Hangzhou Miqu Network Technology

Founder, Chairman, and CEO Mao Jingxiang controls both the operating businesses and the investment function. He is a Wharton MBA alumnus and a Partner at LTS Capital, a separate investment firm, which gives him dual exposure to venture deal flow. Co-founder and CFO Dou Jiayi manages the financial operations and also serves as Managing Partner of Mishuo Fund. There is no public evidence of a formal, independent investment committee.

Miqu's Co-founder and CFO Dou Jiayi is Managing Partner at Mishuo Fund, creating a direct management overlap between the corporate investor and an external fund vehicle. Founder Mao Jingxiang is simultaneously a Partner and Executive Director at LTS Capital, an investment firm that provides Miqu with co-investment deal flow and sourcing infrastructure. These relationships form a networked investment architecture where the roles overlap but the entities remain legally separate.

It operates as a corporate investor, meaning its investment capital comes from the retained earnings of its own operating businesses — online game marketing and e-commerce technology development. It does not raise external blind-pool funds, which distinguishes it from a traditional venture capital firm. Its governance model, with Mao Jingxiang as Chairman and CEO controlling both the operating and investment functions, aligns it closely with single-family-office dynamics.

Miqu's investment model centers on direct balance-sheet deals, funded by operating cash flows rather than committed LP capital. However, Mao Jingxiang's role as a Partner at LTS Capital and Dou Jiayi's position at Mishuo Fund create indirect exposure to fund-style investment vehicles. The precise split between direct investments and any fund commitments made through these parallel entities is not publicly disclosed.

The Yongquan Mishuo Fund is Miqu's designated philanthropic vehicle, though its operational and legal separation from the corporate investment balance sheet is not publicly documented. For institutional allocators evaluating governance risk, the absence of a publicly articulated separation structure is a relevant diligence point — particularly given that both the investment and philanthropic activities involve the same principals.

The firm's corporate-investor structure and operating-business origins suggest a focus on early-stage and growth-equity rounds in China's consumer internet, gaming, and e-commerce sectors. Miqu's balance-sheet funding model means it can hold positions indefinitely, without the fund-duration pressure that forces traditional VC exits. Specific stage preferences and check sizes are not publicly disclosed.

The capital comes from the operating profits of Miqu's internet products division, which develops e-commerce and online game marketing technology. The firm was founded in 2012 as an operating company before adding the investment function. This self-funded model means Miqu does not answer to external limited partners, giving it structural independence in both investment pacing and exit timing.