# Lightspeed China Partners

Lightspeed China Partners is a Private Equity based in Shanghai, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2011
- **Assets under management:** Undisclosed
- **Website:** lightspeedcp.com
- **LinkedIn:** https://www.linkedin.com/company/lightspeed-china-partners

## Regulatory record

- **Reports private funds:** No

## About

Lightspeed China Partners is a venture capital firm founded in 2011 in Shanghai, China. It focuses on early-stage investments in Internet, mobile, services, and enterprise solution companies in China. The firm has 301 investments and 25 portfolio exits, including Zhipu.AI on January 08, 2026.

## Sectors

- Enterprise Software
- AI/ML
- Consumer Internet
- FinTech
- Healthcare Services
- Mobility & Transportation
- Digital Health
- Industrial Tech

## Offices

- Beijing, China
- Hong Kong, China

## People

- James Mi — Founding Partner
- Ron Cao — Founding Partner
- Chris Schaepe — Founding Partner

## Questions

### Who runs investment decisions at Lightspeed China Partners?

All investment decisions are made by the Shanghai-based partnership, led by founding partners James Mi and Ron Cao. The firm operates with an independent investment committee composed of local partners. While Lightspeed China Partners shares the Lightspeed brand and LP relationships with its US and India counterparts, the China partnership has full autonomy over investment selection, portfolio construction and exit timing.

### How is Lightspeed China Partners related to Lightspeed Venture Partners in Silicon Valley?

Lightspeed China Partners spun out from Lightspeed Venture Partners in 2011 as an independent partnership. The two firms share a brand, a pool of limited partners and a cross-border deal referral network, but each operates with separate investment committees, fund structures and back-office operations. The China partnership raises its own funds, makes its own investment decisions and manages its own exits.

### Does Lightspeed China Partners invest only in China-based companies?

The firm invests primarily in technology companies headquartered in China, but its portfolio companies often operate globally and occasionally list on US exchanges, as Pinduoduo did in its 2018 Nasdaq IPO. Lightspeed China Partners can also participate in cross-border deal flow through the Lightspeed federation network, though its mandate centers on Chinese founders and the domestic market.

### How does Lightspeed China Partners source proprietary deal flow?

The partnership sources through a combination of founder referrals from its portfolio network, its brand affiliation with the broader Lightspeed franchise, and the local relationships that partners James Mi and Ron Cao have built over more than a decade of investing in China's technology ecosystem. The firm also benefits from cross-border introductions generated by Lightspeed's US and India partnerships.

### What investment stages does Lightspeed China Partners typically target?

The firm invests across early-stage, growth-stage and occasional late-stage rounds. Initial checks range from Series A for emerging technology companies to larger growth equity investments in more mature portfolio companies. The partnership structures its fund sizes to maintain flexibility across stages without being forced to lead at any single point in the lifecycle.

### Does Lightspeed China Partners participate in fund commitments or only direct deals?

Lightspeed China Partners is a direct investment firm that deploys capital into portfolio companies rather than making fund commitments to other managers. The partnership raises its own funds from institutional LPs and does not operate as a fund-of-funds or invest in third-party vehicles.

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Last updated: 2026-06-03T20:00:00.000Z

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