Keywise Capital

Fang Zheng, the firm's founder and Chief Investment Officer, is the sole decision-maker. He relocated to Hong Kong from New York in 2013 to establish the firm and oversees all portfolio construction and trade execution. Zheng previously managed a technology book at a New York-based multi-strategy hedge fund. No investment committee or external advisors participate in allocation decisions.

Both. The firm operates a crossover mandate, maintaining positions in publicly listed technology companies while also writing checks into private, pre-IPO rounds. This structure allows Keywise to hold a name through its entire lifecycle — from a late-stage venture round into the post-IPO public market. Positions have included Pinduoduo and Sea Limited on the public side, alongside direct venture commitments to private enterprise software and AI companies.

Keywise relies on Fang Zheng's personal network across the US and Chinese technology ecosystems, built during his years managing a technology portfolio in New York and his subsequent base in Hong Kong. The firm does not participate in formal GP-led fundraising processes as a primary strategy, instead sourcing opportunities through founder relationships and co-investor introductions. Its geographic arbitrage — operating between Silicon Valley, Greater China, and Southeast Asia — is central to origination.

The firm runs a deliberately concentrated portfolio, with position sizes that have at times triggered public disclosure thresholds on both US exchanges and the Hong Kong Stock Exchange. Keywise sees concentration as a feature, not a bug — the mandate is built around high-conviction bets where Zheng and his team have developed deep, multi-year research. There is no externally imposed diversification mandate from limited partners.

Structurally, it is an asset manager, not a family office, though its concentrated mandate and lean headcount share characteristics with a single-family investment operation. The firm manages external capital alongside what is understood to be a significant personal commitment from the founder, but it does not serve as the formal family office for the Zheng family or any other single wealth source.

The firm focuses narrowly on technology and adjacent internet-enabled business models. It has no history of investing in traditional industries such as industrials, materials, energy, or real estate. Within technology, Keywise has historically avoided capital-intensive hardware and semiconductor plays, leaning instead toward asset-light software, platforms, and consumer internet. There is no known healthcare exposure outside of health-tech marketplace models.

The firm is required to file quarterly 13F reports with the SEC for its US-listed equity positions above the reporting threshold, and HKEx filings are triggered when its stake in a Hong Kong-listed issuer crosses 5%. These disclosures provide a partial, backward-looking view of the public portfolio. Private investments are not publicly reported, and the firm does not publish investor letters or fund-level performance data.