INVESTOR: HongShan (formerly Sequoia China) (红杉中国). Formerly Sequoia Capital China; a venture and private-equity platform founded in 2005 and led by Neil Shen. Invests across technology, healthcare, and consumer companies, with more than $55B in assets under management. Type: vc. Tracked lab investments: Moonshot AI / Kimi (月之暗面), Zhipu AI / Z.ai (智谱AI), MiniMax (稀宇科技).


Hillhouse Capital (高瓴资本)

INVESTOR: Hillhouse Capital (高瓴资本). Long-horizon global investment manager founded by Zhang Lei in 2005. Invests across public equity, private equity, real assets, and credit, with a focus on healthcare, consumer, industrials, business services, and energy transition. Type: pe. Tracked lab investments: MiniMax (稀宇科技).


Qiming Venture Partners (启明创投)

INVESTOR: Qiming Venture Partners (启明创投). China venture firm founded in 2006, investing in early and growth-stage technology/consumer and healthcare companies. Manages US dollar and RMB funds with about $9.5B in capital raised. Type: vc. Tracked lab investments: StepFun (阶跃星辰).


Sinovation Ventures (创新工场)

INVESTOR: Sinovation Ventures (创新工场). Chinese technology venture firm founded in 2009 by Kai-Fu Lee. Manages USD and RMB funds, backs early-stage technology and AI companies, and incubated 01.AI. Type: vc. Tracked lab investments: 01.AI (零一万物).


miHoYo (米哈游)

INVESTOR: miHoYo (米哈游). Shanghai game developer and publisher behind Genshin Impact and Honkai. The company is known for anime-style IP, global live-service games, and unusually strong in-house technology and art pipelines. Type: corporate. Location: Shanghai (上海). Tracked lab investments: MiniMax (稀宇科技).


IDG Capital (IDG资本)

INVESTOR: IDG Capital (IDG资本). One of the earliest foreign-backed venture investors in China, active since 1993. Invests from seed through venture, growth, buyout, and public-market stages across consumer and technology sectors. Type: vc. Tracked lab investments: Moonshot AI / Kimi (月之暗面).


Xiaomi (小米)

INVESTOR: Xiaomi (小米). Beijing consumer electronics, IoT, EV, and internet-services company built around phones, smart-home hardware, software services, and the Xiaomi SU7 auto push. Its internal large-model effort is Xiaomi MiMo. Type: corporate. Location: Beijing (北京). Tracked lab investments: Zhipu AI / Z.ai (智谱AI), 01.AI (零一万物), Baichuan AI (百川智能).


5Y Capital (五源资本)

INVESTOR: 5Y Capital (五源资本). Shanghai venture capital firm formerly known as Morningside Venture Capital. Founded in 2008, it manages over $5B and invests in technology, life sciences, and consumer innovation; earlier portfolio names include Xiaomi, Kuaishou, XPeng, Pony.ai, and SenseTime. Type: vc. Tracked lab investments: StepFun (阶跃星辰).


Meituan (美团)

INVESTOR: Meituan (美团). Chinese local-services and delivery platform spanning food delivery, in-store services, hotel/travel, retail, logistics, and merchant software. It is one of the country's largest consumer internet operating systems. Type: corporate. Location: Beijing (北京). Tracked lab investments: Zhipu AI / Z.ai (智谱AI).


Ant Group (蚂蚁集团)

INVESTOR: Ant Group (蚂蚁集团). Alibaba-affiliated fintech and technology group operating Alipay, digital payments, credit-tech, wealth-tech, insurance-tech, and enterprise blockchain/cloud services. Type: corporate. Location: Hangzhou (杭州). Tracked lab investments: Zhipu AI / Z.ai (智谱AI).


Prosperity7 (Saudi Aramco)

INVESTOR: Prosperity7 (Saudi Aramco). Aramco Ventures' $1B global VC fund for disruptive technologies and business models outside the energy sector, with offices including Dhahran, Palo Alto, New York, Beijing, and Shanghai. Type: sovereign. Tracked lab investments: Zhipu AI / Z.ai (智谱AI).


China Big Fund (国家集成电路产业投资基金)

INVESTOR: China Big Fund (国家集成电路产业投资基金). China's state-backed National Integrated Circuit Industry Investment Fund, created in 2014 to support the domestic semiconductor supply chain. Its mandate covers chip design, fabrication, equipment, materials, and strategic semiconductor capacity. Type: state. Tracked lab investments: DeepSeek (深度求索).


Pudong Venture Capital (浦东创投)

INVESTOR: Pudong Venture Capital (浦东创投). Shanghai Pudong venture and industrial-capital platform. Part of Pudong's state-backed technology-finance system, with vehicles spanning angel, science-and-technology, industrial, and strategic investment. Type: state. Location: Shanghai (上海). Tracked lab investments: StepFun (阶跃星辰), Zhipu AI / Z.ai (智谱AI).


Zhangjiang Group (张江集团)

INVESTOR: Zhangjiang Group (张江集团). Shanghai state-backed developer and operator of Zhangjiang Science City, founded in 1992. Its role combines science-park development, industry cultivation, technology services, and investment in the Zhangjiang innovation ecosystem. Type: state. Location: Shanghai (上海). Tracked lab investments: Zhipu AI / Z.ai (智谱AI).


INVESTOR: Shanghai SSCIC / Shanghai Guotou (Fortera) (上海国投 / 上海国际集团). Shanghai State-owned Capital Investment platform focused on fund management and innovation incubation. It positions itself as patient state capital for early, small, long-term, hard-tech investment. Type: state. Location: Shanghai (上海). Tracked lab investments: StepFun (阶跃星辰).


China Life Private Equity (国寿资本)

INVESTOR: China Life Private Equity (国寿资本). Professional private-equity platform under China Life, established in 2016 in the Shanghai Free Trade Zone. Known for insurance-capital PE funds, especially healthcare and hard-tech related strategies. Type: state. Tracked lab investments: StepFun (阶跃星辰).


INVESTOR: Beijing AI Industry Investment Fund (北京人工智能产业基金). Beijing municipal/state-backed AI industry fund used to channel patient capital into local AI and strategic-technology companies. It fits the city's policy toolkit around model companies, computing power, datasets, and Zhongguancun commercialization. Type: state. Location: Beijing (北京). Tracked lab investments: Baichuan AI (百川智能).


Huajin Capital (华金资本)

INVESTOR: Huajin Capital (华金资本). Zhuhai-listed investment platform (000532) combining equity investment management, industrial operations, and science-park/innovation services. Focus areas include advanced manufacturing, healthcare, emerging technology, new energy, and environmental protection. Type: state. Tracked lab investments: DeepSeek (深度求索).


Zhejiang Oriental (浙江东方)

INVESTOR: Zhejiang Oriental (浙江东方). Hangzhou-based, SSE-listed financial holding group offering trust, futures, insurance, leasing, fund investment, wealth management, and asset-management services. It sits inside Zhejiang's provincial financial and industrial-capital system. Type: state. Location: Hangzhou (杭州). Tracked lab investments: DeepSeek (深度求索).


Gaorong Capital (高榕资本)

INVESTOR: Gaorong Capital (高榕资本). Beijing venture firm focused on early and growth-stage TMT, AI, and frontier-technology investments. Formerly known internationally as Banyan Capital. Type: vc. Tracked lab investments: Moonshot AI / Kimi (月之暗面).


Shenzhen Capital Group (深创投)

INVESTOR: Shenzhen Capital Group (深创投). Shenzhen government-established venture capital group founded in 1999. State-owned platform focused on strategic and emerging industries, especially innovative high-tech companies and national industrial champions. Type: state. Location: Shenzhen (深圳). Tracked lab investments: Baichuan AI (百川智能).


Tsinghua University (清华大学)

UNIVERSITY: Tsinghua University (清华大学). Single biggest source of China AI talent. Spawned Zhipu, Moonshot, Megvii. Major sub-units: KEG (Knowledge Engineering Group), Yao Class / IIIS, AIR. Location: Beijing (北京). Labs that originated here: Zhipu AI / Z.ai (智谱AI). Tracked researchers: Zhihong Shao (邵智宏), Zhibin Gou (苟志斌), Tang Jie (唐杰), Li Juanzi (李娟子), Zhang Peng (张鹏), Zhengxiao Du (杜正晓), Ming Ding (丁铭), Yang Zhilin (杨植麟), Zhang Yutao (张宇韬), Zhou Xinyu (周昕宇), Wu Yuxin (吴育昕), Yan Junjie (闫俊杰), Heng Ji (季姮), Bei Chen (陈蓓), Wang Xiaochuan (王小川), Ru Liyun (茹立云), Zhu Yibo (朱亦博), Yin Qi (印奇), Yao Shunyu (姚顺雨), Han Hu (胡瀚), Huiwen Chang (常惠雯), Sun Pei (孙培), Yao Shunyu (Stanford physics) (姚顺宇), Song Han (韩松).


Peking University (北京大学)

UNIVERSITY: Peking University (北京大学). Core team contributors at DeepSeek (Damai Dai, Qihao Zhu); Lin Junyang's alma mater (Qwen). Location: Beijing (北京). Tracked researchers: Deli Chen (陈德立), Damai Dai (代达劢), Qihao Zhu (朱启昊), Zhao Pengyu (赵鹏宇), Wenhao Huang (黄文灏), Lin Junyang (林俊旸), Zhou Chang (周畅), Luo Fuli (罗福莉), Ren Hongyu (任泓宇).


Beihang University (北京航空航天大学)

UNIVERSITY: Beihang University (北京航空航天大学). 'Seven Sons of National Defense' university. Major DeepSeek talent source: Yu Wu, Zhihong Shao undergrad, Dejian Yang lab. Location: Beijing (北京). Tracked researchers: Yu Wu (吴俣), Zhihong Shao (邵智宏), Dejian Yang (杨德建), Zhou Yucong (周彧聪).


Zhejiang University (浙江大学)

UNIVERSITY: Zhejiang University (浙江大学). Liang Wenfeng's alma mater (DeepSeek). Symbolic of Hangzhou AI. Location: Hangzhou (杭州). Tracked researchers: Liang Wenfeng (梁文锋), Liang Wenfeng (梁文锋), Junxiao Song (宋俊潇), Bi Shuchao (毕树超).


Shanghai Jiao Tong University (上海交通大学)

UNIVERSITY: Shanghai Jiao Tong University (上海交通大学). Anchor of Shanghai AI talent pipeline; Pang Ruoming's undergrad alma mater. Location: Shanghai (上海). Tracked researchers: Yongyi Hu (胡咏毅), Pang Ruoming (庞若鸣).


UNIVERSITY: University of Science and Technology of China (中国科学技术大学). Hefei-based elite STEM university. Zhou Jingren, Jiao Binxing, Yu Jiahui alma mater. Tracked researchers: Yang Bin (杨斌), Jiao Binxing (焦斌星), Zhou Jingren (周靖人), Jiashi Feng (冯佳时), Yu Jiahui (余家辉).


UNIVERSITY: Harbin Institute of Technology (哈尔滨工业大学). 'Seven Sons of National Defense'. Chen Weipeng (Baichuan) alma mater. Tracked researchers: Bei Chen (陈蓓), Chen Weipeng (陈未鹏).


Sun Yat-sen University (中山大学)

UNIVERSITY: Sun Yat-sen University (中山大学). Daya Guo's alma mater (DeepSeek R1 first author). Tracked researchers: Daya Guo (郭达雅), Su Jianlin (苏剑林).


UNIVERSITY: Beijing University of Posts and Telecommunications (北京邮电大学). Zhibin Gou's undergrad alma mater. Tracked researchers: Zhibin Gou (苟志斌).


Shanxi University (山西大学)

UNIVERSITY: Shanxi University (山西大学). Li Juanzi's BS + MS alma mater. Tracked researchers: Li Juanzi (李娟子), Li Juanzi (李娟子).


Southeast University (东南大学)

UNIVERSITY: Southeast University (东南大学). Yan Junjie's undergrad alma mater. Tracked researchers: Yan Junjie (闫俊杰).


Beijing Normal University (北京师范大学)

UNIVERSITY: Beijing Normal University (北京师范大学). Luo Fuli's undergrad alma mater. Tracked researchers: Luo Fuli (罗福莉).


Central South University (中南大学)

UNIVERSITY: Central South University (中南大学). Bowen Yu's undergrad alma mater. Tracked researchers: Bowen Yu (郁博文).


Fudan University (复旦大学)

UNIVERSITY: Fudan University (复旦大学). Zhou Chang's undergrad alma mater (ByteDance Seed multimodal lead). Location: Shanghai (上海). Tracked researchers: Zhou Chang (周畅).


Institute of Automation, CAS (中科院自动化所)

UNIVERSITY: Institute of Automation, CAS (中科院自动化所). Chinese Academy of Sciences research institute. Yan Junjie (MiniMax) PhD; Wang Bingning (Baichuan) PhD. Location: Beijing (北京). Tracked researchers: Yan Junjie (闫俊杰), Yang Bin (杨斌), Wang Bingning (王炳宁).


UNIVERSITY: Institute of Computing Technology, CAS (中科院计算所). Chinese Academy of Sciences institute. Wang Bin (Xiaomi AI Lab) PhD. Location: Beijing (北京). Tracked researchers: Wang Bin (王斌).


UNIVERSITY: Institute of Information Engineering, CAS (中科院信息工程研究所). Chinese Academy of Sciences institute. Bowen Yu PhD. Location: Beijing (北京). Tracked researchers: Bowen Yu (郁博文).


Nanjing University (南京大学)

UNIVERSITY: Nanjing University (南京大学). Wu Yonghui's (ByteDance Seed) undergrad alma mater. Tracked researchers: Wu Yonghui (吴永辉).


Carnegie Mellon University

UNIVERSITY: Carnegie Mellon University. Yang Zhilin PhD (Salakhutdinov + Cohen). Wu Yuxin MS. Sun Pei MS. Tracked researchers: Yang Zhilin (杨植麟), Wu Yuxin (吴育昕), Kai-Fu Lee (李开复), Sun Pei (孙培), Andrew Ng (吴恩达).


Princeton University

UNIVERSITY: Princeton University. Yao Shunyu (Tencent) PhD. Pang Ruoming PhD. Tracked researchers: Yao Shunyu (姚顺雨), Pang Ruoming (庞若鸣), Huiwen Chang (常惠雯), Yuanzhi Li (李远志).


Columbia University

UNIVERSITY: Columbia University. Zhou Jingren PhD. Yin Qi MS. Tracked researchers: Kai-Fu Lee (李开复), Yin Qi (印奇), Zhou Jingren (周靖人).


UC Santa Barbara

UNIVERSITY: UC Santa Barbara. Zhu Yibo (StepFun CTO) PhD. Tracked researchers: Zhu Yibo (朱亦博).


UC Riverside

UNIVERSITY: UC Riverside. Wu Yonghui MS + PhD. Tracked researchers: Wu Yonghui (吴永辉).


University of Illinois Urbana-Champaign

UNIVERSITY: University of Illinois Urbana-Champaign. Yu Jiahui PhD. Heng Ji full professor. Tracked researchers: Yu Jiahui (余家辉).


New York University

UNIVERSITY: New York University. Heng Ji PhD. Tracked researchers: Heng Ji (季姮).


UC Berkeley

UNIVERSITY: UC Berkeley. Bi Shuchao grad. Tracked researchers: Bi Shuchao (毕树超), Andrew Ng (吴恩达).


Johns Hopkins University

UNIVERSITY: Johns Hopkins University. Yun Yeyi (MiniMax COO) BS. Tracked researchers: Yun Yeyi (贠烨祎).


UNIVERSITY: Hong Kong University of Science and Technology. Junxiao Song (DeepSeek, GRPO inventor) PhD. Tracked researchers: Junxiao Song (宋俊潇).


Cornell University

UNIVERSITY: Cornell University. Zhengxiao Du (Zhipu) research intern.


University of Notre Dame

UNIVERSITY: University of Notre Dame. Yuxiao Dong (Zhipu) PhD. Tracked researchers: Yuxiao Dong (董昱潇).


Stanford University

UNIVERSITY: Stanford University. Ren Hongyu PhD. Yao Shunyu (physics) PhD. Andrew Ng + Fei-Fei Li faculty. Tracked researchers: Ren Hongyu (任泓宇), Yao Shunyu (Stanford physics) (姚顺宇), Song Han (韩松).


Massachusetts Institute of Technology

UNIVERSITY: Massachusetts Institute of Technology. Song Han Associate Professor (EECS). Tracked researchers: Andrew Ng (吴恩达).


University at Buffalo (SUNY)

UNIVERSITY: University at Buffalo (SUNY). Jiang Daxin (StepFun CEO) PhD. Tracked researchers: Jiang Daxin (姜大昕).


University of Toronto

UNIVERSITY: University of Toronto. Yang Bin PhD under Raquel Urtasun. Tracked researchers: Yang Bin (杨斌).


National University of Singapore

UNIVERSITY: National University of Singapore. Jiashi Feng PhD. Tracked researchers: Jiashi Feng (冯佳时).


University of Southern California

UNIVERSITY: University of Southern California. Pang Ruoming MS. Tracked researchers: Pang Ruoming (庞若鸣).


École Polytechnique

UNIVERSITY: École Polytechnique. Yongyi Hu (ex-MiniMax) joint French engineering program. Tracked researchers: Yongyi Hu (胡咏毅).


Claude Fable 5.1

MODEL: Claude Fable 5.1. Lab: Anthropic. Artificial Analysis Intelligence Index: 65.7. Value score: 3.3. Input price: $10 per 1M tokens. Output price: $50 per 1M tokens. Context: 1000K tokens. Modality: text, image, file. Weights: closed.


Claude Opus 5

MODEL: Claude Opus 5. Lab: Anthropic. Artificial Analysis Intelligence Index: 63.1. Value score: 6.3. Input price: $5 per 1M tokens. Output price: $25 per 1M tokens. Context: 1000K tokens. Modality: text, image, file. Weights: closed.


GPT-5.6 Sol

MODEL: GPT-5.6 Sol. Lab: OpenAI. Artificial Analysis Intelligence Index: 60.9. Value score: 15.2. Input price: $2 per 1M tokens. Output price: $10 per 1M tokens. Context: 1050K tokens. Modality: file, image, text. Weights: closed.


Kimi K3

MODEL: Kimi K3. Lab: Moonshot. Artificial Analysis Intelligence Index: 59.7. Value score: 10. Input price: $3 per 1M tokens. Output price: $15 per 1M tokens. Context: 1049K tokens. Modality: text, image, video. Weights: open.


GLM-5.3

MODEL: GLM-5.3. Lab: Zhipu. Artificial Analysis Intelligence Index: 59.5. Value score: 27.7. Input price: $1.4 per 1M tokens. Output price: $4.4 per 1M tokens. Context: 1311K tokens. Modality: text. Weights: closed.


Gemini 3.8 Flash

MODEL: Gemini 3.8 Flash. Lab: Google. Artificial Analysis Intelligence Index: 58.7. Value score: 39.1. Input price: $0.75 per 1M tokens. Output price: $3.75 per 1M tokens. Context: 1049K tokens. Modality: text, image, video, file, audio. Weights: closed.


GPT-5.6 Terra

MODEL: GPT-5.6 Terra. Lab: OpenAI. Artificial Analysis Intelligence Index: 56.6. Value score: 12.6. Input price: $2 per 1M tokens. Output price: $12 per 1M tokens. Context: 1050K tokens. Modality: file, image, text. Weights: closed.


GPT-5.6 Luna

MODEL: GPT-5.6 Luna. Lab: OpenAI. Artificial Analysis Intelligence Index: 52.3. Value score: 116.2. Input price: $0.2 per 1M tokens. Output price: $1.2 per 1M tokens. Context: 1050K tokens. Modality: file, image, text. Weights: closed.


Gemini 3.1 Pro

MODEL: Gemini 3.1 Pro. Lab: Google. Artificial Analysis Intelligence Index: 47.7. Value score: 10.6. Input price: $2 per 1M tokens. Output price: $12 per 1M tokens. Context: 1049K tokens. Modality: audio, file, image, text, video. Weights: closed.


MiniMax M3

MODEL: MiniMax M3. Lab: MiniMax. Artificial Analysis Intelligence Index: 45.4. Value score: 86.5. Input price: $0.3 per 1M tokens. Output price: $1.2 per 1M tokens. Context: 1049K tokens. Modality: text, image, video. Weights: open.


DeepSeek V4 Pro

MODEL: DeepSeek V4 Pro. Lab: DeepSeek. Artificial Analysis Intelligence Index: 45.3. Value score: 35. Input price: $1.034 per 1M tokens. Output price: $2.069 per 1M tokens. Context: 1049K tokens. Modality: text. Weights: open.


Kimi K2.6

MODEL: Kimi K2.6. Lab: Moonshot. Artificial Analysis Intelligence Index: 45.1. Value score: 26.3. Input price: $0.95 per 1M tokens. Output price: $4 per 1M tokens. Context: 262K tokens. Modality: text, image. Weights: open.


MiMo V2.5 Pro

MODEL: MiMo V2.5 Pro. Lab: Xiaomi. Artificial Analysis Intelligence Index: 42.9. Value score: 78.9. Input price: $0.435 per 1M tokens. Output price: $0.87 per 1M tokens. Context: 1050K tokens. Modality: text. Weights: open.


DeepSeek V4 Flash

MODEL: DeepSeek V4 Flash. Lab: DeepSeek. Artificial Analysis Intelligence Index: 42.1. Value score: 416.8. Input price: $0.081 per 1M tokens. Output price: $0.162 per 1M tokens. Context: 1049K tokens. Modality: text. Weights: open.


Qwen3.6 Plus

MODEL: Qwen3.6 Plus. Lab: Alibaba / Qwen. Artificial Analysis Intelligence Index: 40.5. Value score: 55.4. Input price: $0.325 per 1M tokens. Output price: $1.95 per 1M tokens. Context: 1000K tokens. Modality: text, image, video. Weights: open.


Grok 4.3

MODEL: Grok 4.3. Lab: xAI. Artificial Analysis Intelligence Index: 37.9. Value score: 24.3. Input price: $1.25 per 1M tokens. Output price: $2.5 per 1M tokens. Context: 1000K tokens. Modality: text, image, file. Weights: closed.


Step 3.7 Flash

MODEL: Step 3.7 Flash. Lab: StepFun. Artificial Analysis Intelligence Index: 30.9. Value score: 70.5. Input price: $0.2 per 1M tokens. Output price: $1.15 per 1M tokens. Context: 262K tokens. Modality: text, image, video. Weights: open.


Mistral Medium 3.5

MODEL: Mistral Medium 3.5. Lab: Mistral. Artificial Analysis Intelligence Index: 30.4. Value score: 10.1. Input price: $1.5 per 1M tokens. Output price: $7.5 per 1M tokens. Context: 262K tokens. Modality: text, image, file. Weights: closed.


Llama 4 Maverick

MODEL: Llama 4 Maverick. Lab: Meta. Artificial Analysis Intelligence Index: 14.5. Value score: 44.8. Input price: $0.2 per 1M tokens. Output price: $0.696 per 1M tokens. Context: 1049K tokens. Modality: text, image. Weights: open.


Hunyuan A13B

MODEL: Hunyuan A13B. Lab: Tencent. Input price: $0.14 per 1M tokens. Output price: $0.57 per 1M tokens. Context: 131K tokens. Modality: text. Weights: open.