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Key Takeaways
Investorstate

Shanghai SSCIC / Shanghai Guotou (Fortera) (上海国投 / 上海国际集团)

Shanghai (上海)

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.

Website

1 lab backed

StepFun (阶跃星辰)

Shanghai foundation-model lab founded by ex-MSRA Chief Scientist Jiang Daxin (姜大昕). Densest MSRA-diaspora cluster. Yin Qi (印奇, Megvii co-founder) became chairman January 2026.