Liying Capital

Liying Capital

Liying Capital operates from Hangzhou, a hub for China's internet economy. The firm is led by founder Li Ying, whose network extends to prominent regional investors through the affiliated Li Ying Club, a VIP network for high-profile investors. The firm has made at least one significant co-investment alongside Gong Hongjia, the billionaire co-founder of Focus Media — the partnership on the Vankai Yilian deal in 2026 signals access to deal flow typically reserved for well-connected capital. The firm deploys capital across venture stages, from seed to expansion and late-stage, without a narrow sector mandate. The 2026 Vankai Yilian transaction, a HK$350 million joint investment, shows an ability to write large checks alongside established tech fortunes. Liying Capital also holds a mixed-use real estate vehicle in the British Virgin Islands, Li Ying Developments Limited, suggesting an allocation to hard assets beyond venture. Founded by Li Ying, the firm's professional team size and total historical deployment remain undisclosed. Its operational footprint centers on Hangzhou, with no public record of additional offices. The firm's recent activity includes the 2026 Vankai Yilian co-investment with Gong Hongjia, its only publicly confirmed deployment to date. The firm's structural differentiator lies in its networking model: the Li Ying Club acts as a capital and deal-sharing mechanism among high-profile regional investors, positioning Liying Capital less as a standalone fund and more as a sponsored investment platform funneling co-investor capital into private deals.