$70B
Biren Technology
Semiconductors · Decacorn
$12B
Black Sesame Technologies
Transportation · Unicorn
$2.0B
LimX Dynamics
Robotics · Unicorn
$2.2B
Ouyeel
Engineering and Manufacturing Equipment · Unicorn
$1.4B
FOR-U
Transportation
$800M
MetaX
Semiconductors · Decacorn
$39B
Stemirna Therapeutics
Health
$825M
XTransfer
Fintech · Unicorn
$1.0B
Chexiang.com
Transportation
$600M
RoboScience
Robotics
$688M
Porton Biologics
Health
$320M
Zhongneng United
Engineering and Manufacturing Equipment · Unicorn
$1.1B
Mingdu Zhiyun (Zhejiang) Technology
Health
$206M
GMAX Biopharm
Health
$312M
Qingdao Sifang Sirui Intelligent Technology
Engineering and Manufacturing Equipment
$110M
Anhui Zhongsheng Suyuan Biotechnology
Health
$138M
White Whale Route (Beijing) Technology
Transportation
$110M
AheadForm
Robotics
$110M
BEM Power
Energy
$55M
Element Drive (Hangzhou) Biotechnology
Health
$110M
Robestec
Energy
$248M
Hangzhou Linhui Network Technology
China
$48M
Shenzhen Damoda Intelligent Control Technology
Robotics
$55M
Senad Technology
China
$17M
Aicrobo
Robotics
$12M
Beijing Green Kangcheng Biotechnology
Wellness Beauty
$11M
T-chef
Robotics
Youjie Zhixin
Travel
Shanghai Daily
Media
Fullive.AI
Health
Weifu Intelligent Sense (Wuxi) Technology
China
07 · Portfolio founders

Where China Merchants Group’s portfolio founders come from.

34 founders across the 42 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. China32
  2. Canada1
  3. United States1
UniversityCount
  1. Tsinghua University5
  2. Zhejiang University3
  3. Carnegie Mellon University1
  4. Massachusetts Institute of Technology1
  5. Nankai University1
  6. Shanghai Jiao Tong University1
  7. The Chinese University of Hong Kong1
  8. The Ohio State University1
  9. University of Chinese Academy of Sciences1
  10. University of Electronic Science and Technology of China1
Previous companyCount
  1. Microsoft3
  2. SenseTime3
  3. Alphabet | Google1
  4. Ant Group | Alipay1
  5. Apple1
  6. Baidu1
  7. Bosch1
  8. Chassis Brakes International Group1
  9. Cisco1
  10. DJI Innovations1