Feiyao Holding Group

Founder Zhang Yuefei served as Chairman and likely drove investment strategy until his 2015 arrest for illegal deposit-taking. CEO Zhao Peng, identified as Zhang's business partner in public records, subsequently assumed leadership. Current decision-making authority is opaque given the firm's absence from public markets and media since the founder's legal troubles.

Feiyao Holding Group co-founded Zheshang Venture Capital alongside Xu Guanju of Transfar Group, Qi Jinxing of Binjiang Real Estate, and Chen Ayu of Xilinmen Group. This vehicle pooled capital from multiple Zhejiang-based industrialists, functioning as a shared venture platform. The structure suggests Feiyao used Zheshang as its primary venture deployment channel rather than operating a standalone fund.

Feiyao's strategy spanned the full venture lifecycle, from seed-stage angel investments through late-stage expansion rounds. The Hangzhou Xihu Xingchao Angel Investment Fund, which Feiyao anchored, confirms a commitment to earliest-stage local tech bets. Later-stage deals likely flowed through Zheshang Venture Capital or through direct corporate investment arms tied to its industrial portfolio in Zhejiang.

Zhang Yuefei was arrested in 2015 on charges of illegal absorption of public deposits, a serious financial crime under Chinese law. Following his detention, CEO Zhao Peng assumed control of the holding group. Feiyao's website and public disclosures went dark, and no verifiable investment activity has surfaced since, suggesting the firm may have ceased external operations or restructured quietly.

Feiyao maintained its headquarters at No. 6 Jiefang Road in Hangzhou, Zhejiang Province. The address functioned as a commercial property within the firm's own real estate portfolio, a common practice among Chinese industrial conglomerates that blur the line between corporate offices and owned assets.

Feiyao actively pursued co-investment structures. The Zheshang Venture Capital vehicle was itself a co-investment syndicate with other Zhejiang industrial families. This suggests Feiyao preferred club-style deal participation rather than acting as a passive LP — a posture consistent with corporate investors that seek strategic alignment alongside financial returns.

Feiyao's public record reveals no stated sector exclusions. Its activities appear concentrated in venture-stage technology bets through Zheshang Venture Capital and the Hangzhou Xihu Xingchao Angel Investment Fund, alongside a separate industrial investment portfolio in Zhejiang. The firm's generalist venture mandate implies broad sector coverage rather than targeted avoidance.