Green Pine Capital Partners

Founding Partner Luo Fei leads the investment team and sits on the investment committee. Fei's engineering background — he studied at Tsinghua University — shapes the firm's technical evaluation process. Day-to-day deal decisions are made by Fei alongside a compact partnership group rather than through a large, dispersed committee.

The firm sources heavily through Shenzhen's manufacturing and hardware ecosystem, where Luo Fei and the partnership have decades of relationships with factory operators, component suppliers, and industrial park managers. This gives Green Pine early visibility into startups that are building physical products or enterprise hardware — founders who are often under the radar of consumer-focused venture firms in Beijing and Shanghai.

Yes, Green Pine was one of the earlier Chinese venture firms to operate parallel RMB and USD vehicles. This dual-currency structure lets the firm back companies regardless of whether they plan to list domestically on the STAR Market or internationally on Nasdaq — a structural advantage in an environment where exit pathways are increasingly jurisdiction-dependent.

The firm invests from seed through growth stage. Early-stage checks go to engineering teams with prototypes and initial customer validation, while growth-stage capital targets companies scaling manufacturing and enterprise sales. Green Pine does not operate a pure late-stage pre-IPO fund; its expansion-stage work is an extension of the same technical diligence applied at the seed level.

Green Pine concentrates on industrial technology, enterprise software, AI/ML applications, mobility and autonomous systems, and hard-science commercialization. The firm has historically avoided asset-light consumer-internet and platform-marketplace models — sectors where Shenzhen's supply-chain edge provides no analytical advantage.

The firm conducts operational diligence that includes reviewing a portfolio company's bill of materials, factory-line workflows, and component-sourcing strategies. This manufacturing-floor approach is unusual in venture capital and reflects the partnership's engineering training and Shenzhen's position as the world's hardware supply-chain center. Most peer funds assess startups primarily through financial metrics and team bios.

Yes, the portfolio has generated exits through the Shanghai STAR Market and Nasdaq, consistent with the firm's dual RMB-USD fund structure. Specific exit names and values have not been systematically disclosed by the firm, but the cross-exchange track record validates the dual-currency thesis Green Pine adopted early.